OTTAWA, Nov. 20, 2015 /CNW/ - Annidis Corporation
(TSX Venture: RHA) ("Annidis" or the Company"), today announced its
financial results for the three-month and nine-month periods ended
September 30, 2015. The unaudited
condensed consolidated financial statements for the three and nine
months ended September 30, 2015, and
the related Management's Discussion and Analysis are available at
www.sedar.com.
Annidis has developed and is marketing a new imaging platform
technology based on Multi-Spectral Imaging (MSI). This new
technology is advancing disease identification and its management.
The Annidis MSI technology allows eye-care professionals to
view, non-invasively, the deepest areas of the eye, aiding in the
early identification and treatment of debilitating eye
diseases.
The Company has been awarded six patents to date across the
markets of USA, Canada, China, and the European Community. These
six and an additional four pending patents arose from the
development of the Company's retinal and choroidal imaging
technology. In particular, the Company has inventions
that enable the imaging of parts of the eye without the need for
the current standard practice of invasive dyes. These will be
of interest to health care practitioners and insurance providers
who value the early detection of eye disease in younger and older
patients.
"While we are pleased to announce that revenues increased by 34%
in comparison to the same quarter last year, our focus remains
fixed on growing the North American market," said Michael Crowley, CEO of Annidis Corporation.
"This quarter we added Jeffery Pratt
to the company, and he was instrumental in bringing in new sales
representatives to the team who are highly qualified and
experienced in the industry. We believe that once they have the
opportunity to fully understand the technology behind the RHA and
how effective it is, they will be able to expand our reach in the
US market."
"We have refined our marketing strategy to fully support our
sales efforts in the priority segments of the eye care markets that
we believe are ideally positioned to adopt the RHA system," added
Mr. Crowley. "We've also heightened our sales and marketing
activity with large, successful buying groups, and we believe Jeff
will be a key contributor to Annidis' growth in these markets."
The company has expanded and accelerated a planned program to
collect quantitative evidence to further support claims of the RHA
device's superior clinical utility for the earlier detection of a
wider range of pathologies when compared to other imaging
modalities and common lower utility cameras. There are
multiple projects underway with thought leaders in both optometric
and ophthalmologic practices. When the projects are complete,
the data will be compiled, analyzed and submitted to industry and
scientific publications.
Sales into the Chinese market continue as planned and Annidis
announced that it received a purchase order from distribution
partner, Yimai Technology International Company for 30 units that
are scheduled to be delivered by January 31,
2016. The Company concurrently received payment in
full for these units. As a unique and comprehensive retinal
screening offering, the Annidis MSI technology is well positioned
to take advantage in the early stages of the deployment of eye
health assessment technology in China.
Q3 2015 Highlights
- Sold 12 units in the third quarter of 2015 compared to 8 units
in the third quarter of 2014. As a result, revenue increased by 34%
in comparing the two periods.
- Gross margin percentage increased from 24% to 34% in comparing
the quarter to the comparative quarter in 2014 as a result of a
significant decrease in the cost of inventory.
- The Company received a purchase order for 30 units accompanied
by payment in full of $1,350,000 from
Yimai Technology International Company. These units are scheduled
to be delivered by January 31,
2016.
|
Three months ended
September 30
|
Key Financial
Metrics
|
2015
|
2014
|
%
Change
|
Installed Base (as
at September 30)
|
102
|
67
|
52%
|
|
|
|
|
Revenue
|
$645,309
|
$480,218
|
34%
|
Net
loss
|
($1,231,290)
|
($1,240,943)
|
0%
|
Financial Highlights
- Revenue was $645,309 for the
three months ended September 30,
2015, compared to $480,218 for
the same period in 2014.
- Gross margins percentage for the three month period ended
September 30, 2015 was 34% compared
to 24% for the same period in 2014.
- Manufacturing and operations expenses were $59,792 for the three months ended September 30, 2015 compared to $140,792 for the same period in 2014.
- Research and development expenses were $310,466 for the three months ended September 30, 2015 compared with $268,121 for the same period in 2014.
- General and administrative expenses were $297,682 for the three months ended September 30, 2015 compared to $343,166 for the same period in 2014.
- Sales and marketing expenses were $413,130 for the three months ended September 30, 2015 compared to $378,027 for the same period in 2014.
- Net loss was $1,231,290
($0.01 per share) for the three
months ended September 30, 2015
compared to a loss of $1,240,943
($0.01 per share) for the same period
in 2014.
- Net cash used in operating activities was $562,012 for the three month period ended
September 30, 2015, compared to
$475,239 for the corresponding period
in 2014.
- As at September 30, 2015, the
Company's cash position was $706,001,
compared to a cash position of $80,016 at December 31,
2014.
|
|
|
|
Three
months ended
|
|
|
|
|
|
September 30
|
|
|
|
|
|
2015
|
2014
|
|
Revenue by
Source
|
|
|
|
|
|
|
Sales
|
|
|
$552,242
|
$375,727
|
|
|
Rentals, support and
maintenance fees
|
|
|
93,067
|
104,491
|
|
|
|
|
|
|
|
|
|
|
|
$645,309
|
$480,218
|
|
|
|
|
|
|
|
Revenue by
Geography
|
|
|
|
|
|
|
United
States
|
|
|
$208,853
|
$264,970
|
|
|
China
|
|
|
420,000
|
168,000
|
|
|
Canada
|
|
|
16,456
|
47,248
|
|
|
|
|
|
|
|
|
|
|
|
|
$645,309
|
$480,218
|
|
About Annidis Corporation
Annidis (TSX-V: RHA) has developed and is marketing a new
imaging platform technology based on Multi-Spectral Imaging (MSI).
This new technology is opening a new frontier in disease
identification and its management. The Annidis MSI technology
allows eye-care professionals to view non-invasively the deepest
areas of the eye aiding eye care professionals in the early
identification and treatment of debilitating eye diseases. The
Company's existing RHA 2020-U Gold, used by eye care professionals
as a broad based tool for detecting early-onset of eye related
diseases such as Dry AMD, has a potential market of over 20,000
clinics in North America.
This news release may contain "forward-looking information"
within the meaning of applicable Canadian securities
legislation. Statements made in this news release, other than
those concerning historical financial information, may be
forward-looking and therefore subject to various risks and
uncertainties. The words "may", "will", "could", "should",
"would", "suspect", "outlook", "believe", "plan", "anticipate",
"estimate", "expect", "intend", "forecast", "objective", "hope",
and "continue" (or the negative thereof), and words and expressions
of similar import are intended to identify forward-looking
statements. Certain material factors or assumptions are
implied in making forward-looking statements and actual results may
differ materially from those expressed or implied in such
statements. Factors that could cause results to vary include
those identified in the Corporation's filings with Canadian
securities regulatory authorities, as well as the applicability of
patents and proprietary technology; the outcome of pending
corporate transactions; possible patent ligation; regulatory
approval of products in development; changes in government
regulation or regulatory approval processes; government and third
party reimbursement; dependence on strategic partnerships;
intensifying competition; rapid technological change in the
industry; anticipated future losses; the ability to access capital;
and the ability to attract and retain key personnel. All
forward-looking information presented herein should be considered
in conjunction with such filings. Except as required by
Canadian securities laws, the Corporation does not undertake to
update any forward-looking statements; such statements speak only
as of the date made.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Annidis Corporation