OTTAWA, Sept. 7, 2016 /CNW/ - On August 29, 2016, Annidis Corporation (TSX
Venture: RHA) ("Annidis" or the "Company"), announced
its financial results for the three-month and six-month periods
ended June 30, 2016. The unaudited
condensed consolidated financial statements for the three and six
months ended June 30, 2016, and the
related Management's Discussion and Analysis are available at
www.sedar.com.
Second Quarter Highlights
- Beginning in 2015 and continuing into 2016, the Company has
made significant changes to its senior management team with the
skills and experience required to reposition the business and
products in the marketplace. The new management team will use a
staged process to align the business with a customer focused
product development and marketing strategy.
- There was a minor restructuring of the Company's operations in
the period in order to better address current needs and reduce
costs. Some of the activities originally planned for the period
which required significant capital were deferred due to a delay in
establishing longer term financing.
- The Company has invested additional resources in its research
and development activities to strengthen product development and
improve customer satisfaction with the instrument.
- Annidis believes that a new approach to marketing the
instrument through focus on clinical validation, economic benefit
to optometric practices and satisfied customer referrals will be an
effective strategy to gain market share and to continue to build on
relationships with key participants in the industry.
The Company believes that its technology is "leading edge" and
has obtained endorsements of the product's capabilities from key
opinion leaders in both the optometry and ophthalmology fields.
Key Financial
Metrics
|
|
|
|
|
Three months ended
June 30
|
|
2016
|
2015
|
%
Change
|
As at June
30
|
|
|
|
Installed Base (units
in clinics)
|
108
|
90
|
20.0%
|
|
|
|
|
|
$
|
$
|
%
|
Revenue
|
98,182
|
381,893
|
(74.3)
|
Net loss
|
(1,291,564)
|
(1,527,057)
|
15.4
|
Net loss per
share
|
(0.01)
|
(0.02)
|
50.0
|
Financial Highlights
- Revenue decreased by 74% to $98,182 for the three months ended June 30, 2016 compared to $381,893 for the same period in 2015 as the
Company sold NIL units in 2016 compared to five units in 2015.
- Cost of sales was $33,105 for the
three months ended June 30, 2016
compared to $252,037 for the same
period in 2015.
- The gross margin percentage was higher in the second quarter of
2016 compared to the second quarter of 2015 – 66% of revenue
compared to 34%. Since no units were sold in the second quarter of
2016, the revenue is primarily service revenue with low direct
associated costs.
- Operating expenses declined by 29% in the second quarter of
2016 from the prior year - $1,298,497
in 2015 to $924,622 in 2016. This
decrease resulted from a reduction in sales and marketing expense
in the current year of $369,713 as a
result of the restructuring of the Company's US sales
department.
- Net loss was $1,291,564
($0.01 per share) for the three
months ended June 30, 2016 compared
to a loss of $1,527,057 ($0.02 per share) for the same period in
2015.
- Net cash used in operating activities was $1,171,091 for the three months ended
June 30, 2016 compared to
$1,663,648 for the corresponding
period in 2015.
- As at June 30, 2016, the
Company's cash position was $253,419,
compared to a cash position of $155,625 at December 31,
2015.
|
|
|
Three months
ended
June 30
|
|
|
|
|
|
|
2016
|
2015
|
|
|
|
$
|
$
|
Revenue by
Source
|
|
|
|
Sales
|
|
-
|
293,264
|
Rentals, support and
maintenance fees
|
|
98,182
|
88,629
|
|
|
|
|
|
|
|
|
98,182
|
381,893
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
June 30
|
|
|
|
2016
|
2015
|
|
|
|
$
|
$
|
Revenue by
Geography
|
|
|
|
United
States
|
|
83,895
|
362,914
|
China
|
|
-
|
-
|
Canada
|
|
14,287
|
18,979
|
|
|
|
|
|
|
|
|
98,182
|
381,893
|
Resignation of Director
Michael Mueller has announced his
resignation from Annidis' board of directors, effective
September 1, 2016. The Company is
pleased to have had the opportunity to benefit from Mr. Mueller's
participation on the board and his counsel and guidance will be
missed by the Company. The board of directors and management of
Annidis would like to thank Mr. Mueller for his many years of
distinguished service and would like to wish Mr. Mueller the very
best in his future endeavors.
About Annidis Corporation
Annidis (TSX-V: RHA) has developed and manufactures and sells a
new patented 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 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 and further opportunities in
China working with its
distribution partner, Yimai Technology International Company. The
RHA Platinum MD will further strengthen the value proposition
allowing doctors to visualize choroidal and retinal vasculature
non-invasively. The RHA Platinum MD has global market potential of
more than 100,000 Ophthalmologists.
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