OTTAWA,
Nov. 27, 2014 /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,
2014. The unaudited condensed consolidated financial
statements for the three and nine months ended September 30, 2014, and the related Management's
Discussion and Analysis are available at www.sedar.com.
Annidis Corporation develops and markets imaging
technologies to eye care professionals. The Annidis
RHA™ instruments, which are based on Multi-Spectral Imaging
("MSI"), assists eye-care professionals in screening, diagnosing
and managing ocular diseases by allowing them to view
non-invasively the deepest layers of the eye.
"We are pleased to announce that our accumulative
revenue year to date surpassed the previous full year performance
of the Company by almost 70%," said Gerald
Slemko, CEO of Annidis Corporation. "During the quarter, our
gross margin was also significantly improved, primarily due to
higher average price each unit was sold, and lower average cost of
the units, due to the rollout of our new Gold Machine."
"We continue to see significant opportunity in
the Chinese market for our instruments," continued Gerald Slemko. "Through our distribution
partner, Yimai and their affiliate NIMO, we have begun to sell our
instruments in the Chinese market. We also continue to develop our
international distribution strategy, and we are currently in
discussion with potential partners in other countries to expand our
footprint in other high growth markets."
Highlights
- During the third quarter of 2014, the Company sold eight units
compared to one unit in the corresponding quarter of 2013. While
sales were less than budget, the company has never been better
positioned to win orders from major North American and Chinese
customers.
- During the quarter, the Company received China Food and Drug
Administration (CFDA) approval for its RHATM Gold
Multi-Spectral Imaging instrument to be sold to eye-care
professionals in the Chinese market.
- Concurrent with receiving CFDA approval, Annidis received a
purchase order for 20 RHA instruments from its Chinese distribution
partner, YIMAI.
- The Company anticipates significant demand for its technology
in the Chinese market, with an estimated market size of 1,500 to
2,000 instruments.
- Annidis improved gross margin through development of the latest
"Gold" model of the RHA instrument, which the Company started
shipping in June. The new model incorporates a 21% reduction in
manufacturing costs as well as additional features, adding to the
utility of the instrument.
- The Company's new RHA Platinum, targeting the ophthalmology
market is progressing well in clinical studies. Early indications
are extremely positive, and continue to show results that are
significantly superior to traditional technology available in the
market.
- Annidis advancing negotiations with potential strategic
partners on a number of opportunities central to which is Annidis'
world leading MSI Technology.
- The Company continues to invest significantly in the sales and
marketing efforts, building relationships with buying and support
groups in the eye care space. This provides a forum to present to
larger audiences and leverage the sales effort.
- The Company continues to focus on building its back order
position, thus moving towards profitability. The Company currently
has confirmed orders for 47 instruments to be delivered over the
next few quarters.
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
|
Q3
2014
|
Q3
2013
|
%
Change
|
Installed Base (as
at September 30)
|
67
|
38
|
+79%
|
|
|
|
|
Revenue
|
$480,218
|
$255,096
|
+88%
|
Net
loss
|
$(1,240,943)
|
$(1,113,439)
|
-11%
|
Financial Highlights
- Revenue grew by 88% to $480,218
for the three months ended September 30,
2014, compared to $255,096 for
the same period in 2013.
- Cost of sales was $364,944 for
the three months ended September 30,
2014 compared to $206,295 for
the same period in 2013.
- General and administrative expenses were $343,166 for the three months ended September 30, 2014 compared to $221,323 for the corresponding period in
2013.
- Research and development expenses were $268,121 for the three months ended September 30, 2014 compared with $222,746 for the same period in 2013.
- Net loss was $1,240,943
($0.01 per share) for the three
months ended September 30, 2014
compared to a loss of $1,113,439
($0.02 per share) for the same period
in 2013.
- Net cash used in operating activities was $475,239 for the three months ended September 30, 2014, compared to $765,908 for the corresponding period in
2013.
- As at September 30, 2014, the
Company's cash position was $84,666,
compared to a cash position of $1,854,534 at December 31,
2013.
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
|
September
30
|
|
September
30
|
|
|
|
2014
|
2013
|
|
2014
|
2013
|
Revenue by
Source
|
|
|
|
|
|
|
|
Sales
|
|
$375,727
|
$170,003
|
|
$1,540,845
|
$488,156
|
|
Rentals, support and
maintenance fees
|
|
110,730
|
87,654
|
|
290,867
|
251,368
|
|
Incentives, rebates
and other
|
|
(6,239)
|
(2,561)
|
|
(20,523)
|
7,439
|
|
|
|
|
|
|
|
|
|
|
$480,218
|
$255,096
|
|
$1,811,189
|
$746,963
|
Revenue by
Geography
|
|
|
|
|
|
|
|
United
States
|
|
$264,970
|
$ 90,020
|
|
$1,108,847
|
$457,877
|
|
Canada
|
|
47,248
|
123,076
|
|
198,342
|
247,086
|
|
China
|
|
168,000
|
42,000
|
|
504,000
|
42,000
|
|
|
|
|
|
|
|
|
|
|
|
$480,218
|
$255,096
|
|
$1,811,189
|
$746,963
|
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. 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