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Ivivi Technologies, Inc. (AMEX:II), a leader in non-invasive,
electrotherapeutic technologies, today announced financial results for
its fiscal first quarter ended June 30, 2007.
For the fiscal first quarter ended June 30, 2007, total revenue grew
112% to $460,999 from $217,419 for the quarter ended June 30, 2006.
Revenues were primarily driven by the sale of the Company’s
products to distributors and into medical facilities, and through our
direct sales force into rental programs in the wound care market. Unit
sales increased to $286,400 in the quarter, up 1677% from $16,115 in the
first quarter of fiscal 2007. Rental revenue was $158,974 in the first
quarter of fiscal 2008 compared to rental revenue was $201,304 for the
same period of fiscal 2007. The Company also recorded licensing fee
revenue of $15,625 in the fiscal first quarter related to the initial
milestone payment received from Allergan and amortized over the initial
term of our agreement with Allergan. The Company had a net loss of
$1,412,608, or $0.15 per share, for the fiscal first quarter compared to
a net loss of $1,877,958, or $0.40 per share, for the year ago period,
which included $853,666 of interest and finance costs that did not
impact the current quarter.
On June 30, 2007, Ivivi Technologies had cash and cash equivalents of
approximately $7.0 million, no outstanding long term debt and 9,596,908
common shares outstanding.
“We remain committed to our strategy to
demonstrate the efficacy and broad potential of our proprietary PEMF
technology while utilizing partners for marketing and selling activities,”
commented Andre’ A. DiMino, Vice Chairman and
Co-Chief Executive Officer. “The August 2007
journal Plastic and Reconstructive Surgery provided additional
evidence that our technology can increase tensile strength using a
standard wound model in animals. While this study demonstrated the
ability of our non-invasive technology to help improve patient outcomes
by strengthening wounds at an earlier stage in the recovery period, 59%
in 21 days, it also demonstrated our ability to fine-tune the
configuration of PEMF signals to help achieve a more precise signal for
specific indications, which we hope will have positive implications to
additional target markets.”
“Beyond the aesthetic and bariatric surgery
markets, where we have partnered with Allergan, we are in discussions
with potential partners for markets including wound care and others and
have, as previously announced, retained Jefferies & Company, Inc. as our
financial advisor to provide assistance pursuing strategic partners with
marketing and distribution channels for our products as well as advise
us on financings and business strategy,”
added Mr. DiMino.
David Saloff, President and Co-Chief Executive Officer added, “Partnerships
remain key to the acceleration we are hoping to achieve in sales as we
move through fiscal 2008 and beyond. Allergan, our worldwide
distribution partner in the aesthetic and bariatric surgery markets, is
continuing with their premarketing launch activities. A great deal has
been accomplished over the last several months including final product
design and packaging, as well as the development of marketing and sales
force training materials. The product launch is anticipated by our
fiscal year end. We believe the launch will serve to expand the
knowledge base for our technology and provide added validation of its
efficacy. We also remain on track to file a 510(k) application by
calendar year end for both a prescription and over-the-counter pain
relief product as a non-pharmacologic alternative to pain relievers such
as non-steroidal anti-inflammatory drugs for inflammatory conditions.”
Management will discuss the Company's results for its fiscal first
quarter ended June 30, 2007, during a conference call scheduled for
today, Tuesday, August 14, 2007 at 4:30 pm ET. Shareholders and other
interested parties may participate in the conference call by dialing
(877) 407-0782 approximately 5 to 10 minutes before the beginning of the
call. International callers should dial (201) 689-8567. If you are
unable to participate, a replay of the call will be available until
midnight on August 28, 2007 by dialing (877) 660-6853 and using
pass code # 286 and conference ID # 251433. International callers should
dial (201) 612-7415 and use the pass codes listed above. The call will
also be broadcast live on the Internet at www.InvestorCalendar.com
and on the Investor Relations section of the Company’s
website www.ivivitechnologies.com.
About Ivivi Technologies, Inc.
Based in Northvale, NJ, Ivivi Technologies, Inc. is a medical technology
company focusing on designing, developing and commercializing its
proprietary electrotherapeutic technology platform. Ivivi’s
research and development activities are focused specifically on pulsed
electromagnetic field, or PEMF, technology, which, by creating a
therapeutic electrical current in injured soft tissue, stimulates
biochemical and physiological healing processes to help repair the
injured tissue and reduce related pain and inflammation. The Company’s
Electroceuticals™ have been used in
non-invasive treatments for a wide array of conditions, including
chronic wounds, pain and edema following plastic and reconstructive
surgery and chronic inflammatory disorders.
Forward-Looking Statements
This release contains "forward-looking statements" made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act
of 1995 including those related to our cardiac study at the Cleveland
Clinic, strategic partnerships and future sales. Forward-looking
statements reflect management's current knowledge, assumptions, judgment
and expectations regarding future performance or events. Although
management believes that the expectations reflected in such statements
are reasonable, they give no assurance that such expectations will prove
to be correct and you should be aware that actual results could differ
materially from those contained in the forward-looking statements.
Forward-looking statements are subject to a number of risks and
uncertainties, including, but not limited to, the Company’s
limited operating history, history of significant and continued
operating losses and substantial accumulated earnings deficit,
difficulties with its financial accounting controls, the failure of the
market for the Company’s products to continue
to develop, the inability for customers to receive third party
reimbursement, the inability to obtain additional capital, the inability
to protect the Company’s intellectual
property, the loss of any executive officers or key personnel or
consultants, competition, changes in the regulatory landscape or the
imposition of regulations that affect the Company’s
products and other risks detailed from time to time in the Company’s
filings with the Securities and Exchange Commission, including the
Company’s Form 10-KSB for the fiscal year
ended March 31, 2007. The Company assumes no obligation to update the
information contained in this press release.
IVIVI TECHNOLOGIES, INC.
Statements of Operations
Three Months Ended
June 30,
(unaudited)
2007
2006
Revenues:
Sales
$
286,400
$
16,115
Rentals
158,974
201,304
Licensing
15,625
--
460,999
217,419
Expenses:
Cost of goods sold
71,597
14,134
Cost of rental revenue
15,442
27,573
Depreciation and amortization
16,278
2,436
Research and development
358,171
269,729
Sales and marketing
400,274
220,493
General and administrative
761,697
466,643
Share based compensation
331,533
218,413
Total operating expenses
1,954,992
1,219,421
Loss from operations
(1,493,993
)
(1,002,002
)
Change in fair value of warrant and registration rights liabilities
--
(25,827
)
Interest income
81,385
3,537
Interest and finance costs
--
(853,666
)
Loss before provision for income taxes
(1,412,608
)
(1,877,958
)
Income taxes
--
--
Net loss
$
(1,412,608
)
$
(1,877,958
)
Net loss per share, basic and diluted
$
(0.15
)
$
(0.40
)
Weighted average shares outstanding
9,580,642
4,745,000
IVIVI TECHNOLOGIES, INC.
Balance Sheet
June 30, 2007
March 31, 2007
(unaudited)
(audited)
Current assets
Cash and cash equivalents
$
6,996,348
$
8,310,697
Accounts receivable, net
336,357
224,349
Inventory finished goods
189,877
236,735
Prepaid expenses
65,137
154,730
Total current assets
7,587,719
8,926,511
Property and equipment, net
133,197
46,040
Equipment in use and under rental, net
76,036
60,096
Intangible assets, net
344,581
270,826
Total assets
$
8,141,533
$
9,303,473
Current liabilities:
Accounts payable and accrued expenses
910,276
$
1,005,975
Advances payable – affiliates
35,285
36,657
Total current liabilities
945,561
1,042,632
Deferred revenue
458,333
473,958
Total liabilities
1,403,894
1,516,590
Stockholders’ equity:
Common stock
20,953,985
20,922,154
Additional paid-in capital
10,908,644
10,577,111
Accumulated deficit
(25,124,990
)
(23,712,382
)
Total stockholders’ equity
6,737,639
7,786,883
Total liabilities and stockholders’ equity
$
8,141,533
$
9,303,473