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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Annidis Corporation | TSXV:RHA | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
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
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
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
Copyright 2014 Canada NewsWire
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