Orthometrix (CE) (USOTC:OMRX)
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ORTHOMETRIX, INC. (OTCBB: OMRX) announced today its
financial results for the first quarter ended March 31, 2006.
Revenue for the first quarter ended March 31, 2006 increased by
59% to $748,066 compared with $470,980 for the first quarter ended
March 31, 2005. Gross Margin for the first quarter ended March 31,
2006 increased to 70% compared with 63% for the first quarter ended
March 31, 2005. The net loss for the first quarter of 2006 decreased
by 59% to $253,167 compared with a 2005 first-quarter net loss of
$616,865.
Sequentially, revenue for the first quarter ended March 31, 2006
increased by 114% to $748,066, compared with $349,080 for the quarter
ended December 31, 2005. The net loss for the first quarter of 2006
decreased by 71% to $253,167 compared with a net loss of $864,884 for
the quarter ended December 31, 2005.
Reynald Bonmati, Chairman and Chief Executive Officer of
Orthometrix, commented, "We are very pleased with the financial
results of our last quarter which started to show the impact of the
sale of our new Orbasone(TM) ESWT Pain Management System recently
approved by the FDA for the treatment of chronic plantar fasciitis
(foot pain). The recruitment and training of our Orbasone direct sales
team has been completed and we are now building Orbasone inventory to
respond to the expected demand for our ESWT system. Sales of our
patented Whole Body Vibration exercise and conditioning systems to
professional sports teams have also been increasing and I am quite
bullish about the future of our Company."
Orthometrix, Inc. markets, sells and services several
musculoskeletal product lines used in pharmaceutical research,
diagnostic and monitoring of bone and muscle disorders, sports
medicine, rehabilitative medicine, physical therapy and pain
management.
Our Web addresses are www.orthometrix.net, www.orbasone.com and
www.vibraflex.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: The statements which are not historical facts
contained in this release are forward looking statements that involve
risk and uncertainties, including, but not limited to, any effect on
future financial results from efforts to broaden the Company's
position in the rehabilitation, physical therapy and musculoskeletal
markets, any potential impact on sales of the Orbasone in North
America, and other risks detailed in the documents periodically filed
with the Securities and Exchange Commission, specifically the most
recent reports on Forms 10-KSB and 10-QSB. These risks and
uncertainties could cause actual results to differ materially from
those expected and/or contained in the forward-looking statements. Any
forward-looking statement made in this release is made as of the date
of this release and the Company assumes no obligation, subject to
applicable law, to update such forward-looking statement.
(Tables to follow)
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Orthometrix, Inc.
Consolidated Statement of Operations
------------------------------------
(unaudited)
Three months ended
March 31,
-----------------------------
2006 2005
------------- ---------------
Revenue $748,066 $470,980
Cost of revenue 223,798 174,330
------------- ---------------
Gross profit 524,268 296,650
Sales and marketing expense 443,559 350,633
General and administrative expense 335,498 388,555
Research and development expense 42,031 135,242
------------- ---------------
Operating loss (296,820) (577,780)
Interest expense (31,645) (40,329)
Interest income 67 1,244
Other income 75,231 -
------------- ---------------
Loss before income taxes (253,167) (616,865)
Income tax - -
------------- ---------------
Net loss ($253,167) ($616,865)
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Basic and diluted weighted average
shares 44,288,618 37,935,677
============= ===============
Basic and diluted loss per share ($0.01) ($0.02)
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Selected Balance Sheet Data:
----------------------------
March 31, December 31,
2006 2005
------------- ---------------
Cash and cash equivalents $210,379 $22,861
Other current
assets 608,108 454,167
Long term assets 112,279 53,694
------------- ---------------
Total assets $930,766 $530,722
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Bank Borrowings $340,000 $330,000
Other current liabilities 1,090,190 816,449
Note payable - net 410,716 183,069
Total stockholders' equity
(deficit) (910,140) (798,796)
------------- ---------------
Total liabilities and equity $930,766 $530,722
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