OTTAWA, April 28, 2017 /CNW/ - Annidis Corporation
(TSX Venture: RHA) ("Annidis" or the Company"). The audited
consolidated financial statements for the twelve months ended
December 31, 2016, and the related
Management's Discussion and Analysis are available at
www.sedar.com.
Highlights
During 2016, the Company concentrated its efforts and resources
on improving the utility of the RHA and developing comparative
clinical studies in leading clinics to validate the specific
clinical utility that the RHA product brings to optometric
practices. The RHA's advantage in early detection of vision
impacting eye disease proven by these comparative studies will be a
fundamental component of the next stage of the Company's marketing
initiatives as the RHA advances into a broader market
acceptance.
The Company's sales efforts remain focused on:
- growing the installed base in the Chinese market,
- repairing and building relationships with key opinion leaders
("KOL's") and large US buying groups, thus providing a forum to
present the Annidis product to large audiences and leverage the
sales effort, and
- increasing customer service, education and support through a
best-practices benchmarking program to ensure the installed units
achieve superior image quality and maximum utilization.
Key Financial
Metrics
|
|
|
|
|
|
|
|
|
Three months ended
December 31
|
|
Twelve months ended
December 31
|
|
2016
|
2015
|
%
Change
|
|
2016
|
2015
|
%
Change
|
As at December
31
|
|
|
|
|
|
|
|
Installed Base (units
in clinics)
|
|
|
|
|
118
|
106
|
11
|
|
|
|
|
|
|
|
|
|
$
|
$
|
%
|
|
$
|
$
|
%
|
Revenue
|
132,055
|
307,324
|
(57)
|
|
1,143,288
|
1,898,659
|
(40)
|
Net loss
|
(1,382,370)
|
(1,842,876)
|
25
|
|
(4,904,182)
|
(5,955,540)
|
18
|
Net loss per
share
|
(0.02)
|
(0.02)
|
-
|
|
(0.05)
|
(0.06)
|
33
|
Financial Highlights
- Revenue decreased by 57% from $307,324 in the fourth quarter of 2015 to
$132,055 in the fourth quarter of
2016 as the Company sold one unit in 2016 compared to four units in
2015. Revenue decreased by 40% from $1,898,659 in the twelve months of 2015 to
$1,143,288 in the twelve months of
2016 as the Company sold 16 units in 2016 compared to 30 units in
2015.
- The gross margin percentage was higher in 2016 than 2015 in
both the quarter and for the year. As a result of the lower number
of units sold in 2016, a higher percentage of the 2016 revenue
consisted of service revenue with low direct associated costs.
- Operating expenses declined from 2015 by 31% in the fourth
quarter of 2016 from the prior year and by 27% in the twelve months
of 2016 due primarily to the restructuring of the Company's US
sales department in the third quarter of 2015 and the first half of
2016.
- For the three month period ended December 31, 2016, the Company incurred a net
loss of $1,382,370, or ($0.02) per share, compared to a loss of
$1,842,876, or ($0.02) per share, for the same period in 2015.
For the twelve month period ended December
31, 2016, the Company incurred a net loss of $4,904,182, or ($0.05) per share, compared to a loss of
$5,955,540, or ($0.06) per share, for the same period in
2015.
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