OTTAWA, Aug. 25 2017 /CNW/ - Annidis Corporation
(TSX Venture: RHA) ("Annidis" or the Company"). The unaudited
condensed interim consolidated financial statements for the three
and six months ended June 30, 2017,
and the related Management's Discussion and Analysis are available
at www.sedar.com.
Highlights
The Company shipped 15 units to Mistarunited Technology Co.,
Limited ("Mingda"), its Chinese distribution partner and major
shareholder, in the second quarter of 2017 (25 units for the six
months ended June 30, 2017). The
Company has received prepayments in 2016 and 2017 on the units to
be shipped throughout 2017.
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
June 30
|
Six months ended June
30
|
|
2017
|
2016
|
% Change
|
2017
|
2016
|
% Change
|
|
|
|
|
|
|
%
|
As at June
30
|
|
|
|
|
|
|
Installed Base (units
in clinics)
|
|
|
|
142
|
108
|
31.5
|
|
|
|
|
|
|
|
|
$
|
$
|
%
|
$
|
$
|
|
Revenue
|
786,279
|
98,182
|
475.7
|
1,351,537
|
470,564
|
187.2
|
Net loss
|
(698,261)
|
(1,291,564)
|
31.8
|
(1,578,814)
|
(2,497,970)
|
36.8
|
Net loss per
share
|
(0.01)
|
(0.01)
|
-
|
(0.01)
|
(0.02)
|
50.0
|
Financial Highlights
- Revenue increased from $98,182 in
the second quarter of 2016 to $786,279 in the second quarter of 2017 as the
Company sold 15 units in 2017 compared to NIL units in 2016.
- The gross margin percentage was lower in 2017 than 2016 – 7% of
revenue compared to 66%. All the units sold in 2017 were sold to
China at the lower distributor
price. In addition, certain changes in the procurement process
resulted in higher component costs. The Company is working on
reducing the overall costs and expects unit costs to decline
throughout the year.
- Operating expenses declined by 27% from the prior year -
$909,875 in 2016 to $663,787 in 2017. This decrease largely resulted
from a reduction in research and development expense in the current
year of $113,905 due to lower
salaries and patent legal costs.
- For the three month period ended June
30, 2017, the Company incurred a net loss of $698,261, or ($0.01) per share, compared to a loss of
$1,291,564, or ($0.01) per share, for the same period in 2016.
For the six month period ended June 30,
2017, the Company incurred a net loss of $1,578,814, or ($0.01) per share, compared to a loss of
$2,497,970, or ($0.02) per share, for the same period in
2016.
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