Welcome!

News Feed Item

Pyng Medical Corp. Reports Fiscal 2013 Financial Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/15/14 -- Pyng Medical Corp. (TSX VENTURE:PYT) today announced financial and operating results for the fiscal year ended September 30, 2013. All amounts are in Canadian dollars unless stated otherwise.

The Company reported total sales of $5,073,964 for fiscal 2013, up $533,565 or 12% compared to $4,540,399 reported a year ago. T-POD® sales of $1,215,647, an increase of 29% over fiscal 2012, were a major contributor to this growth, as was increased demand from the USA military market combined with international sales growth. During fiscal 2013, the Company made significant efforts to expand market penetration and improve the distribution network. As a result, both USA and international sales increased by 11% and 14% respectively, compared to the sales reported in fiscal 2012. Gross margin as a percentage of sales declined from 61% for fiscal 2012 to 46% for fiscal 2013 which was driven by several factors, including a large one-time production transfer cost for FAST1®

The Company also reported a net loss of $691,979 for fiscal 2013, a decrease of $357,473, or 34% compared to a net loss of $1,049,452 last year. The reduced loss was mainly due to the net amount of $323,965 that the Company accrued for refundable investment tax credits and related interest earned based on the finalization of an appeal process with Canada Revenue Agency on qualified product development expenditures in fiscal 2000. The loss per share reduced to $0.04 for fiscal year 2013 compared to net loss of $0.07 per share for last year. Earnings before interest, depreciation, amortization and taxes ("EBITDA") from continuing operations decreased to $107,865 during the year (2% of sales) compared with EBITDA of $488,637, (11% of sales) for fiscal year 2012.

For the fourth quarter ended September 30, 2013, the Company recorded total sales of $1,743,945, up $786,913 or 82% compared to $957,032 reported for the comparative quarter of last year. Gross margin increased from $521,142 to $743,284 due to the sales increase. Net income was $129,552 in the fourth quarter of fiscal 2013, compared to a net loss of $1,042,510 for fiscal 2012, which included the net one-time write-down of $1,229,440 related to the CRIC(TM) product.

As of September 30, 2013, the Company had a working capital deficiency of $947,852, which worsened by $751,389, compared with the amount $196,463 as at September 30, 2012. The increase in working capital deficiency was primarily attributable to the reclassification of convertible debentures to current liabilities, which come due in August 2014, and the increased accounts payable and accrued liabilities resulting from costs associated with product development, higher production costs, office relocation, and production transfer costs incurred during the year. To improve its working capital position, the Company initiated discussions with its largest manufacturer to transfer a significant portion of past due accounts payable into a term loan. The transaction was closed in November, 2013. The Company is also actively working on financing options to fulfill its debt obligations, including issuing additional debt or equity financing to pay back or refinance the current convertible debt on maturity. There can be no assurance that these initiatives will be successful.

During fiscal 2013, the Company completed the FASTx(TM) re-launch project (initiated after the recall of 2010) and obtained regulatory approval for the new FASTResponder(TM) product from Health Canada, Europe (CE Mark), and USA (Food and Drug Administration- "FDA"). The Company also successfully completed the manufacturing outsourcing process of FAST1®. With the launch of new products, various organizational changes, and enhanced marketing strategies, management believes the Company is well-positioned to achieve a stronger performance in fiscal 2014.

Full audited financial results for fiscal year ended September 30, 2013 are available on SEDAR at www.sedar.com.

About Pyng Medical Corp.

Pyng Medical Corp. commercializes award-winning trauma and resuscitation products for front-line critical care personnel. Pyng's expanded product portfolio includes a variety of innovative, lifesaving tools. With growing markets in North America, Europe and Asia, Pyng offers user-preferred medical devices for use by hospital staff, emergency medical services and military forces worldwide.

Safe Harbour Statement; Forward-Looking Statements: This release may contain forward-looking statements based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects", "anticipates", "plans", "intends", "projects", "indicates", and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents which may be filed with the British Columbia Securities Commission, the Alberta Securities Commission, the Ontario Securities Commission, the TSX Venture Exchange, as well as other USA Commissions, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the Company does business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw material, research and development of new products, including regulatory approval and market acceptance; and seasonality of sales in some products.

Neither the TSX Venture Exchange nor its Regulatory Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Pyng Medical Corp.
George Dorin
Chief Financial Officer
(604) 303-7964 x219
www.pyng.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...