Welcome!

News Feed Item

Pyng Medical Corp. Reports Fiscal 2013 Financial Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/14/14 -- 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™ 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™ re-launch project (initiated after the recall of 2010) and obtained regulatory approval for the new FASTResponder™ 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
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The Internet giants are fully embracing AI. All the services they offer to their customers are aimed at drawing a map of the world with the data they get. The AIs from these companies are used to build disruptive approaches that cannot be used by established enterprises, which are threatened by these disruptions. However, most leaders underestimate the effect this will have on their businesses. In his session at 21st Cloud Expo, Rene Buest, Director Market Research & Technology Evangelism at Ara...
SYS-CON Events announced today that Silicon India has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Published in Silicon Valley, Silicon India magazine is the premiere platform for CIOs to discuss their innovative enterprise solutions and allows IT vendors to learn about new solutions that can help grow their business.
Join us at Cloud Expo June 6-8 to find out how to securely connect your cloud app to any cloud or on-premises data source – without complex firewall changes. More users are demanding access to on-premises data from their cloud applications. It’s no longer a “nice-to-have” but an important differentiator that drives competitive advantages. It’s the new “must have” in the hybrid era. Users want capabilities that give them a unified view of the data to get closer to customers and grow business. The...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
"Loom is applying artificial intelligence and machine learning into the entire log analysis process, from start to finish and at the end you will get a human touch,” explained Sabo Taylor Diab, Vice President, Marketing at Loom Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists loo...
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International 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 ...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
"MobiDev is a Ukraine-based software development company. We do mobile development, and we're specialists in that. But we do full stack software development for entrepreneurs, for emerging companies, and for enterprise ventures," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, highlighted the current challenges of these transformative technologies and shared strategies for preparing your organization for these changes. This “view from the top” outlined the latest trends and developments i...
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, paneli...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.