Welcome!

News Feed Item

Pediapharm Announces Fourth Quarter Results

MONTREAL, QUEBEC -- (Marketwired) -- 02/28/14 --

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Pediapharm Inc. (the "Corporation") (TSX VENTURE:PDP) is pleased to announce the filing of its fourth quarter financial results ended December 31, 2013. As a result of the Corporation changing its financial year-end from December 31 to March 31, these are interim financial statements. All dollars amount are expressed in Canadian currency and results are reported in accordance with IFRS accounting principles. Pediapharm reports the following highlights:

--  Total revenues for the twelve-month period ended December 31, 2013
    increased by 61% compared to the same period in 2012, which includes a
    fourth quarter increase of 117% compared to same period in 2012;

--  Operating loss for the twelve-month period ended December 31, 2013
    decreased by $1,639,805 compared to the same period in 2012, which
    includes a fourth quarter decrease of $506,436 compared to same period
    in 2012;

--  On December 27, 2013, the common shares of Pediapharm began to trade on
    the TSX Venture Exchange under the ticker symbol PDP.V following an
    amalgamation transaction with Chelsea Acquisition Corporation; 

--  Concurrently, the Corporation successfully completed a round of
    financing with gross proceeds of approximately $7,000,000; and

--  NYDA®, a breakthrough treatment for head lice and its eggs, was a
    major contributor to the revenue growth.

Total revenues for the 3 month-period ended December 31, 2013 increased by 117% to reach $1,237,538 compared to $570,945 in the same period in 2012. NYDA's strong performance in the last quarter, which coincides with one of the 3 peak seasons for head lice infestation, was an important factor contributing to the growth. On October 30, 2013, Pediapharm received the acceptance of NYDA's reimbursement by the Ontario Drug Benefit (ODB), enabling more patients to have access to the product when prescribed.

Total revenues for the twelve-month period ended December 31, 2013 increased to $4,003,807 (2012 - $2,490,503), representing a 61% increase compared to the same period in 2012. The solid performance of NYDA, the addition of Allerject(TM) in the Corporation's detailing portfolio and the strong performance of Suprax® were the main drivers of the increase in revenues.

The operating loss for the three months ended December 31, 2013 was $52,378 compared to the $558,814 in the three months ended December 31, 2012. The improvement was due to an increase in revenue of 117% as well as solid control of operating expenses. The net loss for the three months ended December 31, 2013 was $1,703,124 compared to the $659,958 in the three months ended December 31, 2012. The expenses related to the amalgamation with Chelsea Acquisition Corporation were the main reason for the difference in net loss.

The operating loss for the twelve months ended December 31, 2013 was $440,164 compared to the $2,079,969 in the twelve months ended December 31, 2012. The improvement was due to an increase in revenue of 61% as well as solid control of operating expenses. The net loss for the twelve months ended December 31, 2013 was $2,513,191 compared to the $2,246,068 in the twelve months ended December 31, 2012. The expenses related to the amalgamation with Chelsea Acquisition Corporation had an important impact on the 2013 net loss.

"2013 was an excellent year for Pediapharm. Following the amalgamation with Chelsea Acquisition Corporation and the concurrent financing with gross proceeds of approximately $7,000,000, the common shares of Pediapharm began to trade on the TSX Venture Exchange in December." stated Sylvain Chretien, President and Chief Executive Officer of Pediapharm. He added: "What is remarkable is that, even with the additional efforts required to complete the transaction, the Pediapharm team stayed very focused and achieved revenue growth of 61% while keeping the operating expenses similar to last year."

----------------------------------------------------------------------------
                            December     December     December     December 
                            31, 2013     31, 2012     31, 2013     31, 2012 
                          (3 months)   (3 months)  (12 months)  (12 months) 
----------------------------------------------------------------------------
Revenue                    1,237,538      570,945    4,003,807    2,490,503 
----------------------------------------------------------------------------
Selling and                                                                 
 administrative expenses   1,289,916    1,129,759    4,443,971    4,570,472 
----------------------------------------------------------------------------
Operating loss               (52,378)    (558,814)    (440,164)  (2,079,969)
----------------------------------------------------------------------------
Other expenses             1,650,746      101,144    2,073,027      166,099 
----------------------------------------------------------------------------
Net loss                  (1,703,124)    (659,958)  (2,513,191)  (2,246,068)
----------------------------------------------------------------------------
Cash flow from (used in)                                                    
 operating activities     (1,020,399)    (233,623)  (1,583,500)  (1,932,622)
----------------------------------------------------------------------------
Cash flow from (used in)                                                    
 investing activities        249,443          605      (61,789)     (78,372)
----------------------------------------------------------------------------
Cash flow from (used in)                                                    
 financing activities      6,375,730      286,284    7,157,548    1,804,644 
----------------------------------------------------------------------------

About Pediapharm Inc.

Pediapharm is the only Canadian specialty pharmaceutical company dedicated to serving the needs of the pediatric community. Its mission is to bring to the Canadian market the latest innovative pediatric products with the objective to improve the health and the well-being of children in Canada. Since its debut in 2008, Pediapharm has entered into numerous commercial agreements with partners from Canada and other countries around the world. The company's innovative product portfolio includes NYDA®; a breakthrough treatment for head lice; EpiCeram® a non-steroid emulsion for eczema; KoolEffect(TM) which reduces the symptoms of fever; and VapoLyptus(TM); a soothing vapour patch of Eucalyptus and Camphor.

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.

FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements and other statements that are not historical. Such forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to vary materially from target results and the results or events predicted in these forward-looking statements. As a result, investors are cautioned not to place undue reliance on these forward-looking statements.

The forward-looking statements contained in this news release are made as of the date of this release. Except as required by applicable law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking information reflects the current expectations or belief of the Corporation based on information currently available and such information is subject to a number of assumptions, risks and uncertainties described in details at pp. 35 to 41 of the Management Information Circular of Chelsea Acquisition Corporation dated November 12, 2013 available on SEDAR at www.sedar.com and other risks associated with being a specialty pharmaceutical company.

Contacts:
Sylvain Chretien
President and Chief Executive Officer
Pediapharm Inc.
514-762-2626 ext. 201
[email protected]

Roland Boivin
Chief Financial Officer
Pediapharm Inc.
514-762-2626 ext. 202
[email protected]

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
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
CI/CD is conceptually straightforward, yet often technically intricate to implement since it requires time and opportunities to develop intimate understanding on not only DevOps processes and operations, but likely product integrations with multiple platforms. This session intends to bridge the gap by offering an intense learning experience while witnessing the processes and operations to build from zero to a simple, yet functional CI/CD pipeline integrated with Jenkins, Github, Docker and Azure...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
Containers and Kubernetes allow for code portability across on-premise VMs, bare metal, or multiple cloud provider environments. Yet, despite this portability promise, developers may include configuration and application definitions that constrain or even eliminate application portability. In this session we'll describe best practices for "configuration as code" in a Kubernetes environment. We will demonstrate how a properly constructed containerized app can be deployed to both Amazon and Azure ...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.