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™ 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™ which reduces the symptoms of fever; and VapoLyptus™; 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.

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
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...