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Pyng Medical Corp. Reports Second Quarter Fiscal 2014 Results
|By Marketwired .
|May 27, 2014 06:01 PM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/27/14 -- Pyng Medical Corp. (TSX VENTURE: PYT) today announced financial and operating results for the three and six months ended March 31, 2014. All amounts are in Canadian dollars unless stated otherwise.
The Company reported total sales of $1,466,392 for the three months ended March 31, 2014, up 48% compared with $992,342 for the comparative quarter last year. The sales increase was mainly due to the increased demand for FAST1 products from the U.S. military market compared to the prior year. The Company's continued efforts to expand into new market segments and distribution channels along with the launch of new products also contributed to the sales increase this year. The gross margin also increased to $665,612 from $412,432 reported a year ago as a result of higher sales. The gross margin as a percentage of sales increased from 42% to 45%, attributed to various reasons including the reduction of landed costs this year as a result of the reduction in backorders. Total expenses went up 8% to $860,482 from $796,015 for the first quarter of last year due to the higher sales and marketing expenses, amortization of intangible assets, interest expense and foreign exchange loss.
The net loss reduced 49% to $194,870 for this quarter, equal to loss of $0.01 per share, compared to a net loss of $383,583 or loss of $0.02 per share one year earlier. Earnings before interest, depreciation, amortization and taxes ("EBITDA") from continuing operations were $21,546, an increase of $244,246 from negative $222,700 reported for the second quarter of fiscal 2013.
For the six months period, the total sales were $3,003,295, up 48% from $2,035,650 reported for the comparative period last year. As a result, the net loss reduced from $643,626 a year ago to $275,453 for the first half of this year. The improvement was also driven by the reduction of research and product development expenses after the FASTR project was completed in fiscal 2013, partially offset by the expenses increase in several categories, including interest, amortization, foreign exchange loss and sales and marketing.
As at March 31, 2014, the Company had a cash balance of $252,114, a decrease of $64,413 compared with the balance of $316,527 as at September 30, 2013. During the quarter ended March 31, 2014, the Company paid back principal of $33,498 on the promissory note signed in November 2013 and the working capital deficiency decreased to $266,994 as at the quarter end from $947,852 as at September 30, 2013.
The Company continues to pursue debt and/or equity financing to help fund its working capital needs and to refinance convertible debentures maturing on August 10, 2014. There can be no assurance that these initiatives will be successful.
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. engineers and markets award-winning trauma and resuscitation products for front-line critical care personnel world-wide. Pyng's product portfolio includes innovative sternal intraosseous (sternal IO) pelvic stabilization and tourniquet devices specifically designed and customized for both the military and civilian markets. With growing markets in North America, Europe and Asia, Pyng develops user-preferred medical devices for use by hospital staff, emergency medical services and military forces worldwide.
More information about Pyng is available on SEDAR at www.sedar.com under the Company's profile and on its website: www.pyng.com.
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.
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