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Pyng Medical Corp. Reports Third Quarter Fiscal 2014 Results
|By Marketwired .
|August 26, 2014 07:41 PM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/26/14 -- Pyng Medical Corp. (TSX VENTURE:PYT) today announced financial and operating results for the three and nine months ended June 30, 2014. All amounts are in Canadian dollars unless stated otherwise.
The Company reported total sales of $947,772 for the three months ended June 30, 2014, down 27% compared with $1,294,369 for the comparative quarter last year. The primary reason for this decline was that FAST1 sales to the USA Federal Market segment have been front-loaded in fiscal 2014. This front-loading led to strong growth in Q1 and Q2, but caused Q3 revenues to decline as military inventories needed to come down. The newly launched TPODResponder and TPODCombat products achieved a 30% sales increase this quarter compared to the first two quarters of the year.
Total gross margin decreased 25% to $493,545 due to lower revenues this quarter compared to fiscal 2013. Gross margin as a percentage of sales increased from 51% to 52%. Total expenses went down 19%, to $675,476, from $838,859 reported for the third quarter last year. The decrease in expenses were primarily driven by lower research and product development costs, lower general and administrative expenses, and foreign exchange differences, partially offset by some investment in sales and marketing, and higher amortization on intangible assets, and interest expenses.
A net loss of $181,931 was reported for the quarter, which was slightly higher than $177,905 reported a year ago, equal to loss of $0.01 per share. Earnings before interest, depreciation, amortization and taxes ("EBITDA") from continuing operations were $32,718, an increase of $28,666 from $4,052 reported for the third quarter of fiscal 2013.
For the nine-month period, total sales were $3,951,066, up 19% from $3,330,019 reported for the comparative period last year. As a result, total gross margin increased 17% to $1,872,080. Net loss was reduced from $821,968 to $457,386 for the nine-month period of this year. The reduced loss was also attributed to the reduction in research and product development expenses and lower general and administrative expenses, partially offset by expense increases in interest, sales and marketing, and amortization on intangible assets.
Mark Hodge, President & CEO, stated "While we remain focused on product and market diversification, and still have a lot of work to do in the Civilian Market segment, I am pleased to see a 19% increase in revenues for the nine months ended June 30, 2014." Mr. Hodge continued, "I believe that Pyng has significant growth opportunity via the 2014 launch of new products, and this 19% increase over fiscal 2013 indicates that base products like FAST1 are exhibiting growth as well. We plan to continue this growth via increasing investment in Sales and Marketing activity going forward, to capture the value created via product development in the 2011-2013 timeframe."
As at June 30, 2014, the Company had a cash balance of $164,122, a decrease of $152,405 compared with the balance of $316,527 as at September 30, 2013. During the quarter ended June 30, 2014, the Company paid back principal of $90,604 on the promissory note signed in November 2013 and its working capital deficiency decreased to $527,348 as at the quarter end from $947,852 at September 30, 2013.
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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