Results For The Fourth Quarter And The 2013 Fiscal Year Ended June 30, 2013 - Ergoresearch Reports Solid 2013 Annual Results
KEY FINANCIAL ITEMS ‒ FISCAL 2013
Compared to Fiscal 2012:
- Revenues increased by 63.6%, from $8,231,134 to $13,469,348;
- Net income amounted to $11,926,893.
- Excluding gain from business acquisition, non-recurring expenses from business acquisition and stock-based compensation expense, net income amounted to $875,952 this year compared to $675,610 for the year ended June 30, 2012;
- Net cash generated from operating activities rose to $1,251,329;
- Cash as of June 30, 2013 amounted to $6,678,585 ‒ up $5,233,356 over last fiscal year.
- Total assets amounted to $30,767,118, compared to $6,607,439 for the fiscal year ended on June 30, 2012
KEY OPERATING ITEMS ‒ FISCAL 2013
- Launch of the OdrA orthotic device, a new category of device called "distraction brace" aimed at alleviating pain related to knee osteoarthritis.
- Acquisition of Laboratoire Podotech inc.( October 2012)
- Acquisiton of Laboratoire Langelier ( January 2013)
- In April 2013, acquisition of Victhom Human Bionics (TSXV: VHB), a Corporation which owns patents in the field of orthotics and prosthetics, including intellectual property used in the Power Knee, the world's first and only motor-powered prosthesis for above-knee amputees.
- Financing through a share issuance (private offering) in the gross amount of $6,360,000; issuance of 10,258,065 common shares
TSX-V: ERGLAVAL, QC, Oct. 28, 2013 /CNW Telbec/ - Ergoresearch Ltd (″Ergoresearch″ or ″the Company″ or ″the Corporation″) is pursuing a growth strategy based on innovation and acquisitions. With this strategy, the Company is poised for accelerated growth in terms of sales and profitability. Annual growth has amounted to 63.6% and revenues reached $13,469,348. Net income amounted to $11,926,893. Excluding gain from a business acquisition, non-recurring expenses from a business acquisition and stock-based compensation expense, net income totaled $875,952 this year, compared to $675,610 for the year ended June 30 2012. As an important gain compared to last year, the Company assets amounted to $30,767,118 in June 2013. We are particularly proud to have generated considerable value to the Corporation with three acquisitions and the launch of a patented product aimed at relieving pain associated with knee osteoarthritis, in Quebec. Among completed acquisitions, Laboratoire Langelier ranked second after Ergoresearch in the Quebec foot orthotics industry. In April 2013, Ergoresearch also concluded a transaction to acquire Victhom Human Bionics, a Quebec medical biotech firm. With this transaction Ergoresearch acquired significant patents in the field of orthotics and prosthetics, including intellectual property used in the Power Knee, the world's first and only motor-powered prosthesis for above-knee amputees. The "Power Knee" is produced and distributed under licence by one of the world leader in ortho-prosthetics, Össur. Also, in April 2013, the Corporation issued shares through a private offering in the gross amount of $6,360,000. Today, the Corporation's cash position exceeds $6,000,000 and is in a promising position to execute the next steps in its growth strategy. "We will take advantage of the next few months to properly integrate our recent acquisitions, accelerate product promotion (including the OdrA orthotic device) and we'll remain observant in regards to new business acquisition opportunities", says Ergoresearch President and CEO, Mr. Sylvain Boucher "The health care industry is growing and joint problems associated with aging contain numerous business opportunities. Ergoresearch is focused on taking advantage of these opportunities. Achieving business plan goals and increasing shareholding value remain at the heart of our every action, and will allow us to reach new heights in the next coming years" adds Mr. Boucher.
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