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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 22, 2016) - Pyng Medical Corp. (TSX VENTURE:PYT) today announced financial and operating results for the three months December 31, 2015. All amounts are in Canadian dollars unless stated otherwise.
The Company reported total sales of $1,221,998 for the three months ended December 31, 2015, down 19% from $1,514,075 reported for the first quarter fiscal 2015. This decrease was primarily related to military product shipments being down from last year, although this decrease was partially offset by increased sales from the civilian market via the Company's trauma products. Gross margin as a percentage of sales increased to 45% from 44% a year ago driven by the product mix toward higher margin products. Operating expenses increased 40% to $1,081,381 this year which reflected the Company's growth strategy through product and market expansion.
The Company reported a net loss of $530,963 for this quarter, equal to a loss of $0.019 per share, compared to a net loss of $109,042 or loss of $0.005 per share one year earlier. Earnings before interest, depreciation, amortization and taxes ("EBITDA") from continuing operations were a loss of $373,907, a decrease of $426,791 from $52,884 reported for the first quarter of fiscal 2015.
As at December 31, 2015, the Company had a cash balance of $545,318, an increase of $37,809 compared with the balance of $507,509 as at September 30, 2015. During the quarter ended December 31, 2015, the Company paid back principal of $111,638 on two promissory notes and closed a share for debt transaction to settle a short term loan and partial trade payable. The Company continues to pursue debt and/or equity financing to help fund its working capital needs. There can be no assurance that these initiatives will be successful.
Full audited financial results for fiscal year ended September 30, 2015 are available on SEDAR at www.sedar.com.
About Pyng Medical Corp.
Pyng Medical Corp. commercializes award-winning trauma and resuscitation products for front-line critical care personnel. Pyng's expanded product portfolio includes a variety of innovative, lifesaving tools. With growing markets in North America, Europe and Asia, Pyng offers user-preferred medical devices for use by hospital staff, emergency medical services and military forces worldwide.
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.
Chief Financial Officer
Pyng Medical Corp.
(604) 303-7964 x219