Synodon generates positive net income! ..and has two more instruments on order. Exceptional news this morning.
Synodon Generates Positive Net Income in Q4-2014
EDMONTON, ALBERTA--(Marketwired - March 2, 2015) -
Synodon Inc. (TSX VENTURE:SYD) today announced results for the fourth quarter and year ended October 31, 2014. Revenue grew 222% in Q4-2014 to $1,299,850 from $403,126 in Q4-2013. Revenue for the full year increased 186% to $2,084,551 from $729,172 in fiscal 2013. Gross margin was 76% in Q4-2014 compared to 50% in Q4-2013 and increased to 66% for the full year ended October 31, 2014.
Adrian Banica, CEO of Synodon commented: "We are very pleased with the progress we made this year. Growth was achieved by expanding the number of kilometers flown for our existing clients and by introducing new services to those clients. In the last two quarters of the fiscal year, historically the busiest part of the year, our realSens™ unit was utilized nearly full-time, and we have ordered two additional instruments to support our growth objectives for the current year. In addition to growing our revenue base, we are operating more efficiently as a result of the experience we have gained, coupled with new service offerings and our ability to fly more cost effective aircraft. This contributed to improved gross margins and a positive bottom line result for the fourth quarter."
Notwithstanding the improvement in revenue and margin that allowed the company to have a profitable fourth quarter, the company does require additional capital to fund ongoing operations. Management is currently reviewing several options to meet those requirements.