Overview
Pyng Medical’s fiscal 2008 proved to be a year of substantial achievement marked by an expanded product portfolio and enhanced team uniquely capable of accelerating revenue growth in the months and years ahead. We are uniquely positioned within the trauma and resuscitative care markets to increase product sales and accelerate adoption for new products in the hospital, pre-hospital and military markets.
We are prepared to launch the Company’s CRIC™ Cricothyrotomy System pending receipt of US FDA regulatory clearance, and look forward with anticipation to the launch of our next generation FASTx™ Sternal IO in major global markets during fiscal 2009.
On behalf of the entire team at Pyng Medical, we thank you for your continued support and wish you a healthy and prosperous New Year.
Fiscal 2008 Achievements
Strengthened the Team:
- Enhanced the Board of Directors and Management Team; appointed three US-based Product Specialists and key personnel in engineering, sales and marketing, accounting, and regulatory affairs/quality assurance.
Exceeded Sales and Revenue Guidance:
- Achieved record sales of $6.5 million, demonstrating 36% growth over the previous year, including sales in new international markets for hospital, pre-hospital and military applications through a growing network of distributors.
Enhanced Product Portfolio and Regulatory Market Clearances:
- Expanded product portfolio four-fold through the acquisition of BCI’s trauma assets including MAT®, T-POD® and CRIC™; received US FDA, Health Canada and CE Mark clearance to market an improved version of FAST1® and expanded indications of FAST1®, the only IO device cleared for use in adults and adolescents.
Strengthened IP:
- Enhanced strong intellectual property portfolio, with numerous patent, industrial design and trademark filings to PCT, USPTO, Canadian and European trademark and patent offices.
Secured Independent Validation:
- Garnered credible third-party validation evidenced by positive business and trade media coverage, the Company’s first analyst research report (Northern Securities), recognition as the 2008 Medical Device Company of the Year from LifeSciences BC, and awarded Government of Canada research support from NRC – IRAP for development of next generation FASTx™ IO systems.
Fiscal 2009 Strategic Priorities
- Launch CRIC™ Cricothyrotomy System in major global markets
- Pursue capitalization to support five-year expansion plans
- Secure domestic hospital distribution partner for aggressive entry into acute care
- Expand domestic (US) sales force
- Launch FASTx™ Sternal IO in major markets around the world
- Target second strategic “tuck-in” acquisition of complimentary products, immediately accretive to revenue and earnings
- Expand sales with the US Federal Government beyond DOD
- Advance product development under engineering design controls of our next generation FASTx™ family of Intraosseous Infusion Systems for pediatric and other indications
- Expand manufacturing capacity and continue to reduce cost of goods
- Continue to raise Pyng’s profile with key stakeholder groups
- Leverage our distribution strength to accelerate sales of T-POD® and MAT®
Recent Milestones
Pyng Medical Licenses Worldwide Rights to Emergency Surgical Airway Trainer
January 6, 2009 - Pyng Medical Corp. (PYT: TSX .V) today announced it has in-licensed the exclusive worldwide rights to commercialize a proprietary emergency surgical airway trainer in preparation for the international launch of the Company’s CRIC™ Cricothyrotomy System.
The trainer, code named ‘SEATD’ (Stock Emergency Airway Training Device), provides dynamic anatomical replication, enabling superior, realistic teaching and training scenarios for all surgical airway instruments and techniques. It is the first and only flexible training device that replicates the tracheal anatomy, integrating skin, cricothyroid structure, membrane and trachea in an economic, replaceable module. SEATD utilizes a synthetic “skin” that is a better analog to human skin than any other commercial kit, providing true feel and “cuttability” of actual patient skin.
“It is critically important to facilitate simple and realistic training for medics and physicians on emerging new life-saving technologies to accelerate the rate of market adoption,” said David Christie, President and CEO. “The SEATD prototype has been extremely well received by medical practitioners in both field use and clinical settings, and that bodes extremely well for future CRIC™ sales,” adds Christie.
Pyng Medical Reports Record Sales of $6.5 Million in Fiscal 2008
December 1, 2008 - Pyng Medical Corp. (PYT: TSX .V) today released its audited fiscal 2008 results for the year ended September 30, 2008. Pyng reported record sales of $6,549,588, a 36% increase in sales over fiscal 2007, with net income before tax of $858,525 and after tax of $309,525. During the fourth quarter, the Company’s revenue from product sales increased 56% to $2,168,645, compared with $1,386,529 during the corresponding period of 2007.
“With more than 160,000 FAST1® Intraosseous Infusion Systems shipped to date, we exceeded our previous financial guidance and lay the foundation for continued substantive revenue growth and profitability in fiscal 2009 and beyond,” said David Christie, President and CEO. “During fiscal 2008, we enhanced our product portfolio four-fold, expanded our international distribution network while also strengthening our Board, Management and Sales team.”
Pyng Medical Appoints Nadine Gaston as Vice President, US Sales
November 25, 2008 - Pyng Medical Corp. (PYT: TSX .V) today announced the appointment of Nadine Gaston to serve as the Company’s newly created Vice President, US Sales. Working collaboratively with the Vice President, International Sales and the Management Team, Ms. Gaston will lead the development and implementation of a strategic sales plan focused exclusively on growing market share in the US civilian and military markets.
“Nadine has an impressive track record as a top performing sales leader experienced in successfully launching national US sales initiatives into the large EMS and hospital markets,” stated David Christie, President and CEO. “As we prepare to commercially launch our CRIC™ Cricothyrotomy System, I look forward to supporting her efforts as we leverage our distribution strength and compete on superior performance to meet our aggressive sales and revenue targets for 2009 and beyond.”
Chief Executive of SFI Financial Group Joins Pyng Medical’s Board of Directors
September 18, 2008 - Pyng Medical Corp. (PYT: TSX .V) today announced that Mr. L. J. “Bud” Evans has been appointed to serve on the Company’s Board of Directors.
Mr. Evans is President and Chief Executive Officer of the SFI Financial Group. He is a former Chairman of the White House Cabinet Council Committee on Technology Commercialization, a former Member of the National Research Council Applications Board and a former Director of NASA Commercial Technology. Mr. Evans was also a Senior Executive at the White House, the National Aeronautics and Space Administration, and the Nuclear Regulatory Commission. Mr. Evans holds a B.A. in Economics from Colby College and a J.D. from Cornell University.
“I am pleased to join Pyng Medical at this exciting time in the Company’s development and commercialization,” stated Mr. Evans. “With sustained growth in revenue from sales of the Company’s lead clinical product and the recent acquisition of several additional market-leading products, Pyng is uniquely positioned to significantly grow market share in the trauma and resuscitation space.”
In The News
Your Health Magazine, December, 2008, Top Ten Medical Advances of the Year
When Seconds Matter, the CRIC is Unrivaled
CRIC™ is featured in this US-based publication as one of the Top Ten Medical Advances of the Year. To review the story, please click here.
Upcoming Feature: ExportWise, Winter, 2009
Pyng Medical featured in ExportWise Magazine, produced by Export Development Canada (EDC).
The quarterly print publication has a circulation of 30,000, and is sent to all of EDC’s 7000 customers, to Canadian embassies and consulates worldwide, in addition to a wide range of other businesses and business associations involved in international trade.
As always, we encourage all shareholders to contact Pyng Medical Corp. with any questions or recommendations @ 1-800-349-7964.