News Release!
Pyng Medical Achieves $1.6 Million in Revenue During Fiscal First Quarter 2009
2/23/2009 9:02:14 AM - Market Wire
Revenue from Product Sales Increased 25%
VANCOUVER, BRITISH COLUMBIA, Feb 23, 2009 (MARKET WIRE via COMTEX News Network) --
Pyng Medical Corp. (TSX VENTURE: PYT) today released its unaudited first quarter fiscal 2009 results for the period ending December 31, 2008. The Company's revenue from product sales increased by 25% to $1,633,985, compared to the corresponding period of fiscal 2008.
"With more than 170,000 FAST1(R) Intraosseous Infusion Systems shipped to date, we are pleased to continue recording strong sustained growth in product sales year over year," said David Christie, President and CEO.
Cost of sales for the first quarter of fiscal 2009 was $468,833 providing a gross margin of $1,165,152 or 71%. Total operating expenses for the quarter increased to $1,064,636, compared to $725,179 for the first quarter of fiscal 2008. The Company generated $100,516 cash flow from operations and recorded a net loss after tax of $45,989 for the quarter ending December 31, 2008, attributable to increased activities to support continued expansion of the business.
The Company's balance sheet includes $1,958,093 in current assets and $2,194,281 in current liabilities with $780,788 of this attributable to an accrued liability for future milestone payments on the BCI purchase. The Company has a $1 million line-of-credit with an available balance of $960,291 and $159,514 cash balance as of December 31, 2008.
Full audited financial results for fiscal 2008 are available on SEDAR at www.sedar.com.
About Pyng Medical Corp.