Medifocus, Inc. Announces Financial Results for the Fiscal Year and Fiscal Fourth Quarter Ending March 31, 2014
Revenues Reach Record $5.4M for Fiscal 2014, 198% Increase Over the Prior Year While 4th Quarter Revenues Increase 31% From the 3rd Quarter
COLUMBIA, MD and TORONTO, ON--(Marketwired - Jul 30, 2014) - Medifocus, Inc. (OTCQX: MDFZF) (TSX VENTURE: MFS) (Medifocus or the Company), a revenue generating biotechnology company using focused microwave for the development and commercialization of minimally invasive systems for the treatment of cancerous and benign tumors, today announced its financial results for fiscal year and the fourth fiscal quarter ending March 31, 2014. Sales from its Prolieve® Thermodilatation System, reached $5,383,973 for the fiscal year ended March 31, 2014, representing an increase of 198% from the prior year. In July 2012, Medifocus acquired the Prolieve® business from Boston Scientific Corporation and recorded revenues of $1,805,969 from Prolieve for the Fiscal Year ended March 31, 2013. The net loss before other charges for the year was $5,222,429, a decrease of $374,043, or 7%, from the previous year primarily due to the revenue growth.
For the quarter ended March 31, 2014, the revenue was approximately $1,677,138, representing an increase of 104% over the quarter ended March 31, 2013, or an increase of 31% from the quarter ended December 31, 2013.
The Prolieve® Thermodilatation System is designed to provide a relatively painless and effective alternative to drug therapy and certain types of surgical procedures used to treat the symptoms of Benign Prostatic Hyperplasia (BPH). Dr. Augustine Y. Cheung, President and CEO of Medifocus, commented, "We are pleased with the progress we are making with the rollout of the Prolieve® system. We will remain diligently focused on expanding our sales and enhancing our infrastructure so that we can further strengthen our position and meet increasing demand for the Prolieve® system in the years ahead."
About Medifocus, Inc.
Medifocus owns two fully developed technology platforms with comprehensive United States and international patent protection: (i) The Endo-thermotherapy Platform-a catheter-basis focused heat technology platform that utilizes natural body openings to deliver precise microwave thermotherapy to the diseased sites. The United States Food and Drugs Administration (FDA) approved Prolieve Thermodilatation System for the treatment of Benign Prostatic Hyperplasia (BPH) was developed based on the Endo-thermotherapy and is currently generating revenue; and (ii) the Adaptive Phased Array (APA) Microwave Focusing Platform, invented by the Massachusetts Institute of Technology, licensed to Medifocus directs precisely focused microwave energy at tumor center to induce shrinkage or eradication of tumors without undue harm to surrounding tissue. Medifocus' APA 1000 Breast Cancer Treatment System, developed from the APA technology platform, has received approval from the FDA and Health Canada to conduct the pivotal Phase III clinical trials. Medifocus believes that these two technology platforms can provide the design basis for the development of multiple cancer treatment systems for surface, subsurface and deep seated localized and regional cancers. Please visit www.medifocusinc.com, www.prolieve.com and https://www.facebook.com/pages/Medifocus-Inc-Company-Page/546315028715627 for more details.
Forward-Looking Statements and Information
This news release contains "forward-looking statements" and "forward-looking information", which may not be based on historical facts. Forward-looking statements and forward-looking information, include, but are not limited to, information and statements with respect the structure and the proceeds of the Offering and the expected use of the proceeds. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Such forward-looking statements and forward-looking information involve known and unknown risks, uncertainties and other factors that may cause the actual results events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements or forward-looking information. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements and forward-looking information. Except as required by applicable securities laws, Medifocus disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results, events or developments.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Medifocus Contact:
John Mon
COO
Medifocus, Inc.
Tel: 410-290-5734
JohnMon@medifocusinc.com
Marketwired (Canada)
July 30, 2014 - 9:53 AM EDT