KEY FINANCIAL ITEMS ‒ FISCAL 2013
Compared to Fiscal 2012:
-
Revenues increased by 63.6%, from $8,231,134 to $13,469,348;
-
Net income amounted to $11,926,893.
-
Excluding gain from business acquisition, non-recurring expenses from
business acquisition and stock-based compensation expense, net income
amounted to $875,952 this year compared to $675,610 for the year ended
June 30, 2012;
-
Net cash generated from operating activities rose to $1,251,329;
-
Cash as of June 30, 2013 amounted to $6,678,585 ‒ up $5,233,356 over
last fiscal year.
-
Total assets amounted to $30,767,118, compared to $6,607,439 for the
fiscal year ended on June 30, 2012
KEY OPERATING ITEMS ‒ FISCAL 2013
-
Launch of the OdrA orthotic device, a new category of device called
"distraction brace" aimed at alleviating pain related to knee
osteoarthritis.
-
Acquisition of Laboratoire Podotech inc.(October 2012)
-
Acquisiton of Laboratoire Langelier (January 2013)
-
In April 2013, acquisition of Victhom Human Bionics (TSXV: VHB), a
Corporation which owns patents in the field of orthotics and
prosthetics, including intellectual property used in the Power Knee, the world's first and only motor-powered prosthesis for above-knee
amputees.
-
Financing through a share issuance (private offering) in the gross
amount of $6,360,000; issuance of 10,258,065 common shares
TSX-V: ERG
LAVAL, QC, Oct. 28, 2013 /CNW Telbec/ - Ergoresearch Ltd (″Ergoresearch″ or ″the Company″ or ″the Corporation″) is pursuing a
growth strategy based on innovation and acquisitions. With this
strategy, the Company is poised for accelerated growth in terms of
sales and profitability. Annual growth has amounted to 63.6% and
revenues reached $13,469,348. Net income amounted to $11,926,893.
Excluding gain from a business acquisition, non-recurring expenses from
a business acquisition and stock-based compensation expense, net income
totaled $875,952 this year, compared to $675,610 for the year ended
June 30 2012. As an important gain compared to last year, the Company
assets amounted to $30,767,118 in June 2013. We are particularly proud
to have generated considerable value to the Corporation with three
acquisitions and the launch of a patented product aimed at relieving
pain associated with knee osteoarthritis, in Quebec.
Among completed acquisitions, Laboratoire Langelier ranked second after
Ergoresearch in the Quebec foot orthotics industry. In April 2013,
Ergoresearch also concluded a transaction to acquire Victhom Human
Bionics, a Quebec medical biotech firm. With this transaction
Ergoresearch acquired significant patents in the field of orthotics and
prosthetics, including intellectual property used in the Power Knee, the world's first and only motor-powered prosthesis for above-knee
amputees. The "Power Knee" is produced and distributed under licence by
one of the world leader in ortho-prosthetics, Össur.
Also, in April 2013, the Corporation issued shares through a private
offering in the gross amount of $6,360,000. Today, the Corporation's
cash position exceeds $6,000,000 and is in a promising position to
execute the next steps in its growth strategy. "We will take advantage
of the next few months to properly integrate our recent acquisitions,
accelerate product promotion (including the OdrA orthotic device) and
we'll remain observant in regards to new business acquisition
opportunities", says Ergoresearch President and CEO, Mr. Sylvain
Boucher
"The health care industry is growing and joint problems associated with
aging contain numerous business opportunities. Ergoresearch is focused
on taking advantage of these opportunities. Achieving business plan
goals and increasing shareholding value remain at the heart of our
every action, and will allow us to reach new heights in the next coming
years" adds Mr. Boucher.
AWARDS AND RECOGNITION
In June 2013, Ergoresearch appeared for a third consecutive year on the
prestigious roster of PROFIT 500 Canada's Fastest-Growing Companies, as one of the country's most successful 5-year performers. Three months
later, its President and CEO was selected as a finalist for the second
consecutive year on Ernst & Young Entrepreneur Of The Year Awards, with winners to be announced on October 31, 2013. This worldwide
initiative rewards entrepreneurs who are innovative and ensure
sustainable growth and job creation. The selection of finalists is
based on their vision, their leadership, their corporate spirit and the
prosperity of their firm.
About Ergoresearch
Ergoresearch has developed the most important network of orthotics clinics in Quebec,
with over one hundred clinics and satellite centres flying under the
banners of Clinique du pied Équilibre, Orthoconcept and Langelier Orthèses Chaussures. Quebec's leading manufacturer of "intelligent" foot orthotics and
specialty orthotics, the Company is a trend-setter in creating durable
medical equipment and software for the orthopedics market. Through its
subsidiary Victhom Human Bionics, it now also owns patents in the field of bionics, including
intellectual property for the Power Knee, the only worldwide motor-powered prosthesis with artificial
intelligence designed for above-knee amputees.
Ergoresearch has also developed and commercialized WebFit™, the first robotized custom-fit orthotics manufacturing software
program of its kind, launched the first Living Lab in Canada for knee osteoarthritis and more recently, a new
world-patented orthotic device called the OdrA, that revolutionizes the treatment of pain associated with knee OA.
Ergoresearch Ltd is listed on the TSX Venture Exchange (TSXV) under the
symbol ERG.
This is not an invitation to purchase securities listed on TSX Venture
Exchange. TMX Group and its affiliates do not endorse or recommend any
of the referenced securities or investment advisors. Please seek
professional advice to evaluate specific securities.
Forward looking statements
Certain statements in this Press Release contain forward-looking
statements and information that may entail certain risks related to
uncertainties. Such statements are based on management's expectations
and no assurance can be given that potential future results or
circumstances described in the forward looking statements will be
achieved or will occur. Such risks factors include, but are not limited
to, those related to the Corporation's ability to finance its
activities, competition, ability to negotiate and maintain
partnerships, the market acceptance of the said product, fluctuations
in operating results, the impact of general economics, industry and
market conditions, the ability to recruit and retain qualified
employees, the success of research and development programs,
fluctuations in cash flow, expectations regarding market demand for
particular products, the strength of intellectual property, market
dependence on new product development, the trust invested in
sub-contractors or their core personnel, as well as other documents
containing risks and uncertainties which are put forth every now and
then by the firm to various Canadian securities and exchange
commissions and made available at www.sedar.com.
The reader should not give great importance to forward-looking
statements as the results may differ from conclusions, predictions or
projections contained in such forward-looking statements; and certain
important factors or hypothesis taken into account in reaching
conclusions or the preparation of a projection or prediction may prove
to be incorrect in fact.
Management disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or circumstances. All figures are in Canadian dollars,
unless otherwise specified.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Ergoresearch Ltd
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