"We are beginning to see results from significant investments we made during 2013, and we are delighted to announce that our revenue more than doubled from the same period last year and was up almost 150% from the previous quarter," said
•Revenue grew by 121% to
•Cost of sales was
•General and administrative expenses were
•Research and development expenses were
•Net loss was
•Net cash used in operating activities was
•During the quarter, the Company sold 14 units, eight of which went to YIMAI Technology international Company ("YIMAI") in
•The 2013 financing agreement with YIMAI brought
•Invested significantly in the sales and marketing efforts, and developed relationships with a number of large buying and support groups in
•Continued to build its pipeline of prospective clients as the Company promoted and demonstrated the technology at a number of industry events.
•Finalized development of the latest "Gold" model which will start shipping in June. The new model incorporates a significant reduction in manufacturing costs as well as additional features adding to the utility of the instrument.
•The Company continues to focus on increasing its manufacturing capacity and building its back order position, thus moving towards profitability.
•The Company's new RHA Platinum, targeting the ophthalmology market, is progressing well in clinical studies, and continues to show results that are significantly superior to traditional technology available in the market.
•YIMAI introduced the RHA Gold to the Chinese market and has displayed it at two major trade shows in
The Company believes that its technology is "leading edge" and has worked to obtain endorsements of the product's capabilities from key opinion leaders in both the optometry and ophthalmology fields.
Key Financial Metrics
Installed Base (as at
This news release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Statements made in this news release, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective", "hope", and "continue" (or the negative thereof), and words and expressions of similar import are intended to identify forward-looking statements. Certain material factors or assumptions are implied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include those identified in the Corporation's filings with Canadian securities regulatory authorities, as well as the applicability of patents and proprietary technology; the outcome of pending corporate transactions; possible patent ligation; regulatory approval of products in development; changes in government regulation or regulatory approval processes; government and third party reimbursement; dependence on strategic partnerships; intensifying competition; rapid technological change in the industry; anticipated future losses; the ability to access capital; and the ability to attract and retain key personnel. All forward-looking information presented herein should be considered in conjunction with such filings. Except as required by Canadian securities laws, the Corporation does not undertake to update any forward-looking statements; such statements speak only as of the date made.