Annidis Corporation Reports 2014 Fourth Quarter and Full Year Results

OTTAWA, April 20, 2015 /CNW/ - Annidis Corporation (TSX Venture: RHA) ("Annidis" or the Company"), today announced its financial results for the three-month and twelve-month periods ended December 31, 2014. The audited consolidated financial statements for the three and twelve months ended December 31, 2014, and the related Management's Discussion and Analysis are available at www.sedar.com.

Annidis Corporation develops and markets imaging technologies to eye care professionals. The Annidis RHA™ instruments, which are based on Multi-Spectral Imaging ("MSI"), assists eye-care professionals in screening, diagnosing and managing ocular diseases by allowing them to view non-invasively the deepest layers of the eye.

"We are pleased to announce that our 2014 annual revenue has significantly surpassed the previous full year performance of the Company by 122% due to growing relationships with our international customers," said Gerald Slemko, CEO of Annidis Corporation. "These results were supported by gross margin improvement due to the rollout of our new Gold Instrument in June."

"In addition to establishing a strong presence in the Chinese market through our distribution partner, Yimai Technology International Corporation Limited (Yimai) and their affiliated companies, we also have continued to lay the ground work for our expansion into the U.S. market in 2015," continued Gerald Slemko. "We also receive strong support from key opinion leaders in the ophthalmology profession on the innovative technology Annidis brings to the market. We believe this type of recognition supports our belief that Annidis' product line is leading edge and the go to technology for supporting long term eye care."

FY 2014 Highlights

  • The Company sold 38 units compared to 10 units in the previous year.

  • The Company shipped 12 units to China in 2014 of which 4 were shipped in the fourth quarter.

  • The Company received China Food and Drug Administration (CFDA) approval for its RHATM Gold Multi-Spectral Imaging instrument to be sold to eye-care professionals in the Chinese market.

  • Retinal Consultants of Arizona Offers, one of the nation's leading Retina & Vitreous clinical research and patient treatment facilities – introduced the Annidis RHATM – into its patient-based offering across Arizona.

  • Concurrent with receiving CFDA approval, Annidis received a purchase order for 20 RHA instruments from its Chinese distribution partner, YIMAI.

  • The Company anticipates significant demand for its technology in the Chinese market, with an estimated market size of 1,500 to 2,000 instruments.

  • The Company finalized development of the latest "Gold" model which we commenced shipping in June, 2014. The design of this new model incorporates additional functionality and a number of advanced features adding to the utility of the instrument while also resulting in a significant reduction in the manufacturing costs.

  • The Company's new RHA Platinum MD model that is targeted to the ophthalmology market is progressing well in clinical studies. Early indications are extremely positive, and continue to show results that are significantly superior to traditional technology available in the market.

  • Annidis advancing negotiations with potential strategic partners on a number of opportunities central to which is Annidis' world leading MSI Technology.

  • The Company continues to invest significantly in the sales and marketing efforts, building relationships with buying and support groups in the eye care space. This provides a forum to present to larger audiences and leverage the sales effort.















Twelve months ended December 31

Key Financial Metrics




2014



2013



 % Change

Installed Base (as at December 31)




77



43



+81.4%












Revenue




$2,364,027



$1,066,807



+121.6%

Net loss




($5,672,756)



($4,308,582)



-31.7%

Financial Highlights

  • Revenue grew by 72.8% to $552,838 for the three months ended December 31, 2014, compared to $319,844 for the same period in 2013. Revenue grew by 121.6% to $2,364,027 for the twelve months ended December 31, 2014, compared to $1,066,807 for the same period in 2013.

  • Cost of sales were $408,477 for the three months ended December 31, 2014 compared to $204,457 for the same period in 2013. Cost of sales were $1,795,783 for the twelve months ended December 31, 2014 compared to $826,970 for the same period in 2013.

  • General and administrative expenses were $380,207 for the three months ended December 31, 2014 compared to $107,978 for the corresponding period in 2013. General and administrative expenses were $1,402,782 for the twelve months ended December 31, 2014 compared to $946,592 for the corresponding period in 2013.

  • Research and development expenses were $340,177 for the three months ended December 31, 2014 compared with $275,700 for the same period in 2013. Research and development expenses were $1,187,691 for the twelve months ended December 31, 2014 compared with $933,266 for the same period in 2013.

  • Net loss was $1,827,056 ($0.02 per share) for the three months ended December 31, 2014 compared to a loss of $1,105,121 ($0.01 per share) for the same period in 2013. Net loss was $5,672,756 ($0.06 per share) for the twelve months ended December 31, 2014 compared to a loss of $4,308,582 ($0.06 per share) for the same period in 2013.

  • Net cash used in operating activities was $1,469,617 for the three months ended December 31, 2014, compared to $1,951,790 for the corresponding period in 2013. Net cash used in operating activities was $4,140,291 for the twelve months ended December 31, 2014, compared to $3,993,044 for the corresponding period in 2013.

  • As at December 31, 2014, the Company's cash position was $80,016, compared to a cash position of $1,854,534 at December 31, 2013.





Three months ended


Twelve months ended






December 31


December 31






2014

2013


2014

2013

Revenue by Source










Sales




$474,220

$230,987


$1,994,542

$716,582


Rentals, support and maintenance fees




78,618

88,627


369,405

339,995


Other




80

230


80

10,230















$552,838

$319,844


$2,364,027

$1,066,807










Revenue by Geography










United States




$356,571

$262,900


$1,465,418

$720,777


Canada




28,187

56,714


226,529

303,799


China




168,080

230


672,080

42,230
















$552,838

$319,844


$2,364,027

$1,066,807

About Annidis Corporation

Annidis (TSX-V: RHA) has developed and is marketing a new imaging platform technology based on Multi-Spectral Imaging (MSI). This new technology is opening a new frontier in disease identification and its management. The Annidis MSI technology allows eye-care professionals to view non-invasively the deepest areas of the eye aiding eye care professionals in the early identification and treatment of debilitating eye diseases. The Company's existing RHA 2020-U Gold, used by eye care professionals as a broad based tool for detecting early-onset of eye related diseases such as Dry AMD, has a potential market of over 20,000 clinics in North America. The RHA Platinum MD will further strengthen the value proposition allowing doctors to visualize choroidal and retinal vasculature non-invasively. The RHA Platinum MD has global market potential of more than 100,000 Ophthalmologists.

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.

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 Annidis Corporation

For further information: Gerald Slemko, Chief Executive Officer, Annidis Corporation, (519) 858-1582 ext. 239, geralds@annidis.com; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-995-8651, bpedram@virtusadvisory.com

RELATED LINKS
www.annidis.com

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