Annidis Corporation Reports 2016 Fourth Quarter and Full Year Results

OTTAWA, April 28, 2017 /CNW/ - Annidis Corporation (TSX Venture: RHA) ("Annidis" or the Company"). The audited consolidated financial statements for the twelve months ended December 31, 2016, and the related Management's Discussion and Analysis are available at www.sedar.com.

Highlights

During 2016, the Company concentrated its efforts and resources on improving the utility of the RHA and developing comparative clinical studies in leading clinics to validate the specific clinical utility that the RHA product brings to optometric practices. The RHA's advantage in early detection of vision impacting eye disease proven by these comparative studies will be a fundamental component of the next stage of the Company's marketing initiatives as the RHA advances into a broader market acceptance.

The Company's sales efforts remain focused on:

  • growing the installed base in the Chinese market,

  • repairing and building relationships with key opinion leaders ("KOL's") and large US buying groups, thus providing a forum to present the Annidis product to large audiences and leverage the sales effort, and

  • increasing customer service, education and support through a best-practices benchmarking program to ensure the installed units achieve superior image quality and maximum utilization.

Key Financial Metrics









Three months ended December 31


Twelve months ended December 31


2016

2015

%
Change


2016

2015

%
Change

As at December 31








Installed Base (units in clinics)





118

106

11










$

$

%


$

$

%

Revenue

132,055

307,324

(57)


1,143,288

1,898,659

(40)

Net loss

(1,382,370)

(1,842,876)

25


(4,904,182)

(5,955,540)

18

Net loss per share

(0.02)

(0.02)

-


(0.05)

(0.06)

33

 

Financial Highlights

  • Revenue decreased by 57% from $307,324 in the fourth quarter of 2015 to $132,055 in the fourth quarter of 2016 as the Company sold one unit in 2016 compared to four units in 2015. Revenue decreased by 40% from $1,898,659 in the twelve months of 2015 to $1,143,288 in the twelve months of 2016 as the Company sold 16 units in 2016 compared to 30 units in 2015.

  • The gross margin percentage was higher in 2016 than 2015 in both the quarter and for the year. As a result of the lower number of units sold in 2016, a higher percentage of the 2016 revenue consisted of service revenue with low direct associated costs.

  • Operating expenses declined from 2015 by 31% in the fourth quarter of 2016 from the prior year and by 27% in the twelve months of 2016 due primarily to the restructuring of the Company's US sales department in the third quarter of 2015 and the first half of 2016.

  • For the three month period ended December 31, 2016, the Company incurred a net loss of $1,382,370, or ($0.02) per share, compared to a loss of $1,842,876, or ($0.02) per share, for the same period in 2015. For the twelve month period ended December 31, 2016, the Company incurred a net loss of $4,904,182, or ($0.05) per share, compared to a loss of $5,955,540, or ($0.06) per share, for the same period in 2015.

About Annidis Corporation

Annidis (TSX-V: RHA) has developed and manufactures and sells a new patented 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 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 and further opportunities in China working with its distribution partner, Yimai Technology International Company. 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, Chairman, Annidis Corporation, 613 596 1800, gslemko@annidis.com

RELATED LINKS
www.annidis.com

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