Revenue and gross margin continue to grow
MONTREAL, May 29 /CNW/ - Aptilon Corporation ("Aptilon" or the "Company")
(TSX-V: APZ), a leader in creating online access to physicians for
pharmaceutical sales programs, today announced its financial results for the
quarter ended March 31, 2009. Financial references are in CDN dollars.
Complete financial statements and MD&A are available on SEDAR at
- Revenue for 1st quarter 2009 increased to $2.8 million, or 38 %, from
$2.0 million in 1st quarter 2008
- Gross margin increased 45 % to $1.95 million from $1.34 million
- Net loss decreased 66 % to $473,767
- During the quarter, Aptilon released the latest version of its
flagship AxcelRx platform, seamlessly connecting healthcare
practitioners and influencers to pharmaceutical company
representatives across multiple access channels
"First quarter 2009 results continue the steady upswing of the last four
quarters," said Chairman and CEO Dr. Roger Korman. "In terms of organic
growth, our first quarter results were the best to date. Our ongoing work with
top US pharmaceutical companies continues to build as our partnerships with
major pharmaceutical marketing companies move into gear. Our foundation of top
pharmaceutical brands continues to solidify as a platform for continued
growth," he added.
Financial Review First Quarter, 2009
For the quarter ended March 31, 2009, revenue increased 38% to $ 2.8
million compared to $2.0 million in the same quarter of 2008.
Gross margin for the first quarter was $1.95 million compared to $1.34
million representing an increase of 45%. Expressed as a percentage of revenue,
gross margin increased to 69 % in the first quarter 2009.
General and administrative ("G&A") expenses were $0.63 million or 23% of
revenue, compared to $0.72 million or 36% of revenue in the first quarter of
2008. G&A expenses consist primarily of salaries and benefits for executive
management and administrative personnel; related office premises; and other
infrastructure support costs. Stock-based compensation of $154,764 ($165,029
1st quarter 2008) is also included in G&A.
Sales and marketing expenses for the first quarter 2009 decreased to
$1.26 million compared to $1.44 million in the same period last year. Sales
and marketing expenses consist primarily of salaries (including commissions
and bonuses) and related costs associated directly to sales and promotion
Net loss for the three-month period ended March 31, 2009 was $0.47
million or $0.00 per share, compared to a $1.4 million loss or $ 0.02 per
share in the first quarter 2008 as the result of the revenue increase in the
last two quarters combined with an overall reduction of operating expenses
including the cost of revenue, as a percentage of revenue.
As at March 31, 2009, the Company had working capital of $5.1 million,
including cash and cash equivalents of $1.4 million compared to $5.4 million,
including cash and cash equivalents of $1.3 million, at December 31, 2008.
Cash and cash equivalent increased $49,340 from December 31, 2008 to March 31,
The Company had 186,948,944 common shares outstanding (fully diluted) at
March 31, 2009.
About Aptilon Corporation
Aptilon enables pharmaceutical, biotech and medical device companies to
effectively reach and interact with more than 450,000 US physicians via the
Internet through its innovative AxcelRx(SM) Live video detailing platform
which hosts promotional, peer selling and other sales and marketing programs.
Top ten US pharmaceutical companies have adopted Aptilon's AxcelRx(SM)
solution to reach leading physicians. Aptilon provides the infrastructure
necessary for pharmaceutical companies to build physician awareness,
understanding, and product preference during all stages of a product's life
cycle, from pre-launch education through end stage support. For more
information, visit www.aptilon.com.
AxcelRx(SM) and ReachNet(SM) are service marks of Aptilon Corporation.
This news release may contain forward-looking information. These
statements relate to future events or future performance and reflect
management's current expectations and assumptions. Such forward-looking
statements reflect management's current beliefs and are based on information
currently available to management of Aptilon. A number of factors could cause
actual events, performance or results to differ materially from the events
performance and results discussed in the forward-looking statements. These
forward-looking statements are made as of the date hereof and Aptilon does not
assume any obligation to update or revise them to reflect new events or
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.
For further information:
For further information: Mr. Denis Martineau, President, Aptilon
Corporation, 1-888-544-8866, email@example.com; Jeremy Mackenzie Lee, The
Equicom Group, (514) 788-2434, firstname.lastname@example.org