LAVAL, QC, Feb. 28, 2017 /CNW Telbec/ - Ergoresearch Ltd ("Ergoresearch" or "the Company") based in Laval and known under the «Équilibre, orthèses et biomécanique» banner – announces its results for the second quarter ended December 31, 2016. All dollar amounts in the present release are in Canadian currency.
Revenues reached $3,882,760 for the second quarter of Fiscal 2017 compared to $3,968,890 for the same quarter of Fiscal 2016. Excluding sales of the "home care" product line and discontinued since then, the Company would have posted sales growth on its flagship products. The recovery in recent quarters is continuing and the Company is positioning itself favorably with the evolution of the market.
The net profit for the quarter ending December 31, 2016 amounted to $7,328 compared to a net profit of $376 for the same quarter last year. This improvement in the result is related to efficiency gains that helped to reduce our selling and administrative expenses. Cash flow from operating activities amounted to $397,071 for the second quarter of Fiscal year 2017 compared to $902,368 for the same period last year.
Concerning the balance sheet, the Company paid its long-term debt and still has a cash equivalent of more than $8 million.
Lastly, the Company also took the opportunity during this quarter to expand its service offering in the province of Quebec. Therefore, effective this quarter, Ergoresearch will offer the sleep apnea service and the dynamic knee analysis service in some of its Equilibre laboratories in the province of Quebec. These additions will make it possible to optimize the available rental spaces and advantageously position Equilibre in the context of the reorganization of health care services in Québec.
Development and perspectives
Our current priorities and development plan include the following objectives:
- Strengthened by our cash position, pursue the exploration of potential acquisitions or partnerships in Quebec and across Canada.
- Deploy the "Equilibre" brand in a multidisciplinary and interdisciplinary concept through the opening or designation of the super-clinics in Quebec.
- Continue to develop the marketing of our technology platform and derivative orthotic related specialty products.
- Continuing our investments in Research and Development (R&D)
Ergoresearch is a Canadian company that designs and manufactures cutting edge technologies for the orthopedic industry. The Company is a trend-setter in creating custom orthotics and speciality orthotics for the orthopedics market and holds a portfolio of patents in the orthopedics field and in human bionics. The mission of our banner "Équilibre orthèses et biomécanique" is to keep people active and moving. "ÉQUILIBRE", driven by its proprietary technologies and the expertise of its professionals, offers a range of products, treatments and services in order to relieve pain, restore motor function and optimize performance.
This document is not intended to encourage the purchase of securities listed on the TSX Venture Exchange. TMX Group and its affiliates do not endorse or recommend any of the securities referenced here. Please seek professional advice to evaluate specific securities.
Certain statements in this Press Release contain forward-looking statements and information that may entail certain risks related to uncertainties. Such statements are not historical facts and are based on current management's expectations. We ask the reader to note that these statements are subject to a multitude of risks and uncertainties that could affect the potential future results, circumstances or events and may differ materially from those contained in the forward-looking statements. Such risk factors include, but are not limited to, those related to the Company's ability to finance its activities, competition, ability to negotiate and maintain partnerships, the market acceptance of the Company's product, the strength of intellectual property, the success of research and development programs, the trust invested in sub-contractors or their core personnel as well as other risks and uncertainties that are put forth every now and then by the Company in the documents filed with 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 (i) the results may differ from conclusions, predictions or projections contained in such forward-looking statements; and (ii) certain important factors or hypotheses taken into account in reaching conclusions or the preparation of a projection or prediction may prove to be incorrect in fact.
These statements are correct only on the date on which they were written, and Management disclaims any obligation to revise these statements after any event, circumstance or other situation, except as required by law. 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
For further information: Source: Sylvain Boucher, President and CEO - Ergoresearch Ltd., Tel.: 450-973-6700, ext. 213 / [email protected]