LAVAL, QC, June 2, 2014 /CNW Telbec/ - Ergoresearch Ltd (TSXV: ERG) - based in Laval and mainly known under the Clinique du pied Équilibre, Orthoconcept and Laboratoire Langelier banners - announced today its third quarter results for the period ended March 31, 2014. All figures quoted are in Canadian dollars. Financial results analysis takes into consideration the acquisitions of Victhom Human Bionics inc. on April 26, 2013.
Revenues for the third quarter of fiscal 2014 were stable and totaled $ 3,823,851 compared to $ 3,813,863 for the third quarter ended March 31, 2013. Like most companies in the industry, Quebec severe winter affected the performance of all our products, in all our divisions since the majority of our sales are currently generated in Quebec. The increase in sales of our new distraction brace ''Odra '' was able to offset this slowdown.
Operating income amounted to $ 248,295 in the third quarter of fiscal 2014 compared to $ 399,873 in the third quarter of fiscal 2013. Depreciation included in the income is $ 252,742 for the current quarter compared to $ 150,294 for the quarter ended March 31, 2013.
For the third quarter of 2014, profit before tax amounted to $ 135,125 compared to $ 312,239 for the corresponding period in 2013. As for EBITDA, it amounted to $ 432,167 compared to $ 476,446 for the third quarter ended March 31, 2013.
Total assets amounted to $33,770,035 for the quarter ended March 31, 2014, company had $9,426,184 cash on hand.
M.Sylvain Boucher, President and CEO of Ergoresearch states: "The third quarter was mainly devoted to integrate recent acquisitions and to develop efficient tools for further expansion. More specifically, the following have been realized including:
- Hiring an experienced manager as CFO, Mr. Piero Greco
- Share issuance for gross proceeds of $ 5,000,000
- Closing of Podotech Laval clinical and transfer of its activities to Orthoconcept Laval.
- Continued implementation of the new web base ERP software according to plan; to date, the Company uses concurrently the old and the new system in one of its subsidiaries in order to ensure clinical and production data integrity.
Products have been affected by severe winter weather in 2014 in Quebec since the company currently generates the majority of its revenue. The Company has nevertheless completed the training and ''ODRA'' certification of a Western Canadian partner. The Company also plans to drive two other tests in Canada by this type of distribution channel during the next year. This validation process is an important step in the deployment of the patented product ''ODRA'' outside Quebec.
Finally, the company completed last April the development of scanner technology for the orthopedic field. These new 3D scanners come support the launch of the Odra brace has received a warm reception from the patients and the medical community. These 3D scanners, like other tools developed internally, are fully integrated into the new ERP platform.
Ergoresearch is advantageously positioned to execute the next stages of its growth plan. «We will use the coming months to accelerate the commercialization of our products (including new distraction " Odra " brace) , unify our brands under a single brand name, while remaining on the lookout for opportunities to acquire businesses. "Says the President and CEO of Ergoresearch , M.Sylvain Boucher.
Ergoresearch is a Canadian based company that designs and manufactures cutting edge technologies for the orthopedic industry. The Company holds patents in the field of bionics including intellectual property used in the Power Knee, the world's only motor-powered prosthesis for above-knee amputees. Ergoresearch has developed and commercialized Web-Fit™, the first robotized custom-fit orthotics manufacturing software program and launched OdrA, a world -patented orthotic device that revolutionizes the treatment of pain associated with knee osteoarthritis
Ergoresearch owns Quebec's leading network in orthotics, with over 100 corporate and satellite centres under the Clinique du pied Équilibre, Orthoconcept and Laboratoire Langelier banners. The Company is listed on the TSX Venture Exchange (TSXV) under the symbol ERG.
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Forward looking statements
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SOURCE: Ergoresearch Ltd
For further information:
Sylvain Boucher, President and CEO - Ergoresearch Ltd
Tel.: 450-973-6700, x. 213 / email@example.com
Émilie Vion, Communications Coordinator - Ergoresearch Ltd
Tel.: 450-973-6700, x. 242 / firstname.lastname@example.org