Pyng Medical Corp.
TSX VENTURE : PYT

Pyng Medical Corp.

February 24, 2010 09:00 ET

Pyng Medical Reports First Quarter 2010 Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2010) - Pyng Medical Corp. (TSX VENTURE:PYT) today reported it's financial and operating results for the three months ended December 31, 2009. All amounts are in Canadian dollars.

The total sales for this quarter were $1,585,684, compared to $1,633,985 for the same period last fiscal year and the gross margin was $1,132,906, compared to $1,165,152 in the same period last fiscal year. Operating expenses for the three months ended December 31, 2009 totaled $1,102,161, which was a decrease of $108,980 compared to $1,211,140 for the same quarter of last fiscal year. On a percentage basis, expenses decreased from 74% of sales for the quarter ended December 31, 2008 to 69% for the same period ended December 31, 2009.

Earnings before interest, depreciation, amortization and taxes ("EBITDA") from continuing operations were $152,590 for the quarter ended December 31, 2009, compared to EBITDA of $109,027 for the same period last fiscal year. Net income for the three months ended December 31, 2009 was $30,717, an increase of $76,706 compared to a loss of $45,989 for the same quarter last year. The significant decrease in expenses was due to the Company's continued efforts at costs saving and expense control.

The Company generated improved cash flows of $355,989 from operating activities in this quarter compared to -$209,528 in the three months ended December 31, 2008. As at December 31, 2009, the Company had a cash balance of $383,889 and working capital of $473,849, representing an increase of $565,517 in cash and $710,038 in working capital compared to the same quarter last year.

Full audited financial results for fiscal year ended September 30, 2009 are available on SEDAR at www.sedar.com.

About Pyng Medical Corp.

Pyng Medical Corp. commercializes award-winning trauma and resuscitation products for front-line critical care personnel. Creators of the FAST1® Intraosseous Infusion System, Pyng's expanded product portfolio includes a variety of innovative, lifesaving tools. With growing markets in North America, Europe and Asia, Pyng offers user-preferred medical devices for use by hospital staff, emergency medical services and military forces worldwide. Pyng has received the exclusive 2008 Medical Device Company of the Year Award from Life Sciences British Columbia for its sustained achievements in commercializing the Company's proprietary FAST1®, the only medical device able to provide rapid sternal access for administering drugs and fluids to the heart in seconds. The Company was also selected in the "2007 TSX Venture 50" Top 10 companies in Life Sciences based on solid financial metrics for the year ending December 31, 2006.

Safe Harbour Statement; Forward-Looking Statements: This release may contain forward-looking statements based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects", "anticipates", "plans", "intends", "projects", "indicates", and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents which may be filed with the British Columbia Securities Commission, the Alberta Securities Commission, the Ontario Securities Commission, the TSX Venture Exchange, as well as other USA Commissions, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the Company does business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw material, research and development of new products, including regulatory approval and market acceptance; and seasonality of sales in some products.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pyng Medical Corp.
    George Dorin
    Chief Financial Officer
    (604) 303-7964
    www.pyng.com