SOURCE: Remedent, Inc.

February 17, 2010 09:00 ET

Remedent Reports Fiscal Third Quarter 2010 Results and Remedent to Host a Conference Call at 11:00 am EST, Thursday, February 18, 2010

DEURLE, BELGIUM--(Marketwire - February 17, 2010) - Remedent, Inc. (OTCBB: REMI), an international company specializing in the research, development, and manufacturing of oral care and cosmetic dentistry products, reported results for the fiscal third quarter ended December 31, 2009 (in U.S. dollars).

Net sales in the third quarter decreased 62% to $1.8 million from $4.8 million in the same year-ago quarter. The decrease in sales was primarily due to the non-recurrence of license fees received from Denmat, specifically $2,500,000 during the three months ended December 31, 2008.

Loss from operations in the third quarter was $964,000, as compared to a loss from operations of $467,000 in the same year-ago quarter, which was attributable to non-recurring license fees as discussed above, the planned U.S. reorganization, and an agreed settlement with an OTC customer.

Net loss for the third quarter totaled $836,000 or $(0.04) per share (after minority interest and based on 20 million weighted average basic shares outstanding), as compared to net income of $2.5 million or $0.13 per share (based on 19 million weighted average basic shares outstanding) in the same year-ago quarter. The net loss in the third fiscal quarter included a charge of $8,000 for warrants issued during the quarter, as compared to the year-ago quarterly loss which included a $4.3 million charge for warrants issued.

Cash and cash equivalents totaled $1.4 million at December 31, 2009 as compared to $1.8 million at March 31, 2009.

Management Commentary

"We have now established a new worldwide production facility in China," said Guy De Vreese, CEO of Remedent. "Our goal has been to prepare for increasing demand and improved margins, while maintaining the quality of our dental veneers. We achieved this in the second quarter and in the third quarter have been delivering veneers with exceptional thinness and durability. Our new manufacturing facility has enabled us to increase both capacity and timeliness of shipments, while reducing costs."

New Remedent Web Site

On November 19, 2009, Remedent unveiled new corporate website at featuring its latest dental technologies. This includes GlamStrip(TM) for the single-motion application of dental veneers, and FirstFit, a revolutionary solution for dental bridges and crowns. The highly interactive website features new before and after images as well as engaging videos.

The site also provides coverage of the FirstFit presentation at the Den-Mat Education Destination Seminar in Las Vegas, which was held on November 7, 2009. The presentation was conducted by Remedent's CEO, Guy De Vreese, with the Belgian inventor of FirstFit, Dr. Evelyne Jacquemyns, presenting live via webcast from one of Remedent's international GlamSmile locations in Dubai, UAE. The event represented the first official presentation of the new bridge and crown technology to dentists in the United States.

Teleconference Information

Remedent will host a conference call on February 18th, 2010, at 11 am Eastern time (8:00 am Pacific time) to discuss these results. A question and answer session will follow management's presentation. To participate in the call, dial the appropriate number 5-10 minutes prior to the start time, request the Remedent conference call and provide the conference ID.

Participant Dial-In Numbers:
Date: February 18, 2010
Time: 11:00 am Eastern time (8:00 am Pacific time)
Dial-In Number: 1-800-894-5910
International: 1-785-424-1052
Conference ID#: 7REMEDENT

A simultaneous webcast and replay of the call will be accessible.

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization and ask you to wait until the call begins. A telephone replay of the call will be available from 2:00 p.m. Eastern time on the same day until March 17, 2010.
Toll-free replay number: 1-800-723-0394
International replay number: 1-402-220-2649
(No passcode required)

About Remedent

Remedent, Inc. specializes in the research, development, manufacturing and marketing of oral care and cosmetic dentistry products. The company serves professional dental industry with breakthrough technology for dental veneers, bridges and crowns that are recognized worldwide for their technological superiority and ease-of-application. These products are supported by a line of professional veneer whitening and teeth sensitivity solutions. Headquartered in Belgium, Remedent distributes its products to more than 35 countries worldwide. For more information, go to

Statement under the Private Securities Litigation Reform Act of 1995

Statements in this press release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause Remedent's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," "projects," "project," to be uncertain and forward-looking. Actual results may differ materially because of such risks and uncertainties and the reported results should not be considered as an indication of future performance. For further information regarding risks and uncertainties associated with Remedent's business, please refer to the risk factors described in Remedent's filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q.

                      REMEDENT, INC. AND SUBSIDIARIES

                                              December 31,
                                                 2009          March 31,
                                              (unaudited)        2009
                                             -------------   -------------
Cash and cash equivalents                    $   1,386,231   $   1,807,271
  Accounts receivable, net of allowance
   for doubtful accounts of $36,982
   at December 31, 2009 and $33,966
   at March 31, 2009                             1,146,859       3,208,120
Inventories, net                                 2,415,977       1,937,946
Prepaid expenses                                 1,512,581       1,310,900
                                             -------------   -------------
    Total current assets                         6,461,648       8,264,237
                                             -------------   -------------
PROPERTY AND EQUIPMENT, NET                      1,320,352       1,024,999
Long term investments and advances                 750,000         750,000
Patents, net                                       200,304         163,106
                                             -------------   -------------
    Total assets                             $   8,732,304   $  10,202,342
                                             =============   =============
Current portion, long term debt              $      39,797   $      78,798
Line of Credit                                   1,186,103         660,200
Accounts payable                                 2,204,277       1,398,420
Accrued liabilities                                721,087       1,590,360
Income taxes payable                                37,466          39,339
                                             -------------   -------------
    Total current liabilities                    4,188,730       3,767,117
Long term debt less current portion                303,173         100,542
                                             -------------   -------------
    Total liabilities                            4,491,903       3,867,659
                                             -------------   -------------

  Preferred Stock $0.001 par value
   (10,000,000 shares authorized,
   none issued and outstanding)                         --              --
  Common stock, $0.001 par value;
   (50,000,000 shares authorized,
   19,995,969 shares issued and
   outstanding at December 31, 2009
   and March 31, 2009)                              19,996          19,996
  Treasury stock, at cost; 723,000 shares
   at September 30, 2009 and March 31, 2009       (831,450)       (831,450)
Additional paid-in capital                      24,578,643      24,106,055
Accumulated deficit                            (19,440,363)    (17,216,028)
  Accumulated other comprehensive (loss)
   (foreign currency translation adjustment)      (547,110)       (640,595)
                                             -------------   -------------
    Total Remedent, Inc. stockholders'
     equity                                      3,779,716       5,437,978
Non-controlling interest                           460,685         896,705
                                             -------------   -------------
    Total stockholders' equity                   4,240,401       6,334,683
                                             -------------   -------------
    Total liabilities and equity             $   8,732,304   $  10,202,342
                                             =============   =============

                      REMEDENT, INC. AND SUBSIDIARIES

                                              For the three months ended
                                                     December 31,
                                                 2009            2008
                                             -------------   -------------

Net sales                                    $   1,834,021   $   4,842,648
Cost of sales                                      972,247       2,909,531
                                             -------------   -------------
  Gross profit                                     861,774       1,933,097
                                             -------------   -------------
Operating Expenses
    Research and development                       150,225          56,006
    Sales and marketing                            403,171         912,422
    General and administrative                   1,065,114       1,268,500
    Depreciation and amortization                  206,923         167,399
                                             -------------   -------------
  TOTAL OPERATING EXPENSES                       1,825,433       2,400,327
                                             -------------   -------------
INCOME (LOSS) FROM OPERATIONS                     (963,659)       (467,230)
                                             -------------   -------------
    Warrants issued                                 (8,350)             --
    Gain on disposition of OTC                          --       2,830,953
    Interest expense                               (56,915)       (168,659)
    Interest income                                 24,179         289,646
                                             -------------   -------------
  TOTAL OTHER INCOME (EXPENSES)                    (41,086)      2,951,940
                                             -------------   -------------

NET LOSS (Income)                               (1,004,745)      2,484,710

 NON-CONTROLLING INTEREST                         (168,624)             --
                                             -------------   -------------

 TO REMEDENT, INC. Common Stockholders       $    (836,121)  $   2,484,710
                                             =============   =============

  Basic                                      $       (0.04)  $        0.13
                                             =============   =============
  Fully diluted                              $       (0.04)  $        0.08
                                             =============   =============
  Basic                                         19,995,969      19,332,760
                                             =============   =============
  Fully diluted                                 33,789,738      31,371,629
                                             =============   =============

Contact Information

  • Company Contact:
    Stephen Ross
    Chief Financial Officer
    Remedent, Inc.
    Tel 310-922-5685