Pyng Medical Corp.
TSX VENTURE : PYT

Pyng Medical Corp.

February 24, 2015 20:21 ET

Pyng Medical Corp. Reports First Quarter Fiscal 2015 Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 24, 2015) - Pyng Medical Corp. (TSX VENTURE:PYT) today announced financial and operating results for the three months ended December 31, 2014. All amounts are in Canadian dollars unless stated otherwise.

The Company reported total sales of $1,514,075 for the three months ended December 31, 2014, down 1% compared with $1,536,903 for the comparative quarter last year. Gross margin decreased 7% to $663,653 from $712,925 reported a year ago. Gross margin as a percentage of sales also decreased from 46% to 44% partially due to increased production costs for some products. A product mix favoring lower margin products in Q1 FY15 as opposed to Q1 FY14, also contributed to this small margin decline. Operating expenses went down 3% to $772,695 from $795,816 for the first quarter of last year as a result of lower general and administrative expenses and amortization of product development costs.

The Company reported a net loss of $109,042 for this quarter, equal to a loss of $0.005 per share, compared to a net loss of $82,891 or loss of $0.004 per share one year earlier. Earnings before interest, depreciation, amortization and taxes ("EBITDA") from continuing operations were $49,739, a decrease of $79,505 from $129,244 reported for the first quarter of fiscal 2014.

As at December 31, 2014, the Company had a cash balance of $183,547, an increase of $30,323 compared with the balance of $153,224 as at September 30, 2014. During the quarter ended December 31, 2014, the Company renewed the convertible debentures issued in fiscal 2009 and paid back the principal of $174,316 on the promissory note issued last year. The Company continues to pursue debt and/or equity financing to help fund its working capital needs. There can be no assurance that these initiatives will be successful.

Full audited financial results for fiscal year ended September 30, 2014 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. 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.

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.

Neither the TSX Venture Exchange nor its Regulatory Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pyng Medical Corp.
    George Dorin
    Chief Financial Officer
    (604) 303-7964 x219
    www.pyng.com