SYDNEY, AUSTRALIA--(Marketwired - Nov. 29, 2016) - Simavita Limited ("Simavita" or the "Company") (ASX:SVA), today released its financial results in accordance with Canadian reporting requirements for the first quarter ended September 30, 2016.
Notable highlights during the September quarter included:
- Revenue from the sale of the Company's incontinence diagnostic tool kit of $266,293 representing an increase of 31% over the same prior year period.
- Cost of goods sold reduced 17% compared with prior corresponding period.
- Cost reduction on cash flows continues with 24% reduction in costs from Quarter 4 FY16 to Quarter 1 FY17.
- Revenue generated in the quarter includes sales to Australia, US, Canada, Denmark and The Netherlands.
- Expanded target markets to include home care and disability care which are rapidly changing with the funding shift from care providers to care recipients.
- Approval as a National Disability Insurance Scheme Provider under the NDIS scheme in Australia. This approval will greatly assist Simavita in delivering product to carers and NDIS participants.
Immediately post the quarter:
- The Company announced the release of AssessPLUS™, the new automated incontinence assessment solution for use by carers helping National Disability Insurance Scheme (NDIS) participants and seniors living in the community and receiving Home Care Packages. AssessPLUS™ has also been launched in Europe and North America.
Simavita is focused upon the rapid delivery of smart, wearable and disposable sensors for the health care industry.
With the support of our shareholders, customers and employees, Simavita is focused upon the business at hand; creating a commercially successful and growing corporation.
To date we have developed and are actively selling automated sensors and systems for the assessment and management of incontinence. Incontinence and the management of incontinence is a major and rapidly growing challenge. The annual cost to the global economy is in the billions of dollars and rising. It is an enormous cost that includes both incontinence materials as well as the significant time spent by carers in helping people suffering from incontinence. Most significantly, it impacts a growing community of seniors as well as people of any age who may be affected by disability and illness.
Simavita operates directly in Australia, Europe and North America where we see significant and growing demand for product that delivers real cost benefit to the health care industry and particularly for people in need.
This document may contain "forward‐looking information" within the meaning of Canadian securities laws ("forward‐ looking information"). This forward‐looking information is given as of the date of this document.
Forward‐looking information relates to future events or future performance and reflects Simavita management's expectations or beliefs regarding future events. Assumptions upon which such forward‐looking information is based include that Simavita will be able to successfully execute on its business plans. Many of these assumptions are based on factors and events that are not within the control of Simavita and there is no assurance they will prove to be correct.
In certain cases, forward‐looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "potential", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or information that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By its very nature forward‐looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Simavita to be materially different from any future results, performance or achievements expressed or implied by the forward‐looking information. Such factors include, among others, risks related to actual results of current business activities; changes in business plans and strategy as plans continue to be refined; other risks of the medical devices and technology industry; delays in obtaining governmental approvals or financing or in the completion of development activities; as well as those factors detailed from time to time in Simavita's interim and annual financial statements and management's discussion and analysis of those statements. Although Simavita has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward‐looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Simavita provides no assurance that forward‐ looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward‐looking information.