Victhom Discloses First Quarter 2012 Financial Results
23 Mayo 2012 - 2:51AM
PR Newswire (Canada)
QUEBEC, May 23, 2012 /CNW Telbec/ - Victhom Human Bionics Inc.
("Victhom") today reported its first quarter 2012 financial
results. Mr. Normand Rivard, President and CEO of Victhom, said:
"Following the sale of our participation in Neurostream, Victhom is
currently evaluating various business development opportunities to
redefine its future activities and open new value-creating
opportunities beyond the realisation of the royalty revenue
potential from the leading-edge products developed to date. During
the first quarter of 2012, the collection of the final payment of
$5,000,000 from the disposal of our participation in Neurostream
further strengthened our balance sheet, which, combined with our
reduced cost base, places us in a good position to develop new
business opportunities". First Quarter 2012 Results For the
three-month period ended on March 31, 2012, the Company recorded
revenues of $8,528 compared with $14,928 for the same period in
2011, representing a decrease of $6,400 or 42.9%. The decrease is
attributable to lower revenues from royalties on the Power Knee.
While there were no R&D activities and no tax credit claimed
for the three-month period ended March 31, 2012, an amount of
$97,431 of tax credits related to the R&D expenses incurred by
Neurostream was registered for the three-month period ended March
31, 2011. G&A expenses, for the three-month period ended on
March 31, 2012, amounted to $207,818 compared with $222,961 for the
same period in 2011, representing a decrease of $15,143 or 6.8%.
The decrease is mainly due to lower professional fees. For the
three-month period ended on March 31, 2012, financial expenses
amounted to a credit of $6,435 compared with financial expenses of
$1,181 for the same period in 2011, representing a decrease in
financial expenses of $7,616 or 644.9%. The decrease in financial
expenses is mainly explained by higher interest revenues on
short-term investments in 2012. For the three-month period ended on
March 31, 2012, the consolidated net loss amounted to $2,840,584
compared with a net loss of $1,206,675 for the same period in 2011,
representing an increase in net loss of $1,633,909 or 135.4%. The
increase in net loss is mainly explained by a non-cash loss on
redemption of preferred shares and a foreign exchange loss on the
liability component of preferred shares in 2012 compared with
higher tax credits and a favorable exchange rate variation on
preferred shares in 2011. The increase in net loss was partially
offset by a loss from discontinued operations related to the
decision of the Company to cease the proportional consolidation of
its interest in Neurostream in 2011. Shareholders' equity amounted
to $2,142,380 on March 31, 2012, compared with a shareholders'
equity of $4,982,964 on December 31, 2011. Total assets amounted to
$3,884,686 on March 31, 2012, compared with total assets of
$8,174,026 on December 31, 2011. Financial Situation As of
March 31, 2012, the Company had $3,036,443 in cash and cash
equivalents. For the three-month period ended on March 31, 2012,
the net increase in cash and cash equivalents was $744,036 compared
with a decrease of $666,897 for the same period in 2011. During
2012, the cash was mainly provided by the changes in non-cash
operating working capital items of $4,945,285 partially offset by
the net loss (after adding back non-cash adjustments) of $192,856.
Cash used in financing activities for the three-month period ended
on March 31, 2012 of $4,008,396 was mainly due to the redemption of
6,132,089 Series A preferred shares representing a redemption
amount of US$ 4,047,178. It compares to cash used in financing
activities of $473,048 for the same period in 2011 mainly due to
the repayment of a demand loan in the amount of $472,000. On May
22, 2012, the number of common shares outstanding totaled
19,297,654 while 167,000 options were outstanding under the
stock option plan. The outstanding options are exercisable at a
weighted average exercise price of $5.34 per share. On May 22,
2012, the number of Series A preferred shares outstanding totaled
6,479,131 for a redemption amount of US$ 4,276,226, which can
be converted into common shares, at any time and from time to time,
at the holder's option on a 1-for-1 basis. About Victhom Victhom is
a company which owns patents in the field of orthotics and
prosthetics ("O&P"), including intellectual property used in
the Power Knee, the world's first and only motor-powered prosthesis
for above-knee amputees, a product distributed under license
agreement by Ossur, a global leader in the O&P market. The
Company also has a royalty agreement related to the Neurostep(®)
System and neuromodulation products in other indications (sleep
apnea and epilepsy) using the Neurobionix technology platform
currently under development by Neurostream Technologies, a General
Partnership now owned by Otto Bock, a global leader in the O&P
market. FORWARD-LOOKING STATEMENTS Some of the statements made
herein may constitute forward-looking statements. These statements
relate to future events or our future financial performance and
involve known and unknown risks, uncertainties and other factors
that may cause Victhom's actual results, performance or
achievements to be materially different from those expressed or
implied by any of Victhom's statements. Actual events or results
may differ materially. We disclaim any intention, and assume no
obligation, to update these forward-looking statements. VICTHOM
HUMAN BIONICS INC. CONTACT: Source: Victhom Human Bionics Inc.For
more information: Normand RivardPresident & CEOVicthom Human
Bionics Inc.Tel.: (438) 380-5244Fax: (438)
381-1530normand.rivard@victhom.comwww.victhom.com
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