VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2008) - Pyng Medical Corp. (TSX VENTURE:PYT) today released its audited fiscal 2008 results for the year ended September 30, 2008. Pyng reported record sales of $6,549,588, a 36% increase in sales over fiscal 2007, with net income before tax of $858,525 and after tax of $309,525. During the fourth quarter, the Company's revenue from product sales increased 56% to $2,168,645, compared with $1,386,529 during the corresponding period of 2007.
"With more than 160,000 FAST1(R) Intraosseous Infusion Systems shipped to date, we exceeded our previous financial guidance and lay the foundation for continued substantive revenue growth and profitability in fiscal 2009 and beyond," said David Christie, President and CEO. "During fiscal 2008, we enhanced our product portfolio four-fold, expanded our international distribution network while also strengthening our Board, Management and Sales team."
"Despite global economic conditions, we are uniquely positioned within the trauma and resuscitative care markets to successfully execute our growth-oriented business strategy and accelerate adoption in the hospital, pre-hospital and military markets," adds Christie. "We are preparing to launch the Company's CRIC(TM) Cricothyrotomy System pending receipt of US FDA regulatory clearance, followed by the launch of our next generation FASTx(TM) Sternal IO in major global markets over the coming months."
Cost of sales for the fourth quarter of 2008 was $654,034 providing a gross margin of $1,523,611 or 70%. On a year to date basis, cost of sales was $1,949,139 providing a gross margin of $4,600,449 or 70%. Total cash operating expenses for the quarter increased to $912,167, but declined on a percentage basis compared to the fourth quarter of fiscal 2007 from 49% to 42% of sales. Total cash operating expenses of $3,265,879 for fiscal 2008 increased from $2,428,429 for fiscal 2007, though decreased on a percentage basis from 51% to 50% of sales.
Full audited financial results for fiscal 2008 are available on SEDAR at www.sedar.com.
Mr. David Christie, President and CEO, will provide a strategic company update and answer questions during a webcast/teleconference call accessible to the public and investment community commencing at 1:30 pm PST/ 4:30 pm EST on December 1, 2008. Dial-in North American toll-free: 1.888.300.8232; Int'l/Local Dial-In #: 647.427.3427; Conference ID #: 75990233. The presentation can be viewed at https://pyng.webex.com; Password: FY08results.
About Pyng Medical Corp.
Pyng Medical Corp. commercializes award-winning trauma and resuscitation products for front-line critical care personnel. Creators of the FAST1(R) 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(R), 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.
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Pyng Medical Corp.