VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2009) - Pyng Medical Corp. (TSX VENTURE:PYT) today released its unaudited first quarter fiscal 2009 results for the period ending December 31, 2008. The Company's revenue from product sales increased by 25% to $1,633,985, compared to the corresponding period of fiscal 2008.
"With more than 170,000 FAST1(R) Intraosseous Infusion Systems shipped to date, we are pleased to continue recording strong sustained growth in product sales year over year," said David Christie, President and CEO.
Cost of sales for the first quarter of fiscal 2009 was $468,833 providing a gross margin of $1,165,152 or 71%. Total operating expenses for the quarter increased to $1,064,636, compared to $725,179 for the first quarter of fiscal 2008. The Company generated $100,516 cash flow from operations and recorded a net loss after tax of $45,989 for the quarter ending December 31, 2008, attributable to increased activities to support continued expansion of the business.
The Company's balance sheet includes $1,958,093 in current assets and $2,194,281 in current liabilities with $780,788 of this attributable to an accrued liability for future milestone payments on the BCI purchase. The Company has a $1 million line-of-credit with an available balance of $960,291 and $159,514 cash balance as of December 31, 2008.
Full audited financial results for fiscal 2008 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. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pyng Medical Corp.