VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 18, 2007) - Pyng Medical Corp. (TSX VENTURE:PYT) reports record financial results for the second quarter of their 2007 fiscal year, ending March 31, 2007. The increased revenue is attributed to greater efforts in marketing and business development as Pyng expands overseas, develops its defence business internationally, further penetrates the emergency medical services market, and expands in to the hospital market.
The Company's full second quarter results are available at the SEDAR Web site (www.sedar.com). A Webcast discussing results will be broadcast at 10:30 a.m. PST on Monday, April 23, 2007. Those interested in attending can send an email to email@example.com for details on how to participate.
"I am excited that we have achieved record sales and income in the first half of our fiscal year with revenue in our second quarter exceeding the record we set in our first quarter," said David Christie, President and Chief Executive Officer. "We continue to see increased interest around the world in all our markets for the unique capabilities of our FAST1(TM) Intraosseous Infusion System, and this indicates that we are moving in to the mainstream of acceptance for this innovative medical device."
Revenues for the quarter were $1,097,469, delivering 85% growth versus the first half of last year. Gross margins for the quarter remained strong at $784,487, or 71.5% of revenue, compared to just 67% of revenue in the prior year quarter. Net income was $77,429 for the quarter and $227,264 for the first half, compared to a net loss of ($58,851) in last year's first half.
Cash inflows from operations in the quarter were $73,539 and net of financing/investing activities, cash increased by $43,762 for the quarter, for a cash on-hand of $495,134 as of March 31, 2007, compared to $243,279 at mid-year last year. Current assets exceeded current liabilities five-fold and debt is still zero.
About Pyng Medical Corp.
Pyng Medical Corp. is a world leader in intraosseous infusion with its proprietary award-winning FAST1(TM) Intraosseous Infusion System, the only device able to provide rapid sternal access and delivery of life saving fluids and drugs to the heart of critically injured patients within seconds. The FAST1(TM) is used extensively by the U.S. Department of Defense and by Emergency Medical Services around the globe.
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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