Victhom discloses second quarter 2012 financial results
August 25 2012 - 8:49PM
PR Newswire (Canada)
QUEBEC, Aug. 29, 2012 /CNW Telbec/ - Victhom Human Bionics Inc.
("Victhom") today reported its second quarter 2012 financial
results. Mr. Normand Rivard, President and CEO of Victhom, said:
"The fact that our partner Ossur obtained during the quarter the
reimbursement code for the POWER KNEE by the Centers for Medicare
& Medicaid Services ("CMS") is a very important milestone as it
represents a critical step toward broader adoption of this
leading-edge product. It confirms the benefits and acceptance of
bionic products as the next generation of prosthetics and gives us
confidence in the royalty revenue potential to be generated from
the sales of the POWER KNEE. During the quarter, Victhom has
continued evaluating various business development opportunities to
redefine its future activities and open new value creation paths
for the Company and its shareholders". Second Quarter Results For
the quarter ended on June 30, 2012, the Company recorded revenues
of $16,125 compared with $36,252 for the same period in 2011,
representing a decrease of $20,127 or 55.5%. For the six-month
period ended on June 30, 2012, the Company recorded revenues of
$24,653 compared with $51,180 for the same period in 2011,
representing a decrease of $26,527 or 51.8%. Those decreases are
attributable to lower revenues from royalties on the POWER KNEE.
While there were no R&D activities and no tax credit claimed
for the six-month period ended June 30, 2012, an amount of $199,835
of tax credits related to the R&D expenses incurred by
Neurostream was registered for the six-month period ended June 30,
2011. At this time, the Company does not expect to engage in
additional and new R&D activities in the near future. G&A
expenses, for the three-month period ended on June 30, 2012,
amounted to $245,892 compared with $221,964 for the same period in
2011, representing an increase of $23,928 or 10.8%. For the
six-month period ended June 30, 2012, G&A expenses amounted to
$453,710 compared with $444,925 for the same period in 2011,
representing an increase of $8,785 or 1.9%. Those increases are
mainly due to higher audit fees related to the first time adoption
of the IFRS. For the three-month period ended on June 30, 2012, the
consolidated net loss amounted to $326,482 compared with a net
income of $13,811,133 in 2011, representing an increase in net loss
of $14,137,615 or 102.4%. The increase in net loss is mainly
explained by the exceptional gain on disposal of our interest in
the joint venture and a gain on reevaluation of assumptions related
to the preferred shares, both registered in 2011. The increase in
net loss was partially offset by a lower non-cash interest and
lower exchange loss on the liability component of the preferred
shares in 2012. For the six-month period ended June 30, 2012, the
consolidated net loss amounted to $3,167,065 compared with a net
income of $12,604,458 for the same period in 2011, representing an
increase in net loss of $15,771,523 or 125.1%. The increase in net
loss is mainly explained by a non-cash loss on redemption of
preferred shares in 2012 compared with the exceptional gain on
disposal of our interest in the joint venture and a gain on
reevaluation of assumptions related to the preferred shares in
2011. The increase in net loss was partially offset by a lower
non-cash interest and lower exchange loss on the liability
component of the preferred shares in 2012 and 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 $1,815,899 on June
30, 2012, compared with a shareholders' equity of $4,982,964
on December 31, 2011. Total assets amounted to $3,642,241 on June
30, 2012, compared with total assets of $8,174,026 on
December 31, 2011. Financial Situation As of August 29, 2012,
the Company has $2,953,904 in cash and cash equivalents. As of
August 28, 2012, the number of common shares outstanding totaled
19,297,654 while 117,000 options were outstanding under the stock
option plan. The outstanding options are exercisable at a weighted
average exercise price of $3.61 per share. As of June 30, 2012,
there were no outstanding warrants. On August 28, 2012, the number
of Series A preferred shares outstanding totaled 6,468,769 for a
redemption amount of US$ 4,269,388, 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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