TyraTech, Inc. Interim Results -2-
September 29 2014 - 2:01AM
UK Regulatory
Total revenue for the six month period to 30 June 2014 was $1.3
million (2013: $0.8 million). Gross product sales were $1.0
million, with net product sales of $0.9 million (2013: $0) and
resulted from the retail launch of Vamousse Treatment mousse at
Walmart in the USA and the Natunex brand of insect control products
by Novartis Animal Health. Collaborative revenue decreased to $0.4
million (2013: $0.8 million). Collaborative revenue includes
upfront licence fee amortisation and cost reimbursement from our
Envance Technologies and Mondelez Global agreements. Licencefees
remained constant at $0.3 million (2013: $0.3 million). Cost
reimbursement from Mondelez Global decreased to $16,000 (2013:
$25,000) as a result of decreased expenditures on the project by
TyraTech, and the cost reimbursement from Envance Technologies
decreased to $0.1 million (2013: $0.5 million) as a result of
Envance hiring salaried staff in the second half of 2013 to perform
work previously provided by TyraTech.
Cost of sales and gross profit
Material and manufacturing costs for product sales were $0.3
million (2013: $0) and costs for our Mondelez Global and Envance
Technologies agreements were $0.1 million (2013: $0.5 million).
Gross profit increased to $0.8 million and 65% (2013: $0.3 million
and 33%) primarily as a result of product revenue generated in the
first half of 2014.
Operating expenses
Overall operating expenses from continuing operations increased
by 41% for the six month period to $3.5 million (2013: $2.5
million). This increase in operating expenses was primarily driven
by a $1.0 million increase in US and UK marketing costs related to
the Vamousse head lice treatment/shampoo and personal repellants.
Operating expenses for the six months included non-cash equity
compensation of $0.1 million (2013: $0.1 million) and depreciation
of $48,899 (2013: $57,967).
Liquidity and cash flow
Cash used in operations for the period was $3.2 million compared
to $1.9 million in the first half of 2013, a $1.3 million increase
from the first half of 2013. This increase is primarily due to an
increase spend in US marketing in 2014, as well as the initial
costs of opening a TyraTech branch office and launching Vamousse
head lice treatment/shampoo in the UK for sales in the second half
of 2014.
In February the Company raised $2.9 million in capital, net of
expenses, through the issuance of 37,391,763 common shares to fund
our operations while we continued negotiations with our existing
and new partners. Post the period end, in July, the Company raised
an additional $5.7 million (net of expenses).
The Company invests its cash resources in deposits with banks
with the highest credit ratings, putting security before absolute
levels of return.
R. Daniel Williams
Chief Financial Officer
29 September 2014
Consolidated Statements of Operations
in $'000 (except share information)
(Unaudited) six months
ended
30 June
Year ended
31 December
2014 2013 2013
Revenues:
Product sales $887 $- $-
Collaborative revenue 393 765 1,366
-------------- ------------------------ ------------------------------
Total revenue 1,280 765 1,366
Cost and expenses related to product
sales
and collaborative revenue:
Product costs 301 - -
Collaborative costs and expenses 142 514 733
-------------- ------------------------ ------------------------------
Total costs and expenses 443 514 733
-------------- ------------------------ ------------------------------
Gross Profit 837 251 633
-------------- ------------------------ ------------------------------
Costs and expenses:
General and administrative 1,591 1,526 2,798
Business and development 1,073 93 430
Research and technical development 804 848 1,754
-------------- ------------------------ ------------------------------
Total costs and expenses 3,468 2,467 4,982
-------------- ------------------------ ------------------------------
Loss from operations (2,631) (2,216) (4,349)
Other income (expense):
Warrant expense (450) (390) (210)
Net loss on unconsolidated subsidiary - (217) (359)
Interest/other expense (25) - 16
-------------- ------------------------ ------------------------------
Loss before income taxes (3,106) (2,823) (4,902)
Income tax expense - - -
-------------- ------------------------ ------------------------------
Net loss attributable to TyraTech,
Inc. $(3,106) $(2,823) $(4,902)
============== ======================== ==============================
Net loss per common share attributable
to TyraTech, Inc. Basic and diluted
$(0.02) $(0.02) $(0.03)
136,289,682
Weighted average number of common
shares:
Basic and diluted 194,341,270 152,417,371
The accompanying notes are an integral
part of these unaudited interim
consolidated financial statements.
Consolidated Balance Sheets
in $'000 (except share information)
(Unaudited) six months
ended
30 June
Year ended
31 December
2014 2013 2013
Assets
Current assets:
Cash and cash equivalents $576 $3,658 $873
Accounts receivable, net 621 176 85
Inventory 267 17 63
Prepaid expenses 123 27 150
Total current assets 1,587 3,878 1,171
----------------------- ----------------------- -----------------------------
Property and equipment, net of
accumulated depreciation
Investment in unconsolidated
subsidiary 126 215 167
Long term deposits - 142 -
66 65 66
Total assets $1,779 $4,300 $1,404
----------------------- ----------------------- -----------------------------
Liabilities and
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