Pediapharm Announces Fourth Quarter Results
01 März 2014 - 12:00AM
Marketwired
Pediapharm Announces Fourth Quarter Results
MONTREAL, QUEBEC--(Marketwired - Feb 28, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
Pediapharm Inc. (the "Corporation") (TSX-VENTURE:PDP) is pleased
to announce the filing of its fourth quarter financial results
ended December 31, 2013. As a result of the Corporation changing
its financial year-end from December 31 to March 31, these are
interim financial statements. All dollars amount are expressed in
Canadian currency and results are reported in accordance with IFRS
accounting principles. Pediapharm reports the following
highlights:
- Total revenues for the twelve-month period ended December 31,
2013 increased by 61% compared to the same period in 2012, which
includes a fourth quarter increase of 117% compared to same period
in 2012;
- Operating loss for the twelve-month period ended December 31,
2013 decreased by $1,639,805 compared to the same period in 2012,
which includes a fourth quarter decrease of $506,436 compared to
same period in 2012;
- On December 27, 2013, the common shares of Pediapharm began to
trade on the TSX Venture Exchange under the ticker symbol PDP.V
following an amalgamation transaction with Chelsea Acquisition
Corporation;
- Concurrently, the Corporation successfully completed a round of
financing with gross proceeds of approximately $7,000,000; and
- NYDA®, a breakthrough treatment for head lice and its eggs, was
a major contributor to the revenue growth.
Total revenues for the 3 month-period ended December 31, 2013
increased by 117% to reach $1,237,538 compared to $570,945 in the
same period in 2012. NYDA's strong performance in the last quarter,
which coincides with one of the 3 peak seasons for head lice
infestation, was an important factor contributing to the growth. On
October 30, 2013, Pediapharm received the acceptance of NYDA's
reimbursement by the Ontario Drug Benefit (ODB), enabling more
patients to have access to the product when prescribed.
Total revenues for the twelve-month period ended December 31,
2013 increased to $4,003,807 (2012 - $2,490,503), representing a
61% increase compared to the same period in 2012. The solid
performance of NYDA, the addition of Allerject™ in the
Corporation's detailing portfolio and the strong performance of
Suprax® were the main drivers of the increase in revenues.
The operating loss for the three months ended December 31, 2013
was $52,378 compared to the $558,814 in the three months ended
December 31, 2012. The improvement was due to an increase in
revenue of 117% as well as solid control of operating expenses. The
net loss for the three months ended December 31, 2013 was
$1,703,124 compared to the $659,958 in the three months ended
December 31, 2012. The expenses related to the amalgamation with
Chelsea Acquisition Corporation were the main reason for the
difference in net loss.
The operating loss for the twelve months ended December 31, 2013
was $440,164 compared to the $2,079,969 in the twelve months ended
December 31, 2012. The improvement was due to an increase in
revenue of 61% as well as solid control of operating expenses. The
net loss for the twelve months ended December 31, 2013 was
$2,513,191 compared to the $2,246,068 in the twelve months ended
December 31, 2012. The expenses related to the amalgamation with
Chelsea Acquisition Corporation had an important impact on the 2013
net loss.
"2013 was an excellent year for Pediapharm. Following the
amalgamation with Chelsea Acquisition Corporation and the
concurrent financing with gross proceeds of approximately
$7,000,000, the common shares of Pediapharm began to trade on the
TSX Venture Exchange in December." stated Sylvain Chretien,
President and Chief Executive Officer of Pediapharm. He added:
"What is remarkable is that, even with the additional efforts
required to complete the transaction, the Pediapharm team stayed
very focused and achieved revenue growth of 61% while keeping the
operating expenses similar to last year."
|
|
December 31, 2013 (3 months) |
|
December 31, 2012 (3 months) |
|
December 31, 2013 (12 months) |
|
December 31, 2012 (12 months) |
|
|
Revenue |
1,237,538 |
|
570,945 |
|
4,003,807 |
|
2,490,503 |
|
|
Selling and administrative expenses |
1,289,916 |
|
1,129,759 |
|
4,443,971 |
|
4,570,472 |
|
|
Operating loss |
(52,378 |
) |
(558,814 |
) |
(440,164 |
) |
(2,079,969 |
) |
|
Other expenses |
1,650,746 |
|
101,144 |
|
2,073,027 |
|
166,099 |
|
|
Net loss |
(1,703,124 |
) |
(659,958 |
) |
(2,513,191 |
) |
(2,246,068 |
) |
|
Cash flow from (used in) operating activities |
(1,020,399 |
) |
(233,623 |
) |
(1,583,500 |
) |
(1,932,622 |
) |
|
Cash flow from (used in) investing activities |
249,443 |
|
605 |
|
(61,789 |
) |
(78,372 |
) |
|
Cash flow from (used in) financing activities |
6,375,730 |
|
286,284 |
|
7,157,548 |
|
1,804,644 |
|
About Pediapharm
Inc.
Pediapharm is the
only Canadian specialty pharmaceutical company dedicated to serving
the needs of the pediatric community. Its mission is to bring to
the Canadian market the latest innovative pediatric products with
the objective to improve the health and the well-being of children
in Canada. Since its debut in 2008, Pediapharm has entered into
numerous commercial agreements with partners from Canada and other
countries around the world. The company's innovative product
portfolio includes NYDA®; a breakthrough treatment for head lice;
EpiCeram® a non-steroid emulsion for eczema; KoolEffect™ which
reduces the symptoms of fever; and VapoLyptus™; a soothing vapour
patch of Eucalyptus and Camphor.
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
FORWARD LOOKING
STATEMENTS
This news release
contains forward-looking statements and other statements that are
not historical. Such forward-looking statements are subject to
known and unknown risks, uncertainties and assumptions that could
cause actual results to vary materially from target results and the
results or events predicted in these forward-looking statements. As
a result, investors are cautioned not to place undue reliance on
these forward-looking statements.
The forward-looking
statements contained in this news release are made as of the date
of this release. Except as required by applicable law, the
Corporation disclaims any intention and assumes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Forward-looking information reflects the current expectations or
belief of the Corporation based on information currently available
and such information is subject to a number of assumptions, risks
and uncertainties described in details at pp. 35 to 41 of the
Management Information Circular of Chelsea Acquisition Corporation
dated November 12, 2013 available on SEDAR at www.sedar.com and
other risks associated with being a specialty pharmaceutical
company.
Sylvain ChretienPresident and Chief Executive OfficerPediapharm
Inc.514-762-2626 ext. 201sylvain.chretien@pedia-pharm.comRoland
BoivinChief Financial OfficerPediapharm Inc.514-762-2626 ext.
202roland.boivin@pedia-pharm.com
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