Vancouver, British Columbia – May 27, 2020 – Apteryx Imaging Inc. (TSXV: XRAY and OTCQB: APTEF) (“Apteryx” or the “Company”), a leading dental imaging technology provider focused on delivering state-of-the-art imaging software and systems, today announced its financial results for the first quarter ended March 31, 2020, reported in United States dollars and in accordance with International Financial Reporting Standards (“IFRS”). The Company’s results are presented in comparison to the first quarter ended March 31, 2019.
Financial Highlights for the Three Months Ended March 31, 2020
Net revenue for the three months ended March 31, 2020 was US$3,879,086, representing an increase of 2% from the three months ended March 31, 2019. The Company’s gross margin2 was 72% for the three months ended March 31, 2020 as compared to 68% for the three months ended March 31, 2019. EBITDA1 for the three months ended March 31, 2020 was US$497,936 compared to EBITDA1 of US$552,714 for the three months ended March 31, 2019.
Net income for the three months ended March 31, 2020 was US$1,182,312 compared to net loss of US$613,994 for the three months ended March 31, 2019. Net income for the three months ended March 31, 2020 was impacted by non-cash items including amortization, unrealized foreign exchange gains and a fair value revaluation of derivatives.
Cash flow from operations was US($255,154) during the three months ended March 31, 2020 compared to cash flow from operations of US$521,806 during the three months ended March 31, 2019.
The Company had cash on hand of US$1,481,839 and Net Working Capital3 of US$2,111,243 as of March 31, 2020 compared to cash of US$2,540,051 and Net Working Capital3 of US$1,489,951 as of March 31, 2019.
“Revenues related to device sales were negatively impacted in the period by the COVID- 19 pandemic,” commented Apteryx CEO Dr. David Gane. “Dentistry in the U.S. was hit hard by the pandemic with most dental practices closing to all but emergency care by the third week of March 2020. Fortunately, we are now seeing very solid signs of recovery with 42 states now re-opened for elective procedures, which is very encouraging.”
Financial Statements and Management’s Discussion & Analysis
Please see the consolidated financial statements and related Management’s Discussion & Analysis (“MD&A”) for more details. The consolidated financial statements for the three months ended March 31, 2020 and related MD&A have been reviewed and approved by the Company’s Audit Committee and Board of Directors. The Company has prepared this truncated news release to alert investors to its results and that a more detailed explanation and analysis is readily available in the MD&A. These reports have been filed on SEDAR at www.sedar.com and also posted to www.apteryx.com.
About Apteryx Imaging Inc.
Apteryx Imaging develops award-winning dental imaging software and oral screening technologies while also providing state-of-the-art dental imaging devices. Our customers include many of the largest dental practices and organizations in the world, including many of the country’s top Dental Support Organizations (DSOs), the United States Army and the United States Navy. Our proprietary brands include Apteryx XrayVision® imaging software, the VELscope® Enhanced Oral Screening System and TUXEDO® Intraoral Sensors.
Backed by an experienced leadership team and dedicated to a higher level of service and support, Apteryx Imaging is committed to providing dental practitioners with the best technology available by identifying and adding leading products to its growing portfolio.
Apteryx Imaging, Inc. is publicly traded on the TSX-Venture Exchange (TSX-V: XRAY), OTCQB (OTCQB: APTEF), and the Frankfurt Stock Exchange (FSE: XRAY). Apteryx Imaging, Inc. is headquartered in Vancouver, BC, Canada.