Annidis Corporation Reports 2017 Third Quarter Results

OTTAWA, Nov. 23, 2017 /CNW/ - Annidis Corporation (TSX Venture: RHA) ("Annidis" or the Company"). The unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2017, and the related Management's Discussion and Analysis are available at www.sedar.com.

Highlights

The Company shipped seven units in the third quarter of 2017 (five to Mistarunited Technology Co., Limited, its Chinese distribution partner and major shareholder, and two into the United States) compared to ten units in the corresponding period of 2016. Year to date, the Company sold 32 units in 2017 compared to 15 units in 2016.

The Company's sales efforts remain focused on:

• growing the installed base in the Chinese market,
  
  
• repairing and building relationships with key opinion leaders ("KOL's") and large US buying groups, thus providing a forum to present the Annidis product to large audiences and leverage the sales effort, and
  
  
• increasing customer service, education and support through a best-practices benchmarking program to ensure the installed units achieve superior image quality and maximum utilization.

Financial Highlights

• Revenue decreased from $540,669 in the third quarter of 2016 to $513,070 in the third quarter of 2017 as the Company sold seven units in 2017 compared to ten units in 2016
  
  
• The gross margin was higher in 2017 than 2016 as two of the seven units sold in 2017 were to United States customers at the higher price whereas all ten units sold in 2016 were to China at the lower distributor's price.
  
  
• Operating expenses declined by 9% from the prior year - $780,260 in 2016 to $707,026 in 2017 due to lower salaries and a reversal of over accrued expenses from prior years.
  
  
• For the third quarter of 2017, the Company incurred a net loss of $607,534, or ($0.01) per share, compared to a loss of $1,023,842, or ($0.01) per share, for the same period in 2016. For the nine month period ended September 30, 2017, the Company incurred a net loss of $2,186,348, or ($0.02) per share, compared to a loss of $3,521,812, or ($0.03) per share, for the same period in 2016.

About Annidis Corporation

Annidis (TSX-V: RHA) has developed and manufactures and sells a new patented imaging platform technology based on Multi-Spectral Imaging ("MSI"). This new technology is opening a new frontier in disease identification and its management. The Annidis MSI technology allows eye-care professionals to view non-invasively the deepest areas of the eye aiding eye care professionals in the early identification and treatment of debilitating eye diseases. The Company's existing RHA Gold, used by eye care professionals as a broad based tool for detecting early-onset of eye related diseases such as Dry AMD, has a potential market of over 20,000 clinics in North America and further opportunities in China working with its distribution partner, Yimai Technology International Company. The RHA Platinum MD will further strengthen the value proposition allowing doctors to visualize choroidal and retinal vasculature non-invasively. The RHA Platinum MD has global market potential of more than 100,000 Ophthalmologists.

This news release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation.  Statements made in this news release, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties.  The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective", "hope", and "continue" (or the negative thereof), and words and expressions of similar import are intended to identify forward-looking statements.  Certain material factors or assumptions are implied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements.  Factors that could cause results to vary include those identified in the Corporation's filings with Canadian securities regulatory authorities, as well as the applicability of patents and proprietary technology; the outcome of pending corporate transactions; possible patent ligation; regulatory approval of products in development; changes in government regulation or regulatory approval processes; government and third party reimbursement; dependence on strategic partnerships; intensifying competition; rapid technological change in the industry; anticipated future losses; the ability to access capital; and the ability to attract and retain key personnel.  All forward-looking information presented herein should be considered in conjunction with such filings.  Except as required by Canadian securities laws, the Corporation does not undertake to update any forward-looking statements; such statements speak only as of the date made.

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.

SOURCE Annidis Corporation