Ottawa-based eyecare technology manufacturer Annidis Corp. (TSX Venture:RHA) posted lower revenues to go along with a smaller total loss for the second quarter of 2013, the company announced Thursday.
Revenue for the three-month period ending June 30 came in at $130,049, down from $150,366 during the same period a year earlier.
The firm’s net loss came in at $1.1 million. That’s a drop from $1.3 million for the second quarter of 2013.
However Annidis remains optimistic that a deal reached with YIMAI Technology International Co. earlier this year to market the technology in China, Hong Kong and Macau will help.
The agreement, which is for six years after the agreement gets approval from Chinese regulatory authorities, is supposed to bring in $6 million as part of a sale of shares and promissory note offering.
"Our ability to grow this quarter was constrained by our limited financial resources but, with the anticipated closing of our financing agreement with YIMAI, we will have strengthened our balance sheet and be in a position to grow our installed base," said Gerald Slemko, CEO of Annidis, in a statement.
"We used the proceeds from our promissory note financing to strengthen our sales, marketing and customer support efforts and the additional funds will allow us to meet our manufacturing commitments and move towards profitability."
Annidis designs and manufactures equipment that allows medical professionals to screen, diagnose and manage eye diseases by viewing a patient’s eye in a non-invasive manner.