Even with revenue increase, losses grow for Annidis in Q3

OBJ Staff
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Revenue was up last quarter at Ottawa-based eye care equipment manufacturer Annidis Corporation but so was the company’s net loss.

(Stock image)

The company reported revenue of $255,096 during its third quarter, up from $192,397 during the same period the year before. It’s also up from the $130,049 in revenue the company reported the previous quarter.

Annidis’ net loss during the three-month period that ended on Sept. 30 was $1.15 million, a 28 per cent increase from the net loss of $900,988 the company reported during the same period last year.

The company attributed the higher loss to increased interest on promissory note financing and share-based compensation.

However the company is optimistic about the future thanks to a private placement that closed after the quarter ended.

"With our $5 million financing now completed we are poised to capitalize on our industry first technology and growing distribution network," said Gerald Slemko, the company’s CEO, in a press release.

"We have quickly deployed the capital we received in October and expect to have built and shipped sufficient units to fulfill half of our committed orders by January 2014.  With a validated technology, cash on hand and a growing backlog, we are looking forward to strong revenue growth in 2014."

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