A new product and a stronger presence in the Chinese market helped Ottawa-based Annidis Corporation in 2014, as it posted year-end revenues Tuesday that were 122 per cent higher than the year before.
The eye care equipment manufacturer reported total revenue of $2.4 million in 2014 compared with $1.1 million in 2013.
CEO Gerald Slemko said the company rolled out a new product last June that helped improve its gross margins, and that it continues to garner support from leaders in the eye care profession.
“We believe this type of recognition supports our belief that Annidis' product line is leading edge and the go-to technology for supporting long-term eye care,” Mr. Slemko said in a statement, adding the company continued in 2014 to lay the groundwork for expansion in the United States that will happen this year.
Revenue for the three months ending Dec. 31 was up 72.8 per cent to $552,838.
The company posted a net loss for the quarter of $1.8 million and $5.7 million for the year. That’s up from $1.1 million and $4.3 million for the same periods last year.
As of Dec. 31, the company had $80,016 in cash, compared with just under $1.9 million at the same time one year ago.