PR Newswire
QUÉBEC CITY, March 21, 2017
QUÉBEC CITY, March 21, 2017 /PRNewswire/ - TSO3 Inc. (TSX: TOS) ("TSO3" or the "Company"), an innovator in sterilization technology for medical devices in healthcare settings, reported its operating results for the fourth quarter and year ended December 31, 2016. All figures are in US dollars unless otherwise noted.
2016 Fourth Quarter Financial Summary
2016 Full Year Financial Summary
Fourth Quarter 2016 and Subsequent Event Operational Highlights
Management Commentary
"We are pleased with TSO3's strong finish to 2016. In the fourth quarter of 2016 we reached important operational milestones, added strategic key personnel, and made substantial improvement in revenues and gross margins," said TSO3 President and CEO, R.M. (Ric) Rumble. "We continue to invest in our team and our game-changing technology as we look to transform how low temperature sterilization and endoscope reprocessing is performed in healthcare."
"Looking ahead into 2017," Rumble continued , "We will continue to support Getinge in North America, Europe and other international markets, conduct comprehensive sales training meetings and provide marketing collateral support. 2017 will also see us expand upon the use of our existing laboratories in Québec and South Carolina in an effort to further support device compatibility testing, pursue expanded regulatory claims for duodenoscopes in the United States, and new product development."
Supplemental Non-IFRS Financial Measures
In addition to IFRS financial measures, management uses non-IFRS financial measures to assess the Company's operational performance. It is likely that the non-IFRS financial measures used by the Company will not be comparable to similar measures reported by other issuers or those used by financial analysts as their measures may have different definitions. The measures used by the Company are intended to provide additional information and should not be considered in isolation or as a substitute for IFRS financial performance measures.
Generally, a non-IFRS financial measure is a numerical measure of an entity's historical or future financial performance, financial position or cash flows that is neither calculated nor recognized under IFRS. Management believes that such non-IFRS financial measures are important as they provide users of the financial statements with a better understanding of the results of the Company's recurring operations and their related trends, while increasing transparency and clarity into its operating results. Management also believes these measures can be useful in assessing the Company's capacity to discharge its financial obligations.
In 2016, management began assessing its operational performance using supplemental non-IFRS statement of income which removes typically one-time unusual items that do not reflect the recurring and ongoing operational results and trends. The results of the associated adjustments in 2016 included the removal of a one-time expense associated with a commitment to purchase of raw materials made in the year but made obsolete by adjustments and improvements in installation alternatives in response to feedback from end customers, which resulted in the calculation of adjusted gross profit, adjusted EBITDA and adjusted net income.
Additional Fourth Quarter and Full Year 2016 Financial Information | | ||||||||||
| | | |||||||||
$000's | Quarterly 2016 | Full Year 2016 | |||||||||
| Q1 | | Q1 | Q2 | Q3 | Q4 | | Q4 | | | |
| IFRS | Adjust- ments(1) | Non- | IFRS | IFRS | IFRS | Adjust- | Non- | IFRS | Adjust- | Non- |
Revenues | 3,071 | - | 3,071 | 2,977 | 3,507 | 3,746 | - | 3,746 | 13,301 | - | 13,301 |
Cost of Goods Sold | 1,961 | - | 1,961 | 2,143 | 2,368 | 2,716 | (312) | 2,404 | 9,188 | (312) | 8,876 |
Gross Profit | 1,110 | - | 1,110 | 834 | 1,139 | 1,030 | (312) | 1,341 | 4,113 | (312) | 4,424 |
Gross Margin | 36% | - | 36% | 28% | 32% | 28% | (8%) | 36% | 31% | (2%) | 33% |
| | | | | | | | | | | |
R&D | 606 | - | 606 | 803 | 806 | 1,297 | - | 1,297 | 3,512 | - | 3,512 |
SGA | 1,385 | - | 1,385 Werbung Mehr Nachrichten zur Tso3 Aktie kostenlos abonnieren
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