Ergoresearch, a Laval, Quebec-based designer and manufacturer of technologies for the orthopedic industry, announces the results for the first quarter 2016 that ended on September 30, 2015.
Results for the first quarter of fiscal year 2016 ended this past September 30, 2015 totaled $3,535,534 decreasing by 14.5% compared to revenues of $4,137,111 for the quarter ended September 30, 2014. All dollar amounts are in Canadian currency, according to a media release from Ergoresearch.
Cash flow from operating activities amounted to $(505,364) for the first quarter ended on September 30, 2015 compared to $872,259 for the same period last year. The Company recorded in 2014 non-recurring income related to the monetization of its sleep apnea technology in the amount of $694,057.
Net income after tax of the Corporation reached $22,594 for the first quarter of 2016 compared to $308,431 for the same period last year, the release continues.
EBITDA reached $270,019 compared to $673,270 for the same period last year.
The decline in the result is due to the lower traffic generated by the closure of some offices, market developments and increased competition in Quebec, per the release.
Ergoresearch holds the patent for the intellectual property used in the Power Knee, a motor-powered AI prosthesis for above-the-knee amputees. The company also designed and commercialized WebFit, a robotized custom-fit orthotic software program.
For more information, visit Ergoresearch.
Source(s): Ergoresearch, PR Newswire]