Orthopedics designer and manufacturer Ergoresearch Ltd, based in Laval, QC, Canada, announces its results from the third quarter ending March 31, 2016.
Results for the third quarter of fiscal year 2016 totaled $3,001,573, decreasing by 9% compared to revenues of $3,299,994 for the third quarter of fiscal year 2015. (All dollar amounts are in Canadian currency.) The company explains the currency loss is related to the evolution of the market, the organization of care, and increased competition, as well as the company’s planned sale of its “home care” division, according to a media release from Ergoresearch.
In addition, the company’s cash flow from operating activities amounted to $(395,605) for the third quarter of fiscal 2016, compared to $(523,605) for the same period last year.
Net loss reached $(150,112) for the third quarter of 2016 compared to a net loss of $(280,197) for the same period last year. As well, EBITDA reached $58,439 this quarter compared to $(146,227) for the same quarter last year, per the release.
In a separate media release, the company announces the nomination of Benoit de Villiers as its new executive vice president.
Prior to joining Ergoresearch, de Villiers was president and CEO of Recyc-Québec.
“Mr de Villiers will assume overall direction of Équilibre, orthopedic and biomechanics and will contributes to the strategy and execution of the next steps of the business plan of Ergoresearch. With the addition of an executive vice president, the company has the means to accomplish the next steps in its growth plan.” says Sylvain Boucher, president and chief of Ergoresearch Ltd, in the release.
“Ergoresearch has built a unique platform in the orthopedic market. This structure offers interesting leverage and significant growth prospects. I look forward to joining the team in place to continue and contribute to the future development of the Company,” de Villiers adds in the release.
[Source(s): Ergoresearch Ltd, PR Newswire]
