Rehabilitation and assistive technology solutions provider Bionik Laboratories Corp announces its financial results for the fiscal year that ended March 31, 2017.
According to a media release, the Toronto-based company reported sales of $571,945 for the year ended March 31, 2017. It also reported a comprehensive loss of $3,936,574, resulting in a loss per share of $0.04, compared to a comprehensive income of $1,036,148 for the year ended March 31, 2016, resulting in income per share of $0.01. Excluding the impact of the non cash flow warrant derivative gain, share based compensation and depreciation and amortization, the loss is $6,481,066 for the year ended March 31, 2017 and $5,147,166 for the year ended March 31, 2016.
The Company ended the year at March 31, 2017 with $543,650 of cash and cash equivalents compared to $5,381,757 at March 31, 2016. Working capital was $(4,375,225) at March 31, 2017 compared to $187,156 at March 31, 2016. Adjusting for warrant derivative liability and convertible loans, the Company’s working capital would be $(1,398,137) at March 31, 2017 compared to $5,323,146 at March 31, 2016.
“We have taken a significant step towards expanding market presence and commercialization of our assistive robotic technologies by entering into key partnerships with leaders in consumer product development, manufacturing, and distribution. We believe these relationships will enable us to access larger markets, which will be especially important as we begin to enter fast growing markets in Asia,” said Peter Bloch, Chief Executive Officer and Chairman of the Board of Bionik Laboratories Corp, in the release.
“We intend to continue to cultivate relationships that will be beneficial to our market penetration, while continuing to further build out our technology portfolio and seek key approvals in global markets. We believe our company is well positioned to meet the growing global need for robotic solutions,” he adds.
[Source(s): Bionik Laboratories Corp, PR Newswire]
