Theralase (TSXV: TLT) Releases 2013 Financials
Toronto, Ontario / TNW-ACCESSWIRE / April 30, 2014 / Theralase Technologies Inc. (herein "Theralase") (TSXV: TLT) (TLTFF: OTCBB) released its 2013 financial results today, demonstrating an increase in profitability by 24% year over year, while successfully advancing its patented next generation therapeutic laser and cancer destruction technologies.
Total revenue for the year ended December 31, 2013 decreased 34% from $1,824,313 to $1,203,620 year over year.
The net loss for the year ended December 31, 2013 was $1,152,209 (including $211,543 of net non-cash expenses) compared to a net loss of $1,509,569 in 2012 (including $322,915 of net non-cash expenses), demonstrating an improvement of 24% year over year.
The net loss is a reflection of the ongoing commitment of Theralase to invest in the next generation of therapeutic laser and cancer destruction technologies, from existing therapeutic laser sales.
Selling and marketing expenses decreased 31% from $626,380 to $433,622 for the same period in 2012. The decrease was due to reduced spending on salaries for sales personnel and a reduction in associated marketing costs.
Administrative expenses decreased 24% from $1,238,900 to $942,069 for the same period in 2012. The decrease in administrative expenditures was due to reductions in administrative personnel, stock based compensation and commercial rent.
Research and development costs decreased 40% from $873,335 to $527,233 for the same period in 2012. The decrease reflects the approaching completion of the patented next generation TLC-2000 therapeutic laser technology and the pending ramp-up in the research and development costs associated with the cancer destruction technology in 2014.
The Company is focused on achieving the following strategic initiatives in 2014:
-- Increasing product sales and market acceptance of the TLC-1000 laser technology in Canada, the US and international medical markets, supported by the latest independent scientific and clinical research, which continues to confirm that the Company's proprietary technology has a higher safety and effectiveness as compared to other competitive technologies.
-- Investing in scientific and clinical research aimed at unlocking the mechanisms of action as to how Theralase laser light can so dramatically heal tissue versus competitive technologies.
-- Launch its patented next generation TLC-2000 biofeedback laser technology in Canada and the US in 4Q2014.
-- Research and development of its patented Photo Dynamic Compound (PDC) technology proven effective pre-clinically in the destruction of cancer by completing preclinical research in 2014 and commencing a FDA Phase 1/2a human clinical trial in bladder cancer in 1Q2015.
Roger Dumoulin-White, President and CEO of Theralase stated that, "2013 was a pivotal year for Theralase, where we relocated our head office to a better corporate location, streamlined our operations and made advancements in both the therapeutic laser and anti-cancer divisions. 2014 will be a very exciting year for Theralase as we increase our revenues through expansion of our sales and marketing initiatives, launch our next generation therapeutic laser technology and prepare to commence human clinical trials in our anti-cancer division in early 2015. Due to the on-going requirement of capital to fund the Company's growth in 2014 in both divisions, the Company will continue to investigate financing options on both the debt and the equity side, in order to achieve its strategic initiatives and unlock shareholder value."
About Theralase Technologies Inc.
Theralase Technologies Inc. designs, manufactures and markets patented, superpulsed laser technology used in healing injured tissue and destroying cancer. Theralase technology is safe and effective in eliminating pain, reducing inflammation and accelerating tissue regeneration of numerous nerve, muscle and joint injuries. Theralase is actively developing patented technology that is able to target and destroy cancers, bacteria and viruses when light activated.
