MONTREAL, May 7 /PRNewswire-FirstCall/ - Aptilon
Corporation ("Aptilon" or the "Company") (TSX-V: APZ), a leader in
online access to and interaction with physicians on behalf of
pharmaceutical sales and marketing programs, filed its financial
results for the year ended December 31,
2009 on April 30th, 2010.
Financial references are in CDN dollars. Complete financial
statements and MD&A are available on SEDAR at
www.sedar.com.
Highlights
- Revenue for 2009 increased 97% to $15.9 million from $8.0 million in
2008
- Gross margin for 2009 increased 105% to $10.3 million from
$5.0 million in 2008
- Revenue for the fourth quarter of 2009 increased 132% to $6.3 million
from $2.7 million over the same period in 2008
- Net loss for the full year 2009 decreased 52% to $2.7 million from
$5.7 million in 2008
- Net loss as a percentage of sales decreased to 17% from 71% during the
prior year period
- Cash generated in the fourth and final quarter of 2009 reached
$416,756, reversing a cash loss of $485,912 in the year earlier
period, an improvement of 186%. Cash generated is calculated by adding
amortization, stock-based compensation and accretion of carrying value
on promissory note payable and debenture to the net loss.
- Acquired substantially all the assets of Direct Medical Data, LLC and
BLM Incorporated, collectively "DMD", effective September 18, 2009.
"We are very pleased with our Company's advancement in fiscal
2009," said Chairman and CEO Dr. Roger
Korman. "Improvements in both organic growth, combined with
the completion of the purchase of assets of DMD has helped to
deliver year over year and fourth quarter results that were the
best in our history. On a quarterly basis, Aptilon has now
delivered improving quarter over quarter revenue and gross margin
results during each of the last seven quarters. We have expanded
our suite of offerings to include both volume-based marketing
impressions in addition to the generation of sales and marketing
interactions. Aptilon continues to capitalize on new distribution
channels for our products and services and we successfully
transitioned several key clients from early stage to higher revenue
operational contracts. Aptilon intends to further develop our
roster of pharmaceutical clients and brands and increase the
revenue generated from impressions and interaction generation in
the year ahead," he added.
Financial Review 2009
For the year ended December 31,
2009, revenue increased 97% to $15.9
million compared to $8.0
million in 2008.
Gross margin for 2009 increased 105% to $10.3 million versus $5.0
million in 2008. Expressed as a percentage of revenue, gross
margin increased to 65% for full-year 2009 from 63% in 2008 mainly
due to improving average contract value with existing clients.
General and administrative ("G&A") expenses for 2009 were
$3.5 million or 22% of revenue,
compared to $3.1 million or 39% of
revenue in 2008. G&A expenses consist primarily of salaries and
benefits for executive management and administrative personnel,
related office premises, and other infrastructure support costs.
Stock-based compensation of $540,091
is also included in G&A.
Sales and marketing expenses for 2008 increased to $5.7 million compared to $5.4 million compared in 2008 primarily as a
result of the DMD asset purchase completed in the third quarter.
Sales and marketing expenses consist primarily of salaries
(including commissions and bonuses) and related costs associated
directly to sales and promotion activities.
Net loss for the year ended December 31,
2009 was $2.7 million or
$0.02 per share, compared to
$5.7 million or $0.03 per share in 2008 as the result of
increasing revenue and improved operating efficiencies and larger
base of clients.
The Company had 188,162,765 common shares outstanding at
December 31, 2009.
Financial Review Fourth Quarter 2009
Revenue for the fourth quarter of 2009 totalled $6.3 million, an increase of 132% from
$2.7 million in the fourth quarter of
2008 and 69% from $3.7 million in the
third quarter of 2009. The increase is attributable to both organic
growth and a full three-month impact of the assets acquired in the
previous quarter.
The gross margin of $3.8 million
in the fourth quarter represented 60% of revenue, slightly lower
than the preceding three quarters of the year due to the revenue
mix including the revenue from DMD purchased assets.
G&A in the fourth quarter of 2009 increased 44% from the
same period in 2008, from $0.89 million to
$1.28 million. Sales and marketing expenses also increased
in the quarter, from $1.2 million in
the fourth quarter of 2008 to $1.9
million in the fourth quarter of 2009. The increases in
G&A and sales and marketing expenses experienced in the quarter
were primarily due to the DMD acquisition completed in the third
quarter 2009.
Net loss increased $366,128 from a
net loss of $845,160 in the last
quarter of 2008 to $1,211,288 in the
final quarter of 2009. The increase in net loss was the result of
the additional non-cash items (amortization, stock-based
compensation and accretion expense) which amounted to $1,628,044 for the fourth quarter of 2009
compared to $359,248 in 2008.
About Aptilon Corporation
-------------------------
Aptilon enables pharmaceutical, biotech and medical device
companies to effectively reach, advertise to and interact with more
than 500,000 US physicians via the Internet through its innovative
AxcelRx(SM) service offering including video detailing,
ReachNet(SM) Physician Access Channel and the DMD database and
permission-based email services. Top ten US pharmaceutical
companies and respected healthcare organizations have adopted
Aptilon's solutions to market to and engage leading physicians. For
more information, visit www.aptilon.com.
AxcelRx(SM) and ReachNet(SM) are service marks of Aptilon
Corporation.
Forward-looking statements
--------------------------
This news release may contain forward-looking statements. These
statements relate to future events or future performance and
reflect management's current expectations and assumptions. Such
forward-looking statements reflect management's current beliefs and
are based on information currently available to management of
Aptilon. A number of factors could cause actual events, performance
or results to differ materially from the events performance and
results discussed in the forward-looking statements. These
forward-looking statements are made as of the date hereof and
Aptilon does not assume any obligation to update or revise them to
reflect new events or circumstances.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Aptilon Corporation