MONTREAL, April 29 /PRNewswire-FirstCall/ - Aptilon
Corporation ("Aptilon" or the "Company") (TSX-V: APZ), a leader in
online access, engagement and interaction with physicians and
healthcare professionals on behalf of pharmaceutical and life
sciences companies, today announced its financial results for the
year ended December 31, 2010.
Financial references are in Canadian dollars. Complete financial
statements and management's discussion and analysis are available
on SEDAR at www.sedar.com.
Highlights
- Revenue for 2010 increased by 111% to $33.5 million from $15.9
million in 2009
- Gross margin for 2010 increased by 103% to $20.9 million from $10.3
million in 2009
- Revenue for the fourth quarter of 2010 increased by 39% to
$8.8 million from $6.3 million over the same period in 2009
- Net earnings for the full year 2010 increased to $0.2 million reversing a net loss of $2.7 million in 2009
- Cash flow from operations before adjustment for the net change
in non-cash working capital items reached $5.7 million from $0.0
million the prior year
- Delivered smartphone enabled live interactions between
healthcare professionals and remote sales representatives further
extending its platform to leading mobile and tablet devices
"Management is pleased with the Company's growth and advancement
in 2010, both operating units delivered year over year and fourth
quarter results that were the best in our history. The Company
continues to capitalize on the trend to multi-channel sales and
marketing within pharmaceutical and general healthcare industries,
including DMD assets purchased in September
2009," said Chairman and CEO Dr. Roger Korman. "Aptilon intends to further expand
adoption and usage of our platforms across a variety of healthcare
users, clients and brands in the year ahead. With the explosion of
tablets and smartphone mobile devices, now more than ever, clients
rely on Aptilon to provide targeted HCPs access from any channel to
any selected content or representatives, anywhere, at any time on
any device," he added.
Subsequent to the period, during the first half
of 2011, Aptilon will be releasing major updates of its leading
product line, including:
- Aptilon ChannelHQ - aggregate, target, track and route all HCP
traffic and on-demand requests from any access channel to any
content or resources
- Aptilon LiveCentral - remote live meetings between any
presenter and any targeted HCP, reviewing any approved healthcare
content or web resource
- Aptilon LiveManager - real-time representative team management
of live meetings
- Aptilon Mobile - extension of the HCP experience and live
meetings to leading smartphones and tablet-based mobile
devices
Flexible, scalable, Aptilon products and
services are easily combined to deliver integrated online sales and
marketing campaigns. Aptilon solutions provide consistent,
convenient, on-demand offerings for targeted HCPs across any access
channel, any content, any representative resource and any enabled
device.
Financial Review 2010
For the year ended December 31,
2010, revenue increased by 111% to $33.5 million compared to $15.9 million in 2009.
Gross margin for 2010 increased by 103% to $20.9 million compared to $10.3 million in 2009. Expressed as a percentage
of revenue, gross margin was 62% compared to 65% for 2009.
General and administrative ("G&A") expenses for 2010 were
$5.5 million or 16% of revenue,
compared to $3.5 million or 22% of
revenue in 2009. G&A expenses consist primarily of salaries and
benefits for executive management and administrative personnel,
related office premises, and other infrastructure support costs.
Increases were generally attributed to the full year inclusion of
DMD, assets purchased in September
2009, in the 2010 results. Stock-based compensation of
$0.3 million in 2010 is also included
in G&A.
Sales and marketing expenses for 2010 increased to $7.9 million compared to $5.7 million in 2009 primarily as a result of the
DMD asset purchase completed in the third quarter of 2009. Sales
and marketing expenses consist primarily of salaries (including
commissions and bonuses) and related costs associated directly to
sales and promotion activities.
Net earnings for the year ended December
31, 2010 was $0.2 million
($0.00 per share) reversing a net
loss of $2.7 million ($0.02 per share) in 2009 as the result of
increasing revenue and improved operating efficiencies and larger
base of clients. The net earnings of $0.2
million in 2010 include over $6.4 million of non-cash items
(amortization, stock-based compensation and accretion expense).
The Company had 192,943,365 common shares outstanding at
December 31, 2010.
Financial Review Fourth Quarter 2010
Revenue for the fourth quarter of 2010 totaled $8.8 million, an increase of 39% from
$6.3 million in the fourth quarter of
2009. The increase is attributable to organic growth of all
business units.
The gross margin of $6.0 million
in the fourth quarter represented 68% of revenue, slightly higher
than the preceding three quarters of the year due to the revenue
mix.
G&A in the fourth quarter of 2010 increased by 59% from the
same period in 2009, from $1.3 million to
$2.0 million. The increases in G&A and expenses
experienced in the quarter were primarily due to the DMD
acquisition completed in the third quarter 2009. Sales and
marketing expenses also increased in the quarter, from $1.9 million in the fourth quarter of 2009 to
$2.2 million in the fourth quarter of
2010.
Net earnings increased by $1.6
million, reversing a net loss of $1.2
million in the final quarter of 2009 to net earnings of
$0.4 million in the quarter ended
December 31, 2010.
Grant of Options to Outside Directors
Aptilon also announces that it has granted a total of 250,000
stock options to its five external directors under its stock option
plan, at an exercise price of $0.155
each. These options will expire on April 29,
2016. Of these options, 1/12 will vest on each quarterly
anniversary of the date of the grant over a total period of three
years.
About Aptilon Corporation
Aptilon enables pharmaceutical, biotech and medical device
companies to effectively reach, message, connect and interact with
US physicians and healthcare professionals on the Internet and over
mobile devices via multiple access channels. Its innovative service
offerings provide targeted impressions and interactions through:
video and mobile detailing, ReachNet℠ Physician Access
Channel, the DMD database and permission-based email services. Top
US pharmaceutical companies and respected healthcare organizations
have adopted Aptilon's solutions to market to, engage and interact
with leading healthcare practitioners. For more information, visit
www.aptilon.com.
ReachNetSM is a service mark 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