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Revenue and Gross Margin Continue to Grow
Montreal, Quebec, May 29, 2009 - Aptilon Corporation ("Aptilon" or the "Company") (TSX-V: APZ), a leader in creating online access to physicians for pharmaceutical sales programs, today announced its financial results for the quarter ended March 31, 2009. Financial references are in CDN dollars. Complete financial statements and MD&A are available on SEDAR at www.sedar.com.
Financial Highlights
- Revenue for 1st quarter 2009 increased to $2.8 million, or 38%, from
$2.0 million in 1st quarter 2008
- Gross margin increased 45% to $1.95 million from $1.34 million
- Net loss decreased 66% to $473,767
Business Highlights
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During the quarter, Aptilon released the latest version of its flagship AxcelRx platform, seamlessly connecting healthcare practitioners and influencers to pharmaceutical company representatives across multiple access channels
“First quarter 2009 results continue the steady upswing of the last four quarters," said Chairman and CEO Dr. Roger Korman. "In terms of organic growth, our first quarter results were the best to date. Our ongoing work with top US pharmaceutical companies continues to build as our partnerships with major pharmaceutical marketing companies move into gear. Our foundation of top pharmaceutical brands continues to solidify as a platform for continued growth," he added.
Financial Review First Quarter, 2009
For the quarter ended March 31, 2009, revenue increased 38% to $ 2.8 million compared to $2.0 million in the same quarter of 2008.
Gross margin for the first quarter was $1.95 million compared to $1.34 million representing an increase of 45%. Expressed as a percentage of revenue, gross margin increased to 69% in the first quarter 2009.
General and administrative ("G&A") expenses were $0.63 million or 23% of revenue, compared to $0.72 million or 36% of revenue in the first quarter of 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 $154,764 ($165,029 1st quarter 2008) is also included in G&A.
Sales and marketing expenses for the first quarter 2009 decreased to $1.26 million compared to $1.44 million in the same period last year. 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 three-month period ended March 31, 2009 was $0.47 million or $0.00 per share, compared to a $1.4 million loss or $ 0.02 per share in the first quarter 2008 as the result of the revenue increase in the last two quarters combined with an overall reduction of operating expenses including the cost of revenue, as a percentage of revenue.
As at March 31, 2009, the Company had working capital of $5.1 million, including cash and cash equivalents of $1.4 million compared to $5.4 million, including cash and cash equivalents of $1.3 million, at December 31, 2008. Cash and cash equivalent increased $49,340 from December 31, 2008 to March 31, 2009.
The Company had 186,948,944 common shares outstanding (fully diluted) at March 31, 2009.
About Aptilon Corporation
Aptilon enables pharmaceutical, biotech and medical device companies to effectively reach and interact with more than 450,000 US physicians via the Internet through its innovative AxcelRxSM Live video detailing platform which hosts promotional, peer selling and other sales and marketing programs. Top ten US pharmaceutical companies have adopted Aptilon’s AxcelRxSM solution to reach leading physicians. Aptilon provides the infrastructure necessary for pharmaceutical companies to build physician awareness, understanding, and product preference during all stages of a product’s life cycle, from pre-launch education through end stage support. For more information, visit www.aptilon.com.
AxcelRxSM and ReachNetSM 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.
For further information please contact:
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Mr. Denis Martineau
President
Aptilon Corporation
1-888-544-8866
investors@aptilon.com
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Jeremy Mackenzie Lee
The Equicom Group
514-788-2434
jmackenzielee@equicomgroup.com
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The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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