Struggling Ottawa medical device firm Annidis (TSX-V: RHA) said it shipped 15 units of its eye-care imaging technology to its Chinese distribution partner and major shareholder during the second quarter, leading to a dramatic jump in revenues.
The company recorded $786,279 in revenue, up 476 per cent from a year earlier when it failed to make a sale in the quarter.
Annidis also slashed its operating expenses by 27 per cent in the quarter by reducing R&D spending. Combined with the higher sales, the company reduced its net loss to $698,261 for the quarter, an improvement on the $1.29 million loss it recorded a year earlier.
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Annidis’ stock price was flat at one cent on the TSX Venture Exchange on Monday.
