Annidis trims costs, cuts losses

Ottawa’s Annidis Corporation (TSX-V: RHA) saw little change in its revenue and losses during 2013.

The eyecare equipment manufacturer reported revenue of $1.07 million during the year that ended Dec. 31. That’s compared to $1.14 million during the previous year.

Despite the slight drop in revenue, the company’s net loss was down to $4.31 million from $4.54 million last year.

“We spent the majority of 2013 building a strong foundation for our company, and I am excited to announce that we are now well positioned to grow the business significantly in 2014," Gerald Slemko, the company’s CEO said in a press release.

The company said it has increased the install base of its RHA diagnostic machines from 27 to 39.

The company has also trimmed costs, with general and administrative expenses declining from $1.46 million to $946,592 during the year.

Annidis has also improved its working capital position, increasing it from a deficiency of $1.88 million to $901,273.

“A constraining factor for the company to grow during 2013 was access to financial resources. We overcame that factor by completing a financing agreement with Hong Kong-based YIMAI Technology International Company, which brought in $6 million into Annidis,” said Mr. Slemko.

“As part of the financing agreement, we also signed a distribution agreement with YIMAI, which will help Annidis expand its presence in the Chinese market.”

For the three-month period that ended on Dec. 31, Annidis reported revenue of $319,844, down from $483,394 during the same period a year ago.

Net loss was down to $1.11 million from $1.42 million during the previous year.

The company's shares were up three cents to $0.25 in mid-afternoon trading.