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.
Earlier this year, the company’s auditors expressed concern about the firm’s ability to continue operating amid its mounting debt.
Annidis’ stock price was flat at one cent on the TSX Venture Exchange on Monday.