Medifocus Inc. Announces Revenue and Results of Operations for Fiscal First Quarter 2014: Revenue Increases 52 % from Prior Quarter
Submitted by Medifocus Inc. on Thursday, 08/29/2013
COLUMBIA, Md. and Toronto, ON- August 29, 2013 – Medifocus, Inc. (OTCQX: MDFZF and TSXV: MFS) a leader in the use of focused microwave energy to treat cancer and other tumors, is pleased to announce its financial results for its first fiscal quarter of 2014 ended June 30, 2013. These results reflect the continued successful rollout of the Company’s Prolieve® Thermodilatation System which is designed to provide a well-tolerated and effective alternative to drug therapy and certain types of surgical procedures used to treat the symptoms of Benign Prostatic Hyperplasia (BPH).
Revenue for the quarter ended June 30, 2013 increased to CN$1,311,251 from CN$862,538 in the quarter ended March 31, 2013, representing an increase of 52%, while the net loss for the quarter ended June 30, 2013 decreased to CN$1,232,221 ($0.011 per shares) from CN$2,492,384 ($0.021 per share) for the quarter ended March 31, 2013, representing a decrease of 51%. Since acquiring the Prolieve® business in July 2012, the Company has continued to generate recurring revenue by selling the disposable catheter kits for the Prolieve® Thermodilatation System and has achieved total sales of CN$3,117,220. Prolieve® revenue for the most recent quarter represents a significant increase of 319% from the quarter ended September 30, 2012, when Medifocus reported its first revenue from Prolieve® sales.
Dr. Augustine Y. Cheung, President and CEO of Medifocus, commented, “Medifocus’ plan is for Prolieve® to return to market leadership as a minimally invasive treatment for BPH. We believe we have made great progress towards achieving this goal during this quarter. We are also pleased to report that our overall quarterly financial results have demonstrated the success of the investment that we have made in our sales force and infrastructure since acquiring Prolieve®, as we have increased revenue by 52% and reduced our loss by 51%. We expect to deliver continued top and bottom-line growth and to strive to achieve positive cash flow in 2014.”
About Medifocus:
Medifocus Medifocus is a leader in the use of focused microwave energy to treat cancer and other tumors. It owns two fully developed technology platforms with comprehensive US and international patent protection: (1) The Endo-thermotherapy Platform-a catheter-basis focused heat technology platform that utilizes natural body openings to deliver precise microwave thermotherapy to the diseased sites. The U.S. FDA approved Prolieve Thermodilatation System for the treatment of Benign Prostatic Hyperplasia (“BPH”) was developed based on the Endo-thermotherapy and is currently generating revenue, and (2) The Adaptive Phased Array (APA) Microwave Focusing Platform-invented by MIT, licensed to Medifocus, directs precisely focused microwave energy at tumor center to induce shrinkage or eradication of tumors without undue harm to surrounding tissue. The Company’s APA 1000 Breast Cancer Treatment System, developed from the APA technology platform has received approval from the U.S. FDA and Health
Canada to conduct the pivotal Phase III clinical trials. The Company believes that these two technology platforms can provide the design basis for the development of multiple cancer treatment systems for surface, subsurface and deep seated localized and regional cancers.
Please visit
www.medifocusinc.com, www.prolieve.com and http://www.facebook.com/pages/Medifocus-Inc-Company-Page/546315028715627 for more details.
Forward-Looking Statements
This news release contains “forward-looking statements” and “forward-looking information”, which may not be based on historical facts. Forward-looking statements and forward-looking information, include, but are not limited to, information and statements with respect to the benefit to Medifocus’s future growth resulting from the acquisition of additional intellectual property rights, additional treatment possibilities and the expectation that sales from Prolieve® may accelerate as a consequence. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Such forward-looking statements and forward-looking information involve known and unknown risks, uncertainties and other factors that may cause the actual results events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements or forward-looking information. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements and forward-looking information. Except as required by applicable securities laws, the Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results, events or developments.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Company John Mon, COO, Medifocus, Inc. Tel: 410-290-5734 jmon@medifocusinc.com