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IDC Files First Quarter Financial Statements on SEDAR

 

Calgary, Alberta (FSCwire) - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSXV: IDL) reports its financial results for the March 31, 2017 fiscal year-end.

 

First Quarter 2017 Results:

 

• Gross revenues for the three months ended March 31, 2017 increased by 19 percent compared to the same period in 2016. 

 

• Gross margin for the three months ended March 31, 2017 was $205,866 (21 percent) compared to $244,194 (29 percent) for the same period in 2016.  

 

• Overhead costs (sales, general and administrative, production and manufacturing, and research and development expenses) were $2,046,772 for the three months ended March 31, 2017, up from $1,242,570, during the same period in 2016.   

 

• Net loss for the three months ended March 31, 2017 was $2,507,580 ($0.04 per share), compared to a net loss of $1,295,582 ($0.02 per share) in the same period of 2016 on a post-consolidated basis. 

 

• Trade and other receivables increased to $5,011,802 at the end of March 31, 2017 from $4,842,506 at December 31, 2016.

 

• Trade and other payables increased from $4,311,686 at December 31, 2016 to $4,416,353 at March 31, 2017. 

 

IDC (Guangzhou) Ltd.:

 

On April 10, 2017, the Company closed on the acquisition of 51% of the common shares of Guangzhou Service Medical Tech. Ltd. Co. (“Guangzhou Service”), a Chinese company for an equivalent $98,635 (510,000 CNY).  Guangzhou Service is a Chinese Company that will provide servicing of equipment in the medical device industry.  The name of this subsidiary has been changed from Guangzhou Service to IDC (Guangzhou) Ltd.

 

A conference call to discuss the quarter’s results is not planned at this time. The Company’s annual consolidated financial statements for the year ended December 31, 2016 and the related management discussion and analysis are available on Sedar.com.

 

About Imaging Dynamics Company (IDC):

 

IDC is a global medical imaging technology provider and innovative force in the high growth field of digital radiography (DR) technology.

 

The Company has thousands of installations in 50 countries of its proprietary, award winning direct capture DR technology, which replaces conventional film-based diagnostic imaging and provides a cost-effective solution for medical facilities of all sizes to provide high quality diagnostic X-ray images and improve the level of healthcare for their patients.

 

Throughout its history, IDC has been recognized by multiple industry organizations and research analysts such as: Frost & Sullivan and Deloitte Technology; for its dedication to innovation, global market growth, and customer focused value proposition.

 

The Company has its corporate office in Calgary, Canada, a sales and marketing office in Beijing, China, and also operations, research and development centres in Calgary, Canada and Shanghai, China.

 

Visit the IDC web site:  www.imagingdynamics.com

 

For more information, please contact:

Mr. Eugene Woychyshyn

Chief Financial Officer
1.403.251.9939 Office
1.866.975.6737 Toll Free

ewoychyshyn@imagingdynamics.com

 

Statements in this release which describe IDC's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of IDC to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. IDC may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions. Known and unknown risks and uncertainties include: IDC's ability to manufacture its products with a sufficient level of quality and in volumes which satisfy market demand; the ability of IDC to establish direct and indirect sales channels; the ability of IDC to establish industry partnerships; IDC's ability to attract and retain key personnel; the strength and breadth of IDC's patents; and other factors relating to general economic conditions, specific industry conditions and IDC's particular situation.

 

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ImagingDynamics05302017.pdf

Source: Imaging Dynamics Company Ltd. (TSX Venture:IDL)

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