Aquarius Surgical Technologies Reports Increased Sales in the First Half of 2020

TORONTO, ON / ACCESSWIRE / November 26, 2019 / Aquarius Surgical Technologies Inc. (CSE:ASTI) (“ASTI” or “the Company”), an exclusive provider of innovative, minimally invasive medical laser systems and consumables for multiple medical disciplines in the field of urology, today announced financial results for the six-month period ended September 30, 2019. The full report is available on www.SEDAR.com.

Financial Highlights for the First Half of 2020*:

  • Total sales of $518,225 as compared to $148,884

  • Gross margin of $242,260 as compared to $39,614

  • Inventories of $277,490, down from $803,852
  • Net loss of $718,606 as compared to a net loss of $682,098

* All amounts expressed are in Canadian dollars. All comparisons are relative to the six-month period ended September 30, 2018.

Gordon Willox, Founder & President of ASTI, said: “We are certainly happy to see such a significant ramp-up in sales compared to last year, but the work doesn’t stop here. Now that our technology has been successfully tested by numerous well-regarded surgeons and institutions, we see a huge demand for our products and our main priority now is to be able to satisfy this demand. ASTI’s existing sales teams in the US are showing increased activity, and the private placement we are working on at the moment will help us set up more teams, which would ultimately result in increased revenue for the Company.”

ASTI is in the process of raising up to $3 million via a Private Placement offering, the net proceeds of which would go towards adding more sales teams to further grow the Company’s market presence. The Company has also recently partnered with Dext Capital, a $10B capital-backed American independent lessor. The partnership expects to significantly increase the probability for medical organizations to acquire ASTI’s unique technology solutions.

About Aquarius Surgical Technologies Inc.

Aquarius Surgical Technologies (ASTI: CSE) is an exclusive provider of innovative, minimally invasive medical laser systems and consumables for multiple medical disciplines, principally in the field of urology. Solutions also include clinical education, service, support and maintenance. ASTI is focused on increasing the availability of services for patients, enhancing the quality of patient care, improving operationally efficiencies and reducing total operational costs. Learn more by visiting the Investors tab on ASTI’s website https://surgicallasersinc.com/.

For more information, please contact:

Gordon Willox, President
Phone: 844-441-9090
Phone: 905-853-9090
[email protected]

Cathy Hume, Investor Relations
Phone: 416-868-1079 x 231
Email: [email protected]

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

Investors are cautioned that trading in the securities of the Corporation should be considered highly speculative. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Aquarius Surgical Technologies Inc. will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Aquarius Surgical Technologies Inc.

  Three Months Ended     Six Months Ended  
 
  30-Sep-19     30-Sep-18     30-Sep-19     30-Sep-18  
Sales
  $       $       $          
Equipment
    100,285       59,295       326,013       59,295  
Fiber sales
    111,043       62,014       174,234       89,528  
Equipment rental
    4,043             17,103        
Other
    (366)       61       875       61  
 
    215,005       121,370       518,225       148,884  
Cost of sales
    118,681       83,116       275,965       109,270  
Gross Margin
    96,324       38,254       242,260       39,614  
Expenses
General and administrative
    364,062       332,155       742,626       696,667  
Bank charges and interest
    80,267       4,034       158,822       6,585  
Amortization
    33,547       12,798       66,808       25,596  
 
    477,877       348,988       968,257       728,848  
Net loss before other items
    (381,552)       (310,734 )     (725,996)       (689,234 )
Other items:
Interest income
    4,009       7,136       7,390       7,136  
Net loss for period
    (377,543)       (303,598 )     (718,606)       (682,098 )
Loss per share, basic and diluted
  $ (0.018)     $ (0.016 )   $ (0.035)     $ (0.036 )
Weighted average number of shares outstanding
    21,095,784       19,381,615       20,378,272       19,124,187  

SOURCE: Aquarius Surgical Technologies Inc.

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