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
gordonwillox@live.ca

Cathy Hume, Investor Relations
Phone: 416-868-1079 x 231
Email: cathy@chfir.com

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.

ReleaseID: 568157