Ergoresearch, Laval, Quebec, Canada, has released the financial results of its fiscal year (FY) 2013, which ended June 30. All figures quoted are in Canadian dollars. The company has reported that revenues increased by 63.6 percent, from $8,231,134 in FY 2012 to $13,469,348. Net income was $11,926,893.
Excluding gain from business acquisition, non-recurring expenses from business acquisition, and stock-based compensation expense, net income amounted to $875,952 in FY 2013 compared to $675,610 in FY 2012. Net cash generated from operating activities rose to $1,251,329. At the close of FY 2013, cash was $6,678,585, up $5,233,356 over FY 2012. Total assets were $30,767,118, compared to $6,607,439 for FY 2012.
As part of the key operating items listed for FY 2013, Ergoresearch included the launch of the OdrA orthotic device, aimed at alleviating pain related to knee osteoarthritis, and three company acquisitions. Ergoresearch purchased Laboratoire Podotech, Prévost, Quebec, in October 2012; Laboratoire Langelier, headquartered in Beloeil, Quebec, in January 2013; and Victhom Human Bionics, Montreal, Quebec, in April 2013.
According to a company press release, Laboratoire Langelier ranked second after Ergoresearch in the Quebec foot orthotics industry, and the Victhom Human Bionics acquisition gave Ergoresearch significant O&P patents, including intellectual property used in the Össur Power Knee.
“We will take advantage of the next few months to properly integrate our recent acquisitions, accelerate product promotion (including the OdrA orthotic device) and we’ll remain observant in regards to new business acquisition opportunities,” said Sylvain Boucher Ergoresearch president and CEO.