Medical blog

VANCOUVER, Nov 26, 2008 /PRNewswire-FirstCall via COMTEX/ --

- Revenues increases 123% versus Q3 2007
- Company alters strategy to shorten time to profitability
- Debt financing is secured as component of new plan
- Total revenue for the three months ended September 30, 2008 increased
123% to $1,947,642 compared to $879,698 for the same period in 2007.
- Total revenue for the nine months ended September 30, 2008 increased
138% to $4,958,879 compared to $2,081,746 for the same period in
2007.
- For the nine months ended September 30, 2008 Center operations
revenue and Product sales increased 138% and 136% respectively
compared to the same period in 2007.
- Patient visits for the nine months ended September 30, 2008,
increased 115% to 18,911 compared to 8,780 patient visits for the
same period in 2007.
- The Company recorded a net loss of $993,211 ($0.02 per share) and
$3,049,922 ($0.07 per share) for the three and nine months ended
September 30, 2008 compared to a net loss of $777,584 ($0.02 per
share) and $2,728,408 ($0.06 per share) for the same periods in 2007.
Summary of interim results (expressed in United States dollars):

Consolidated Balance Sheets
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September 30, December 31,
2008 2007
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(Unaudited)
Current assets:
Cash and cash equivalents $ 942,375 $ 3,531,818
Accounts receivable 1,734,692 975,290
Inventory 57,977 30,716
Prepaid expenses and deposits 121,662 262,084
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2,856,706 4,799,908
Property and equipment 808,020 879,394
Intellectual property 677,962 734,293
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$ 4,342,688 $ 6,413,595
Current liabilities:
Accounts payable and accrued liabilities $ 511,097 $ 323,791
Deferred leasehold inducements 41,426 41,426
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552,523 365,217
Deferred leasehold inducements 71,492 98,729
Shareholders' equity:
Share capital (note 6) 15,022,822 14,933,072
Contributed surplus (note 6) 3,134,820 2,405,624
Accumulated other comprehensive loss (66,772) (66,772)
Deficit (14,372,197) (11,322,275)
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3,718,673 5,949,649
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$ 4,342,688 $ 6,413,595
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Consolidated Statements of Operations, Comprehensive Loss and Deficit
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Three months ended Nine months ended
------------------------ ------------------------
September 30, September 30, September 30, September 30,
2008 2007 2008 2007
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Revenue:
Center
operations $ 1,789,970 $ 825,018 $ 4,587,610 $ 1,924,635
Product sales 167,672 54,680 371,365 157,111
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1,957,642 879,698 4,958,975 2,081,746
Expenses:
Center operations
and development 2,118,727 1,155,065 5,554,948 3,396,643
Medical products 217,412 30,085 432,344 172,924
Corporate and
other 508,286 558,960 1,762,021 1,576,242
Depreciation and
amortization 88,433 77,927 264,026 215,258
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2,932,858 1,822,757 8,013,388 5,361,067
Operating loss (975,216) (943,059) (3,054,363) (3,279,321)
Other items:
Interest income 15,373 47,389 49,610 130,963
Foreign exchange
gain (loss) (34,887) 118,086 (48,799) 419,950
Other income 1,519 - 3,630 -
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(17,995) 165,475 4,441 550,913
Net loss and
comprehensive loss (993,211) (777,584) (3,049,922) (2,278,408)
Deficit, beginning
of period (13,378,986) (9,753,904) (11,322,275) (7,803,080)
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Deficit, end of
period $(14,372,197) $(10,531,488) $(14,372,197) $(10,531,488)
Basic and diluted
loss per share $ (0.02) $ (0.02) $ (0.07) $ (0.06)
Weighted average
shares
outstanding 44,919,251 43,829,351 44,840,640 43,312,907
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