Results for the fourth quarter and the fiscal year ended June 30, 2016 – Ergoresearch reports its 2016 annual results

Posted on: 28 October 2016 in What's New

LAVAL, QC, Oct. 28, 2016 /CNW Telbec/ – Ergoresearch Ltd (“Ergoresearch” or “the Company”) based in Laval and known under the «Équilibre, orthèses et biomécanique» banner – announces its results for the fiscal year ended June 30, 2016. All dollar amounts in the present release are in Canadian currency. The year 2016 was dedicated to improving the efficiency of the Company and laying out the foundations for future growth. The net profit for the period ending June 30, 2016 amounted to $111,733 compared to a net loss of $(7,023,218) last year. The earnings before income taxes amounted to $97,419 for Fiscal 2016 compared to $(642,637) for Fiscal 2015. This improvement in the result is related to efficiency gains that have helped to improve our gross margin, reduce our supplying costs and reduce our selling and administrative expenses.

Revenues reached $14,326,767 this year, a decrease of 7.6% from last year. After the decline in sales observed in the previous three quarters, we noticed a recovery of the situation for the 4^th quarter. The revenues this year were negatively affected by the strategic and planned closure of the “home care” division in January, the evolution of the market, and changes in the organization of health care in Quebec.

Concerning the balance sheet, the Company proceeded during the year, in payments totaling $1,526,581 towards its long-term debt. Also according to what was announced in November 2015, the Company redeemed for cancellation 5% of its capital stock (3,813,633 common shares) totaling an amount of $732,965.

The Company still has a cash equivalent of more than $8 million that the Company plans to use over the next few years.

Development and perspectives

Our current priorities and development plans include the following objectives:

Strengthened by our cash position, pursue the exploration of potential acquisitions or partnership in Quebec and across Canada.
Deploy the “Equilibre” brand in a multidisciplinary and interdisciplinary concept through the opening or designation of the super-clinics in Quebec.
Continue to develop the marketing of our technology platform and derivative orthotic related specialty products.
Continuing our investments in Research and Development (R&D)

Mr. Sylvain Boucher would like to thank all of our employees for their dedication and their ongoing desire to improve. Progress, the desire to excel and commitment are values that we all share, which reveals a bright future.

About Ergoresearch

Ergoresearch is a Canadian company that designs and manufactures cutting edge technologies for the orthopedic industry. The Corporation is a trend-setter in creating custom orthotics and speciality orthotics for the orthopedics market and holds a portfolio of patents in the orthopedics field and in human bionics. The mission of our banner “Équilibre orthèses et biomécanique” is to keep people active and moving. “ÉQUILIBRE“, driven by its proprietary technologies and the expertise of its professionals, offers a range of products, treatments and services in order to relieve pain, restore motor function and optimize performance.

This document is not intended to encourage the purchase of securities listed on the TSX Venture Exchange. TMX Group and its affiliates do not endorse or recommend any of the securities referenced here. Please seek professional advice to evaluate specific securities.

Forward-looking statements

Certain statements in this Press Release contain forward-looking statements and information that may entail certain risks related to uncertainties. Such statements are not historical facts and are based on current management’s expectations. We ask the reader to note that these statements are subject to a multitude of risks and uncertainties that could affect the potential future results, circumstances or events and may differ materially from those contained in the forward-looking statements. Such risk factors include, but are not limited to, those related to the Company’s ability to finance its activities, competition, ability to negotiate and maintain partnerships, the market acceptance of the Company’s product, the strength of intellectual property, the success of research and development programs, the trust invested in sub-contractors or their core personnel as well as other risks and uncertainties that are put forth every now and then by the Company in the documents filed with various Canadian securities and exchange commissions and made available at www.sedar.com.

The reader should not give great importance to forward-looking statements as (i) the results may differ from conclusions, predictions or projections contained in such forward-looking statements; and (ii) certain important factors or hypotheses taken into account in reaching conclusions or the preparation of a projection or prediction may prove to be incorrect in fact.

These statements are correct only on the date on which they were written, and Management disclaims any obligation to revise these statements after any event, circumstance or other situation, except as required by law. All figures are in Canadian dollars, unless otherwise specified.

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

SOURCE Ergoresearch Ltd

For further information: Sylvain Boucher, President and CEO – Ergoresearch Ltd., Tel.: 450-973-6700, ext. 213, sboucher@ergoresearch.com

Ergoresearch announce the nomination of an Executive Vice-President

Posted on: 31 May 2016 in What's New

LAVAL, QC, May 31, 2016 /CNW Telbec/ – Ergoresearch Ltd « Ergoresearch » (TSX Venture Exchange: ERG) is proud to announce the nomination of Mr. Benoit De Villiers as its new Executive Vice-President in the management team of the company.

Mr. Benoît de Villiers has a BAA from HEC and an MBA from the University of Sherbrooke. A seasoned manager, he worked nearly 20 years in the middle of financial institutions as well as within the real estate brokerage self-regulatory organization OACIQ ), as Vice President, Communications and IT development. More recently he was President and CEO of Recyc-Québec. He was responsible for the management of all operations and led the organization towards achieving the goals and major projects identified in the strategic planning of the organization.

Throughout his career, he has acquired a solid expertise in campaign planning, marketing products and services and in the development of national marketing plans. Results oriented, he is passionate about innovation, teamwork and value creation.

Mr. de Villiers is an administrateur de société certifié (ASC), who completed the university certification program in corporate governance of the College des administrateurs de société.

“Mr. de Villiers will strengthen the management team already in place and brings solid expertise in marketing and market development 2.0. Mr. de Villiers will assume overall direction of Équilibre, orthopedic and biomechanics and will contributes to the strategy and execution of the next steps of the business plan of Ergoresearch. With the addition of an Executive Vice President, the company has the means to accomplish the next steps in its growth plan.” Mentions Sylvain Boucher, President and Chief Ergoresearch Ltd.

Monsieur de Villiers added: “Ergoresearch has built a unique platform in the orthopedic market. This structure offers interesting leverage and significant growth prospects. I look forward to joining the team in place to continue and contribute to the future development of the Company.”

About Ergoresearch

Ergoresearch is a Canadian company that designs and manufactures cutting edge technologies for the orthopedic industry. The Company holds a portfolio of patents in the bionics field, including the intellectual property used in the Power Knee, the world’s only motor-powered AI prosthesis for above-knee amputees. Ergoresearch designed and commercialized WebFit™, the first robotized custom-fit orthotics manufacturing software program and launched OdrA, a new category of orthotic that, with the action of its world-patented distraction-rotation action, revolutionizes the treatment of pain associated with knee osteoarthritis.

Ergoresearch owns the largest orthotics network in Quebec, now known as Equilibre. The Corporation is listed on the TSX Venture Exchange under the ERG symbol.

Forward-looking statements

Certain statements in this Press Release contain forward-looking statements and information that may entail certain risks related to uncertainties. Such statements are based on management’s expectations and no assurance can be given that potential future results or circumstances described in the forward looking statements will be achieved or will occur, as these statements are subject to numerous uncertainties and risk factors. Such risk factors include, but are not limited to, those related to the Company’s ability to finance its activities, competition, ability to negotiate and maintain partnerships, the market acceptance of the Company’s product, the strength of intellectual property, the success of research and development programs, the trust invested in sub-contractors or their core personnel as well as other risks and uncertainties that are put forth every now and then by the Company in the documents filed with various Canadian securities and exchange commissions and made available at www.sedar.com.

SOURCE Ergoresearch Ltd

Image with caption: “Mr. Benoit De Villiers, Executive Vice-President, Ergoresearch Ltd (CNW Group/Ergoresearch Ltd)”. Image available at: http://photos.newswire.ca/images/download/20160531_C1460_PHOTO_EN_702532.jpg

For further information: Sylvain Boucher, President and CEO – Ergoresearch Ltd., Tel.: 450-973-6700, ext. 213 / sboucher@ergoresearch.com

LIENS CONNEXES
http://www.ergoresearch.com/

Third Quarter Results ended March 31, 2016 – Ergoresearch Reports its Results for the Quarter Ended March 31, 2016

Posted on: 27 May 2016 in What's New

LAVAL, QC, May 27, 2016 /CNW Telbec/ – Ergoresearch Ltd (TSXV: ERG) – based in Laval and known under the «Équilibre, orthèses et biomécanique» banner – announces its results for the third quarter ended on March 31, 2016. All dollar amounts in the present release are in Canadian currency.

Results for the third quarter of fiscal year 2016 totaled $3,001,573 decreasing by 9 % compared to revenues of $3,299,994 for the third quarter of fiscal year 2015. This decrease in revenues is partly related to the following elements:

The evolution of the market, the organization of care and increased competition has negatively affected our products last quarter.
The Company completed the planned sale of its “Home Care” division

Historically, the quarters ending on December 31st and March 31st are considered as the low season, since the climate typically affects human activity.

Cash flow from operating activities amounted to $(395,605) for the third quarter of fiscal 2016, compared to $(523,605) for the same period last year.

Net loss reached $(150,112) for the third quarter of 2016 compared to a net loss of $(280,197) for the same period last year.

EBITDA reached $58,439 this quarter compared to $(146,227) for the same quarter last year. The Company incurred non-recurring expenses generated by the completion of the implementation of the ERP project.

Mr. Sylvain Boucher, President and CEO stated:

“The Quebec economic climate, the winter season and changes in the organization of care in Quebec are no strangers to lower sales this quarter. With our unique banner « Equilibre, orthèses et biomécanique », our proprietary technologies and our enviable statement of financial position, we are confident that we can capture the opportunities that will be offered in the market. From the perspective of technology, we have successfully passed the critical steps that showed significant uncertainties. The patent application made in April this year on biomechanical analysis systems, is a convincing demonstration of these advancements. Current priorities and the group’s development plan include the following objectives:

Strengthened by our cash position, continue the exploration of potential acquisitions in Quebec and across Canada.
Continuing to market the OdrA brace.
Turning a profit from investment in our ERP-Health platform by increasing the group’s efficiency and effectiveness.
Continuing our investments in Research and Development (R&D)”

About Ergoresearch

Ergoresearch owns the largest orthotics network in Quebec, now known as Equilibre. The Corporation is listed on the TSX Venture Exchange under the ERG symbol.

Forward-looking statements

SOURCE Ergoresearch Ltd

For further information: Sylvain Boucher, President and CEO – Ergoresearch Ltd., Tel.: 450-973-6700, ext. 213, sboucher@ergoresearch.com

LIENS CONNEXES
http://www.ergoresearch.com/

Third Quarter Results ended March 31, 2016 – Ergoresearch Reports its Results for the Quarter Ended March 31, 2016

Posted on: 27 May 2016 in What's New

The evolution of the market, the organization of care and increased competition has negatively affected our products last quarter.
The Company completed the planned sale of its “Home Care” division

Historically, the quarters ending on December 31st and March 31st are considered as the low season, since the climate typically affects human activity.

Cash flow from operating activities amounted to $(395,605) for the third quarter of fiscal 2016, compared to $(523,605) for the same period last year.

Net loss reached $(150,112) for the third quarter of 2016 compared to a net loss of $(280,197) for the same period last year.

Mr. Sylvain Boucher, President and CEO stated:

Strengthened by our cash position, continue the exploration of potential acquisitions in Quebec and across Canada.
Continuing to market the OdrA brace.
Turning a profit from investment in our ERP-Health platform by increasing the group’s efficiency and effectiveness.
Continuing our investments in Research and Development (R&D)”

About Ergoresearch

Ergoresearch owns the largest orthotics network in Quebec, now known as Equilibre. The Corporation is listed on the TSX Venture Exchange under the ERG symbol.

Forward-looking statements

SOURCE Ergoresearch Ltd

For further information: Sylvain Boucher, President and CEO – Ergoresearch Ltd., Tel.: 450-973-6700, ext. 213, sboucher@ergoresearch.com

Third Quarter results – Fiscal 2015 – Ergoresearch reports its results for the quarter ended March 31, 2015

Posted on: 14 March 2016 in What's New

Third quarter of fiscal year 2015 highlights:

Revenues decreased by 13.7 % and totalized $3,299,994 for the quarter ended March 31, 2015 compared to$3,823,151 for the same quarter last year.
Net income after tax amounted to ($280,197) compared to $14,466 for the third quarter ended March 31, 2014.
Cash flows from operating activities totalized $(523,605) for the third quarter ended March 31, 2015, compared to$242,263 for the same period last year.
EBITDA totalized $(146,225) for the third quarter ended March 31, 2015 compared to $432,167 for the same period last year.
The Company has cash totaling $9,445,631 as of 31 March 2015.
The Company has consolidated its different divisions under the name ” Équilibre “. As well, the networks Clinique du Pied Équilibre, Orthoconcept, Laboratoire Podotech and Laboratoire Langelier merged and now appear under a common banner.
- The Company had three clinics in the same area in Laval. Two of these clinics were closed and the activities were merged into a single location.
- The five websites of the Company have been regrouped under www.equilibre.net
The Company continued the implementation and development of its new ERP software. To date, the implementation process is completed at 85 % and will be completed in its entirety on 30 June 2015.
The Company is continuing its clinical studies (comparative study and cross-study method) to scientifically support the benefits associated with the new Odra distraction orthotics. These studies complement those already published inCanada, France and Japan, which have already clearly established benefits for patients.
The CEO of the Company, Mr. Sylvain Boucher, was in nomination as a finalist for the award for CEO of the Year Investissement Québec – Association Québécoise des technologies.

LAVAL, QC, June 1, 2015 /CNW Telbec/ – Ergoresearch Ltd (TSXV: ERG) – based in Laval and known under the «Équilibre, orthèses et biomécanique» banner – announces its results for the third quarter Ended on March 31, 2015. All dollar amounts in the present release are in Canadian currency.

Revenues for the third quarter of fiscal year 2015 ended this past March 31, 2015 totaled $ 3,299,994 decreasing by 13.7 % compared to revenues of $ 3,823,151 for the quarter ended March 31, 2014. This decrease can be explained by the following elements :

The closing of Podotech laboratory located in Laval and Laboratoire Langelier clinic also located in Laval. All activities and patients files were transferred to the Équilibre Laval branch.
The merge under the unique banner coupled with difficult climatic conditions, which could have affected our clinical visits and could explain part of the decline.
The Company was not able to provide services to patients on days when professionals were under training in regards to the processes related to the new banner :
- Training of production employees.
- Staff training on new concepts under “Équilibre” and new technologies.
The termination of activities of the “Langelier” franchise.

Cash flow from operating activities amounted to $ (542,605) for the third quarter ended on March 31, 2015 compared to $ 242,263 for the same period last year. Net income after tax of the Corporation reached $ (280,197) compared to$ 14,466 for the same period last year. The declining results are in part caused by the closure of some offices and changing banners combined with the non- recurring investments for clinical studies launched last quarter.

Ergoresearch and its subsidiaries intend to pursue the growth of past years. To that end, the Corporation began the final stage of the integration of its recent acquisitions. This final phase is in three parts:

Merging all Quebec banners under one trademark (completed in September 2014).
Impliment the new personalized ERP software. This had been completed at 85% and the Corporation intends to fully complete the integration as of June 30, 2015
Simplify the corporate structure.

« In parallel, we will accelerate the commercialization of our products in the coming months (of which the « OdrA » device), we are indeed pursuing a clinical program aimed at increasing scientific evidence on the benefits of this patented product. Scientific evidence is the highway to a wider adoption of this revolutionary product by referring physicians. Finally the Corporation is staying vigilant to any new acquisition opportunities. » declared Mr. Sylvain Boucher, President and CEO of Ergoresearch.

About Ergoresearch

Ergoresearch is a Canadian company that designs and manufactures cutting edge technologies for the orthopedic industry. The Company holds a portfolio of patents in the bionics field, including the intellectual property used in thePower Knee, the world’s only motor-powered AI prosthesis for above-knee amputees. Ergoresearch designed and commercialized WebFit™, the first robotized custom-fit orthotics manufacturing software program and launchedOdrA, a new category of orthotic that, with the action of its world-patented distraction-rotation action, revolutionizes the treatment of pain associated with knee osteoarthritis.

Ergoresearch owns the largest orthotics network in Quebec, now known as Equilibre. The Corporation is listed on the TSX Venture Exchange under the ERG symbol.

Forward-looking statements

SOURCE Ergoresearch Ltd

For further information: Sylvain Boucher, President and CEO – Ergoresearch Ltd., Tel.: 450-973-6700, ext. 213 /sboucher@ergoresearch.com

Second Quarter Results ended December 31, 2015 – Ergoresearch reports its results for the quarter ended December 31, 2015

Posted on: 29 February 2016 in What's New

LAVAL, QC, Feb. 29, 2016 /CNW Telbec/ – Ergoresearch Ltd (“Ergoresearch” or “the Company based in Laval and known under the «Équilibre, orthèses et biomécanique» banner – announces its results for the second quarter ended on December 31, 2015. All dollar amounts in the present release are in Canadian currency.

Results for the second quarter of fiscal year 2016 ended this past December 31, 2015 totaled $3,968,890 decreasing by 3,1 % compared to revenues of $4,095,112 for the quarter ended December 31, 2014. This decrease is partly related to the following elements :

The closure of a laboratory in the region of Laval whose activities and patient records were transferred to Equilibre Laval.
Cosmetic imitations of ODRA brace appeared on the market this year and have led to some confusion in the medical community.
The planned closure of the Home Care division (including electric scooters) located at our Laval laboratory.

Cash flow from operating activities amounted to $904,174 for the second quarter ended on December 31, 2015 compared to$275,917 for the same period last year.

Net profit after tax of the Corporation reached $376 for the second quarter of 2016 compared to $1,653 for the same period last year.

EBITDA reached $301,860 compared to $306,030 for the same period last year. Meanwhile, adjusted EBITDA of the Company amounted to $340,346 for the second quarter of 2016 compared to $306,030 for same quarter last year.

Mr. Sylvain Boucher, President and CEO stated:

“The Company has completed three major initiatives for the period ending June 30, 2015: Our current priorities and development plans include the following:

Strengthened by our cash position, reactivate the exploration of potential acquisitions in Quebec and across Canada.
Developing a multidisciplinary approach that unites “Équilibre” with dedicated orthopaedic health care professionals under one roof.
Continuing to market the OdrA brace.
Turning a profit from investment in our ERP-Health platform by increasing the group’s efficiency and effectiveness.
Continuing our investments in Research and Development (R&D)

About Ergoresearch

Ergoresearch owns the largest orthotics network in Quebec, now known as Equilibre. The Corporation is listed on the TSX Venture Exchange under the ERG symbol.

Forward-looking statements

SOURCE Ergoresearch Ltd

For further information: Sylvain Boucher, President and CEO – Ergoresearch Ltd., Tel.: 450-973-6700, ext. 213, sboucher@ergoresearch.com

LIENS CONNEXES
http://www.ergoresearch.com/

First Quarter Results fiscal year ended September 30, 2015 – Ergoresearch reports its results for the quarter ended September 30, 2015

Posted on: 29 November 2015 in What's New

LAVAL, QC, Nov. 29, 2015 /CNW Telbec/ – Ergoresearch Ltd (“Ergoresearch” or “the Company”) based in Laval and known under the «Équilibre, orthèses et biomécanique» banner – announces its results for the first quarter Ended on September 30, 2015. All dollar amounts in the present release are in Canadian currency.

Results for the first quarter of fiscal year 2016 ended this past September 30, 2015 totaled $3,535,534 decreasing by 14,5 % compared to revenues of $4,137,111 for the quarter ended September 30, 2014.

Cash flow from operating activities amounted to $(505,364) for the first quarter ended on September 30, 2015 compared to $872,259for the same period last year. The Company recorded in 2014 non-recurring income related to the monetization of its sleep apnea technology in the amount of $694,057

Net income after tax of the Corporation reached $22,594 for the first quarter of 2016 compared to $308,431 for the same period last year.

EBITDA reached $270,019 compared to $673,270 for the same period last year.

The decline in the result is due to the lower traffic generated by the closure of some offices, market developments and increased competition in Quebec.

Mr. Sylvain Boucher, President and CEO stated:

The Company has completed three major initiatives for the period ending June 30, 2015: Our current priorities and development plans include the following:

Strengthened by our cash position, reactivate the exploration of potential acquisitions in Quebec and across Canada.
Developing a multidisciplinary approach that unites “Équilibre” with dedicated orthopaedic health professionals under one roof.
Continuing to market the OdrA brace.
Turning a profit from investment in our ERP-Health platform by increasing the group’s efficiency and effectiveness.
Continuing our investments in Research and Development (R&D)

About Ergoresearch

Ergoresearch owns the largest orthotics network in Quebec, now known as Equilibre. The Corporation is listed on the TSX Venture Exchange under the ERG symbol.

Forward-looking statements

SOURCE Ergoresearch Ltd

For further information: Sylvain Boucher, President and CEO – Ergoresearch Ltd., Tel.: 450-973-6700, ext. 213, sboucher@ergoresearch.com

RELATED LINKS
http://www.ergoresearch.com/

Ergoresearch announces a Normal Course Issuer Bid

Posted on: 4 November 2015 in What's New

LAVAL, QC, Nov. 4, 2015 /CNW Telbec/ – Ergoresearch Ltd (“Ergoresearch” or “the Company”) announces that it has obtained approval from the Toronto Stock Exchange in order to proceed with a normal course issuer bid.

Therefore, for a twelve month period beginning on November 11 2015 and ending on November 10 2016, Ergoresearch will be authorized to acquire, from time to time and when it deems it appropriate, up to a maximum of 3,813,633 common shares, representing approximately 5% of the issued and outstanding shares as at November 04, 2015.

The common shares purchased will be cancelled.

As of November 04, 2015, Ergoresearch had 76,272,673 common shares issued and outstanding and the Company has not purchased any common shares of the Company in the last 12 months.

Ergoresearch’s Board of Director considers that the acquisition of common shares in the course of this issuer bid may represent a sound use of the Corporation’s funds both for the Corporation and for its shareholders. Purchases will be made in accordance with TSX venture Exchange requirements, on the open market through the facilities of the Exchange. To the knowledge of the Company, no director, senior officer or other insider of Company currently intends to sell any common shares under this Bid.

As of today, Ergoresearch reports no significant changes in its business or its activities.

None of Ergoresearch’s directors or senior officers, nor any of their associates, nor any person acting jointly or in concert with Ergoresearch, or holding 10% or more of the shares of any class of shares of Ergoresearch, will receive any direct or indirect benefit as a result of this Normal Course Issuer Bid other than the benefits conferred upon all Ergoresearch shareholders.

GMP Securities LP, 145 King Street West, Toronto (Ontario) M5H 1J8, will act as member and broker in connection with this Bid.

The Normal Course Issuer Bid has been approved by the TSX Venture Exchange.

About Ergoresearch

Ergoresearch owns the largest orthotics network in Quebec, now known as Equilibre. The Corporation is listed on the TSX Venture Exchange under the ERG symbol.

Forward-looking statements

SOURCE Ergoresearch Ltd

For further information: Source: Sylvain Boucher, President and CEO – Ergoresearch Ltd., Tel.: 450-973-6700, ext. 213 / sboucher@ergoresearch.com; Information: Mylène Dumoulin, Communications Coordinator – Ergoresearch Ltd., Tel.: 450-973-6700, ext. 248 / mdumoulin@ergoresearch.com

RELATED LINKS
http://www.ergoresearch.com/

Results for the fourth quarter and the fiscal year ended June 30, 2015 – Ergoresearch reports its 2015 annual results

Posted on: 28 October 2015 in What's New

LAVAL, QC, Oct. 28, 2015 /CNW Telbec/ – Ergoresearch Ltd (“Ergoresearch” or “the Company”) In recent years, sales at Ergoresearch have seen a significant increase. Between 2005 and 2014, the Company increased its sales by 1,931%, thereby confirming its status as Quebec’s leading manufacturer of “intelligent” custom orthotics and speciality orthotics. Efforts in 2015 were dedicated to consolidating gains and developing the ERP-Health platform, which will support future growth. As a consequence, financial results are down this year. Revenues reached $15,498,000 this year, a decrease of 13% from last year. Last year’s results included the non-recurring revenue generated by the monetization of the sleep apnea technology, in the amount of $589,948. Revenues for the period ending June 30, 2015, were negatively affected by the closure of two orthopaedic labs in Laval.

As for the financial position, Ergoresearch still has a cash equivalent of more than $10 million that the Company plan to use over the next few years. However, given the recent decline in activities, the absence of cash flow investment to fuel growth in 2015 and within the IFRS’ regulations, management has decided to revise the amount of deferred income taxes and tax credits appearing as assets, by an amount of $6,401,319. This readjustment has no impact on cash flow, and the Company still benefits from the same fiscal attributes as shown in the 2015 Consolidated Financial Statements, Note 19. The amount of the said fiscal attributes appearing as assets will be reviewed periodically.

The net income and comprehensive income for the period ending June 30, 2015, therefore amounted to ($7,023,218) compared to$1,230,153 for the period ending June 30, 2014. Non-recurring charges, in the amount of $339,912, also affected the current year’s earnings. The adjusted EBITDA amounted to $665 601 in 2015, compared to $2 247 785 for the period ending June 30, 2014. Cash provided by operations decreased from 1,774,141 in 2014 to $1,335,207 for the period ending June 30, 2015.

Sylvain Boucher, President and CEO stated:

This past year was dedicated to consolidating our gains and laying out the foundations for future growth. We have simplified the corporate structure by merging eight legal entities. We also bought out our minority partner, Orthoconcept (now merged into Laboratoire Victhom Inc.), and have completed three major initiatives:

We finalized the implementation of our ERP¹– Health platform.
1. Far from the usual ERP—we have designed a software ecosystem in the health sector. We have developed and added a point-of-sale module on the basic modules, as well as a calendar module, which is linked to the electronic patient file, and a monitoring module for our manufacturing units; we have also integrated our proprietary platforms such as the pressure sensor pad and 3D scanner.
2. By integrating tools for measurement, analysis and medical imaging into patient files, we have facilitated multidisciplinary practices, sharing of information, all while optimizing the efficiency and effectiveness of patient service. In the context in which having access to a physician remains a challenge, this tool could become a key development factor in years to come.
The Company finished rolling out its new corporate banner, reuniting its various clinical divisions under one brand name “Équilibre“. As a result, since October 2014, Orthoconcept, Laboratoire Podotech, Laboratoire Langelier and Clinique du Pied Équilibre have all operated under this same banner. Given the nature of our activities (by medical prescription), transitioning to a single banner is complex and requires an adjustment period. Nevertheless, management sees many advantages to this amalgamation, from a marketing standpoint as well as from the perspectives of medical representation and patient communication.
Prior to the transition, the Company had three laboratories in the Laval area. The restructuring led to the closure of two laboratories. The redirection and transfer of patient files was seamless, but it negatively impacted a portion of this year’s revenues.
Despite implementation of the consolidation strategy, the Company intensified its R&D efforts. Today, the Company holds eight families of patents in more than twelve countries, in orthotics, prosthetics, medical technologies and human bionics.
1. Our R&D team is currently working on four projects. The National Research Council of Canada (NRC) and the Natural Sciences and Engineering Research Council (NSERC) have agreed to contribute funding for these projects, and it appears that once these efforts come through. new patents could be applied for.
2. Also, work continued on clinical studies confirming the OdrA’s effectiveness, and we expect to release the results soon.

Development and perspectives

Our current priorities and development plans include the following:

Strengthened by our cash position, reactivate the exploration of potential acquisitions in Quebec and across Canada.
Developing a multidisciplinary approach that unites “Équilibre” with dedicated orthopaedic health professionals under one roof.
Continuing to market the OdrA brace.
Turning a profit from investment in our ERP-Health platform by increasing the group’s efficiency and effectiveness.
Continuing our investments in Research and Development (R&D)

Mr. Boucher adds: “I would like to thank all of our employees for their dedication and their ongoing desire to improve. The development and deployment of our ERP-Health platform required involvement at every level. Such a success is remarkable given the relatively small size of the group but the platform’s potential is huge. Progress and commitment are values we all share and they have allowed us to make great achievements this year.”

tableau-ergo

About Ergoresearch

Ergoresearch owns the largest orthotics network in Quebec, now known as Equilibre. The Corporation is listed on the TSX Venture Exchange under the ERG symbol.

Forward-looking statements

___________________________
¹ Entreprise Ressource Planning software

² Earnings before interest, taxes and depreciation (EBITDA) is a performance measure that is not established according to generally accepted accounting principles (“GAAP”) in Canada, and is not a substitute for net profit. Because the EBITDA may not be calculated the same manner by every corporation, it may well be that the Company’s results cannot be directly compared to similar measures used by other firms.

SOURCE Ergoresearch Ltd

RELATED LINKS
http://www.ergoresearch.com/28

ERGORESEARCH RANKS No. 251 ON THE 2015 PROFIT 500

Posted on: 22 September 2015 in What's New

– PROFIT magazine unveils 27th annual list of Canada’s Fastest-Growing Companies –

Laval, QC, Septembre 22, 2015 – Canadian Business and PROFIT today ranked Ergoresearch No. 251 on the 27^th annual PROFIT 500, the definitive ranking of Canada’s Fastest-Growing Companies. Published in the October issue of Canadian Business and at PROFITguide.com, the PROFIT 500 ranks Canadian businesses by their five-year revenue growth.

Ergoresearch made the 2015 PROFIT 500 list with five-year revenue growth of 256%.

“The PROFIT 500 represent the highest tier of entrepreneurialism in Canada,” says James Cowan, Editor-in-chief of PROFIT and Canadian Business. “They should be lauded for the positive economic contributions they’ve made to their communities—and the entire country. They are examples of what can be accomplished with innovation, discipline and determination.”

“Ergoresearch’s revenue went from $5,308,708 in 2009 to $17,862,341 for the fiscal year ended June 30 2014, recording revenue growth of 236% during this period and positioning the Company No.251 on the annual ranking “PROFIT 500″ states Ergoresearch President and CEO, Sylvain Boucher.” We accept this prestigious acknowledgement with great pride and are delighted to share it with our employees, partners and investors. Fueled by a common desire to be the best, this accolade is a fine reflection of this.”

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About Ergoresearch

Ergoresearch is a Canadian company that designs and manufactures cutting edge technologies for the orthopedic industry. The Company holds a portfolio of patents in the bionics field, including the intellectual property used in the Power Knee^TM, the world’s only motor-powered AI prosthesis for above-knee amputees. Ergoresearch designed and commercialized WebFit^TM, the first robotized custom-fit orthotics manufacturing software program and launched OdrA^TM, a new category of orthotic that, with the action of its world-patented distraction-rotation action, revolutionizes the treatment of pain associated with knee osteoarthritis.

Ergoresearch owns the largest orthotics network in Quebec, now known as Equilibre. The Corporation is listed on the TSX Venture Exchange under the ERG symbol.

Forward-looking statements

SOURCE Ergoresearch Ltd

For further information: Sylvain Boucher, President and CEO – Ergoresearch Ltd., Tel.: 450-973-6700, ext. 213 /sboucher@ergoresearch.com