For the year ended December 31, 2008, the company reported a net loss of C$1.54 million, compared to a net loss of C$1.35 million for the year ended December 31, 2007, an increase of 14%, resulting from the staff increase during 2008 in selling and marketing department, and from a higher allowance for doubtful accounts.
The company reported revenues of C$671,103 for the fourth quarter of 2008, an increase of 65%, compared to C$405,576 for the corresponding period in 2007. The revenue growth of C$265,527 was generated by Dermylex sales, said Advitech.
For the year ended December 31, 2008, the company reported revenues of C$1.06 million, compared to C$1.11 million for the year ended December 31, 2007. This 4% decrease is mainly due to the delay in US sales, which saw a decrease of 77% in 2008 compared to 2007.
Renaud Beauchesne, president and CEO of Advitech, said: “The main objective for Advitech in 2008 was to build a sales momentum using the 2007 results as the cornerstone of an overall strategy based on three main initiatives: the growth of Dermylex sales, the on-going development of our two technological platforms with a stronger focus on the wound healing application, and the financing of the corporation’s operations.
“For the Dermylex sales, we have experienced mitigated results for 2008, having only reached the level of revenues that was reached in 2007. This level of performance, lower than our expectations, is the direct result of the delay in the US sales, and the end of the year economical slowdown which has had a significant impact on our discussion agenda with new marketing and distribution partners.”