Neovasc Inc. Reports Second Quarter 2009 Financi...(the six months ended June 30 2009 sales ...),Health

Date:8/19/2009

the six months ended June 30, 2009, sales and marketing expenses were $466,568, compared to $1,534,995 for the same period in 2008, a 70% decrease. The company terminated its direct sales force for its catheter products in the fourth quarter of 2008 and will continue to minimize sales and marketing costs while it focuses on growing its business-to-business revenue streams. General and administrative expenses for the three and six months ended June 30, 2009 were $659,004 and $1,409,833, respectively, as compared to $779,363 and $1,317,648 for the comparable periods in 2008, a decrease of 15% for the three-month period and an increase of 7% for the six-month period. Substantially all of the increase in general and administrative expenses in the six-month period reflects an increase in stock-based compensation charges. Product development and clinical trial expenses were $864,702 and $1,741,482 respectively, for the three and six months ended June 30, 2009, as compared to $414,958 and $1,036,703 for the same periods in 2008, representing increases of 108% and 68% respectively. Product development expenditures to advance the Neovasc Reducer CE mark regulatory submission and the final Metricath Gemini PMA submission contributed to the increase.

Net Losses

The consolidated net loss for the three and six months ended June 30, 2009 was $1,330,451 and $3,076,691, or $0.05 and $0.14 basic loss per share, as compared to a net loss of $1,915,673 and $3,657,248, or $0.34 and $0.66 basic loss per share for the comparable periods in 2008. The decrease in net loss year-on-year reflects the company's increased revenues and decreased losses.

Liquidity and Capital Resources

The company finances its operations and capital expenditures with cash generated from operations, lines of credit, long-term debt and equity financings. At June 30, 2009, the company had cash and cash equivalents of $1,340,471, as compared to cash
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SOURCE Neovasc Inc. Copyright©2009 PR Newswire. All rights reserved

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