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Neovasc Inc. Reports Year 2008 Financial Results
Date:4/24/2009

153,907 4,181,320 ------------------------------------------------------------------------- $ 4,820,523 $ 5,689,800 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Neovasc Inc. (formerly Medical Ventures Corp.) Consolidated Statements of Operations, Comprehensive Loss and Deficit For the year ended December 31 ------------------------------------------------------------------------- 2008 2007 ------------------------------------------------------------------------- SALES Product sales $ 1,452,854 $ 1,209,832 Consulting services 93,385 308,041 ------------------------------------------------------------------------- 1,546,239 1,517,873 COST OF SALES, including underutilized capacity of $32,166 (2007: $155,888) 708,300 799,593 ------------------------------------------------------------------------- GROSS PROFIT 837,939 718,280 ------------------------------------------------------------------------- EXPENSES Selling 3,245,886 2,839,897 General and administration 3,459,800 2,282,283 Product development and clinical trials 3,101,869 2,744,913 Impairment of intangible assets 23,061,012 - Inventory write down 626,925 559,131 Recovery on repayable contribution agreement (320,445) - Amortization on intangible assets 2,129,5
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