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

-------- ------------------------------------------------------------------------- WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 11,630,939 4,936,248 WEIGHTED AVERAGE NUMBER OF FULLY DILUTED SHARES OUTSTANDING 12,172,746 4,936,248 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Neovasc Inc. (formerly Medical Ventures Corp.) Consolidated Statements of Cash Flows For the year ended December 31 ------------------------------------------------------------------------- 2008 2007 ------------------------------------------------------------------------- OPERATING ACTIVITIES Net loss for the period $(34,259,565) $ (7,830,954) Items not affecting cash Intangible assets impairment 23,061,012 - Inventory write down 626,925 559,131 Recovery of repayable contribution agreement (320,445) - Amortization 2,323,861 205,451 Interest on repayable contribution agreement 15,479 14,891 Stock-based compensation 387,360 166,885 ------------------------------------------------------------------------- (8,165,373) (6,884,596) Change in non-cash operating assets and liabilities Accounts receivable 508,038 (367,882) Inventory (584,365) 216,609 Prepaid expenses and other assets (24,376) 69,433 Retirement assets
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SOURCE Neovasc Inc.
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