Ivivi Technologies, Inc. (AMEX:II), a leader in non-invasive,
electrotherapeutic technologies, today announced financial results
for fiscal year ended March 31, 2007. For the fiscal year ended
March 31, 2007, Ivivi Technologies reported total revenue of
$1,182,340, a 50% increase from $786,512 reported for the fiscal
year ended March 31, 2006. Revenues were primarily driven by rental
programs in the wound care market and the sale of our products
through distributors into medical facilities. Unit sales increased
to $416,292 from $147,949 in fiscal 2006 while rentals increased to
$740,006 from $638,563. The Company also recorded licensing fee
revenue of $26,042 in fiscal 2007 related to milestone payments
received from Allergan and amortized over the initial term of our
agreement with Allergan. The Company had a net loss of $7,778,611,
or $1.13 per share, for fiscal 2007 compared to a net loss of
$10,746,671, or $2.26 per share, for fiscal 2006. The fiscal 2007
net loss reflects share based compensation expenses of
approximately $2.1 million. In fiscal 2006, the net loss was
impacted by a $4.7 million charge for the change in fair value of
warrant and registration rights liabilities related to securities
issued in the Company�s private placements. For the three month
period ended March 31, 2007, Ivivi Technologies reported total
revenue of $369,166 compared to $308,238 in the comparable period
in 2006, an increase of 20%. The current quarter included unit
sales of $196,060 and rental revenue of $157,481. The Company also
recorded $15,625 in licensing revenues in the current quarter
related to the amortization of milestone payments received from
Allergan. This compares to unit sales of $51,673 and rental revenue
of $256,565 in the comparative prior period. Net loss for the three
month period ended March 31, 2007 was $1,422,943, or $0.15 per
share, compared to a net loss of $6,705,239, or $1.41 per share,
for the three month period ended March 31, 2006. The net loss in
the prior year period included a $4.7 million charge for the change
in fair value of warrant and registration rights liabilities
related to securities issued in the Company�s private placements.
On March 31, 2007, Ivivi Technologies had cash and cash equivalents
of $8.3 million, no outstanding long term debt and 9,556,783 common
shares outstanding. �It has been a year of significant progress,
highlighted by the completion of our IPO last October, the signing
of our exclusive worldwide distribution agreement with Allergan, as
well as the receipt of marketing approval in Canada and the
European Union for our non-invasive treatment for the promotion of
wound healing, reduction of pain and post operative edema,�
commented Andre� A. DiMino, Vice Chairman and Co-Chief Executive
Officer. �We have also made major strides to further demonstrate
the efficacy and broad potential of our proprietary PEMF
technology.� �Our cardiac study at the Cleveland Clinic Florida,
where we are non-invasively treating patients with ischemic
cardiomyopathy, is at full enrollment. Published studies have shown
that our PEMF technology can enhance blood flow and stimulate
angiogenesis (growth of new blood vessels) in animals and we are
hopeful that our technology can make a difference in the lives of
the patients in our study. Results of our cardiac study are
expected toward the end of calendar 2007, although there can be no
assurance of the timing of these results. Our PEMF technology has
recently been shown to accelerate pain relief by 80%
post-surgically after breast augmentation. With respect to our
neurological research, Dr. Diana Casper of Albert Einstein College
of Medicine demonstrated that our PEMF signals can double neuron
survival in animals subjected to brain inflammation, which could
lend itself to applications in Parkinson�s disease and other
neurodegenerative conditions in humans.� David Saloff, President
and Co-Chief Executive Officer added, �With the groundwork we have
laid over the past year, raising additional capital, advancing our
science, further demonstrating clinical efficacy and also
commencing the seeding of our initial target markets, we believe we
are well positioned to attract additional partners to accelerate
sales. Allergan, our worldwide distribution partner in the
aesthetic and bariatric surgery markets, is involved in their
premarketing launch activities and, although there can be no
assurance, they are expected to launch our product later this year.
We are also in active discussions for a partner for the chronic
wound care market and have engaged several domestic third party
distributors to assist us in further penetrating this market. We
have also completed initial prototypes of a non-invasive,
non-pharmacologic alternative to pain relievers such as
non-steroidal anti-inflammatory drugs for inflammatory conditions
and expect to file a 510(k) application by calendar year end for
both a prescription and over-the-counter pain relief product.�
Management will discuss the Company's results for its fiscal year
ended March 31, 2007, during a conference call scheduled for today,
Thursday, June 28, 2007 at 4:30 pm ET. Shareholders and other
interested parties may participate in the conference call by
dialing (877) 407-0782 approximately 5 to 10 minutes before the
beginning of the call. International callers should dial (201)
689-8567. If you are unable to participate, a replay of the call
will be available until midnight on July 12, 2007 by dialing (877)
660-6853 and using pass code # 286 and conference ID # 246241.
International callers should dial (201) 612-7415 and use the pass
codes listed above. The call will also be broadcast live on the
Internet at www.InvestorCalendar.com and on the Investor Relations
section of the Company�s website www.ivivitechnologies.com. About
Ivivi Technologies, Inc. Based in Northvale, NJ, Ivivi
Technologies, Inc. is a medical technology company focusing on
designing, developing and commercializing its proprietary
electrotherapeutic technology platform. Ivivi�s research and
development activities are focused specifically on pulsed
electromagnetic field, or PEMF, technology, which, by creating a
therapeutic electrical current in injured soft tissue, stimulates
biochemical and physiological healing processes to help repair the
injured tissue and reduce related pain and inflammation. The
Company�s Electroceuticals� have been used in non-invasive
treatments for a wide array of conditions, including chronic
wounds, pain and edema following plastic and reconstructive surgery
and chronic inflammatory disorders. Forward-Looking Statements This
release contains "forward-looking statements" made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 including those related to our cardiac study at the
Cleveland Clinic, strategic partnerships and future sales.
Forward-looking statements reflect management's current knowledge,
assumptions, judgment and expectations regarding future performance
or events. Although management believes that the expectations
reflected in such statements are reasonable, they give no assurance
that such expectations will prove to be correct and you should be
aware that actual results could differ materially from those
contained in the forward-looking statements. Forward-looking
statements are subject to a number of risks and uncertainties,
including, but not limited to, the Company�s limited operating
history, history of significant and continued operating losses and
substantial accumulated earnings deficit, difficulties with its
financial accounting controls, the failure of the market for the
Company�s products to continue to develop, the inability for
customers to receive third party reimbursement, the inability to
obtain additional capital, the inability to protect the Company�s
intellectual property, the loss of any executive officers or key
personnel or consultants, competition, changes in the regulatory
landscape or the imposition of regulations that affect the
Company�s products and other risks detailed from time to time in
the Company�s filings with the Securities and Exchange Commission,
including the Company�s registration statement on Form SB-2. The
Company assumes no obligation to update the information contained
in this press release. IVIVI TECHNOLOGIES, INC. Statements of
Operations � Three Months Ended March 31, (unaudited) � Year Ended
March 31, (audited) � 2007� � 2006� � 2007� � 2006� Revenues: Sales
$ 196,060� $ 51,673� $ 416,292� $ 147,949� Rentals 157,481�
256,565� 740,006� 638,563� Licensing � 15,625� � --� � 26,042� �
--� � 369,166� � 308,238� � 1,182,340� � 786,512� � Expenses: Cost
of goods sold 28,296� 28,385� 87,040� 52,790� Cost of rental
revenue 25,348� 27,106� 93,998� 215,985� Depreciation and
amortization 6,221� 1,574� 19,636� 9,049� Research and development
431,670� 291,218� 1,610,232� 1,334,637� Sales and marketing
309,215� 160,214� 1,098,266� 1,152,947� General and administrative
745,323� 562,479� 2,217,743� 2,055,865� Share based compensation �
343,890� � 570,897� � 2,142,448� � 656,848� Total operating
expenses � 1,889,963� � 1,641,873� � 7,269,363� � 5,478,121� Loss
from operations (1,520,797) (1,333,635) (6,087,023) (4,691,609) �
Change in fair value of warrant and registration rights liabilities
--� (4,658,537) (25,827) (4,658,537) Interest and finance costs,
net � 97,854� � (713,067) � (1,665,761) � (1,396,525) � Loss before
income taxes (1,422,943) (6,705,239) (7,778,611) (10,746,671)
Income taxes � --� � --� � --� � --� Net loss $ (1,422,943) $
(6,705,239) $ (7,778,611) $ (10,746,671) Net loss per share, basic
and diluted $ (0.15) $ (1.41) $ (1.13) $ (2.26) Weighted average
shares outstanding � 9,553,380� � 4,745,000� � 6,875,028� �
4,745,000� IVIVI TECHNOLOGIES, INC. Balance Sheet (Audited) � March
31, 2007 Current assets Cash and cash equivalents $8,310,697�
Accounts receivable, net 224,349� Inventory 236,735� Prepaid
expenses 154,730� Total current assets 8,926,511� � Property and
equipment, net 46,040� Equipment in use and under rental, net
60,096� Intangible assets, net 270,826� Total assets $9,303,473� �
Current Liabilities: Accounts payable and accrued expenses
$1,005,975� Advances payable � affiliates 36,657� Total current
liabilities 1,042,632� � Deferred revenue 473,958� Total
liabilities 1,516,590� � Stockholders� equity: Common stock
20,922,154� Additional paid-in capital 10,577,111� Accumulated
deficit (23,712,382) Total stockholders� equity 7,786,883� � Total
liabilities and stockholders� equity $9,303,473�
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