Theralase Releases 1Q 2019 Financial Statements

About this update from Theralase Technologies Inc.

[{"type":"text","content":"Theralase Releases 1Q 2019 Financial StatementsTORONTO, ON / ACCESSWIRE / May 30, 2019 / Theralase® Technologies Inc. (\"Theralase\" or the \"Company\") (TSXV: TLT) (OTCQB: TLTFF), a clinical stage pharmaceutical company dedicated to the research and development of light activated Photo Dynamic Compounds (\"PDC\") and their associated drug formulations intended to safely and effectively destroy various cancers released its 1Q2019 financial statements.Total revenue for the three-month period ended March 31, 2019, decreased to $121,179 from $441,193 for the same period in 2018, a 73% decrease. In Canada, revenue decreased 61% to $116,104 from $297,061. In the US, revenue decreased 94% to $5,075 from $90,354 and international revenue decreased 100% from $53,778 to $Nil during the three-month period ended March 31, 2019. The decrease in total revenue in 2019 is primarily due to the restructuring of the sales and marketing departments resulting in the termination of certain sales and marketing personnel in 2018 and the hiring of new marketing personnel in March 2019.Cost of sales for the three-month period ended March 31, 2019 was $84,251 (70% of revenue) resulting in a gross margin of $36,928 or 30% of revenue, compared to a cost of sales of $242,857 (55% of revenue) in 2018, resulting in a gross margin of $198,336 or 45% of revenue. Cost of sales is represented by the following costs: raw materials, subcontracting, direct and indirect labour and the applicable share of manufacturing overhead.The gross margin as a percentage of sales decrease, year over year, is attributed primarily to decreased sales and fixed production salaries for the TLC-1000 and TLC-2000 product lines.For the three-month period ended March 31, 2019, sales and marketing expenses decreased to $178,807 or 148% of sales, from $280,874 or 64% of sales in 2018, a 36% decrease.The decrease in sales and marketing expenses is primarily due to the restructuring of the Canadian and US sales and marketing departments, resulting in the termination of certain sales and marketing personnel in 2018 and the hiring of new marketing personnel in March 2019.Administrative expenses for the three-month period ended March 31, 2019 decreased to $533,659 from $555,086 in 2018, representing a 4% decrease.Decreases in administrative expenses are attributed to the following: Adminis...

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