Theralase Release's 2Q2023 Interim Financial Statements

About this update from Theralase Technologies Inc.

[{"type":"text","content":"Theralase Release’s 2Q2023 Interim Financial StatementsTORONTO, ON / ACCESSWIRE / August 29, 2023 / 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 (\"PDCs\"), their associated drug formulations and the light systems that activate them, intended to safely and effectively destroy various cancers has released the Company's 2Q2023 unaudited condensed interim consolidated Financial Statements (\"Financial Statements\").Financial Summary:For the six-month period ended June 30th:Audited Consolidated Statements of Operations(In Canadian Dollars) 2023 2022 % Change Revenue Canada 305,666 426,990 -28%United States 120,421 125,452 -4%Total Revenue 426,087 552,442 -23% Cost of Sales 224,947 271,656 -17%Gross Margin 201,140 280,786 -28%Gross Margin (% of revenue) 47% 51% Operating Expenses Selling Expenses 147,304 167,139 -12%Administrative Expenses 1,010,144 734,081 38%Research and Development Expenses - Device Division 25,163 105,353 -76%Research and Development Expenses - Drug Division 1,594,676 2,233,502 -29%Other 1 (11,960) (12,121) -1%Total Operating Expenses 2,765,327 3,227,954 -14% Net Loss (2,564,187) (2,947,168) -13%1 Other represents foreign exchange, interest accretion on lease liabilities and / or interest incomeFinancial Highlights:Total revenue decreased 23%, year over year.Cost of sales for the six-month period ended June 30th, 2023 was $224,947 or 53% of revenue resulting in a gross margin of $201,140 or 47% of revenue. In comparison, the cost of sales for the same period in 2022 was $271,656 or 49% of revenue resulting in a gross margin of $280,786 or 51% 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 decrease, as a percentage of sales, year over year, is primarily attributed to an increase in material costs.Selling expenses for the six-month period ended June 30th, 2023 decreased to $147,304, from $167,139 for the same period in 2022, a 12% decrease. The decrease in selling expenses is a result of reduced commissions (22%), advertising (14%) and salaries (10%).Administrative expenses for the six-mont...

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