Business
Theralase(R) Releases 2018 Year End Audited Financial Statements
TORONTO, ON / ACCESSWIRE / April 17, 2019 / Theralase ® Technologies Inc. (" Theralase ...
About this update from Theralase Technologies Inc.
[{"type":"text","content":"Theralase(R) Releases 2018 Year End Audited Financial StatementsTORONTO, ON / ACCESSWIRE / April 17, 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 the audited financial statements for the year ended December 31, 2018.Total revenue for the year ended December 31, 2018 decreased to 1,734,072 from 2,342,508 in 2017, a 26% decrease. In Canada, revenue decreased 38% to $1,205,312 from $1,942,010. In the US, revenue increased 16% to $304,785 from $261,833 and international revenue increased 62% to $223,975 from $138,665. The decrease in total revenue in 2018 is primarily due to the restructuring of the sales and marketing departments resulting in the termination of certain sales and marketing personnel and decreased spending in advertising. Cost of sales for the year ended December 31, 2018 was $786,433 resulting in a gross margin of $947,639 (55% of revenue), compared to a cost of sales of $945,010 in 2017, resulting in a gross margin of $1,397,498 (60% 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 to discounted sales pricing for the TLC-1000 and TLC-2000 product linesFor the year ended December 31, 2018, selling and marketing expenses decreased to $871,405 or 50% of sales, from $1,917,106 or 82% of sales in 2017, representing a 55% decrease. The decrease in selling 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 and decreased spending in advertising.Administrative expenses for the year ended December 31, 2018 decreased to $1,739,665 from $2,912,170 in 2017, representing a 40% decrease.Decreases in administrative expenses are attributed to the following: Administrative salaries decreased by 26% due to the termination and/or resignation of certain administrative staff. Stock based compensatio...