Ceapro released their financial report for 2016 and shared an update on the company.
Ceapro (TSXV:CZO) released their financial report for 2016 and shared an update on the company.
As quoted in the press release:
Financial Highlights for the Full Year 2016
- Highest full year revenue and operating cash flows in Company’s history;
- Total sales of $13,674,000 for the full year 2016 compared to $10,667,000 in 2015, an increase of 28.2% year-over-year revenue performance;
- Record income from operations of $5,999,000 for the full year 2016 compared to $3,630,000 in 2015, an increase of 65.3%;
- Net income before taxes of $5,363,000 in 2016 compared to $3,834,000 in 2015;
- Net profit after tax of $3,620,000 for the full year 2016 compared to a net profit after tax adjustment of $4,922,000 for 2015;
- Cash flows generated from operations of $4,748,000 for the year ended December 31, 2016 compared to $3,982,000 in 2015;
- Positive working capital balance of $8,860,000 as of December 31, 2016 compared to a working capital deficiency of $1,356,000 as of December 31, 2015;
- Retained earnings position of $3,667,000 as of December 31, 2016 compared to a deficit of ($59,000) as of December 31, 2015; and
- Cash on hand as of December 31, 2016 was $9,150,000 compared to $1,681,000 as of December 31, 2015.
“The continued year-over-year revenue performance of our high-value, de-risked base business in cosmeceuticals represents a significant achievement for Ceapro. We are thrilled to have delivered in 2016 the best financial results in Ceapro’s history for a fourth year in a row,” stated Gilles Gagnon, M.Sc., MBA, President and CEO of Ceapro.
2016 Key Operational Highlights
- Closed a private placement of CDN$10.0 million with the majority of the offering subscribed by fundamental institutional investors;
- Renewed a major distribution agreement with long-time partner, Symrise AG;
- Completed human bioavailability study using Ceapro’s high concentration of avenanthramides;
- Contributed high concentration avenanthramides for a U.S. based human bio-efficacy study of avenanthramides as an anti-inflammatory compound in exercise-induced inflammation;
- Pursued the development of the Company’s enabling Pressurized Gas eXpanded Technology (PGX) at pilot scale level;
- Announced the opening of a new GMP bio-processing extraction facility in Edmonton, Alberta and commenced the commissioning and validation activities;
- Completed the development of a prototype for a functional drink in Q4 2016;
- Received issuance of U.S. and Canada patents for Ceapro’s unique and disruptive enabling PGX technology covering proprietary methods and use of micro- and nano-sized particles generated by applying PGX supercritical fluid technology;
- Signed a Research Agreement with McMaster University for testing of materials using PGX Technology;
- Completed protocol for pilot clinical study to develop beta glucan as a cholesterol reducer;
- Announced research collaboration with prestigious German based research organization, Fraunhaufer, including a non-reimbursement grant of $250,000 from the German-Canadian Centre for Innovation and Research (GCCIR) for PGX technology;
- Awarded “Company of the Year” by Bio Alberta; and
- Strengthened the Company’s balance sheet pursuant to equity conversion of outstanding convertible debentures.
“We have laid tremendous groundwork in 2016 by successfully securing our growing base business, as well as significant operational and clinical advancements with the opening of our manufacturing facility and the completion of key studies that will direct us towards commencing important clinical studies this year which we believe will advance our pipeline in a meaningful way. Ceapro is well poised to transition to its next phase of growth as we will invest significantly in our beta glucan and avenanthramides product portfolio for our expansion into the profitable nutraceutical sector over the next 12-18 months,” added Mr. Gagnon. “We anticipate topline data from our study evaluating avenanthramides in exercise-induced inflammation, as well as data from the beta glucan study with co-enzyme Q10 for the development of a prototype functional drink in the coming weeks. Additionally, we believe our unique and disruptive enabling technologies will continue to play a key role in Ceapro’s success.”