Company News

Year to date revenue growth of 110% Nanalysis Scientific Corp. a leader in portable MRI and NMR machines for healthcare and industrial applications, released today its third quarter 2021 results. "We are happy with our continued growth and relied on our strong product line in the third quarter to continue our revenue trajectory," said Sean Krakiwsky, Founder and CEO of Nanalysis. "We are addressing our ...

Year to date revenue growth of 110%

Nanalysis Scientific Corp. ("the Company", TSXV: NSCI OTCQX: NSCIF FRA: 1N1 ), a leader in portable MRI and NMR machines for healthcare and industrial applications, released today its third quarter 2021 results.

"We are happy with our continued growth and relied on our strong product line in the third quarter to continue our revenue trajectory," said Sean Krakiwsky, Founder and CEO of Nanalysis. "We are addressing our manufacturing constraints to satisfy the demand of our growing backlog for our 100 MHz product. Deliveries have picked up and will continue do so in the coming months with the goal of minimizing any backlog.  Our hard work continues to yield results and I'm very proud of our team."

Financial Highlights for the Three and Nine Months Ended September 30, 2021 :

  • Revenue was $3.3 million and $11.0 million for the three and nine months ended September 30, 2021 , respectively, representing increases of 96% and 110% compared to the same periods last year.
  • Gross margin was 64% and 65% for the three and nine months ended September 30, 2021 , respectively.
  • Income before other items of $12K and $1,506K for the three and nine months ended September 30, 2021 , respectively, representing an improvement of $446K and $2,529K compared to the same periods last year.
  • Cash of $12.6 million , an undrawn credit facility of $2.0 million and working capital of $14.6 million .

Recent strategic and operational highlights during and subsequent to the third quarter of 2021 include:

  • Announced entering into a binding agreement for the acquisition of K'(Prime) Technologies ("KPrime"): KPrime a North American sales and service company, with a particular focus on scientific instrumentation for pharma, food, chemical and oil & gas customers, as well as imaging systems for security applications. Over the past four fiscal years KPrime's unaudited revenue has been between $8 million and $10 million with positive EBIDTA of roughly $1.0 to $1.5 million per year.
  • Announced and closed acquisition of One Moon Scientific ("OMS"): OMS is a New York based magnetic resonance software company that specializes in a suite of software tools to streamline and automate Magnetic Resonance ("MR") data analysis and management. The acquisition opens up new industry verticals for hardware sales and allows for software licensing and SaaS revenue.
  • Bolstered manufacturing by buildout of two adjacent bays: The additional manufacturing capacity will allow for increased production and quicker fulfillment of 100MHz backlog. The Company anticipates an increase to the production capabilities of the all product lines.
  • The Company currently has 29 100 MHz units on back order . The expansion of the manufacturing facility, coupled with the addition and training of new manufacturing personnel resulted in production delays, as such Nanalysis only delivered on two units in the quarter.
  • Closed bought deal public offering and concurrent non-brokered private placement for gross proceeds of $11.0 million : The Company issued 9,165,000 units at a price per unit of $1.20.

Operating Results
For the three months ended September 30, 2021 , the Company reported consolidated revenue of $3,336K , an increase of $1,636K or 96% from the comparative period in 2020. The increase in revenue is due to the progress completion of RS2D contracts, the shipment of Nanalysis' new flagship product: the 100MHz spectrometer and strong sales of the 60Mhz spectrometer. In the Quarter the company worked towards doubling the size of its manufacturing facility and substantially increasing the manufacturing headcount.  Buildout with renovations are in final stages and the technical training of new staff is close to complete.

As of September 30, 2021 , the Company had $3,181K of unearned revenue ( December 31 , 2021- $2,868K ), of which $2,345K will be recognized into revenue over the next 12 months. Unearned revenue relates to prepayments for the 100MHz, prepayment on RS2D contracts and extended warranty sales.

Gross profit for three months ended September 30, 2021 , was $2,122K (a margin of 64%) compared to gross profit of $1,056K (a margin of 62%) for 2020. The company achieved income before other items for the three months ended September 30 , 2021, of $12K as compared to losses before other items of $434K for 2020.

The Company's net loss for the three months ended was $857K an improvement of $242K , from the comparative period in 2020.

Outlook
Sean Krakiwsky states "We continue to see a 100% growth year over year stemming from strong demand for our products. We are confident in our ability to push organic growth into the coming years, as evidenced by a strong backlog of 29 100 MHz units, increased demand for the 60MHz as evidenced by this quarter and additional manufacturing capacity expected to come online in early 2022. Despite supply chain and facility expansion challenges, this quarter reflects the fact that we as a Company can demonstrate strong growth without the reliance on a single product line. The acquisition of KPrime strengthens our business in the short and medium term as we implement our vision. I am proud of what we have accomplished thus far into 2021 and am very much looking forward to a great 2022."

Conference Call
Founder and CEO Sean Krakiwsky and CFO Luke Caplette will host a conference call to discuss these results at 5:00 P.M. Eastern Time today. All interested parties are invited to join this call.

Investors interested in participating on the live call can dial 1-877-451-6152 or 1-201-389-0879 from abroad. Investors can also access the call online through a listen-only webcast HERE , or on the investor relations section of the Company's website HERE .

The webcast will be archived on the Company's investor relations webpage for at least 90 days and a telephonic playback of the conference call will be available by calling 1-844-512-2921 or 1-412-317-6671 from abroad. The conference ID is 13724825. Telephonic playback will be available for 14 days after the conference call.

About Nanalysis Scientific Corp. (TSXV: NSCI, OTCQX: NSCIF, FRA:1N1)
Nanalysis trades on the TSX Venture Exchange (TSXV) in Canada with ticker symbol 'NSCI', Over the Counter (OTC) in the United States under the ticker symbol 'NSCIF', and on the Frankfurt Exchange (FRA) under the symbol '1N1'.

Nanalysis is an international business focused on capitalizing its proprietary technologies in nuclear magnetic resonance (NMR) that go into NMR spectrometers and magnetic resonance imaging (MRI). Nanalysis operates out of two subsidiaries, Nanalysis Corp. and RS2D S.A.S. (RS2D).

Nanalysis Corp. is an industry leader in developing and manufacturing compact NMR spectrometers for laboratory and industrial markets. Its advanced 60 and 100 MHz spectrometers require no liquid helium or other cryogens. These devices are used by chemical professionals spanning a wide variety of industries, including oil and gas, chemical, mining, pharmaceutical, and biotechnology.

Through its European subsidiary RS2D, the Company's electronic boards and software are used in conventional NMR and MRI equipment and are being incorporated into next-gen MRI systems as well as miniaturized MRI devices.

To sign up for updates relating to Nanalysis, please complete the online form found HERE .

Notice regarding Forward Looking Statements and Legal Disclaimer

This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur and in this news release specifically include "we are confident in our ability to push organic growth into the coming years" and "very much looking forward to a great 2022". These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.


Three months ended September 30

Nine months ended September 30

($000's)

2021

2020

($) Change

2021

2020

($) Change








Revenue

3,336

1,700

1,636

10,954

5,219

5,735

Cost of products sold

1,224

644

580

3,802

1,855

1,947

Gross profit

2,112

1,056

1,056

7,152

3,364

3,788








Expenses







Sales and marketing

838

822

16

2,706

2,200

506

General and administration

1,016

668

348

2,411

2,187

224

Research and development

246

-

246

529

-

529

Income (loss) before other items

12

(434)

446

1,506

(1,023)

2,529








Other Items







Acquisition transaction costs

96

-

96

98

275

(177)

Depreciation and amortization expense

620

466

154

1,885

1,187

698

Finance expense (income)

121

3

118

(84)

(86)

2

Stock-based compensation

103

150

(47)

346

313

33

Foreign exchange (gain) loss

(102)

130

(232)

(44)

17

(61)

RS2D earn-out

-

-

-

177

-

177

Loss before tax

(826)

(1,183)

357

(872)

(2,729)

1,857

Deferred income tax recovery

31

(84)

115

255

(259)

514

Net loss

(857)

(1,099)

242

(1,127)

(2,470)

1,343

Other comprehensive income

27

40

(13)

74

182

(108)

Total comprehensive loss

(830)

(1,059)

229

(1,053)

(2,288)

1,235

SOURCE Nanalysis Scientific Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2021/18/c7061.html

News Provided by Canada Newswire via QuoteMedia

Cloud DX's Post-Surgical Monitoring Wearable Validated in Peer-Reviewed Study

Cloud DX's Post-Surgical Monitoring Wearable Validated in Peer-Reviewed Study

Cloud DX's Post-Surgical Monitoring Wearable Validated in Peer-reviewed Study For the ~800,000 1 Canadian surgery patients per year, continuous monitoring with Vitaliti™ could enable earlier intervention in cases of patient decline.

  • Validation of Cloud DX's Vitaliti™ continuous monitoring device clears way for regulatory approval starting in 2022.
  • Accurate continuous data collection supports earlier detection of changes in patient condition, enabling rapid interventions to improve patient outcomes.
  • Clear opportunity to impact up to ~800,000 1 surgical patients per year in Canada, deliverable through recent partnership with medical technology leader Medtronic.

Cloud DX (TSXV:CDX)(OTCQB:CDXFF), Leading Virtual Care Platform Cloud DX has announced publication of an independent peer-reviewed validation study of its unique Vitaliti™ product, a non-invasive wearable devices that provides continuous vital sign monitoring (CVSM) device. The study assessed regulatory compliance and post-surgery use in monitoring patients' vital signs in real-world conditions. The study found Vitaliti™ to be fully ISO 81060-2:2018 compliant for the continuous vital measurement, clearing the way for regulatory approval starting in 2022. The study also found that patients welcomed the comfortable, easy to use device. Instead of care teams taking vitals periodically after surgery, Cloud DX's Vitaliti™ was used for continuous monitoring, which could transform post-surgical care by enabling early detection if any deterioration occurs in patient health. On launch, Vitaliti™ will become a key component of Cloud DX's Connected Health™ ecosystem of remote monitoring technologies. Through Cloud DX's recent partnership with Medtronic Canada ULC (a subsidiary of Medtronic plc (MDT), a global leader in healthcare technology), wide deployment of Vitaliti™ is intended to initially improve post-operative care for surgical patients in Canada (up to 800,000 annually) and eventually in the United States (up to several million annually

Keep reading... Show less
KWESST Announces Acquisition of Police Ordnance Company Inc. and Its Arwen Less Lethal Product Line

KWESST Announces Acquisition of Police Ordnance Company Inc. and Its Arwen Less Lethal Product Line

KWESST Micro Systems Inc. (TSXV: KWE) (OTCQB: KWEMF) ("KWESST" or "the Company") is pleased to announce that it has entered into a formal share purchase agreement (the "Agreement") pursuant to which it will acquire Police Ordnance Company Inc. ("POC") located in Bowmanville, Ontario, with ancillary operations in Florida (the "Acquisition").

POC owns all of the patents and trademarks to the ARWEN product line of less-lethal launchers, and a proprietary line of 37 mm less-lethal cartridges designed for riot control and tactical teams. The company has law enforcement customers across Canada, the U.S. and abroad.

Keep reading... Show less
Complexity Gaming Signs Popular Warzone Trio: The Baka Bros

Complexity Gaming Signs Popular Warzone Trio: The Baka Bros

DiazBiffle, LuckyChamu, and Repullze to Compete and Create Content, Bringing Over 1.5 Million Fans to the Organization

Complexity Gaming, a GameSquare Esports Inc. (CSE:GSQ)(FRA:29Q1) ("GameSquare", "GameSquare Esports" or the "Company") company, and one of North America's longest-standing esports organizations, today announced the signing of Call of Duty: Warzone creators ‘the Baka Bros.' Represented by the Kinetic Group's Joowon Lee, the trio comprised of DiazBiffle, LuckyChamu, and Repullze, have joined Complexity as creators and competitors, creating a wide breadth of content to expand the organization's media offering and to compete in Warzone tournaments

Keep reading... Show less
ProStar to Participate in the Lytham Partners Winter 2021 Investor Conference

ProStar to Participate in the Lytham Partners Winter 2021 Investor Conference

ProStar Holdings Inc. ("ProStar®" or the "Company") (OTCQX: MAPPF) (TSXV: MAPS) (FSE 5D00), a world leader in Precision Mapping Solutions ®, announced today it will be participating in the Lytham Partners Winter 2021 Investor Conference taking place from December 13-16, 2021 . During the event, the Company will be participating in a webcasted Fireside Chat discussing its vision for 2022 and conducting 1x1 virtual investor meetings.

Keep reading... Show less
Small Cap Growth Investor Presentations Now Available for On-Demand Viewing

Small Cap Growth Investor Presentations Now Available for On-Demand Viewing

- Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from the December 2nd Small Cap Growth Virtual Investor Conference are now available for on-demand viewing.

Keep reading... Show less

Keynotes, Educational Panels and 70 Companies to Present at the SNN Network Canada Virtual Event on December 7-9, 2021

The SNN Network Canada Virtual Event will take place on December 7-9, 2021, where 70 SmallCap, MicroCap and NanoCap public and private companies will be presenting via virtual webcast to a global investor audience

The SNN Network Canada Virtual Event begins on Tuesday, December 7, 2021 with the "MicroCap Investing Workshop" starting at 8:00am EST and featuring well-known financial influencers, investors, fund managers, and key opinion leaders including: Dave Barr, Sharon Wang, Paul Andreola, Becky Popoff, Harold Leishman, Sean MacGillis, and more!

Keep reading... Show less

Top News

Related News