Toronto, Ontario - August, 30, 2013 Theralase Technologies Inc. (TSXV: TLT) released its second quarter 2013 financial results today, demonstrating an increase in profitability by 27% year over year, while successfully advancing its patented therapeutic laser and cancer destruction technologies.
Total revenue for the six months ended June 30, 2013 decreased to $852,196 from $1,118,896 for the same period in 2012, a 24% decrease.
The net loss for six month period ended June 30, 2013 was $411,079, which included $106,361 of net non-cash expenses compared to a net loss in 2012 of $652,568, which included $162,078 of net non-cash expenses, demonstrating an improvement of 37% year over year.
The net loss is a reflection of the ongoing commitment of Theralase to invest in the next level of therapeutic laser and cancer destruction technologies, from existing therapeutic laser sales.
Selling expenses decreased by 30% to $237,221 from $336,916 for the same period in 2012. The percentage decrease was due to reduced spending on salaries on sales personnel and a reduction in marketing costs.
Administrative expenses decreased by 17% to $510,944 from $614,906 for the same period in 2012. The decrease in administrative expenditures is due to reductions in administrative personnel compensation, stock based compensation and rent.
Research and development costs decreased to $272,014 from $490,263 for the same period in 2012. This represents a 45% decrease in expenditures, due to the approaching completion of research and development costs of the patented TLC-2000 therapeutic laser technology.
"Theralase is preparing for the launch of its next generation patented TLC-2000 biofeedback therapeutic laser technology in 1Q2014 that will revolutionize the therapeutic laser industry" stated Roger Dumoulin-White, President and CEO of Theralase. "In addition our cancer technology has evolved past the proof of concept stage and is now being readied for investigation in the destruction of bladder cancer in humans in 2014.
About Theralase Technologies Inc.
Theralase Technologies Inc. designs, manufactures and markets patented, superpulsed laser technology used in healing injured tissue and destroying cancer. Theralase technology is safe and effective in eliminating pain, reducing inflammation and accelerating tissue regeneration of numerous nerve, muscle and joint injuries. Theralase is actively developing patented technology that is able to target and destroy cancers, bacteria and viruses when light activated.
The complete interim consolidated financial statements and MD&A for six-month period ending June 30, 2013 may be viewed at www.theralase.com and www.sedar.com .
This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. The Company disclaims any obligation to update these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchanges) accepts responsibility for the adequacy or accuracy of this release.
For More Information, please contact:
Roger Dumoulin - White,
President & CEO
416-699-LASE (5273) ext. 225
Chief Financial Officer
416-699-LASE (5273) ext. 224
Chief Scientific Officer
416-699-LASE (5273) ext. 260
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