- Q1 Net sales up 28.5% to $791,339 for the three months ended June 30, 2017
- Initial launch and First sales of Condor 3D Scanner in North America recorded during the quarter representing 30.88% of Net sales ($244,365)
- Gross profit increased by $32,549 or 7.6% to $458,167 for the three months ended June, 2017
- Net income attributable to Remedent shareholders decreased approximately -38.4% year-over-year to $62,431 for the three months ended June, 2017
GHENT, Belgium, Aug. 14, 2017 (GLOBE NEWSWIRE) -- Remedent, Inc. (“Remedent” or the “Company”) (OTCPK:REMI) today reported financial results for the first quarter ended June 30, 2017. Net sales increased by approximately 28.5% to $791,339 for the three months ended June 30, 2017 as compared to $615,949 for the three months ended June 30, 2016. The increase in sales is primarily due to our recent launch of our Condor 3D Scanner in the North American market. The sales of our 3D scanner in named market represents 30.88% of the total sales for the quarter ended June 30, 2017 as compared to nil for the quarter ended June 30, 2016, as not yet distributed in the American market.
Our gross profit increased by $32,549 or 7.6% to $458,167 for the three months ended June 30, 2017 as compared to $425,618 for the three months ended June 30, 2016. Our gross profit as a percentage of sales decreased to 58% in the three months ended June 30, 2017 as compared to 69.10% for the three months ended June 30, 2016. Our gross profit has decreased because of our initial launch of our Condor 3D Scanner on the American market and pressure on our veneer business, known for its higher margins.
Cost of sales increased approximately 75% to $333,172 for the three months ended June 30, 2017 as compared to $190,331 for the three months ended June 30, 2016. The increase in cost of sales is primarily due to the increased sales and launch of our Condor 3D Scanner for the American market. As not yet distributed at the quarter ended June 30, 2016, the impact was nil compared to the increased sales for the Condor 3D scanner at the quarter ended June 30, 2017 and its related cost of goods.
Our sales and marketing costs for the three months ended June 30, 2017 and 2016 were $239,148 and $155,184 respectively, representing an increase of$83,964 or 54.1 %. The increase is largely due to the increase in our sales force to enlarge our effort in gaining market share and the increased attendance in certain shows.
Net income attributable to Remedent shareholders for the three months ended June 30, 2017 was $62,431 down approximately -38.4% from $101,415 for the three months ended June 30, 2016.
For more information please see the complete report filed by the company today on EDGAR.
Commenting on Remedent's Q1 Fiscal 2018 results Remedent Inc. President and CEO Guy De Vreese said, "We are pleased to announce the first sales of our Condor 3D intra oral scanner and its initial adoption by dental clinics in North America. We expect this category to continue to grow in the coming periods as we continue to develop our North American distribution operations. Demand for digital scanners is strong as dental practitioners are increasingly interested in devices and software enabling them to digitize their practices to create efficiencies and become more patient centric. Remedent is well positioned to deliver products and services to meet these needs which we expect to be a major growth driver over the coming years. The company’s solid execution of its strategy has already started to deliver top-line growth and we expect it to yield better margins and earnings growth as the company continues to scale.”
About Remedent
Remedent, Inc., through its subsidiaries, researches, designs, develops, manufactures, and distributes oral care and cosmetic dentistry products. The company recently launched the Condor in the United States, a state of the art intra oral scanner, which places it at the forefront of digital dentistry image capture and management, with one of the most competitive dental scanners on the market. The company also offers professional cosmetic solutions called GlamSmile and River 8, including a prefab veneer that enables dentists to make sure patients always obtain a permanent white smile and perfectly aligned dentition when minor reshaping is required. In addition, Remedent is launching a host of products and digital applications that accompany dental scanners. The company is at the forefront of the digital workflow with its applications like veneer design and communication software like SmileMe Mirror. Remedent is poised to establish itself as a premier provider of dental care solutions.
Forward-Looking Statements
This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they are made. Except as may be required by law, the Corporation undertakes no obligation and disclaims any responsibility to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise. The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in market conditions, exchange rate, and unforeseen difficulties in operations that could affect revenue and costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Remedent’s periodic reports. The forward-looking information contained herein is made as of the date of this news release.