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Remedent, Inc. (REMI) reported its financial results last week for the fourth quarter and year ended March 31, 2009.
Net sales in the fourth quarter totaled $3.4 million, an increase of 12% from $3.0 million in the same year-ago quarter. Net loss for the fourth quarter totaled $1.1 million or $(0.05) per share, as compared to a loss of $623,000 or $(0.03) per share in the same year-ago quarter.
Net sales for the fiscal year 2009 totaled a record $14.6 million, an increase of 96% from $7.5 million in fiscal 2008. Net loss for fiscal 2009 totaled $3.0 million or $(0.15) per share, as compared to a loss of $3.1 million or $(0.17) per share in fiscal 2008. The net loss in fiscal 2009 included $4.3 million in warrants issued to Den-Mat Holdings, partially offset by a gain of $2.8 million from the sale of a portion of the company's over-the-counter retail product business.
Steven Joris, COO of Remedent, commented in a conference call, "Sales of our Glamsmile flagship product increased 484% in fiscal 2009. The narrowing of the loss in operations was attributed to increased sales, reorganization of our production process and more in-house manufacturing that reduced the costs of outsourcing."
Guy De Vreese, CEO of Remedent, added, "We has made strong progress in product development and record sales in fiscal 2009. These dramatically increased sales are the result of the increasing adoption by dentists and consumers around the world. We know that consumers want this product."
He continued, "Demand for our veneers has grown every month since we introduced GlamSmile(R). GlamSmile involves a proprietary veneer fabrication technique and a patented single-motion veneer placement tray which are both guided by a proprietary computer imaging, design and digital preview system. This unique tray delivery system lets dentists expertly seat custom veneers in less than an hour while preserving tooth structure.
Den-Mat Holdings, the world's largest producer of dental veneers, implemented the complete adoption of the Company's GlamSmile technology in August of 2008. In addition to Den-Mat in the United States, the Company is also realizing increasing success in China and Australia.
Mr. De Vreese noted, "The current demand calls for us to produce at least 10,000 veneers per month. This would translate into $400,000 in guaranteed monthly revenues. The bad news is that we are not close to that production. We are currently able to produce 3,500 per month. We are now in a ramp-up process for our manufacturing operations. We expect to produce at least 10,000 veneers at our Chinese facility by the end of November, and additional ones at our Belgium facility. By the end of the year, we should be producing more veneers in the Beijing facilty than any other lab in the world."
He added, "There is a huge global demand that is increasing. Veneers are the only solution today that provides a smile makeover that is painless, fast and can be done in an affordable manner. Very few people understand that this solution is available to them. Our marketing efforts are converting between 15%-20% of our overall leads into sales. Our Internet platform has been successful and is scalable. About 3% of the people visiting our marketing website are converted into leads. Leads are consulted and guided to a specific clinic. We believe that we are able to drive $75,000 in additional revenues to a partner clinic from patients that would have never visted that clinic otherwise. Out target over the next 12 months is to open 100 partnerships outside of the U.S."
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