Victhom Human Bionics Inc. reported a plunge in first-quarter revenue on Friday as it transferred of all of its development and support activities to its partner Ossur, an orthopaedics company based in Iceland.
The Quebec-based company (TSXV:VHB), which develops and makes bionic devices involved in the treatment of a variety of physical and physiological dysfunctions, said it generated revenue of $2,482 in the January-March period versus $681,912 in the corresponding period last year.
It did not provide any net income nor per share information for both periods.
The company had cash and equivalents of $522,214 at the end of March, down from $859,951 from the same period last year.
Victhom said it will incur additional expenses to complete the development and marketing of its products but management believes it has "sufficient liquidity to support its cash flow requirements for at least the next twelve months."
Victhom voluntarily delisted itself from the Toronto Stock Exchange at the end of last year and started trading on the TSX Venture market Dec. 30.
Shares of the company were unchanged near midday on the junior exchange at 10 cents.