Remedent reported net sales of $2.8 million for its 2011 fiscal fourth quarter (end-March 31), up 17% from sales of $2.4 million for the same quarter a year ago.
Loss from operations in the fourth quarter was $933,000, compared with a loss of $462,000 in the previous fourth quarter.
Net sales for the year were $12.5 million, a 52% increase over sales of $8.25 million in the previous fiscal year. Net loss for the year was $1.5 million, compared with a loss of $2.4 million for the previous fiscal year.
"Our investment in our Chinese operations continues to exceed our expectations," said Guy De Vreese, CEO of Remedent, in a press release. For the year ended March 31, 2011, Glamsmile Asia generated approximately $850,000 in net income prior to tax, and we anticipate further growth in China as a new fourth studio is expected to open in Wenzhou, China, in September 2011."
For the remainder of the fiscal year, the company intends to focus its efforts and resources on expanding and developing its Chinese operations, which may include changing its name from Remedent to Glamsmile. The company also plans to consolidate some of its operations and reposition the strategy of its U.S. and European operations on establishing revenue streams through royalty agreements for its products.
