News
Interim Results for the six months ended 30 June 2011
11 August 2011
TyraTech Inc. (AIM: TYR), a natural life sciences company that harnesses the power of nature to improve human and animal health using a proprietary, novel technology that is both effective against insects and parasites and safe for people and pets, today announces its interim results for the six month period ended 30 June 2011.
Financial Highlights:
- Total revenues from continuing operations increased by 85% to US$5.0 million (2010: US$2.7 million);
- Product sales increased by 103% to US$2.8 million (2010: US$1.4 million)
- Collaborative revenue increased by 64%, due primarily to milestone revenue for the first half of US$1.4 million (2010: nil)
- Gross profit increased to US$3.5 million (2010: $0.7 million)
- Overall operating expenses from continuing operations increased 7% to US$4.1 million (2010: US$3.8 million);
- Loss from continuing operations was significantly improved at US$0.5 million for the first half of 2011, (2010: US$3.1 million net loss); and
- Cash and cash equivalents of US$1.6 million at 30 June 2011 (US$1.5 million at 30 June 2010 and US$3.3 million at 31 December 2010)
Operational Highlights:
- Delivery of three new innovative insect control products to Terminix;
- Over a 100% increase in the delivery of Terminix products in the six months ended 30 June 2011; and
- Continued product development efforts on our Kraft project as well as early efforts on additional products in existing and new categories
For further details please contact:
Tyratech, Inc.
Alan Reade, Executive Chairman Tel: +1 919 415 4310
Peter Jerome, Chief Financial Officer Tel: +1 919 415 4280
www.tyratech.com
Brewin Dolphin
Matthew Davis Tel: +44 207 248 4400
www.brewin.co.uk
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