PuriCore achieved its financial goals for 2011, ending the year in a strong position, with robust order flow in the US Supermarket Retail sector, the early indications of a re-initiation of UK National Health Service (NHS) spending in the UK and strong growth in the Wound Care business including initial distribution orders.
PuriCore increased sales in 2011 with revenues of $42.6 million, an increase of 5% (3% at constant currency) over 2010 ($40.5 million). This growth was driven by strong year-end sales, moving all business divisions to profitability, and moving the business as a whole to EBITDA profitability in the fourth quarter.
The gross profit margin for 2011 was 29.4% (2010: 33.6%). A change in sales mix, particularly in the UK, with a reduction in capital sales versus prior year drove the decrease.
The Company leveraged operating expense reductions, which improved the Group's operating loss to $6.7 million (2010: $8.2 million). Operating loss, excluding non-cash depreciation, amortisation, non-cash stock compensation charges, and capitalisation/amortisation of development costs, improved to $2.2 million (2010: $4.2 million).
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