Financial Reports 2017

Quarterly Report Q1 2017

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12 FINANCIAL PERFORMANCE Amounts in tables are expressed in thousands of Canadian dollars, except per share amounts. Results of operations The interim consolidated statement of operations for the quarter ended March 31, 2017 compared to the same period in 2016 are presented in the following table. Revenues Total revenues for the quarter ended March 31, 2017 were $4.9 million compared to $5.2 million during the comparative period of 2016, representing a decrease of $0.4 million. Revenues for both periods included revenues from product sales and development service revenues while in 2017, they also included rental revenues coming from the facility in Belleville. Revenues from each source may vary significantly from period to period. The following table provides the breakdown of total revenues by source for the quarter ended March 31, 2017 compared to the corresponding period in 2016. Revenues from the sale of goods were $4.4 million during the quarter ended March 31, 2017 compared to $4.7 million during the corresponding period of 2016, representing a decrease of $0.3 million. Service revenues were $0.2 million during the quarter ended March 31, 2017 compared to $0.6 million for the Quarter ended December 31, 2016 2015 2017 2016 Revenues $ 4,866 $ 5,249 $ 4,866 $ 5,249 Expenses Cost of sales and production 2,390 1,793 2,390 1,793 Research and development expenses 24,313 16,477 24,313 16,477 Administration, selling and marketing expenses 6,946 4,826 6,946 4,826 Loss on foreign exchange 216 819 216 819 Finance costs 1,374 850 1,374 850 Net loss before income taxes (30,373) (19,516) (30,373) (19,516) Income tax recovery (1,240) (1,553) (1,240) (1,553) Net loss $ (29,133) $ (17,963) $ (29,133) $ (17,963) Net loss attributable to: Owners of the parent (26,397) (15,579) (26,397) (15,579) Non-controlling interests (2,736) (2,384) (2,736) (2,384) $ (29,133) $ (17,963) $ (29,133) $ (17,963) Loss per share Attributable to the owners of the parent Basic and Diluted $ (0.04) $ (0.03) $ (0.04) $ (0.03) Weighted average number of outstanding shares (in thousands) 616,081 581,258 651,995 581,971 Quarter ended March 31, Quarter ended December 31, 2016 2015 2017 2016 Revenues from the sale of goods $ (5,177) $ 12,238 $ 4,424 $ 4,687 Revenues from the rendering of services (2,479) 489 201 562 Rental Revenue 241 - 241 - $ (7,415) $ 14,066 $ 4,866 $ 5,249 Quarter ended March 31,

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