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Pyng Medical Corp.
OTCBB: PYNGF
TSX-H:PYT
Sector: Medical Technology
Interview With:
David Christie
President & Chief Executive Officer
Dated December 08, 2006
Current Stock Information Stock Chart
Pyng Medical Corp Ordinary Shares (Canada) (OTCPK:PYNGF)
Last Trade: 0.42
Trade Time: 09:00 EST
Change: 0.00 (0.00%)
Day's Range: 0.42 - 0.42
52wk Range: 0.25 - 0.525
Volume: 0
Intraday 1 Month 3 Month 6 Month 1 Year
Quotes delayed at least 20 mins.
Current Press Releases
08/11/06
Developments at Pyng Medical, New Board Member, Newsletter and CEO Search Update
06/05/06
Pyng Forges Strategic Training Equipment Alliances
05/15/06
Pyng Medical Announces Second Quarter Results Ended March 31, 2006
05/01/06
Pyng Medical Announces Dramatic Increase in USA Distributors
04/10/06
Pyng Medical Q2 Sales Results Capped by Record March Shipments
More Information
Detailed Quote
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SEC Filings
Profile
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Location Management
#7 - 13511 Crestwood Place
Richmond, BC,
CAN V6V 2E9
Phone: (604) 303-PYNG (7964)
Fax: (604) 303-7987
Website
E-mail
David Christie
President & CEO
Richard A. Clinchy, III PhD, EMT-P
Director of Business Development
Steve Law
CFO
Jon Strong BSc
Operations Manager
Nicole Ranger, B.Sc., B.A.Sc., P.Eng.
Engineering Manager
Maya Butterfield, B.Sc.
Quality Assurance and Regulatory Affairs Manager
CORPORATE INFO
Pyng Medical Corp is uniquely positioned to command a leading market position in the resuscitative urgent care market. Building off the strength of our proprietary FAST1® Intraosseous Infusion System, Pyng is poised to expand internationally, penetrate in to all clinical applications, and diversify with complimentary product lines. We are focussed on serving the needs of emergency room doctors and nurses, paramedics and any first responders, in the battlefield, ambulance or in any hospital during “Code Blue” trauma. By building a strong core high-margin business that is profitable, keeping our overheads low and under control, and with a very clean balance sheet, we have all the fundamentals for a strong, sustainable investment. Our loyal customers think FAST and save lives with our innovative solution. We believe that savvy investors should think PYNG to enhance their market portfolio.
Transcript of Interview
WSR: How large is the overall market you are targeting? Also, please elaborate on the company’s potential growth.
PYT: As an industry, the market has yet to be clearly defined, but with the new ILCOR guidelines, it equates to any instance where an IV start is unsuccessful. There are 7 million of those a year, and another 6 million cardiac arrests each year in the U.S. alone. The U.S. represents 40% of the world’s medical device market. If we extrapolate those numbers, we are looking at 33 million opportunities a year worldwide and at a range of selling prices, that equates to anywhere from CDN$2 billion to CDN$6 billion a year and growing.
WSR: Tell us about your product offering, the science, and the applications to the market you’ve outlined.
PYT: If a clinician cannot start an intravenous line because they don’t have time due to the urgent critical nature of a patient in an emergency, we then start intraosseous infusion, as per recommendations of the International Liaison Committee on Resuscitation (ILCOR). Intraosseous infusion refers to delivery of fluid and/or drugs into the patient’s bone marrow, an alternate pathway into the bloodstream. Our product, the F.A.S.T.1, targets the preferred intraosseous infusion site - the sternum, because it is more protected from trauma injuries than arms or legs, and it is so close to the heart that we deliver fluids and drugs as fast as a central line into the jugular or subclavian vein would. That’s the F.A.S.T.1. Our insertion procedure is very fast and takes less than 60 seconds, compared to a few minutes to start an IV and longer to start central lines. Once in place, the F.A.S.T.1 allows fluid and drug delivery to the heart in only 25 seconds with life-saving results. Our proprietary technology allows any qualified medical personnel, whether a paramedic, battlefield medic, nurse, or doctor, with only five minutes of training to consistently and accurately place our life savings catheter in exactly the same spot in any patient’s sternum for rapid delivery of life-saving fluids and drugs. The application for this extends from the battlefield to the ambulance, the ER, and on to crash carts for Code Blues in any hospital.
WSR: What is unique about the company and its product offerings that gives you competitive advantages in the markets you’ve outlined?
PYT: We are small, there are only 12 of us. We are very responsive to our customers’ needs. Our Director of Business Development, Dr. Richard Clinchy, lives in the market areas we serve. He has considerable knowledge of both paramedical and medical work. We are very focused on the resuscitative care market, and we developed intraosseous infusion into what it is today. With over 75,000 units sold in three years without any product failures, our quality is exceptional. Our competitive advantage is in the quality of our product, our people, and our positioning at the heart of the life or death resuscitative care market.
WSR: In light of those points, are there any significant major trends in the near or medium term affecting your core products and the way you position the company?
PYT: Yes. The main trends we see first and foremost are the new ILCOR guidelines. Although these regulations are less than a year old, it does take time to put them into practice. We are seeing the momentum build for use of the F.A.S.T.1. The military routinely use them first on combat casualties without ever attempting an IV or a central line; emergency medical services, or the first responders, are increasing the use of F.A.S.T.1. We are beginning to get inquiries from hospitals, both urban and rural, in the U.S. and around the world. With cardiovascular disease still the Number 1 cause of death in America, the need for rapid intervention with F.A.S.T.1 to help save heart attack victims will grow as baby boomers age.
WSR: Give us a sense of the highlights or milestones we can extract from your most recent quarter.
PYT: We finished our fiscal 2006 on September 30 on a high note. We exceeded CDN$3 million in revenue, close to CDN$250,000 in net income, had a strong, debt-free balance sheet, CDN$650,000 cash in the bank invested and generating returns, an utilized CDN$500,000 line of credit, low overhead, along with a strong, talented, and experienced management team. We have exceptional brand recognition with our core customer base and very good domestic distribution. We have a new Board member, Col. Dr. Alan Moloff, who will be helping us on our Medical Advisory Board. We also have a significant new contract with the San Francisco Fire Department. We have a gross margin of 70%, high for our industry. Our outstanding shares are small at only 10 million issued versus comparable companies that have often issued 10 times that to get to our stage.
WSR: Do you feel that the outlook for the remainder of the year is positively strong?
PYT: We haven’t yet formally released our fiscal Q1 results, which we will be doing in January. We did have recordbreaking revenues in October and November, with December looking very strong. We are maintaining or improving our gross margins and keeping our expenses under control. I am cautiously optimistic that our upcoming quarter will be strong as well; there is nothing we are aware of which would suggest otherwise.
WSR: What are the key goals and strategies you are focused on to ensure success?
PYT: We have three pillars for success. First, to be the best company in the emerging intraosseous infusion market, with the best products, highest-quality, and the most attractive value proposition. Second, we want to build around our core product, our suite of complementary products which provides resuscitative caregivers with innovative, life-saving solutions. And third, we want to expand more rapidly than the market allows for by targeting strategic acquisitions of small companies that meet our criteria or spin-out their trauma product lines that fit our strategic objectives.
WSR: What are the visions you have for the company over the next 2 to 3 years?
PYT: Our goals are three-fold. One – to ensure that everyone in trauma care - suppliers, customers, payers, competitors, investors, and analysts who follow our space - will know who Pyng Medical Corp. is and they will recognize the strength of our F.A.S.T.1 brand. Two, we would like to be something of an order of magnitude bigger than we are in terms of our key financial indicators. And third, to be poised to be a sustainable world-class medical device innovator.
WSR: In closing, what are the reasons a prospective investor should get involved in the company?
PYT: Today, we are undervalued at CDN$0.35 a share. By how much we are undervalued is up to investors to decide, but we have at least one analyst recommending us as a “buy”, and when you look at our fundamentals, it is easy to see why. As CEO, my objective is to build a profitable, growing, and sustainable medical device company with a legacy of consistently generating shareholder value, the same consistency we have with our high-quality F.A.S.T.1 product. We want shareholders who are as loyal to us as our customers are. Lastly, I’ve just joined the organization and am very excited about it. I have experience with over a dozen successful medical device product launches. In my early days, I was groomed to be a leader at American Hospital Supply. I’ve worked in early-stage companies where we’ve moved from no revenue to excess of CDN$15 million within two years. I am looking forward to doing that here at Pyng.
END
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