Biocorrx Inc (OTCMKTS:BICX) that develops the ‘Start Fresh Program®’ used to treat opioid and alcohol dependence, posted its FY2014 Financial Results. The revenue surged 64% over FY2013 driven by Start Fresh Program fees. There was a 400% jump in patients cured with the Start Fresh Program from FY2013 to FY2014.
Biocorrx successfully concluded six licensing deals and strategic partnerships giving licensing rights to the ‘Start Fresh Program’ in several territories throughout the U.S. It eradicated almost $1 million dollars in convertible debt, enhancing the capital structure and strengthening the balance sheet.
The financial highlights
Biocorrx reported revenue of $1.17 million in FY2014. The net cash from continuing operations came at $167,700 while the net loss stood at $3.1 million. On Non-GAAP adjusted basis, EBITDA stood at a loss of $1.1 million.
The management view
Lourdes Felix, the CFO of Biocorrx said that the record year concluded with a total of ten clinics providing the Start Fresh program by fiscal end. The year can stated as an all-around successful year for the company. Biocorrx was able to move forward with its Start Fresh Program while continuing to implement and expand the core market. In FY2015, the company will continue to look for and develop opportunities for expansion and growth through strategic relationships similar to the ones that company entered with EROI and Myriad Medical Marketing.
Biocorrx look forward to the probable purchase of Trinity Compound Solutions in 2015 and the company’s list of formulas. It includes the formula for the Naltrexone implant. The company possesses the rights of it and is implemented in the Start Fresh Program. The vision is to offer benefit to the company’s shareholders, employees, strategic partners, and more importantly, the families that benefitted from wonderful program. FY2014 was a great year for Biocorrx as the Start Fresh Program witnessed a 402% increase in patients cured from 2013 to 2014.