{"id":456332,"date":"2021-03-11T16:08:21","date_gmt":"2021-03-11T21:08:21","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=456332"},"modified":"2021-03-11T16:08:21","modified_gmt":"2021-03-11T21:08:21","slug":"neovasc-announces-fourth-quarter-and-fiscal-year-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/neovasc-announces-fourth-quarter-and-fiscal-year-2020-financial-results\/","title":{"rendered":"Neovasc Announces Fourth Quarter and Fiscal Year 2020 Financial Results"},"content":{"rendered":"<div class=\"mw_release\">\n<p>VANCOUVER and MINNEAPOLIS, March  11, 2021  (GLOBE NEWSWIRE) &#8212; via <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=eve8Csb7j1O8kkuLX06p_c4begkSI9RsTtQLaDm7J-KOZ2cNhv8XHKbtIwTSvY2PK97reCxXp-_LsMLCfgx-RoOM726OHOlR4CsxmgZHHI4=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>NewMediaWire<\/u><\/a> &#8212; <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Hqwo1_XOjcgyAhHLyREwluKGSLmfeZzn05r-repVukOTNkO3B0BA7DbzoTmUInVdDK0YkxP5MYxA7rH5s_3UXw==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>Neovasc, Inc.<\/u><\/a> (&#8220;Neovasc&#8221; or the &#8220;Company&#8221;) (<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=s7NaID_SiNMRTzq8nZg37prjhWaQeMvuwocFa4wscvgNQ-EgoYsGp01V7xwWxxUnltCF1t_JBkSspUJ0LIcSt7uuFKypIazQPU3C_i9geu4=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>NASDAQ<\/u><\/a>, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=oMq68iJNFMIVyRXIGFBF8Prx1m0FtqsdAnBMnqK_-WZsJFIOZFE5g5eVPSWCQUclZTyi3RAUJfsQjhJfoXX_wvssFtEJdwS-MskGvqzoil5twUqYWBVaer9jorlykPvQ\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>TSX<\/u><\/a>: NVCN), today reported financial results for the fourth quarter and fiscal year ended December 31, 2020.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <em>Fourth Quarter Highlights<\/em><br \/>\n        <\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:0in;margin-bottom:0in;text-align:justify\">Generated revenue of $514,000 in the quarter and $1.96 million for the full year as Reducer implants rebounded after declining due to the COVID-19 pandemic.<\/li>\n<li style=\"margin-top:0in;margin-bottom:0in;text-align:justify\">In December, announced the completion of the first Neovasc Reducer\u2122 (\u201cReducer\u201d) implants in France.<\/li>\n<li style=\"margin-top:0in;margin-bottom:0in;text-align:justify\">Completed a registered direct share offering in December, which raised $6.1 million gross proceeds.<\/li>\n<li style=\"margin-top:0in;margin-bottom:0in;text-align:justify\">Announced the publication of a peer-reviewed article in <em>EuroIntervention<\/em>, which presented data from the ongoing Reducer-I trial that supported the safety and efficacy of Reducer.<\/li>\n<\/ul>\n<p>\n        <strong><br \/>\n          <em>Subsequent to the Fourth quarter<\/em><br \/>\n        <\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:0in;margin-bottom:0in;text-align:justify\">Regained compliance with the minimum bid price requirement and the minimum market value requirement under Nasdaq Listing Rules <\/li>\n<li style=\"margin-top:0in;margin-bottom:0in;text-align:justify\">Completed a registered direct offering in February 2021 which raised approximately $72 million gross proceeds.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>\u201c<\/strong>Neovasc continued to advance its efforts to commercialize the Reducer and further develop the Tiara devices in the fourth quarter,\u201d said Fred Colen, President and Chief Executive Officer of Neovasc. \u201cWe are encouraged by the results of the quarter despite the impact from COVID-19. We believe there is clearly strong underlying demand for Reducer.\u201d<\/p>\n<p align=\"justify\">Colen continued, \u201cWe continue to advance the CE mark submission for Tiara TA in Europe, with the goal of securing a regulatory decision in the first half of the year. We also continue to make meaningful progress on our Tiara TF development program and we are targeting a first-in-human implant in the second half of 2021. Finally, subsequent to the quarter, in February 2021, we took an important step, raising $72 million gross proceeds to secure Neovasc\u2019s ability to execute on our strategies for the medium term. We look forward to continuing our progress in 2021.\u201d<\/p>\n<p align=\"justify\">\n        <strong>Financial results for the fourth quarter ended December 31, 2020<\/strong><br \/>\n        <br \/>Revenues decreased by 6% to $1,957,362 for the year ended December 31, 2020, compared to revenues of $2,092,032 for the same period in 2019 as elective procedures, including the implantation of Reducer, were temporarily suspended at many hospitals due to the impact of COVID-19.<\/p>\n<p align=\"justify\">The gross margin for the year ended December 31, 2020 was 77%, compared to 78% gross margin for the same period in 2019 as we continue to focus on the development of territories where we sell the Reducer with a direct sales force.<\/p>\n<p align=\"justify\">Total expenses for the year ended December 31, 2020 were $36,679,551 compared to $31,680,676 for the same period in 2019, representing an increase of $4,998,875 or 16%, principally because of a $2,528,240 increase in legal costs related to financings, as we completed five financings during 2020, a $1,716,004 increase in share-based payments and a $1,130,794 increase in cash-based employee expenses as we hired a new COO and other higher paid staff, while still reducing head count overall.<\/p>\n<p align=\"justify\">Operating losses and comprehensive losses for the year ended December 31, 2020 were $35,168,428 and $30,170,251, respectively, or $1.72 basic and diluted loss per share, as compared with $30,047,080 operating losses and $33,618,494 comprehensive losses, or $5.40 basic and diluted loss per share, for the same period in 2019.<\/p>\n<p align=\"justify\">\n        <strong>Conference Call and Webcast information<\/strong><br \/>\n        <br \/>Neovasc will be hosting a conference call and audio webcast today at 4:30 pm ET to discuss these results.<\/p>\n<p align=\"justify\">Domestic:\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01-877-407-9208<br \/>International:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1-201-493-6784<\/p>\n<p align=\"justify\">Parties wishing to access the call via webcast should use the link in the Investors section of the Neovasc website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=vg4Oy84lRyi2gN_QhmA_3kDBpJ2Kb0w4MLqBeyxDDIL8UGxZyvAxbm72u0ox10CL0XecfWVT3ed873XbwDukY6Ct_XUDo87nkoJjmPz6M5gIcNRzU8F4GarS7FqIFhBO\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">https:\/\/www.neovasc.com\/investors\/<\/a>.\u00a0 A replay of the webcast will be available approximately 30 minutes after the conclusion of the call.<\/p>\n<p align=\"justify\">\n        <strong>About Neovasc Inc.<\/strong><br \/>\n        <br \/>Neovasc is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. The Company is a leader in the development of minimally invasive transcatheter mitral valve replacement technologies, and minimally invasive devices for the treatment of refractory angina. Its products include the Neovasc Reducer\u2122, for the treatment of refractory angina, which is not currently commercially available in the United States (2 U.S. patients have been treated under Compassionate Use) and has been commercially available in Europe since 2015, and Tiara\u2122, for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the United States, Canada, Israel and Europe. For more information, visit: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=1OrrKIb_dczbNu5WxHcYzKAGpObNQYvuMkPRyWeuIEyQgbInjjeXSRtK_M9GZDAVIyFW3mjNZU3xhxLxQR-6iQ==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>www.neovasc.com<\/u><\/a>.<\/p>\n<p>\n        <strong>NEOVASC INC<\/strong><br \/>\n        <strong>.<\/strong>\n      <\/p>\n<p>\n        <b><br \/>\n          <b>Consolidated Statements of Financial Position<\/b><br \/>\n        <\/b>\n      <\/p>\n<p>As at December 31,<br \/>(Expressed in U.S. dollars)<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"2\" style=\"width:49.56%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.8%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"width:16.82%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">2019<\/td>\n<td style=\"width:16.82%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2018<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\n            <strong>ASSETS<\/strong>\n          <\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0 <strong>Current assets<\/strong><\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0\u00a0 Cash and cash equivalents<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12,935,860<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 5,292,833<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,242,809<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0 \u00a0 Accounts receivable<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>987,057<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">715,696<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0647,143 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0\u00a0 Finance lease receivable<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>95,849<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">86,764<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0\u00a0 Inventory<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>839,472<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">618,650<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: top\">318,135<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0\u00a0 Research and development supplies<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>167,378<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">671,845<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: top\">1,274,653<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0\u00a0 Prepaid expenses and other assets<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>705,471<\/strong>\n          <\/td>\n<td style=\"width:16.82%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">630,042<\/td>\n<td style=\"width:16.82%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0591,236 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0 <strong>Total current assets<\/strong><\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>15,731,087<\/strong>\n          <\/td>\n<td style=\"width:16.82%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">8,015,830<\/td>\n<td style=\"width:16.82%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a012,073,976 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\n            <strong>Non-current assets<\/strong>\n          <\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\n            <strong>\u00a0\u00a0\u00a0 <\/strong>Restricted cash<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 470,460 <\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">462,874<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: top\">439,736 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\n            <strong>\u00a0\u00a0\u00a0 <\/strong>Right-of-use asset<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 830,551 <\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">720,473<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0&#8211; <\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0\u00a0 Finance lease receivable\u00a0\u00a0 <\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 42,841 <\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">138,690<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0\u00a0 Property and equipment<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 803,280 <\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">767,973<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: top\">813,628 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0 <strong>Total non-current assets<\/strong><\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2,147,132<\/strong>\n          <\/td>\n<td style=\"width:16.82%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,090,010<\/td>\n<td style=\"width:16.82%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a01,253,364 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.82%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.82%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\n            <strong>Total assets<\/strong>\n          <\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17,878,219<\/strong>\n          <\/td>\n<td style=\"width:16.82%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0 \u00a0 \u00a0 \u00a0 10,105,840<\/td>\n<td style=\"width:16.82%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0\u00a0\u00a0\u00a0 13,327,340<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\n            <strong>LIABILITIES AND EQUITY<\/strong>\n          <\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\n            <strong>\u00a0 Liabilities<\/strong>\n          <\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\n            <strong>\u00a0 Current liabilities<\/strong>\n          <\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0 Accounts payable and accrued liabilities<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;vertical-align: middle;text-align: right\">\n            <strong>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,243,500<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 7,794,456<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,610,560<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0 Lease liabilities<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>342,910<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">436,352<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0 2017 Convertible notes<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>&#8211;<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">5,400,189<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">1,423,224<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0 2019 Convertible notes<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>38,633<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">1,090,561<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0 2020 Convertible notes<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>37,525<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0 <strong>Total current liabilities <\/strong><\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>7,662,568<\/strong>\n          <\/td>\n<td style=\"width:16.82%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">14,721,558<\/td>\n<td style=\"width:16.82%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">6,033,784<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\n            <strong>\u00a0 Non-Current Liabilities<\/strong>\n          <\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0 Accounts payable and accrued liabilities<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>&#8211;<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">1,186,601<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">2,241,979<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0 Lease liabilities <\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>596,881<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">468,527<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0 2017 Convertible notes<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>&#8211;<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">13,194,112<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0 2017 Derivative warrant liability<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>&#8211;<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">190,303<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0 2019 Convertible notes<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>6,156,724<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">8,174,919<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0 2020 Convertible notes and warrants and derivative <br \/>warrant liabilities <\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,484,529<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\n            <strong>Total non-current liabilities<\/strong>\n          <\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>8,238,134<\/strong>\n          <\/td>\n<td style=\"width:16.82%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">9,830,047<\/td>\n<td style=\"width:16.82%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">15,626,394<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\n            <strong>Total liabilities<\/strong>\n          <\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15,900,702<\/strong>\n          <\/td>\n<td style=\"width:16.82%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24,551,605<\/td>\n<td style=\"width:16.82%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0\u00a0\u00a0\u00a0 21,660,178<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\n            <strong>\u00a0 Equity<\/strong>\n          <\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0\u00a0 Share capital<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$\u00a0\u00a0\u00a0\u00a0 369,775,383<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0 \u00a0 \u00a0 328,460,681<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0\u00a0 304,460,533<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0\u00a0 Contributed surplus<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>35,045,056<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">29,766,225<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: top\">26,260,806 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0\u00a0 Accumulated other comprehensive loss <\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(7,615,717)<\/strong>\n          <\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: bottom\">(6,140,507)<\/td>\n<td style=\"width:16.82%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0(7,653,028)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0\u00a0\u00a0 Deficit<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(395,227,205)<\/strong>\n          <\/td>\n<td style=\"width:16.82%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(366,532,164)<\/td>\n<td style=\"width:16.82%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0(331,401,149)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\n            <strong>\u00a0 Total equity<\/strong>\n          <\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,977,517<\/strong>\n          <\/td>\n<td style=\"width:16.82%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(14,445,765)<\/td>\n<td style=\"width:16.82%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0(8,332,838) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.82%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.82%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:46.82%;vertical-align: bottom\">\n            <strong>Total liabilities and equity<\/strong>\n          <\/td>\n<td style=\"width:2.74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.8%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17,878,219<\/strong>\n          <\/td>\n<td style=\"width:16.82%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0 \u00a0 \u00a0 \u00a0 10,105,840<\/td>\n<td style=\"width:16.82%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0\u00a0\u00a0\u00a0 13,327,340<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>NEOVASC INC.<\/strong>\n      <\/p>\n<p>\n        <b><br \/>\n          <b>Consolidated Statements of Loss and Comprehensive Loss<\/b><br \/>\n        <\/b>\n      <\/p>\n<p>For the years ended December 31, <br \/>(Expressed in U.S. dollars)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n<table align=\"right\" style=\"border-collapse: collapse;margin-left:6.75pt;margin-right:6.75pt;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.34%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"width:16.34%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2019<\/td>\n<td style=\"width:16.34%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2018<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>REVENUE<\/strong>\n          <\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,957,362<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,092,032<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0 $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,749,133<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>COST OF GOODS SOLD<\/strong>\n          <\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>446,239<\/strong>\n          <\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">458,436<\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">366,258<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>GROSS PROFIT<\/strong>\n          <\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,511,123<\/strong>\n          <\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,633,596<\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,382,875<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>EXPENSES<\/strong>\n          <\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Selling expenses<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2,196,803<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">1,645,985<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">1,353,165<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">General and administrative expenses<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>14,081,153<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">10,013,732<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">16,438,936<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Product development and clinical trials expenses<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>20,401,595<\/strong>\n          <\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">20,020,959<\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">16,001,464<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>TOTAL EXPENSES<\/strong>\n          <\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>36,679,551<\/strong>\n          <\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">31,680,676<\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">33,793,565<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>OPERATING LOSS<\/strong>\n          <\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(35,168,428)<\/strong>\n          <\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(30,047,080)<\/td>\n<td style=\"width:16.34%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(32,410,690)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>OTHER (EXPENSE)\/ INCOME<\/strong>\n          <\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Interest and other income<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,394,035<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">184,912<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">183,065<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Interest and prepayment penalty expense<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(1,035,957)<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">(133,082)<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Impairment on right-of-use asset<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>&#8211;<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">(104,544)<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Gain on sale of asset<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>&#8211;<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">238,907<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Loss on foreign exchange<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(256,585)<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">(74,209)<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">(175,054)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Unrealized gain\/(loss) on warrants, derivative liability<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0 warrants and convertible notes<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>8,528,255<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,235,591)<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">(814,827)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Realized gain\/(loss) on exercise or conversion of warrants,<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0 derivative liability warrants and convertible notes<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>814,083<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,692,628)<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">(28,003,594)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Amortization of deferred loss<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(3,494,501)<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">(46,894,189)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>TOTAL OTHER (EXPENSE)\/ INCOME<\/strong>\n          <\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>5,949,330<\/strong>\n          <\/td>\n<td style=\"width:16.34%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,055,142)<\/td>\n<td style=\"width:16.34%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(75,465,692)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>LOSS BEFORE TAX<\/strong>\n          <\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(29,219,098)<\/strong>\n          <\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(35,102,222)<\/td>\n<td style=\"width:16.34%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(107,876,382)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Tax recovery\/(expense)<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>524,057<\/strong>\n          <\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(28,793)<\/td>\n<td style=\"width:16.34%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(107,093)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>LOSS FOR THE YEAR<\/strong>\n          <\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$\u00a0\u00a0\u00a0 (28,695,041)<\/strong>\n          <\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0\u00a0\u00a0 (35,131,015)<\/td>\n<td style=\"width:16.34%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0 (107,983,475)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;vertical-align: bottom\">\n            <strong>OTHER COMPREHENSIVE (LOSS)\/INCOME FOR THE YEAR<\/strong>\n          <\/td>\n<td style=\"width:2.62%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;vertical-align: bottom\">Fair market value changes in convertible notes due to changes in own credit risk<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(1,475,210)<\/strong>\n          <\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,512,521<\/td>\n<td style=\"width:16.34%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,009,592)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(1,475,210)<\/strong>\n          <\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,512,521<\/td>\n<td style=\"width:16.34%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,009,592)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>LOSS AND OTHER COMPREHENSIVE LOSS FOR THE YEAR<\/strong>\n          <\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$\u00a0\u00a0\u00a0 (30,170,251)<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0\u00a0\u00a0 (33,618,494)<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0 (108,993,067)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.34%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>LOSS PER SHARE<\/strong>\n          <\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Basic and diluted loss per share<\/td>\n<td style=\"width:2.62%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1.72)<\/strong>\n          <\/td>\n<td style=\"width:16.34%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (5.40)<\/td>\n<td style=\"width:16.34%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (76.26)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.34%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.62%\">\u00a0<\/td>\n<td style=\"width:2.62%\">\u00a0<\/td>\n<td style=\"width:2.62%\">\u00a0<\/td>\n<td style=\"width:2.62%\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong><br \/>\n          <u><br \/>\n            <br \/>\n          <\/u><br \/>\n        <\/strong>\n      <\/p>\n<p>\n        <strong><br \/>\n          <u><br \/>\n            <br \/>\n          <\/u><br \/>\n        <\/strong>\n      <\/p>\n<p>\n        <strong><br \/>\n          <u><br \/>\n            <br \/>\n          <\/u><br \/>\n        <\/strong>\n      <\/p>\n<p>\n        <strong><br \/>\n          <u><br \/>\n            <br \/>\n          <\/u><br \/>\n        <\/strong>\n      <\/p>\n<p>\n        <strong><br \/>\n          <u><\/p>\n<p>Investors<\/u><br \/>\n        <\/strong><br \/>\n        <br \/>Mike Cavanaugh<br \/>Westwicke\/ICR <br \/>Phone: +1.646.877.9641<br \/><u>Mike.Cavanaugh@westwicke.com<\/u><\/p>\n<p>\n        <strong><br \/>\n          <u>Media<\/u><br \/>\n        <\/strong><br \/>\n        <br \/>Sean Leous<br \/>Westwicke\/ICR <br \/>Phone: +1.646.677.1839<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=m-Jwcnr_0foBH1PIcBK_a2ZvnDYQZs_2GWx6ay9YktduxsEHD9LZ8jD67mpcZTzc7YINAFYQ84mAlPCKJKhaI3GowQj7AyVqKzKgXBtiEjI=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>Sean.Leous@icrinc.com<\/u><\/a><\/p>\n<p>\n        <strong>Forward-Looking Statement Disclaimer<\/strong><br \/>\n        <br \/>Certain statements in this news release contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws that may not be based on historical fact.\u00a0 When used herein, the words &#8220;expect&#8221;, &#8220;anticipate&#8221;, &#8220;estimate&#8221;, &#8220;may&#8221;, &#8220;will&#8221;, &#8220;should&#8221;, &#8220;intend,&#8221; &#8220;believe&#8221;, and similar expressions, are intended to identify forward-looking statements.\u00a0 Forward-looking statements may involve, but are not limited to, expectations as to the future growth of the Company, the expansion of its product range and the growing cardiovascular marketplace. Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate in the circumstances.\u00a0 Many factors could cause the Company&#8217;s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including those described in the &#8220;Risk Factors&#8221; section of the Company&#8217;s Annual Report on Form 20-F and in the Management&#8217;s Discussion and Analysis for the three and six months ended June 30, 2019 (copies of which may be obtained at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=muHy6-BUuvP5euhMj64VCn2hl-9uDZ7V1QeNrRF4rScBEvpIWdVYUCDI5veEW64tq36XxflU5CQfbO3_RQUlIQ==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>www.sedar.com<\/u><\/a> or www.sec.gov). \u00a0These factors should be considered carefully, and readers should not place undue reliance on the Company&#8217;s forward-looking statements. The Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODE4ODQxNSM0MDU5MjYwIzUwMDA2ODg0Mw==\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/21aa4502-9798-4dd5-899f-18bafb94ac26\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>VANCOUVER and MINNEAPOLIS, March 11, 2021 (GLOBE NEWSWIRE) &#8212; via NewMediaWire &#8212; Neovasc, Inc. (&#8220;Neovasc&#8221; or the &#8220;Company&#8221;) (NASDAQ, TSX: NVCN), today reported financial results for the fourth quarter and fiscal year ended December 31, 2020. Fourth Quarter Highlights Generated revenue of $514,000 in the quarter and $1.96 million for the full year as Reducer implants rebounded after declining due to the COVID-19 pandemic. In December, announced the completion of the first Neovasc Reducer\u2122 (\u201cReducer\u201d) implants in France. Completed a registered direct share offering in December, which raised $6.1 million gross proceeds. Announced the publication of a peer-reviewed article in EuroIntervention, which presented data from the ongoing Reducer-I trial that supported the safety and efficacy of Reducer. Subsequent to the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/neovasc-announces-fourth-quarter-and-fiscal-year-2020-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Neovasc Announces Fourth Quarter and Fiscal Year 2020 Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-456332","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Neovasc Announces Fourth Quarter and Fiscal Year 2020 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/neovasc-announces-fourth-quarter-and-fiscal-year-2020-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Neovasc Announces Fourth Quarter and Fiscal Year 2020 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"VANCOUVER and MINNEAPOLIS, March 11, 2021 (GLOBE NEWSWIRE) &#8212; via NewMediaWire &#8212; Neovasc, Inc. (&#8220;Neovasc&#8221; or the &#8220;Company&#8221;) (NASDAQ, TSX: NVCN), today reported financial results for the fourth quarter and fiscal year ended December 31, 2020. Fourth Quarter Highlights Generated revenue of $514,000 in the quarter and $1.96 million for the full year as Reducer implants rebounded after declining due to the COVID-19 pandemic. In December, announced the completion of the first Neovasc Reducer\u2122 (\u201cReducer\u201d) implants in France. Completed a registered direct share offering in December, which raised $6.1 million gross proceeds. Announced the publication of a peer-reviewed article in EuroIntervention, which presented data from the ongoing Reducer-I trial that supported the safety and efficacy of Reducer. Subsequent to the &hellip; Continue reading &quot;Neovasc Announces Fourth Quarter and Fiscal Year 2020 Financial Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/neovasc-announces-fourth-quarter-and-fiscal-year-2020-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-11T21:08:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODE4ODQxNSM0MDU5MjYwIzUwMDA2ODg0Mw==\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/neovasc-announces-fourth-quarter-and-fiscal-year-2020-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/neovasc-announces-fourth-quarter-and-fiscal-year-2020-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Neovasc Announces Fourth Quarter and Fiscal Year 2020 Financial Results\",\"datePublished\":\"2021-03-11T21:08:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/neovasc-announces-fourth-quarter-and-fiscal-year-2020-financial-results\\\/\"},\"wordCount\":1243,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/neovasc-announces-fourth-quarter-and-fiscal-year-2020-financial-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODE4ODQxNSM0MDU5MjYwIzUwMDA2ODg0Mw==\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/neovasc-announces-fourth-quarter-and-fiscal-year-2020-financial-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/neovasc-announces-fourth-quarter-and-fiscal-year-2020-financial-results\\\/\",\"name\":\"Neovasc Announces Fourth Quarter and Fiscal Year 2020 Financial Results - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/neovasc-announces-fourth-quarter-and-fiscal-year-2020-financial-results\/","og_locale":"en_US","og_type":"article","og_title":"Neovasc Announces Fourth Quarter and Fiscal Year 2020 Financial Results - Market Newsdesk","og_description":"VANCOUVER and MINNEAPOLIS, March 11, 2021 (GLOBE NEWSWIRE) &#8212; via NewMediaWire &#8212; Neovasc, Inc. (&#8220;Neovasc&#8221; or the &#8220;Company&#8221;) (NASDAQ, TSX: NVCN), today reported financial results for the fourth quarter and fiscal year ended December 31, 2020. Fourth Quarter Highlights Generated revenue of $514,000 in the quarter and $1.96 million for the full year as Reducer implants rebounded after declining due to the COVID-19 pandemic. In December, announced the completion of the first Neovasc Reducer\u2122 (\u201cReducer\u201d) implants in France. Completed a registered direct share offering in December, which raised $6.1 million gross proceeds. Announced the publication of a peer-reviewed article in EuroIntervention, which presented data from the ongoing Reducer-I trial that supported the safety and efficacy of Reducer. 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