HALIFAX, April 1 /CNW/ - MedMira Inc., ("MedMira") (TSXV: MIR) (NASDAQ:
MMIRF), a developer and marketer of rapid diagnostic technology and
solutions, today announced its financial results for the three and six
month periods ending January 31, 2011.
"Second quarter results are reflective of the extended sales cycle and
complex market development activities that our global network of
strategic partners are undertaking in various regions of the world.
The decrease over the same quarter last year is also indicative of our
North American customers moving to monthly purchasing cycles rather
than irregular bulk inventory stock-up as was the case previously,"
said Hermes Chan, CEO, MedMira Inc. "We are confident that the coming
quarters will show improvement in results as opportunities fully mature
in Asia Pacific, Africa, and elsewhere."
Product sales in the second quarter were $189 thousand, compared to $503
thousand in the same quarter last year. Total sales for the six months
ending, January 31, 2011 were $366 thousand compared to $880 thousand
for the same period last year. The net loss for the quarter was $1,304
thousand ($957 thousand - 2010); total loss for the six months ending,
January 31, 2011 was $2,416 thousand ($0.01 per share) compared to
$2,029 thousand ($0.01, per share), in the same period last year.
Overall gross margin for the quarter was 47% (66% - 2010) and 48%, for
the six months ending January 31, 2011 (62% - 2010).
MedMira is a leading developer and manufacturer of flow-through rapid
diagnostics and technologies. The Company's tests provide hospitals,
labs, clinics and individuals with reliable, rapid diagnosis of
infectious diseases. MedMira diagnostics are sold under the Reveal®,
MiraWell®, Multiplo™, and Miriad brands in global markets. MedMira's
rapid HIV test is the only rapid HIV test in the world to achieve
regulatory approvals in Canada, the United States, China and the
European Union. MedMira's corporate offices and manufacturing
facilities are located in Halifax, Nova Scotia, Canada. For more
information visit MedMira's website at www.medmira.com.
This news release contains forward-looking statements, including
statements regarding development of sales opportunities, which involve
risk and uncertainties and reflect the company's current expectation
regarding future events. Actual events could materially differ from
those projected herein and depend on a number of factors including, but
not limited to, changing market conditions, successful and timely
completion of clinical studies, uncertainties related to the regulatory
approval process, establishment of corporate alliances and other risks
detailed from time to time in the company quarterly filings.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this statement.
SOURCE MEDMIRA INC.
For further information:
MedMira Contact: Andrea Young