MedMira Announces First Quarter Results



    Investment Analysts Invited to Corporate Update Conference Call

    HALIFAX, Dec. 28 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ:   MMIRF) a global market leader in premium rapid diagnostic solutions,
today announced its financial results for the three month period ending
October 31, 2007. Product sales in the first quarter were $126 thousand,
compared to $595 thousand in the same quarter last year. The net loss for the
quarter was $1.5 million or $0.02 per share compared with $1.5 million or
$0.03 per share in the same period last year.
    "It is obvious that our first quarter results demonstrate a slow
quarter," said Hermes Chan, President and CEO of MedMira. "Although the posted
results are low, the quarter has ended with a clear focus on winning markets.
As we progress through the year, the recently announced new relationships will
result in sustainable sales growth and contribute to near term revenue and
long term strategic growth for the company."
    Chan Continued, "we remain diligent in managing the business and are
encouraged by the feedback we are receiving from our customers. Many marketing
initiatives were implemented during this quarter and we anticipate that a
positive impact will be generated in the coming quarters. Our strategy is
working and the implementation of our solid sales pipeline will show positive
returns."
    Overall gross margin for the quarter was 48%, compared to 47% last year.
These gross margin levels are in line with management's expectations for the
mix of markets that we are operating in.
    Operating expenses for the first quarter decreased by 10% to $1.6 million
compared to $1.8 million in the same period last year. This decrease is driven
by cost containment measures undertaken in the previous fiscal year.
    At October 31, 2007 the Company had total assets of $2.5 million compared
with $2.9 million in total assets at July 31, 2007.

    Financial Information

    The following is a brief summary of financial information expressed in
thousands of Canadian dollars except per share amounts:

    
                                                  For the            For the
                                             three months       three months
                                                    ended              ended
                                         October 31, 2007   October 31, 2006
    (000's)                                    (unaudited)        (unaudited)
                                         -----------------  -----------------

    Product Sales                        $            160   $            595
    Cost of goods sold                                 66                313
                                         -----------------  -----------------

    Gross margin                                       94                282
                                         -----------------  -----------------
                                         -----------------  -----------------

    Operating expenses                              1,569              1,760
                                         -----------------  -----------------
                                         -----------------  -----------------

    Loss for the period                  $         (1,475)  $         (1,478)
                                         -----------------  -----------------
                                         -----------------  -----------------

    Loss per share                       $          (0.02)  $          (0.03)
                                         -----------------  -----------------
                                         -----------------  -----------------


                                                    As at              As at
                                         October 31, 2007      July 31, 2007
                                               (unaudited)

    Cash and cash equivalents            $              -   $              -
                                         -----------------  -----------------
                                         -----------------  -----------------

    Total assets                         $          2,541   $          2,864
                                         -----------------  -----------------
                                         -----------------  -----------------

    Shareholders deficiency              $        (13,420)  $        (12,778)
                                         -----------------  -----------------
                                         -----------------  -----------------
    


    Conference Call Details

    The Company will host a conference call with analysts to discuss the
Company's first quarter financial results and provide a corporate update on
Thursday January 3, 2008 at 9:00 am EST. In order to listen to the conference
call, please dial 1-800-733-7571 toll-free anywhere in Canada or the USA, or
416-644-3414 in the Toronto area.
    A replay of the call will be available until January 10, 2008 and may be
accessed by dialing 1-877-289-8525 toll-free anywhere in Canada or the USA, or
416-640-1917 in the Toronto area, and entering the pass code
21258297# anytime after the call has ended.

    About MedMira

    MedMira is a leading developer and manufacturer of flow-through rapid
diagnostics. The company's tests provide hospitals, labs, clinics and
individuals around the world with reliable, rapid diagnosis for diseases such
as HIV and hepatitis C in just three minutes. The company's tests are sold
under the Reveal(R), MiraWell(R), MiraCare(TM) and Multiplo(TM) brands in
global markets. MedMira's rapid HIV test is the only one in the world to
achieve regulatory approvals in Canada, the United States, China and the
European Union.
    In January 2006, MedMira launched the Maple Biosciences division to
develop and commercialize diagnostic instruments based on two revolutionary
biosensor-based technology platforms. The solutions developed by Maple
Biosciences will enable routine laboratory tests to be performed in a matter
of minutes, increasing laboratory automation, streamlining the diagnosis of
multiple conditions and diseases and positioning MedMira to be a leading
participant in the emerging fields of personalized medicine and molecular
diagnostics. For more information visit www.maplebio.com.
    MedMira's corporate offices and manufacturing facilities are located in
Halifax, Nova Scotia, Canada with a representative office in China. Maples
Biosciences' labs are located in Toronto, Ontario. For more information visit
MedMira's website at www.medmira.com.

    This news release contains forward-looking statements, 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.
    %SEDAR: 00013053E




For further information:

For further information: Dr. James Smith, Investor Relations, (902)
450-1588, ir@medmira.com

Organization Profile

MedMira Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890