MedMira Announces Third Quarter Results



    HALIFAX, June 29 /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 and nine month periods
ending April 30 31, 2007. Product sales in the third quarter were
$467 thousand, compared to $101 thousand in the same quarter last year. The
net loss for the quarter was $1.2 million or $0.02 per share compared with
$2.2 million or $0.04 per share in the same period last year.
    For the nine months ended April 30, 2007 product sales were $1.7 million
compared to $1.7 million in the previous year. The net loss for the nine month
period was $4.2 million or $0.07 per share compared to a loss of $5.1 million
or $0.11 per share for the same period last year.
    "We have successfully reduced our overall expenses by 38% which has right
sized the company and will aid us in improving our overall financial
performance in the near term," said Hermes Chan, President and CEO, MedMira.
"The recent engagement of Johnston Blakely & Company is an additional
initiative to provide strategic opportunities to further grow the company."
    Overall gross margin for the quarter was 51%, compared to 35% last year.
For the first nine months of the year gross margin was 52% compared to 53% in
the previous 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 third quarter were $1.4 million, a decrease of
38% compared to $2.2 million in the same period last year. For the nine months
ended April, 2007 operating expenses decreased to $5.0 million from
$6.0 million last year. This decrease is driven by cost containment measures
undertaken during the year.
    At April 30, 2007 the Company had total assets of $3.7 million compared
with $4.0 million in total assets at July 31, 2006.

    
    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          For the        For the
                         three         three             nine           nine
                        months        months           months         months
                         ended         ended            ended          ended
                         April         April         April 30,         April
                          2007          2006             2007           2006
                    (unaudited)   (unaudited)      (unaudited)    (unaudited)
           (000's)   ---------     ---------        ---------      ---------

    Product Sales   $      467    $      101       $    1,670     $    1,676
    Cost of goods
     sold                  230            66              807            793
                   --------------------------     ---------------------------

    Gross margin           237            35              863            884
                   ---------------------------    ---------------------------
                   ---------------------------    ---------------------------

    Operating
     expenses            1,403         2,240            5,019          6,011
                   --------------------------     ---------------------------
                   --------------------------     ---------------------------

    Loss for the
     period         $    1,166    $    2,204       $   (4,156)    $   (5,127)
                   --------------------------     ---------------------------
                   --------------------------     ---------------------------

    Loss per share  $    (0.02)   $    (0.04)      $    (0.07)    $    (0.11)
                   --------------------------     ---------------------------
                   --------------------------     ---------------------------


                                                        As at          As at
                                                     April 30,       July 31,
                                                         2007           2006
                                                   (unaudited)

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

    Total assets                                   $    3,725      $   4,008
                                                 ------------    -----------
                                                 ------------    -----------

    Shareholders deficiency                        $  (10,991)     $  (8,046)
                                                 ------------    -----------
                                                 ------------    -----------
    

    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.
    The company's corporate offices and manufacturing facilities are located
in Halifax, Nova Scotia, Canada with a representative office in China. 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.




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