HALIFAX, Nov. 28, 2011 /CNW/ - MedMira Inc., ("MedMira") (TSXV: MIR)
(NASDAQ: MMIRF), a developer of rapid diagnostic technology and
solutions, reported today on its financial results for the year ended
July 31, 2011.
"MedMira experienced a decrease in sales in North America this year,
which impacted overall sales revenue. However, the Company made
significant advancements in the US, namely with the USD$2,278,192
million US Army contract which extends over 32 months. We believe this
contract gives the Company a solid foundation for future growth," said
Hermes Chan, CEO, MedMira Inc. "The decline in North American sales
was further offset by the positive results we have seen in Asia. Our
strategic partner in China, Triplex International Biosciences Co. Ltd.
(Triplex) has made significant progress in building market presence and
winning new business. Their business development team continues to
expand market reach and build on MedMira's number one ranking in a
China Center for Disease Control evaluation to capitalize on new
business opportunities in both the public and private sectors."
Chan continued, "MedMira continues to pursue new business using its
strategic partnership model, which enables the Company to have a
presence in markets around the world and direct access to local,
national, and regional health regulators and key customers. While we
have made progress in many of these international markets this year,
the timelines to complete sales remain unpredictable."
The Company recorded revenue from product sales of $909,869 as compared
to $1,073,175 for the same period last year, a decrease of
The revenue decrease was primarily attributable to the Company's
decreased sales in North America.
The Company recorded revenue from North American product sales of
$540,340 as compared to $876,478 for the same period last year.
Sales in Asia Pacific increased from $41,529 in 2010 to $178,403 in
Gross profit for the year was $415,955 or 45.7% compared to $735,023 or
68.5% in the prior year. Prior year gross profit was higher than
expected due to a one-time reduction in accrued expenses.
For the year ended July 31, 2011 operating expenses were $2.3 million
compared to $3.0 million last year. The decrease in operating expenses
resulted from continued financial efficiencies realized from
consolidation of facilities and tighter fiscal controls.
MedMira is a leading developer and manufacturer of flow-through rapid
diagnostics. The company's tests provide hospitals, labs, clinics and
individuals 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®, Multiplo™ and Miriad 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.
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, which involve
risk and uncertainties and reflect the Company's current expectation
regarding future events including statements regarding possible future
growth and new business opportunities. 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
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE MEDMIRA INC.
For further information:
Andrea Young, Corporate Communications