HALIFAX, Nov. 29 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a developer of rapid diagnostic technology and solutions, reported today on the Company's financial results for the year ended July 31, 2010.
The Company recorded revenue from product sales of $1,073,175 as compared to $1,137,645 for the same period last year, a decrease of approximately 6%. The revenue decrease was primarily attributable to the Company's involvement in large complex deals in the international marketplace which have longer associated sales cycles and payment terms and conditions with end-user customers.
"During 2010, MedMira has focused on developing and supporting key strategic partnerships that are moving the Company's business development initiatives forward in developing markets around the world. Much of our effort has been the ongoing business, technical and regulatory support of the activities of partners such as Advance Aid and Vitest in Africa, and other partners working in the Middle East, Southeast Asia and Latin America," said Hermes Chan, CEO, MedMira Inc. "The nature of the opportunities our partners are pursuing involve high volume product orders, large scale, broad-based clients and organizations, and many complex layers of negotiations and regulatory approvals prior to conclusion. We are confident in our strategic partners' abilities to finalize many of these deals in a relatively short time frame."
Chan continued "In addition to our business development initiatives the Company continues to make progress in advancing and commercializing new testing applications on its proven and patented technology platform, through in-house R&D activities as well as collaborations with leading international researchers working with our tests in the field. Growing our product line will enable our business development partners to fully capitalize on the market opportunities in their respective regions of the international market."
Overall gross profit for the year was 68.5%, compared to 49% last year. The gross profit level is higher than expected due to a reduction in accrued expenses. For the year ended July 31, 2010 operating expenses were $3.0 million compared to $3.1 million last year.
About MedMira
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. 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.
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.
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For further information: For further information:
MedMira Contact:
Andrea Young, Corporate Communications
Tel: 902-450-1588
Email: [email protected]
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