HALIFAX, Jan. 27, 2012 /CNW/ - MedMira Inc., (MedMira) (TSXV: MIR), a developer of rapid diagnostic technology and solutions, reported today on its financial results for the three month period ending October 31, 2011.
"MedMira experienced an increase in overall sales revenue for the first quarter due to sales growth in the Asia Pacific region. The major source of growth for this region was in China with the Company's strategic business development and manufacturing partner, Triplex International Biosciences Co., Ltd.," said Hermes Chan, CEO, MedMira Inc. "Together with Triplex we are gaining momentum in China, particularly in the public health sector. The performance and quality found in MedMira products is becoming a critical factor in many of the recent Triplex wins."
Chan continued, "Business development initiatives continue to advance at various rates in many other markets including the Middle East, Africa, and Southeast Asia. However, the ongoing delays in some public tender processes in African have created extended sales cycles and other regions remain challenging and unpredictable. Even with these market conditions, MedMira and its partners are making positive steps forward and using various strategies to reach short-term and long-term sales success."
- The Company recorded revenue from product sales of $234,773 as compared to $176,861 for the same period last year.
- The revenue increase was primarily attributable to the Company's increased sales in Asia Pacific during the first quarter. The Company recorded revenue from Asia Pacific product sales of $99,133 as compared to $221 for the same period last year.
- Gross profit for the quarter was $146,479 compared to $85,771 in the same period in 2010.
- Total operating expenses increased to $682,759 in the quarter ended October 31, 2011, compared to $535,662 during the same period in 2010. The increase in operating expenses resulted from increased labor costs, regulatory and professional fees, and research and development costs incurred as part of the US military project.
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 flow-through 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 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.
Andrea Young, Corporate Communications