HALIFAX, June 28, 2013 /CNW/ - MedMira Inc., (MedMira) (TSXV: MIR), a
developer of rapid diagnostic technology and solutions, reported today
on its financial results for the three and nine month periods ending
April 30, 2013.
"The third quarter saw the continued advancement of our product and
technology development, regulatory activities, and business development
initiatives in all market sectors," said Daniel Frid, CFO, MedMira
Inc. "A key focus area for the Company is the work supporting the
product development and commercialization contract with the US
military. We recorded an increase on our top line revenue as well as
an increase in operating expenses related to this contract."
Frid added, "Initiatives across the Company remain on track as we
continue to meet major milestones associated with our US military
contract and other product and business development opportunities."
Third Quarter Financial Highlights
The Company recorded revenue from product sales and services in the
quarter ended April 30, 2013 of $327,257 as compared to $189,398 for
the same period last year. The increase in revenue was due to service
revenue earned for research conducted for the US military contract.
Revenue from product sales was $163,035 as compared to $189,398 for the
same period last year.
Gross profit for the quarter was $49,788 compared to $131,393 in the
same period in 2012. The decrease in gross profit was due to a onetime
inventory adjustment of approximately $45,000 triggered by the
transition from a periodic to perpetual inventory system. Higher profit
margins during the same period in 2012 also contributed to the
Total operating expenses increased to $781,360 in the quarter ended
April 30, 2013, compared to $679,300 during the same period in 2012.
The increase in operating expenses was attributed to an increase in
research costs related to the US military contract and ongoing
marketing expenses supporting various sales and business development
initiatives in major, emerging, and developing market sectors.
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
approval and launch of new products, 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.
SOURCE: MEDMIRA INC.
For further information:
Andrea Young, Corporate Communications