HALIFAX, Dec. 30 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a developer and marketer of rapid diagnostic technology and solutions, today announced its financial results for the three month period ending October 31, 2010. Product sales in the first quarter were $176 thousand, compared to $376 thousand in the same quarter last year. The net loss for the quarter was $1.1 million or $0.005 per share compared with a net loss of $1.1 million or $0.007 per share in the same period last year. Overall gross margin for the quarter was 48%, compared to 58% last year. Internal and general operating expense was $536 thousand compared to $740 thousand for the same period last year.
"The first quarter was slower than expected for MedMira due to the longer sales cycle our strategic business development partners are experiencing in international markets. In the multi-layer agreements we and our business partners are pursuing in markets such as Africa, South East Asia, and Latin America, the sales cycle, negotiations on terms and conditions, and so on are extensive and complex," said Hermes Chan, CEO, MedMira Inc. "We are working towards bringing the right balance of higher margin orders along with large volume deals from both the developed and developing regions of the world to MedMira. We believe that this mix of customers will provide the Company with the best long term growth strategy."
MedMira is a leading developer and manufacturer of flow-through rapid diagnostics and technologies. The Company's tests provide hospitals, labs, clinics and individuals with reliable, rapid diagnosis for infectious diseases in minutes. MedMira diagnostics are sold under the Reveal®, MiraWell®, MiraCare™ and Multiplo™ 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.
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