HALIFAX, Nov. 30 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF) a developer and marketer of rapid diagnostics, today announced its financial results for the year end ended July 31, 2009.
Net loss for the year was $5.3 million or $0.05 per share compared with $7.0 million or $0.09 per share in the previous year. Last year's net loss included an Impairment Loss Write-Down of $1.7 million (.02 per share). For the year ended July 31, 2009 product sales were $1.1 million, compared to $1.5 million for the previous year.
"In FY 2009 we focused on building for the future, ensuring a solid foundation is in place to support the business development initiatives and strategic partnership opportunities we are pursuing. We are confident that the critical components are now in place to achieve revenue expectations in the coming quarters," said Hermes Chan, CEO, MedMira Inc. "Our streamlined management approach has positioned MedMira as a lean and agile company, ready and able to respond to the market demands we have identified in key regions of the global diagnostics market.
Chan continued, "This year MedMira made progress in all areas of our business, including R&D and advancements on our next generation diagnostics technology platform as well as launching our strategic partnership program and successfully growing our relationship and subsequent sales opportunities with Vitest AG. Our product line continues to grow as we capitalize on our highly adaptable technology platform, exploring new product ideas with customers and developing full commercialization plans for those with the greatest potential and most immediate market demand."
Overall gross margin for the year was 49%, compared to 35% last year. The gross margin level is in line with management's expectations for the mix of markets in which we operate. For the year ended July 31, 2009 operating expenses were $3.1 million compared to $3.9 million last year.
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(R), MiraWell(R), MiraCare(TM) and Multiplo(TM) 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.
SOURCE MedMira Inc.
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