HALIFAX, March 30, 2012 /CNW/ - MedMira Inc., (MedMira) (TSXV: MIR), a developer of rapid diagnostic technology and solutions, reported today on its financial results for the three and six month periods ending January 31, 2012.
"MedMira is beginning to see sales growth in Latin America & the Caribbean region as well as continuing market expansion in Asia Pacific, in particular China," said Hermes Chan, CEO, MedMira Inc. "These regions, and others, are developing with the help of the Company's strategic partners who are focusing on the public health programs and government tender opportunities. While the private sector and various niche markets, such as defence, remain as lucrative opportunities for MedMira in developed regions of the world, the public health sector is maturing and the demand for advanced, high quality diagnostics with a track record of performance is increasing."
Second Quarter Financial Highlights
- The Company recorded revenue from product sales of $274,188 as compared to $188,793 for the same quarter last year.
- The revenue increase was primarily attributable to the Company's sales growth in Asia Pacific and Latin America & the Caribbean. The Company recorded revenue from Asia Pacific and Latin America product sales of $89,296 as compared to $1,822 for the same period last year.
- Gross profit for the quarter was $210,956 compared to $87,812 in the same period in 2011.
- Total operating expenses decreased to $684,569 in the quarter ended January 31, 2012, compared to $710,842 during the same period in 2011. The decrease in operating expenses is attributed to the reimbursement of R&D expenses associated with the US Army contract.
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.
For further information:
Andrea Young, Corporate Communications
Email: [email protected]