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 difference.
- 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
Email: [email protected]