HALIFAX, Nov. 28, 2014 /CNW/ - MedMira Inc. (MedMira)
(TSXV: MIR), reported today on its financial results for the
quarter and year ended July 31,
2014. The Company recorded a 26% increase in revenue and a
23% increase in gross profit at the fiscal year end.
During fiscal year 2014 MedMira substantially increased its
sales and marketing activities with the addition of key personnel,
new distribution channels, and enhanced marketing initiatives aimed
at key audiences in the United
States and the Company's international strategic focus
markets. This work fundamentally set much of the groundwork
for MedMira's continued sales and marketing focus and product
launches planned for 2015.
Financial Highlights
- The Company recorded revenue in the year ended July 31, 2014 totalling $2,528,179, which included product sales, related
royalties, and service sales, as compared to $2,001,464 for the same period last year, which
included product sales, service revenues and related royalties, an
increase of $526,715.
- MedMira's revenue from product sales and related royalties in
the year ended July 31, 2014 was
$854,468 as compared to $864,798 for the same period last year. This
decrease in product revenue by 1.2% was due to delays in tenders in
China which were awarded
subsequent to the year end. Gross profit on product sales for the
year was $418,062 (49%) compared to
$429,389 (50%) in the same period in
2013.
- The Company's revenue from service sales for the year ended
July 31, 2014 was $1,673,711 as compared to $1,136,666 for the same period last year. Gross
profit on service revenue was $356,733 (21%) compared to $201,386 (18%) in the same period in 2013. The
Company earned revenue and gross margin from the on-going product
commercialization contract with the US military for
Multiplo™ HBc/HIV/HCV and
Reveal® HBsAg.
- For the fourth quarter, MedMira recorded total revenue of
$897,980, compared to $596,115 for the same period in 2013.
- Total operating expenses increased to $4,343,417 during the year compared to
$2,796,145 in 2013. The increase of
operating expenses is attributed to the sales and marketing
preparations for upcoming product launches and 2015 activities, as
well as one-time investments for upgrades to the Company's
facility. This has been mainly driven by the increasing level of
activity anticipated in FY 2015.
- Subsequent to the close of fiscal year 2014, the Company
completed a $1.1 million equity
investment from a new investor. This new investment is being used
to further build up the Company's sales and marketing efforts in
its strategic focus markets and expand initiatives in preparation
for upcoming product launches.
About MedMira
MedMira is a leading developer and manufacturer of vertical flow
rapid diagnostics. The Company's tests provide hospitals, labs,
clinics and individuals with instant diagnosis for diseases such as
HIV and hepatitis C in just three easy steps. The Company's tests
are sold under the Reveal, Multiplo and Miriad™ brands in global
markets. Based on its patented Rapid Vertical Flow Technology™,
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.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.