MedMira Announces First Quarter Results
19 Dezembro 2005 - 7:30PM
PR Newswire (US)
HALIFAX, Dec. 19 /PRNewswire-FirstCall/ -- MedMira Inc. ("MedMira")
(TSX Venture: MIR, NASDAQ:MMIRF) the global market leader in
premium rapid diagnostic solutions, today announced its financial
results for the three month period ending October 31, 2005. Product
sales in the first quarter were $444 thousand, compared to $906
thousand in the same quarter last year. The net loss for the
quarter was $1.8 million or $0.04 per share compared with $1.2
million or $0.03 per share in the same period last year. "During
this first quarter we made significant progress on activities that
will have a positive impact on results in 2006. Completion of the
facilities inspection, one of the final steps in CE Mark approval
in Europe, advancing our international tendering opportunities, and
growing and strengthening our distribution network are important to
growing revenue in our second quarter and beyond. The Company
remains confident that the steps we are taking will be effective in
generating growth in 2006," said Stephen Sham, chairman and CEO of
MedMira. Overall gross margin for the quarter was 46%, compared to
43% last year. The gross margin level is in line with management's
expectations for the mix of markets that we are operating in.
Operating expenses for the fourth quarter were $2.0 million
compared to $1.6 million in the same period last year. This
increase is mainly driven by increased interest costs related to
the issuance of convertible debentures in 2005, and increased
research and development activities related to new technologies. At
October 31, 2005 the Company had total assets of $1.7 million
compared with $1.4 million in total assets at July 31, 2005.
Subsequent to quarter end the Company filed its final prospectus
and received all necessary regulatory approvals related to an
equity line of credit with Cornell Capital Partners, LP. Financial
Information The following is a brief summary of financial
information expressed in thousands of Canadian dollars except per
share amounts: For the For the three months three months ended
ended October 31, 2005 October 31, 2004 (000's) (unaudited)
(unaudited) Product Sales $ 444 $ 906 Cost of goods sold 238 519
---------------- ---------------- Gross margin 206 387
---------------- ---------------- ---------------- ----------------
Operating expenses 1,961 1,561 ---------------- ----------------
---------------- ---------------- Loss for the period $ (1,755) $
(1,172) ---------------- ---------------- ----------------
---------------- Loss per share $ (0.04) $ (0.03) ----------------
---------------- ---------------- ---------------- As at As at
October 31, 2005 July 31, 2005 (unaudited) Cash and cash
equivalents $ - $ 29 ---------------- ----------------
---------------- ---------------- Total assets $ 1,732 $ 1,428
---------------- ---------------- ---------------- ----------------
Shareholders deficiency $ (11,496) $ (9,805) ----------------
---------------- ---------------- ---------------- About MedMira
MedMira is the leading global manufacturer and marketer of in vitro
flow-through rapid diagnostic tests. MedMira's tests provide
reliable, rapid diagnosis in just 3 minutes for the detection of
human antibodies in human serum, plasma or whole blood for diseases
such as HIV and hepatitis C. The United States FDA and the SFDA in
the People's Republic of China have approved MedMira's Reveal(R) G2
and MiraWell(R) rapid HIV tests, respectively. MedMira's Reveal(R)
G2 and MiraWell(R) rapid HIV tests are currently used in clinical
laboratories, hospitals, and clinics where professional counselling
and patient treatment are immediately available. The MiraCare(TM)
Rapid HIV Antibody Test, MedMira's over-the-counter (OTC) product,
is available in pharmacies throughout Hong Kong and Macao Special
Administrative Regions, in the People's Republic of China. MedMira
delivers rapid diagnostic solutions to healthcare communities
around the globe. Its corporate offices and manufacturing
facilities are located in Halifax, Nova Scotia, Canada with a
representative office in Guilin, China. 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.
DATASOURCE: MedMira Inc. CONTACT: visit MedMira's website at
http://www.medmira.com/; Dr. James Smith, Investor Relations, Tel:
(902) 450-1588; Andrea Young, Corporate Communications, Tel. (902)
450-1588
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