MedMira Reports First Quarter Results
(Canada Newswire Via Acquire Media NewsEdge)
HALIFAX, Dec. 6, 2013 /CNW/ - MedMira, Inc. (MedMira) (TSXV: MIR), a
developer of rapid diagnostic technology and solutions, reported today
on its financial results for the three month period ending October 31,
During the quarter, the Company received $6.105 million in new equity
financing from its largest and controlling shareholder, OnSite Lab
Holding AG. This investment supports significant go-to-market
activities including sales and marketing programs aimed at putting
MedMira's technology platform and products in front of customers and
key decision makers in the United States and global markets.
Key initiatives accomplished this quarter include the hiring of Kevin
Jones as Senior Director, Global Sales & Marketing and Markus Meile as
Senior Director, International Markets, as well as the establishment of
the Company's subsidiary, MedMira International AG, to serve strategic
markets, customers, and partners internationally. The establishment of
a US sales office is progressing well. Manufacturing automation is
underway and major product development and commercialization projects
are on track with new product launches set to begin in 2014.
First Quarter Financial Highlights
The Company received $6.105 million in new equity financing from its
largest and controlling shareholder, OnSite Lab Holding AG.
The Company recorded revenue in the quarter totalling $472,846, as
compared to $544,502 for the same period last year. Delays in sales
opportunities in Latin America and other international markets as well
as varying levels of service sales activity related to development and
commercialization contracts contributed to the decrease in revenue.
MedMira's product revenue and related royalties in the quarter were
$174,720 as compared to revenue of $201,688 for the same period last
year. Gross profit on product sales for the quarter was $93,731 (54%)
compared to $114,253 (57%) in the same period in 2012.
The Company recorded service revenue of $298,126 with a related gross
margin of $46,701 compared to service revenues of $342,814 and related
gross margin of $52,786 in the same period last year. The higher
service revenue in 2012 is attributed to a large one-time payment to a
contractor, which was covered by the US Army contract.
Total operating expenses were $727,384 during the quarter compared to
$668,883 in the first quarter of 2012. The increase in operating
expenses is attributed to increased spending on research and
development as well as sales and marketing ahead of the new product
launches and commercialisation activates.
MedMira is the leading developer and manufacturer of flow-through rapid
diagnostics and technologies. MedMira is the only Canadian company to
be awarded US Army contracts for the development of rapid tests for HIV
and Hepatitis viruses. The Company's testing solutions 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 is located in Halifax, Nova Scotia, Canada. www.medmira.com.
This news release contains forward-looking statements, including
statements relating to growth in the Company's business, earnings and
profitability, and trends in demand for the Company's products, 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.
SOURCE MEDMIRA INC.
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