HALIFAX, April 1, 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 six month periods ending January 31,
2013.
"During the second quarter, we continued to
operate on a stabilized financial platform enabling many of the
Company's business development and product commercialization
activities to advance," said Daniel
Frid, CFO, MedMira Inc. "Our top line revenues
increased over the same period in 2012 with revenue generation from
services related to the Company's ongoing product development and
commercialization contract with the US military."
Frid added, "We recorded a slight increase in
operating expenses due to additional research expenses related to
the US military contract. This project continues to advance,
with critical milestones being met as we progress towards the
approval and launch of the new products."
Second Quarter Financial Highlights
- The Company recorded revenue from product sales and services in
the quarter ended January 31, 2013 of
$533,592 as compared to $274,188 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 $255,787 as compared to
$274,188 for the same period last
year.
- Gross profit for the quarter was $159,814 compared to $210,956 in the same period in 2012. The
decrease in gross profit percentage to 30% from 77% was due to the
lower margins on the US military service revenue than on product
sales. Gross profit on product sales alone was 55%.
- Total operating expenses increased to $714,630 in the quarter ended January 31, 2013, compared to $684,569 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 marketing
expenses related to the ongoing branding initiatives including a
new corporate identity, redesigned website, and product promotional
materials.
- The Company recorded an accounting gain of $1,718,484 due to the fair value remeasurement of
its debt. This change in accounting estimate was the result
of changes in the fair value assumptions of the Company's
debt.
About MedMira
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.