AMDL Reports 2004 Third Quarter Financial Results
November 15 2004 - 10:52PM
PR Newswire (US)
AMDL Reports 2004 Third Quarter Financial Results TUSTIN, Calif.,
Nov. 15 /PRNewswire-FirstCall/ -- AMDL, Inc. (AMEX:ADL), developer
and marketer of tests for the early detection of cancer and other
serious diseases, reported results for the three months ended
September 30, 2004. AMDL's revenues from sales of DR-70(R) for the
three months ended September 30, 2004 were $21,164 compared to
$16,933 for the three months ended September 30, 2003, an increase
of $4,231, or 25.0%. Revenues from sales of OEM products for the
three months ended September 30, 2004 were $4,800 compared to
$56,831 for the prior year period, a decrease of $52,031, or 91.6%
due to an overstock situation at a major OEM customer. Total
product revenues for the three months ended September 30, 2004
totaled $25,964, a 64.8% decrease compared to product revenues of
$73,764 for the three months ended September 30, 2003. For the nine
months ended September 30, 2004, revenues from sales of DR-70(R)
were $50,517 compared to $35,119 for the nine months ended
September 30, 2003, an increase of $15,398, or 43.9%. Revenues from
sales of OEM products for the nine months ended September 30, 2004
were $123,465 compared to $163,849 for the prior year period, a
decrease of $40,384, or 24.7%. For the nine months ended September
30, 2004, total product revenues totaled $173,982, a 12.6% decrease
compared to product revenues of $198,968 for the nine months ended
September 30, 2003. Net loss for the three months ended September
30, 2004 was $639,231 or $(0.03) per share compared to a net loss
of $818,957 or $(0.06) per share, for the three months ended
September 30, 2003. Net loss for the nine months ended September
30, 2004 was $1,962,971 or $(0.09) per share compared to a net loss
of $2,328,010 or $(0.21) per share, for the comparable period in
2003. The Company believes it has adequate cash to pursue its
current business plan through September 2005. "The Company's
primary objective remains receiving U.S. Food and Drug
Administration clearance to market its DR-70(R) test in the U.S.
FDA approval would simultaneously increase market awareness and
acceptance in international markets," Gary L. Dreher, CEO of AMDL,
said. "The Company is also seeking to license its Combination
Immune Therapy technology through a strategic relationship with a
large pharmaceutical company." About AMDL AMDL, Inc. (AMEX:ADL),
headquartered in Tustin, California, is a theranostics company,
involved in the detection and treatment of the same disease,
cancer. AMDL is the inventor, developer and worldwide marketer
through exclusive distribution agreements of the DR-70(R)
non-invasive cancer blood test, which has demonstrated its ability
to detect the presence in humans of up to 13 cancers 84 percent of
the time overall. In a study published in the Journal of
Immunoassay (1998, vol. 19, pp 63-72) DR-70(R) was shown to detect
at least 13 different types of cancer (lung, breast, stomach,
liver, colon, rectal, ovarian, esophageal, cervical, trophoblastic,
thyroid, malignant lymphoma, pancreatic) although the sample size
for 9 of the cancers was not statistically significant. Clinical
trials of DR-70(R) have been conducted in Canada, China, Germany,
Taiwan and Turkey. DR-70(R) can detect many kinds of cancer using a
single tube of blood, eliminating the need for costly, multiple
tests. AMDL also owns a combination immunogene therapy technology
that is a possible treatment for those already diagnosed with
cancer and could eventually be used as a vaccine to protect
patients known to be at risk because of a family history for
certain types of cancer. The combination therapy both builds the
body's immune system and destroys cancer cells. More information
about AMDL and its additional products can be obtained at
http://www.amdlcorporate.com/. Forward-Looking Statements
Statements in this press release may constitute forward-looking
statements and are subject to numerous risks and uncertainties,
including the failure to complete successfully the development of
new or enhanced products, the Company's future capital needs, the
lack of market demand for any new or enhanced products the Company
may develop, any actions by the Company's partners that may be
adverse to the Company, the success of competitive products, other
economic factors affecting the Company and its markets, and other
risks detailed from time to time in the Company's filings with the
Securities and Exchange Commission. The actual results may differ
materially from those contained in this press release. The Company
disclaims any obligation to update any statements in this press
release. DATASOURCE: AMDL, Inc. CONTACT: Gary L. Dreher, President
& CEO of AMDL, Inc., +1-714-505-4460 Web site:
http://www.amdlcorporate.com/
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