MedMira Announces Second Quarter Results
February 16 2006 - 4:15PM
PR Newswire (US)
HALIFAX, Feb. 16 /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 and six month periods ending January 31,
2006. Product sales in the second quarter were $1.1 million,
compared to $768 thousand in the same quarter last year, an
increase of 47%. The net loss for the quarter was $1.2 million or
$0.03 per share compared with $1.4 million or $0.03 per share in
the same period last year, an improvement of 16%. When compared to
the first quarter of this year, product revenue increased 155% and
the net loss decreased 33%. For the six months ended January 31,
2006 product sales were $1.6 million, down from $1.7 million for
the same period last year. The net loss of the six month period was
$2.9 million or $0.07 per share compared to $2.6 million or $0.06
per share for the same period last year. "We are pleased with the
Company's financial results for the second quarter, a quarter where
we have recorded a record level of revenue," said Stephen Sham,
chairman and CEO of MedMira. "Our revenue was driven from the
United States and Asia this quarter. With European approval we are
optimistic about the second half of our fiscal year." Overall gross
margin in the third quarter was 57%, and was 54% for the six months
ended January 31, 2006. 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 second quarter remained
constant at $1.8 million. For the six months ended January 31, 2006
operating expenses increased to $3.8 million from $3.4 million for
the same period in the previous year. These increases are driven by
increased interest costs related to the issuance of convertible
debentures in 2005 and stock based compensation costs recorded in
the current year. At January 31, 2006 the Company had total assets
of $2.0 million compared with $1.4 million in total assets at July
31, 2005. Subsequent to the end of the quarter the Company has
raised approximately $150 thousand through the collection of
outstanding receivables and the issue of debt. 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 For the For the three months three
months six months nine months ended ended ended ended January 31,
January 31, January 31, January 31, 2006 2005 2006 2005 (000's)
(unaudited) (unaudited) (unaudited) (unaudited) -----------
----------- ----------- ----------- Product Sales $ 1,132 $ 768 $
1,575 $ 1,674 Cost of goods sold 490 364 728 883 ------------
------------ ------------ ------------ Gross margin 642 403 848 791
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ Operating expenses 1,810
1,791 3,771 3,352 ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
Loss for the period $ (1,168) $ (1,388) $ (2,923) $ (2,560)
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ Loss per share $ (0.03) $
(0.03) $ (0.07) $ (0.06) ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ As
at As at January 31, July 31, 2006 2005 (unaudited) Cash and cash
equivalents $ - $ 29 ------------ ------------ ------------
------------ Total assets $ 1,973 $ 1,428 ------------ ------------
------------ ------------ Shareholders deficiency $ (12,555) $
(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 is
available over-the-counter (OTC) in pharmacies throughout Hong Kong
and Macao Special Administrative Regions, in the People's Republic
of China. MiraCare(TM) is sold through MedMira's distributor
network to pharmacies, hospitals and laboratories in the European
Union. 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. For more information visit MedMira's website at
http://www.medmira.com/. DATASOURCE: MedMira Inc. CONTACT: Dr.
James Smith, Investor Relations, Tel: (902) 450-1588, E-mail: ;
Andrea Young, Corporate Communications, Tel. (902) 450-1588, Email:
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