Halifax, March 20, 2015 /CNW/ - MedMira Inc.
(MedMira) (TSXV: MIR), reported today on its financial results for
the three and six month periods ended January 31, 2015.
Revenues from product and service sales increased in the second
quarter by 39% compared to the first quarter. The primary
driver of this revenue growth was an increase in product revenue of
86% generated through sales made in the North America, Asia
Pacific and and Latin
America.
Second Quarter Financial Highlights
- The Company recorded revenue in the quarter totalling
$722,502, which included product
sales, related royalties, and service sales, as compared to
$518,715 for the same period last
year.
- MedMira's revenue from product sales and related royalties in
the quarter was $438,063 as compared
to $103,649 for the same period last
year. This increase in product revenue was due to greater demand in
North America, Latin America and Asia Pacific. Gross profit on product sales
for the quarter was $268,738 (61%)
compared to $57,399 (55%) in the same
period in 2014.
- The Company's revenue from service sales for the quarter was
$284,439 as compared to $415,066 for the same period last year. Gross
profit on service revenue was $50,922
(18%) compared to $145,163 (35%) in
the same period in 2014. This was in line with the management's
expectations according to the service contracts established.
- Total operating expenses were $1,260,626 during the quarter compared to
$1,358,497 in the second quarter of
2014. The decrease in operating expenses is line with the cost
efficiency measures implemented for Fiscal Year 2015.
About MedMira
MedMira is a leading developer and manufacturer of vertical flow
rapid diagnostics. The Company's tests provide hospitals, labs,
clinics and individuals with instant diagnosis for diseases such as
HIV and hepatitis C in just three easy steps. The Company's tests
are sold under the Reveal®, Multiplo™ and Miriad™
brands in global markets. Based on its patented Rapid Vertical Flow
Technology™, MedMira's rapid 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.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.