HALIFAX, May 29, 2015 /CNW/ - MedMira Inc. (MedMira)
(TSXV: MIR), reported today on its financial results for the three
and nine month periods ended April
30, 2015.
Revenues increased in the third quarter by 86% compared to the
second quarter. The primary driver of this revenue growth was
an increase in service revenue of approximately $0.9 million.
Second Quarter Financial Highlights
- The Company recorded revenue in the quarter totalling
$1,345,428, which included product
sales, related royalties, and service sales, as compared to
$638,639 for the same period last
year.
- MedMira's revenue from product sales and related royalties in
the quarter was $297,169 as compared
to $251,375 for the same period last
year. Gross profit on product sales for the quarter was
$203,157 (68%) compared to
$89,761 (36%) in the same period in
2014.
- The Company's revenue from service sales for the quarter was
$1,044,119 as compared to
$387,264 for the same period last
year. Gross profit on service revenue was $28,057 (2.6%) compared to $120,728 (31%) in the same period in 2014. This
change was anticipated by management due to the costs associated
with the last phases of the FDA submission processes.
- Total operating expenses were $904,212 during the quarter compared to
$1,212,939 in the third quarter of
2014. The 25.4 % 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. Follow us on Twitter and
LinkedIn.
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.