MedMira Reports 2014 Fourth Quarter and Year End Financial Results

HALIFAX, Nov. 28, 2014 /CNW/ - MedMira Inc. (MedMira) (TSXV: MIR), reported today on its financial results for the quarter and year ended July 31, 2014.  The Company recorded a 26% increase in revenue and a 23% increase in gross profit at the fiscal year end.  

During fiscal year 2014 MedMira substantially increased its sales and marketing activities with the addition of key personnel, new distribution channels, and enhanced marketing initiatives aimed at key audiences in the United States and the Company's international strategic focus markets.  This work fundamentally set much of the groundwork for MedMira's continued sales and marketing focus and product launches planned for 2015.

Financial Highlights

• The Company recorded revenue in the year ended July 31, 2014 totalling $2,528,179, which included product sales, related royalties, and service sales, as compared to $2,001,464 for the same period last year, which included product sales, service revenues and related royalties, an increase of $526,715.
• MedMira's revenue from product sales and related royalties in the year ended July 31, 2014 was $854,468 as compared to $864,798 for the same period last year. This decrease in product revenue by 1.2% was due to delays in tenders in China which were awarded subsequent to the year end. Gross profit on product sales for the year was $418,062 (49%) compared to $429,389 (50%) in the same period in 2013.
• The Company's revenue from service sales for the year ended July 31, 2014 was $1,673,711 as compared to $1,136,666 for the same period last year. Gross profit on service revenue was $356,733 (21%) compared to $201,386 (18%) in the same period in 2013. The Company earned revenue and gross margin from the on-going product commercialization contract with the US military for Multiplo™ HBc/HIV/HCV and Reveal^® HBsAg.
• For the fourth quarter, MedMira recorded total revenue of $897,980, compared to $596,115 for the same period in 2013.
• Total operating expenses increased to $4,343,417 during the year compared to $2,796,145 in 2013. The increase of operating expenses is attributed to the sales and marketing preparations for upcoming product launches and 2015 activities, as well as one-time investments for upgrades to the Company's facility. This has been mainly driven by the increasing level of activity anticipated in FY 2015.
• Subsequent to the close of fiscal year 2014, the Company completed a $1.1 million equity investment from a new investor. This new investment is being used to further build up the Company's sales and marketing efforts in its strategic focus markets and expand initiatives in preparation for upcoming product launches.

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.