BURNABY, BC--(Marketwired - January 21, 2015) - LED Medical Diagnostics Inc. (TSX VENTURE: LMD) (OTCQX: LEDIF) (FRANKFURT: LME) ("LED Medical" or the "Company"), announced today its' preliminary sales and revenue numbers for the fiscal year ending December 31, 2014 in US dollars as $9.7 million and $8.5 million, respectively. The Company had previously provided revenue guidance in the range of $9.0 million to $11.0 million for its fiscal 2014 year ended December 31, 2014. The Company experienced customer orders totaling approximately $9.7 million during fiscal 2014 but was not able to install all sales orders prior to year end resulting in approximately $1.2 million of backlog anticipated to be delivered and recognized as revenue in early fiscal 2015. The above mentioned revenue results are preliminary and are subject to audit.
"Fiscal 2014 was a transformational year for the Company. We assembled a world class team, increased market share, diversified our product portfolio and made significant investments in our sales, marketing and support infrastructure. The Company achieved approximately 240% growth in preliminary revenue of $8.5 million during the twelve months ended December 31, 2014 compared to the prior year period of $2.5 million," stated Dr. David Gane, Chief Executive Officer of LED Medical. "The revenue growth was due to a significant increase in contribution from our VELscope products year over year, combined with early revenue contributions from our recently launched digital imaging product line. Due to the large sales volume experienced in late fiscal 2014, we were not able to deliver and install all fiscal 2014 customer sales orders resulting in sales backlog of approximately $1.2 million anticipated to be recognized as revenue after fiscal 2014 to provided continued momentum into fiscal 2015."
Financial Guidance for Fiscal Year 2015
The Company is providing guidance for the full fiscal year ending December 31, 2015 ("fiscal year 2015"). This guidance is intended solely to give investors an understanding of management's expectations for the full fiscal year in light of recent industry sales trends, seasonality of the business and recognition that much of the sales generated in the dental industry occur in the fourth quarter. The guidance does not take into account, or give effect for, any events that are beyond the Company's reasonable control.
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Fiscal Year Ending December 31, 2015 |
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Quantitative Guidance |
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Revenue |
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$15 Million - $16 Million |
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"In 2015 we will continue to leverage the investment we have made in our sales, marketing and support infrastructure by adding new imaging products and services into our growing product portfolio. 2015 will be about optimizing our cost structure and improving efficiencies while building on our new foundation to support continued future growth," added Dr. Gane.
About LED Medical Diagnostics Inc.
Founded in 2003 and headquartered in Burnaby, British Columbia, Canada, LED Medical Diagnostics Inc., through its wholly-owned subsidiaries LED Dental Inc. and LED Dental Ltd, provide dentists and oral health specialists with advanced diagnostic imaging products and software, in addition to the award-winning VELscope® Vx tissue fluorescence visualization technology. Backed by an experienced leadership team and dedicated to a higher level of service and support, LED Dental is committed to providing dental practitioners with the best technology available by identifying and adding leading products to its growing portfolio.
The Company is currently listed on the Toronto Stock Exchange (TSX-V) under the symbol "LMD", the OTCQX under the symbol "LEDIF", as well as the Frankfurt Stock Exchange under the symbol "LME". For more information, call 844.952.7327 or visit www.leddental.com/investor-relations.
Neither the 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.
Forward Looking Statement
This press release contains statements which, to the extent that they are not recitations of historical fact, may constitute forward-looking information under applicable Canadian securities legislation that involve risks and uncertainties. Such forward-looking statements or information include statements regarding, but not limited to the Company's future growth strategy, its distribution strategy and product offerings, potential expansion of the Company's technology to other medical applications or markets, or the potential introduction of new technologies by the Company. Persons reading this press release are cautioned that such statements or information are only predictions, and that the Corporation's actual future results or performance may be materially different. Factors that could cause actual events or results to differ materially from those suggested by these forward-looking statements include, but are not limited to competition risks, distributor risks, product development risks such as regulatory, design, intellectual property and other factors described in the Corporation's reports filed on SEDAR including its Annual Information Form and financial report for the year ended December 31, 2013. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. All forward-looking statements made in this press release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by the Company will be realized. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.