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ABMC Reports First Quarter 2020 Results

·5 mins read

KINDERHOOK, NY / ACCESSWIRE / July 31, 2020 / American Bio Medica Corporation (OTC PINK:ABMC) today announced financial results for the three months ended March 31, 2020.

Chief Executive Officer Melissa A. Waterhouse stated, "Our drug testing business has been negatively impacted by the Covid-19 pandemic. Here in the third quarter 2020, we are starting to see some improvement in drug test sales, however, as the pandemic continues, it is difficult to know when we will start to see a year-over-year increase in drug testing sales."

Waterhouse continued, "We started generating sales of the rapid antibody test in May 2020. Since our last press release update on June 26, 2020, we have continued to sell the rapid Covid-19 antibody tests. Although market demand for antibody testing can fluctuate as infection surges occur (due to the higher demand for diagnostic testing), we are still recording sales. These sales are for now offsetting our drug testing declines. We believe there is an opportunity for Covid-19-related sales to contribute significantly to our 2020 financial results."

Financial Highlights

  • Net sales in the first quarter 2020 were $729,000, compared to net sales of $923,000 in the first quarter 2019, a decrease of $194,000, or 21.0%.

  • Operating loss was $271,000 in the first quarter 2020, compared to an operating loss of $174,000 in the first quarter 2019.

  • Net loss was $325,000 in the first quarter 2020, or $(0.01) per share, compared to a net loss of $240,000, or $(0.01), in the first quarter 2019.

For more information on ABMC or its drug testing products, please visit www.abmc.com.

About American Bio Medica Corporation

American Bio Medica Corporation manufactures and markets accurate, cost-effective immunoassay test kits, primarily point of collection tests for drugs of abuse, and distributes a rapid test to detect Covid-19 antibodies. The Company and its worldwide distribution network target the workplace, government, corrections, clinical and educational markets.

This release may contain forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ, and such differences could be material. Such risks and uncertainties include, but are not limited to, risks and uncertainties related to the following: continued acceptance of our products, increased levels of competition in our industry, acceptance of new products, future sales and profit levels of the rapid antibody test for Covid-19 that we are distributing, product development, compliance with regulatory requirements, including but not limited to our ability to obtain marketing clearance on our product for our intended markets, intellectual property rights, our dependence on key personnel, third party sales and suppliers, trading in our common shares may be subject to "penny stock" rules, our history of recurring net losses and our ability to continue as a going concern. There can be no assurance that the Company will be successful in addressing such risks and uncertainties and the Company assumes no duty to update any forward-looking statements based upon actual results. Investors are strongly encouraged to review the section entitled "Risk Factors" in the Company's annual report on Form 10-K for the year ended December 31, 2019, quarterly reports on Form 10-Q, and other periodic reports on file with the Securities and Exchange Commission for a discussion of risks and uncertainties that could affect operating results and the market price of the Company's common shares.

(financial tables follow)

AMERICAN BIO MEDICA CORPORATION
Condensed Statements of Operations

(Unaudited)

For the three

For the three

months ended

months ended

March 31, 2020

March 31, 2019

Net sales

$

729,000

$

923,000

Cost of goods sold

539,000

617,000

Gross profit

190,000

306,000

Operating expenses:

Research and development

34,000

19,000

Selling and marketing

88,000

113,000

General and administrative

339,000

348,000

Total operating expenses

461,000

480,000

Operating loss

(271,000

)

(174,000

)

Other expense

(54,000

)

(66,000

)

Net loss before tax

(325,000

)

(240,000

)

Income tax expense

0

0

Net loss

$

(325,000

)

$

(240,000

)

Basic & diluted (loss) / income per common share

$

(0.01

)

$

(0.01

)

Weighted average shares outstanding - basic

33,968,523

32,367,963

Weighted average shares outstanding - diluted

33,968,523

32,367,963


(Condensed Balance Sheets follow)

American Bio Medica Corporation
Condensed Balance Sheets

March 31,

December 31,

2020

(unaudited)

2019

ASSETS

Current Assets

Cash and cash equivalents

$

581,000

$

4,000

Accounts receivable, net of allowance for doubtful accounts of $34,000 at March 31, 2020 and December 31, 2019

396,000

370,000

Inventory, net of allowance of $304,000 at March 31, 2020 and $291,000 at December 31, 2019

723,000

810,000

Prepaid expenses and other current assets

262,000

6,000

Right of Use Asset - Operating Leases

37,000

34,000

Total current assets

1,999,000

1,224,000

Property, plant and equipment, net

626,000

644,000

Patents, net

114,000

116,000

Right of Use Asset - Operating Leases

64,000

73,000

Other assets

21,000

21,000

Total assets

$

2,824,000

$

2,078,000

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

695,000

$

652,000

Accrued expenses and other current liabilities

1,334,000

543,000

Right of Use Liability - Operating Leases

34,000

34,000

Wages payable

139,000

104,000

Line of credit

322,000

337,000

Current portion of long-term debt

1,124,000

17,000

Total current liabilities

3,648,000

1,687,000

Long-term debt/other liabilities, net of deferred finance costs

0

1,108,000

Right of Use Liability - Operating Leases

64,000

73,000

Total liabilities

3,712,000

2,868,000

COMMITMENTS AND CONTINGENCIES

Stockholders' Deficit:

Common stock

358,000

327,000

Additional paid-in capital

21,632,000

21,437,000

Accumulated deficit

(22,878,000

)

(22,554,000

)

Total stockholders' deficit

(888,000

)

(790,000

)

Total liabilities and stockholders' deficit

$

2,824,000

$

2,078,000


CONTACT:

Melissa A. Waterhouse
Chief Executive Officer
(800) 227-1243, Ext 107

SOURCE: American Bio Medica Corporation



View source version on accesswire.com:
https://www.accesswire.com/599767/ABMC-Reports-First-Quarter-2020-Results