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ABMC Reports Third Quarter 2019 Results

KINDERHOOK, NY / ACCESSWIRE / November 14, 2019 / American Bio Medica Corporation (OTC PINK:ABMC) today announced financial results for the three and nine months ended September 30, 2019.

Chief Executive Officer Melissa A. Waterhouse stated, "Sales in the third quarter of 2019 increased slightly when compared to the third quarter of 2018. This is primarily due to increased contract business; an area we previously indicated would positively impact sales in the second half of 2019."

Waterhouse added, "Operating expenses are down once again due to our concerted efforts to control expenditures. This, along with increased sales, enabled us to decrease our operating loss and our net loss in the third quarter of 2019 when compared to the third quarter of 2018. From a liability perspective, we are currently in discussions to extend and/or refinance our debt that matures in 2020. Looking forward, we are hopeful that orders from new customers and potential new business currently in our pipeline will enable us to continue reporting increased sales and improved results from operations in the fourth quarter of 2019."

Financial Highlights

  • Net sales in the third quarter of 2019 were $895,000, compared to net sales of $878,000 in the third quarter of 2018, an increase of $17,000, or 1.9%. Net sales in the nine months ended September 30, 2019 were $2,775,000, compared to net sales of $2,988,000 in the nine months ended September 30, 2018, a decrease of $213,000, or 7.1%.

  • Operating loss was $81,000 in the third quarter of 2019, compared to an operating loss of $132,000 in the third quarter of 2018. Operating loss was $410,000 in the nine months ended September 30, 2019, compared to an operating loss of $413,000 in the nine months ended September 30, 2018.

  • Net loss was $144,000, or $(0.00) per share, in the third quarter of 2019, compared to net loss of $202,000, or $(0.01) per share, in the third quarter of 2018. Net loss was $440,000, or $(0.01) per share, for the nine months ended September 30, 2019, compared to net loss of $615,000, or $(0.02) per share, in the nine months ended September 30, 2018.

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. The Company and its worldwide distribution network target the workplace, government, corrections, clinical and educational markets. ABMC's Rapid Drug Screen®, Rapid ONE®, RDS® InCup®, Rapid TOX® and Rapid TOX Cup® II test for the presence or absence of drugs of abuse in urine, while OralStat® tests for the presence or absence of drugs of abuse in oral fluids. ABMC's Rapid Reader® is a compact, portable device that, when connected to any computer, interprets the results of an ABMC drug screen, and sends the results to a data management system, enabling the test administrator to easily manage their drug testing program.

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, 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, 2018, 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.

Contacts:

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

(financial tables follow)

AMERICAN BIO MEDICA CORPORATION
Condensed Statements of Operations

(unaudited)

For the three

For the three

For the nine

For the nine

months ended

months ended

months ended

months ended

September 30, 2019

September 30, 2018

September 30, 2019

September 30, 2018

Net sales

$

895,000

$

878,000

$

2,775,000

$

2,988,000

Cost of goods sold

536,000

514,000

1,805,000

1,815,000

Gross profit

359,000

364,000

970,000

1,173,000

Operating expenses:

Research and development

23,000

20,000

62,000

64,000

Selling and marketing

131,000

125,000

350,000

435,000

General and administrative

286,000

351,000

968,000

1,087,000

Total operating expenses

440,000

496,000

1,380,000

1,586,000

Operating loss

(81,000

)

(132,000

)

(410,000

)

(413,000

)

Other income / (expense)

(63,000

)

(70,000

)

(28,000

)

(200,000

)

Net loss before tax

(144,000

)

(202,000

)

(438,000

)

(613,000

)

Income tax benefit / (expense)

0

(2,000

)

(2,000

)

Net loss

$

(144,000

)

$

(202,000

)

$

(440,000

)

$

(615,000

)

Basic & diluted loss per common share

$

(0.00

)

$

(0.01

)

$

(0.01

)

$

(0.02

)

Weighted average shares outstanding - basic and diluted

32,545,776

30,241,313

32,479,123

30,001,598

(Condensed Balance Sheets follow)

American Bio Medica Corporation
Condensed Balance Sheets

September 30,

December 31,

2019

(unaudited)

2018

ASSETS

Current Assets

Cash and cash equivalents

$

15,000

$

113,000

Accounts receivable, net of allowance for doubtful accounts of $34,000 at September 30, 2019 and $36,000 at December 31, 2018

492,000

452,000

Inventory, net of allowance of $286,000 at September 30, 2019 and $268,000 at December 31, 2018

890,000

1,019,000

Prepaid expenses and other current assets

24,000

29,000

Right of use asset - operating leases

12,000

0

Total current assets

1,433,000

1,613,000

Property, plant and equipment, net

663,000

718,000

Patents, net

118,000

123,000

Right of use asset - operating leases

11,000

0

Other assets

21,000

21,000

Total assets

$

2,246,000

$

2,475,000

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities

Accounts payable

$

606,000

$

359,000

Accrued expenses and other current liabilities

534,000

449,000

Right of use liability - operating leases

12,000

0

Wages payable

136,000

278,000

Line of credit

431,000

502,000

Current portion of long-term debt, net of deferred finance costs

1,079,000

237,000

Total current liabilities

2,798,000

1,825,000

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

0

796,000

Right of use liability - operating leases

11,000

0

Total liabilities

2,809,000

2,621,000

COMMITMENTS AND CONTINGENCIES

Stockholders' Deficit:

Common stock

325,000

323,000

Additional paid-in capital

21,425,000

21,404,000

Accumulated deficit

(22,313,000

)

(21,873,000

)

Total stockholders' deficit

(563,000

)

(146,000

)

Total liabilities and stockholders' deficit

$

2,246,000

$

2,475,000

SOURCE: American Bio Medica Corporation



View source version on accesswire.com:
https://www.accesswire.com/566616/ABMC-Reports-Third-Quarter-2019-Results