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ABMC Reports Third Quarter 2020 Results

·7 min read

-Announces Application to Up-List to OTCQB-

KINDERHOOK, NY / ACCESSWIRE / November 16, 2020 / American Bio Medica Corporation (OTC PINK:ABMC) today announced financial results for the three and nine months ended September 30, 2020 and announced they have applied to up-list its common stock to the OTCQB® Venture Marketplace.

Chief Executive Officer Melissa A. Waterhouse stated, "As Covid-19 infections started to rise in the third quarter, the market turned to diagnostic testing, and we saw a decrease in demand for antibody testing. While there can be no assurances, we believe that antibody testing will become increasingly necessary with the emergence of vaccines. In October, we signed a distribution agreement to sell the Co-Diagnostics, Inc. Logix™ Smart Covid-19 test. This is our first step in offering our customers a full suite of testing options for Covid-19; we do expect to announce more offerings in the near future. Drug test sales are still down from the same period a year ago due to the impact of Covid-19 in our core markets, however, we are encouraged by positive movement we are seeing in certain markets."

Waterhouse continued, "We have applied to up-list our common stock to the OTCQB Venture Market and we are confident that our application will be approved. This will increase visibility in our stock and provide greater market exposure. Going forward, ABMC's plan involves securing new financing in the near future to support core growth initiatives involving our drugs of abuse products (including oral fluid tests), to refinance current high interest rate debt and to invest in sales and marketing. We hope to increase revenue from promising contract manufacturing business and sales of infectious disease products (including Covid-19 tests). We believe these initiatives position ABMC for long-term success."

Financial Highlights

  • Net sales in the third quarter of 2020 were $883,000, compared to net sales of $895,000 in the third quarter of 2019; a decrease of $12,000, or 1.3%. Net sales in the nine months ended September 30, 2020 were $3,370,000, compared to $2,775,000 in the nine months ended September 30, 2019; an increase of $595,000, or 21.4%.

  • Operating loss was $172,000 in the third quarter of 2020, compared to an operating loss of $81,000 in the third quarter of 2019. Operating loss was $428,000 in the nine months ended September 30, 2020, compared to an operating loss of $410,000 in the nine months ended September 30, 2019.

  • Net loss was $216,000, or $(0.01) per share in the third quarter of 2020, compared to net loss of $144,000, or $(0.00) per share, in the third quarter of 2019. Net loss was $563,000, or $(0.02) per share, in the nine months ended September 30, 2020, compared to net loss of $440,000, or $(0.02) per share, for the nine months ended September 30, 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 and a RT-PCR test to detect Covid-19. The Company also currently manufactures (on a contract basis) tests to detect respiratory syncytial virus (RSV) and malaria and, with the ability to manufacture tests for many other medical conditions, viruses and diseases in its FDA registered and ISO certified facilities.

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.

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, 2020

September 30, 2019

September 30, 2020

September 30, 2019

Net sales

$

883,000

$

895,000

$

3,370,000

$

2,775,000

Cost of goods sold

648,000

536,000

2,362,000

1,805,000

Gross profit

235,000

359,000

1,008,000

970,000

Operating expenses:

Research and development

24,000

23,000

77,000

62,000

Selling and marketing

89,000

131,000

408,000

350,000

General and administrative

294,000

286,000

951,000

968,000

Total operating expenses

407,000

440,000

1,436,000

1,380,000

Operating loss

(172,000

)

(81,000

)

(428,000

)

(410,000

)

Other (expense) / income

(42,000

)

(63,000

)

(133,000

)

(28,000

)

Net loss before tax

(214,000

)

(144,000

)

(561,000

)

(438,000

)

Income tax expense

(2,000

)

0

(2,000

)

(2,000

)

Net loss

$

(216,000

)

$

(144,000

)

$

(563,000

)

$

(440,000

)

Basic & diluted loss per common share

$

(0.01

)

$

(0.00

)

$

(0.02

)

$

(0.02

)

Weighted average shares outstanding - basic and diluted

35,953,476

32,545,776

35,278,455

32,479,123

(Condensed Balance Sheets follow)

American Bio Medica Corporation
Condensed Balance Sheets

September 30,

December 31,

2020

(unaudited)

2019

ASSETS

Current Assets

Cash and cash equivalents

$

61,000

$

4,000

Accounts receivable, net of allowance for doubtful accounts of $35,000 at September 30, 2020 and $34,000 at December 31, 2019

364,000

370,000

Inventory, net of allowance of $397,000 at September 30, 2020 and $291,000 at December 31, 2019

602,000

810,000

Prepaid expenses and other current assets

85,000

6,000

Right of Use Asset - Operating Leases

35,000

34,000

Total current assets

1,147,000

1,224,000

Property, plant and equipment, net

594,000

644,000

Patents, net

110,000

116,000

Right of Use Asset - Operating Leases

49,000

73,000

Other assets

21,000

21,000

Total assets

$

1,921,000

$

2,078,000

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

604,000

$

652,000

Accrued expenses and other current liabilities

577,000

543,000

Right of Use Liability - Operating Leases

33,000

34,000

Wages payable

98,000

104,000

Line of credit

208,000

337,000

PPP Loan

332,000

0

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

1,120,000

17,000

Total current liabilities

2,972,000

1,687,000

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

0

1,108,000

Right of Use Liability - Operating Leases

49,000

73,000

Total liabilities

3,021,000

2,868,000

COMMITMENTS AND CONTINGENCIES

Stockholders' Deficit:

Common stock

359,000

327,000

Additional paid-in capital

21,658,000

21,437,000

Accumulated deficit

(23,117,000

)

(22,554,000

)

Total stockholders' deficit

(1,100,000

)

(790,000

)

Total liabilities and stockholders' deficit

$

1,921,000

$

2,078,000

SOURCE: American Bio Medica Corporation



View source version on accesswire.com:
https://www.accesswire.com/616932/ABMC-Reports-Third-Quarter-2020-Results