HALIFAX, NOVA SCOTIA--(Marketwired - Mar 31, 2017) - MedMira Inc. (MedMira) (TSX VENTURE:MIR), reported today on its financial results for the three and six month periods ending January 31, 2017. The Company recorded steady product sales with increased profit margins in this reporting period, primarily from the U.S., which is a key focus market for MedMira rapid tests.
MedMira's revenue from product sales and related royalties in the quarter was $193,576 as compared to $190,118 for the same period last year. Gross profit on product sales for the quarter was $133,652 (69%) compared to $119,615 (63%) in the same period in 2016.
Total operating expenses were $562,527 during the quarter compared to $1,051,456 in the second quarter of FY2016. The decrease of 47% during the quarter compared to the same quarter in FY2016 is a direct result of the continuing cost containment measures implemented across the Company.
MedMira is the developer and owner of Rapid Vertical Flow (RVF) Technologyä. The Company's rapid test applications built on RVF Technology 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. MedMira's corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada and the Company has a sales and customer service office located in the United States. For more information visit medmira.com. Follow us on Twitter and LinkedIn.
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.