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MedMira Announces Second Quarter Results

^{Published on 2011-04-01 14:40:23 - Market Wire}
 

HALIFAX, April 1 /CNW/ - MedMira Inc., ("MedMira") (TSXV: MIR) (NASDAQ: MMIRF), a developer and marketer of rapid diagnostic technology and solutions, today announced its financial results for the three and six month periods ending January 31, 2011.

"Second quarter results are reflective of the extended sales cycle and complex market development activities that our global network of strategic partners are undertaking in various regions of the world.  The decrease over the same quarter last year is also indicative of our North American customers moving to monthly purchasing cycles rather than irregular bulk inventory stock-up as was the case previously," said Hermes Chan, CEO, MedMira Inc. "We are confident that the coming quarters will show improvement in results as opportunities fully mature in Asia Pacific, Africa, and elsewhere."

Financial Results

Product sales in the second quarter were $189 thousand, compared to $503 thousand in the same quarter last year. Total sales for the six months ending, January 31, 2011 were $366 thousand compared to $880 thousand for the same period last year. The net loss for the quarter was $1,304 thousand ($957 thousand - 2010); total loss for the six months ending, January 31, 2011 was $2,416 thousand ($0.01 per share) compared to $2,029 thousand ($0.01, per share), in the same period last year. Overall gross margin for the quarter was 47% (66% - 2010) and 48%, for the six months ending January 31, 2011 (62% - 2010).

About MedMira

MedMira is a leading developer and manufacturer of flow-through rapid diagnostics and technologies. The Company's tests provide hospitals, labs, clinics and individuals with reliable, rapid diagnosis of infectious diseases. MedMira diagnostics are sold under the Reveal®, MiraWell®, Multiplo™, and Miriad brands in global markets. MedMira's rapid HIV test is the only rapid HIV test in the world to achieve regulatory approvals in Canada, the United States, China and the European Union. MedMira's corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada. For more information visit MedMira's website at [ www.medmira.com ].

This news release contains forward-looking statements, including statements regarding development of sales opportunities, which involve risk and uncertainties and reflect the company's current expectation regarding future events.  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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.