MedMira Reports First Quarter Results

HALIFAX, Dec. 24, 2014 /CNW/ - MedMira Inc. (MedMira) (TSXV: MIR), reported today on its financial results for the three month period ending October 31, 2014.  

First Quarter Financial Highlights

• The Company recorded revenue in the quarter totalling $521,178, which included product sales, related royalties, and service sales, as compared to $472,846 for the same period last year.
• MedMira's revenue from product sales and related royalties in the quarter was $232,372 as compared to $174,720 for the same period last year. This increase in product revenue by 33% was due to greater demand in the USA, Latin American and Indian market. Gross profit on product sales for the quarter was $109,278 (47%) compared to $93,731 (54%) in the same period in 2014.
• The Company's revenue from service sales for the quarter was $288,806 as compared to $298,126 for the same period last year. Gross profit on service revenue was $84,572 (29%) compared to $46,701 (16%) in the same period in 2014.
• Total operating expenses were $938,928 during the quarter compared to $727,385 in the first quarter of 2014. The increase in operating expenses is attributed to the final regulatory costs associated with one of the Company's FDA submission.

About MedMira

MedMira is a leading developer and manufacturer of vertical flow rapid diagnostics. The Company's tests 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 Revealâ, Multiplo™ and Miriad™ brands in global markets. Based on its patented Rapid Vertical Flow Technology™, MedMira's rapid HIV test is the only one 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.com.

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.

SOURCE: MedMira Inc.

MedMira Contact: Andrea Young, Corporate Communications, Tel: [phone], Email: [email protected]