LED Medical Diagnostics Reports 2012 First Quarter Results
(firmenpresse) - BURNABY, BRITISH COLUMBIA -- (Marketwire) -- 05/15/12 -- LED Medical Diagnostics Inc. (TSX VENTURE: LMD) ("LED" or the "Company") today announced its financial results for the first quarter ended March 31, 2012, reported in Canadian dollars and in accordance with International Financial Reporting Standards ("IFRS"). The Company's results are presented in comparison to the three months ended December 31, 2011 and the three months ended March 31, 2011, also in accordance with IFRS.
The quarter was characterized by continued approval of the VELscope® Vx enhanced early detection system, growth in trade show activities and a significant increase in incoming calls to the Company's in-house call centre.
"Momentum is building for our VELscope Vx product, the world's leading adjunctive oral cancer screening tool," said Peter Whitehead, CEO and Director, LED Medical Diagnostics. "We have just started penetrating the global dental market, and we now have had 10,000 dentists do one million oral scans, making us by far the leading player and technology available. We expect these numbers to continue to climb, as we receive a growing number of incoming calls to our in-house call centre, complementing our partnership with Henry Schein."
"The VELscope Vx is providing an advantage to dental markets around the world at a time when business has never been more competitive, and we are excited for continued global penetration, with the VELscope now available in 23 countries. We have just begun to sell in India, a market with enormous upside as the world's leading location for oral cancers."
Business Highlights
Notable developments and achievements in the first quarter included the following:
Q1 2012 Comparative Results
For the three months ended March 31, 2012, the Company reported revenues of $1.8 million, compared with $2.0 million in the fourth quarter of 2011 and $3.1 million a year earlier. The Company reported a loss of $387,600 this quarter, compared to $2.4 million in the fourth quarter of 2011 and $525,671 for the year earlier. Gross margins(1) were 57 per cent in the first quarter compared with 50 per cent in fourth quarter. The Company's margins vary depending on the mix of equipment versus disposables sales for any given period.
Total expenses (excluding other operating expenses)(2) for first quarter were 3 per cent lower than the fourth quarter, but 15 per cent higher than the year earlier. EBITDA(3) for this quarter were ($352,000) compared to ($277,000) for the fourth quarter and $523,000 for the year earlier.
Cash and cash equivalents were $918,000 with net working capital(4) of $183,000 this quarter, compared to cash and cash equivalents of $992,000 with net working capital of $570,000 in the fourth quarter.
The Audit Committee of the Company has reviewed the contents of this news release.
Non-IFRS Measures
The following and preceding discussion of financial results includes reference to Gross Margin, EBITDA and Working Capital, which are all non-IFRS financial measures. The measure of gross margin is provided as management believes this is a good indicator in evaluating of the operating performance of the Company. EBITDA is defined as operating loss less depreciation, amortization, stock-based compensation and warrant expense. The measure is provided as a proxy for the cash earnings from the operations of the business as operating loss for the Company includes non-cash amortization and depreciation expense. The measure of working capital is provided as management believes this is a good indicator of the operating liquidity available to the Company.
Forward-Looking Statements
This press release contains statements which, to the extent that they are not recitations of historical fact, may constitute forward-looking information under applicable Canadian securities legislation that involve risks and uncertainties. Such forward-looking statements or information may include financial and other projections as well as statements regarding the Company's future plans, objectives, performance, revenues, growth, profits, operating expenses or the company's underlying assumptions. The words "may", "would", "could", "will", "likely", "expect", "anticipate", "intend", "plan", "forecast", "project", "estimate" and "believe" or other similar words and phrases may identify forward-looking statements or information. Persons reading this press release are cautioned that such statements or information are only predictions, and that the Corporation's actual future results or performance may be materially different. Factors that could cause actual events or results to differ materially from those suggested by these forward-looking statements include, but are not limited to: economic conditions; dilution; limited history of profits and operations; operational risk; distributor risks; working capital; potential conflicts of interest; speculative investment; volatility of stock price; intellectual property risks; disruptions in production; reliance on key personnel; seasonality; management's estimates; competitors; regulatory requirements; reliance on few suppliers; reliance on subcontractors; technological milestones; operating cost fluctuations; fluctuations in exchange rates; product liability and medical malpractice claims; access to credit; taxation; potential unknown liabilities; the need to develop, integrate and deploy software solutions to meet its customers' requirements; the possibility of development or deployment difficulties or delays; the dependence on its customers' satisfaction; the timing of entering into significant contracts; its customers' continued commitment to the deployment of the Corporation's solutions;
the risks involved in developing integrated software solutions and integrating them with third-party products and services; the performance of the global economy and growth in software industry sales; market acceptance of the Corporation's products and services; customer and industry analyst perception of the Corporation and its technology vision and future prospects; the success of certain business combinations engaged in by the Corporation or by its competitors; possible disruptive effects of organizational or personnel changes; technological change, new products and standards; risks related to acquisitions and international expansion; reliance on large customers; concentration of sales; international operations and sales; management of growth and expansion; dependence upon key personnel and hiring; reliance on a limited number of suppliers; risks related to the Corporation's competition; the Corporation not adequately protecting its intellectual property; risks related to product defects and product liability; currency exchange rate risk; and including, but not limited to, other factors described in the Corporation's reports filed on SEDAR including its Annual Information Form and financial report for the year ended December 31, 2011. This list is not exhaustive of the factors that may affect the Company's forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. All forward-looking statements made in this press release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by the Company will be realized. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
About LED Medical Diagnostics Inc.
LED Medical Diagnostics Inc. was founded in 2003 and is headquartered in Burnaby, British Columbia, Canada. Its wholly-owned subsidiary, LED Dental Inc., is the manufacturer of the Velscope Vx oral cancer screening system. Velscope Vx devices, the first to apply tissue fluorescence visualization technology to the oral cavity, are used to conduct more screenings for oral cancer and other oral diseases than any adjunctive device in the world. For more information, call +1 (604) 434-4614, or visit .
About the VELscope Vx
The Velscope Vx is a powerful FDA-approved tool used to screen for oral cancer. It saves lives by helping detect early stage oral cancer and pre-cancer and other abnormalities in the mouth such as viral, fungal and bacterial infections. The Velscope Vx is exclusively distributed worldwide through a partnership with Henry Schein, the world's largest dental distribution company. For more information please call +1 (604) 434-4614, or visit .
Please visit for LED Medical Diagnostics Inc.'s complete annual report. If you require a hard copy please call Investor Relations.
(1) Non-IFRS measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. Gross Margin referenced here relates to revenues less cost of sales.
(2) Non-IFRS measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. Total Expenses excludes other operating expenses.
(3) Non-IFRS measure that does not have a standardized meaning and may not be comparable to a similar measure disclosed by other issuers. This measure does not have a comparable IFRS measure. EBITDA referenced here relates to operating loss less amortization and depreciation. Please refer to the reconciliation of EBITDA to reported financial results attached to this press release.
(4) Non-IFRS measure that does not have a standardized meaning and may not be comparable to a similar measure disclosed by other issuers. This measure does not have a comparable IFRS measure. Working Capital is defined as current assets less current liabilities.
Contacts:
Darren Roberts
(604) 623-3007
Paul Hughes
(877) 482-3032
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Datum: 15.05.2012 - 07:00 Uhr
Sprache: Deutsch
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