CORRECTION FROM SOURCE: LED Medical Diagnostics Reports 2012 Second Quarter Results
(firmenpresse) - BURNABY, BRITISH COLUMBIA -- (Marketwire) -- 08/14/12 -- The following corrects and replaces the release issued at 9:30 a.m. EDT on August 14, 2012. An incorrect reference to the prior year comparative revenue was included in the first paragraph in the Three Months Comparative Results section. The correct reference to the revenue for the three months ended June 30, 2011 is $1.5 million.
LED Medical Diagnostics Inc. (TSX VENTURE: LMD) ("LED" or the "Company") today announced its financial results for the second quarter ended June 30, 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 June 30, 2012 and the three months ended June 30, 2011, also in accordance with IFRS.
The second quarter was characterized by accelerating sales of the VELscope® Vx Enhanced Visual Assessment System, highlighted by rapid uptake in international markets. The Company continued to be active in trade shows, seminars, and educational activities, and continued to see growth in the number of queries to the in-house call centre.
"It's exciting to have a break-even quarter at this stage of our business development with strong revenue," said Peter Whitehead, CEO and Director, LED Medical Diagnostics. "This is due, in part, to LED Dental's international efforts, which are beginning to reap rewards despite a problematic European economy. The VELscope Vx is now being sold in 23 countries. Of note, we're developing excellent in roads into India, which has the highest incidence of oral cancer in the world. Like much of Southeast Asia, India is an enormous, untapped market, with a profound need for early oral cancer detection technology.
In North America, the success of LED Dental's marketing efforts was bolstered by approval from major U.S. conglomerate Pacific Dental Services, currently affiliated with over 275 dental practices. We're very pleased to be onboard with Pacific Dental. Conglomerates represent large sales, and create significant momentum in the market.
In addition to sales of VELscope Vx, LED Dental is actively rolling out a second source of revenue: Second Step Laboratory Services. Second Step increases the value of overall patient care for dental practices by allowing them to efficiently diagnose the lesions they find. It's a strong addition to the LED portfolio because it adds a new recurring revenue stream that grows organically from the expanding base of VELscope Vx users."
Business Highlights
Notable developments and achievements in the second quarter included the following:
From our leadership position in adjunctive screening for oral cancer, and as per previous comments in our annual report, we are expanding our product offerings of adjunctive screening technology for other cancers. We will continue to update you on these developments and our progress.
Three Month Comparative Results
For the three months ended June, 2012, the Company reported revenues of $1.8 million, compared with $1.8 million for the three months ended March 31, 2012 and $1.5 million for the three months ended June 30, 2011. The Company reported a profit of $43,000 for the three months ended June 30, 2012 compared to a loss of $388,000 for the three months ended March 31, 2012 and $645,000 for the three months ended June 30, 2011. Gross margin(1) was 62 per cent for the three months June 30, 2012 compared with 57 per cent for the three months ended March 31, 2012 and 53 per cent for the three months ended June 30, 2011. 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 the three months ended June 30, 2012 were 24 per cent lower than the three months ended March 31, 2012, and 29 per cent lower than the three months ended June 30, 2012. EBITDA(3) for the three months ended June 30, 2012 was $47,000 compared to ($352,000) for the three months ended March 31, 2012 and ($707,000) for the three months ended June 30, 2011.
Six Month Comparative Results
For the six months ended June 30, 2012, the Company reported revenues of $3.6 million, compared with $4.6 million for the six months ended June 30, 2011. The Company reported a loss of $345,000 compared to a loss of $119,000 for the six months ended June 30, 2011. Gross margin was 60 per cent for the six months ended June 30, 2012 compared to 56 per cent for the six months ended June 30, 2011. The Company's margins vary depending on the mix of equipment versus disposables sales for any given period.
Total expenses (excluding other operating expenses) for the six months ended June 30, 2012 were 9 per cent lower than the six months ended June 30, 2011. EBITDA for the six months ended June 30, 2012 was ($305,000) compared to ($184,000) for the six months ended June 30, 2011.
Cash and cash equivalents were $768,000 with net working capital(4) of $239,000 as of June 30, 2012 compared to cash and cash equivalents of $992,000 with net working capital of $570,000 as of December 31, 2011.
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 possibility of development or deployment difficulties or delays; the dependence on its customers' satisfaction; the timing of entering into significant contracts; the performance of the global economy; 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.
To view the complete Interim Condensed Consolidated Financial Statements, please visit the following link: .
To view the complete Management's Discussion and Analysis of Financial Condition and Results of Operations, please visit the following link: .
(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:
LED Medical Diagnostics Inc.
Mark Komonoski
Media Requests
(403) 255-8483 or Toll-Free: (877) 255-8483
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Datum: 14.08.2012 - 17:22 Uhr
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