LED Medical Diagnostics Inc. Reports 2015 First Quarter Results
- On March 17, 2015, the Company announced the funding of an $8,000 gift to the University of British Columbia to support a research project titled Prevention Strategies in Early Detection and Diagnosis of Oral Cancer in Vietnam. This gift will fund the travel costs to Vietnam for two research trainers to deliver training for various levels of health professionals. Oral Cancer is one of the most common cancers in Vietnam, more than six times higher than for patients in the US and Canada.
- On April 9, 2015, the Company announced an agreement with OrthoSynetics which designates LED Dental as the preferred imaging technology supplier for their orthodontic practices. OrthoSynetics provides administrative, marketing and financial services for 350 orthodontic practices across the United States.
- On April 15, 2015, the Company announced a pilot program for oral cancer screenings at various London Drug pharmacies in the lower mainland of B.C. This program has been endorsed by the BC Oral Cancer Prevention Program.
- On April 21, 2015, the Company announced that it will be serving as a strategic partner in the Oral Cancer Foundations Be Part of the Change program, seeking to promote the importance of routine comprehensive oral screenings and early detection in the fight against oral cancer.
- On May 27, 2015, LED Board member Praveen Varshney announced that he has officially resigned from his post as Board member to pursue other business interests.
- The Company reported revenue of $2.4 million during the three months ended March 31, 2015 which represents an increase of 131% over the same period in the prior year of $1.1 million. The increase in revenue was due primarily to the Companys expanded imaging product offering that complements its VELscope product offering.
- Gross margin was 30% during the three months ended March 31, 2015 which was lower than 50% gross margins in the same period in the prior year. The decline in gross margin was attributable to the change in revenue mix attributable to the Companys imaging product offering.
- EBITDA was negative $1.3 million during the three months ended March 31, 2015 representing a increase from negative EBITDA of $1 million in the same period in the prior year.
- The Company had a net loss of $1.4 million during the three months ended March 31, 2015 compared to a net loss of $2.9 in the same period in the prior year.
David Gane, CEO
Phone: 604-434-4614 x227
Forward Looking Statement
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. The Company may be required to raise additional capital in the event that it does not achieve its FY15 guidance. Such forward-looking statements or information include statements regarding, but not limited to the Company's future growth strategy, its distribution strategy and product offerings, potential expansion of the Company's technology to other medical applications or markets, or the potential introduction of new technologies by the Company. 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 competition risks, distributor risks, product development risks such as regulatory, design, intellectual property and 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, 2014. 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.
 Non-IFRS measure that does not have a standardized meaning and may not be comparable to a similar measure disclosed by other issuers.Â This measure does not have a comparable IFRS measure.Â Gross margin is a non-IFRS measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers.Â Gross margin referenced here relates to revenues less cost of sales.Â This measure does not have a comparable IFRS measure and is used by the Company to manage and evaluate the operating performance of the Company.
 EBITDA or Earnings before Interest, Taxes Depreciation and Amortization is a 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 GAAP measure. EBITDA referenced here relates to net loss and comprehensive loss and excludes interest, income taxes, depreciation, amortization, finderÂs warrants issuance costs, stock-based compensation, deferred share unit compensation, mark to market adjustments on Canadian dollar denominated warrants, foreign exchange gain or loss and other income. This measure does not have a comparable IFRS measure and is used by the Company to manage and evaluate the cash operating loss of the business.
 Non-IFRS measure that does not have a standardized meaning and may not be comparable to a similar measure disclosed by other issuers.Â This measure does not have a comparable IFRS measure.Â Working capital is defined as current assets less current liabilities.
Neither the 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.