VANCOUVER, British Columbia - April 11, 2016
- LED Medical Diagnostics Inc. ("LED Medical" or the "Company") today announced its financial results for the fourth quarter and full year ended December 31, 2015, reported in United States dollars and in accordance with International Financial Reporting Standards ("IFRS"). The Company's results are presented in comparison to the fourth quarter and full year ended December 31, 2014. All balances are expressed in United States dollars unless otherwise stated.
LED Medical is pleased to announce revenue growth of 47% for the fiscal year ended December 31, 2015 with total revenue of $13.1 million as compared to the prior fiscal year revenue of $9.0 million, and revenues for the three months ended December 31, 2015 of $5.6 million, an increase of 20% from the three months ended December 31, 2014.
Three-Month Comparative Results
The Company reported revenue of $5.6 million for the three months ended December 31, 2015 as compared to $4.7 million for the three months ended December 31, 2014. Net loss was $1.1 million for the three months ended December 31, 2015, as compared to a net loss of $513K for the three months ended December 31, 2014. The Company's calculated gross margin 1
was 28% for the three months ended December 31, 2015, as compared to 31% in the three months ended December 31, 2014. Total operating expenses for the three months ended December 31, 2015 were $2.6 million as compared to $2.3 million for the three months ended December 31, 2014.
Twelve-Month Comparative Results
The Company reported revenue of $13.1 million for the year ended December 31, 2015 as compared to $9.0 million for the year ended December 31, 2014. Net loss was $5.2 million for the year ended December 31, 2015 as compared to a net loss of $6.2 million for the year ended December 31, 2014. Gross margin1 was 27% for the year ended December 31, 2015, a decrease from 39% in the year ended December 31, 2014. Total operating expenses for the year ended December 31, 2015, were $8.8 million as compared to $9.2 million for the year ended December 31, 2014.
Business Highlights, Financial Statements and Management's Discussion & Analysis
Please see the audited consolidated financial statements
and related Management's Discussion & Analysis
("MD&A") for more details. The audited consolidated financial statements for the year ended December 31, 2015 and related MD&A have been reviewed and approved by the Company's Audit Committee and Board of Directors. The Company has prepared this truncated news release to alert investors to its results and that a more detailed explanation and analysis is readily available in the MD&A. These reports have been filed on SEDAR at www.sedar.com
and also posted to www.ledmd.com
The following and preceding discussion of financial results includes references to Gross Margin, which is a non-IFRS financial measure. The measure of gross margin is provided as management believes this is a good indicator in evaluating the operating performance of the Company.
About LED Medical Diagnostics Inc.
Founded in 2003 and headquartered in Burnaby, British Columbia, Canada, LED Medical Diagnostics Inc., through its wholly-owned subsidiaries LED Dental Inc. and LED Dental Ltd, provide dentists and oral health specialists with advanced diagnostic imaging products and software, in addition to the award-winning VELscope® Vx tissue fluorescence visualization technology. Backed by an experienced leadership team and dedicated to a higher level of service and support, LED Dental is committed to providing dental practitioners with the best technology available by identifying and adding leading products to its growing portfolio.
The Company is currently listed on the TSX Venture Exchange (TSX-V) under the symbol LMD, the OTCQX under the symbol LEDIF, as well as the Frankfurt Stock Exchange under the symbol LME. For more information, call 844.952.7327 or visit www.leddental.com/investor-relations
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. 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.
1 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. Gross margin referenced here relates to revenues less cost of sales. 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.
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.