LED Medical Diagnostics Inc. Reports 2016 First Quarter Results
- Net revenue for the three months ended March 31, 2016 was $2,153,250, which is a decrease of 12% from the three months ended March 31, 2015. This revenue decrease was largely due to timing of when imaging orders were received and could be shipped partially offset by higher demand for VELscope and VELscope Vx consumable sales.
- The net loss for the three months ended March 31, 2016 was $2,051,827 compared to the operating loss for the three months ended March 31, 2015 of $1,489,924. The increase of operating loss is mainly attributable to higher sales and marketing expenses than in 2015, higher stock option expenses resulting from the February grants and the absence of gains on the fair value of Canadian warrants.
- The Company had cash of $1,184,912. Cash flow used in operations was $684,826 during the three months ended March 31, 2016 compared to cash flow used in operations of $3,268,976 during the three months ended March 31, 2015. There were no inflows from financing for the three months ended March 31, 2016 as compared to $2,070,229 of cash inflows from the financing activities for the three months ended March 31, 2015.
Phone: 905.326.1888, ext. 10
David Gane, CEO
Phone: 604.434.4614, ext. 227
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, 2015. 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.
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.