LED Medical Diagnostics Inc. Reports 2016 Second Quarter Results
- Net revenue for the three months ended June 30, 2016 was $3,661,490, which is an increase of 12% from the three months ended June 30, 2015. This revenue increase was largely due to timing of when imaging orders were received and could be shipped and by increased demand for VELscope and VELscope consumable sales.
- The net loss before tax for the three months ended June 30, 2016 was $1,082,831 compared to the net loss before taxes for the three months ended June 30, 2015 of $1,205,742. The decrease of operating loss is mainly attributable to higher revenue levels and lower operating expense than in 2015. These favorable profit items were partially offset by higher stock option expense, interest expense and the absence of gains on the fair value of Canadian warrants.
- Cash flow used in operations was $1,505,387 during the six months ended June 30, 2016 compared to cash flow used in operations of $3,086,535 during the six months ended June 30, 2015. There were no inflows from financing for the six months ended June 30, 2016 as compared to $2,241,516 of cash inflows from the financing activities for the six months ended June 30, 2015.
- Cash and Net Working Capital deficit balances as of June 30, 2016 are $364,362 and $1,998,588 respectively. Net Working Capital is defined as total current assets less total current liabilities.
Phone: 905.326.1888 ext 10
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, 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.
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