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MEDITE Cancer Diagnostics Reports 2017 Third Quarter Financial Results
MEDITE Cancer Diagnostics Reports 2017 Third Quarter Financial Results.
About this update from Medite Cancer Diagnostics Inc
[{"type":"text","content":"\n\n ORLANDO, Fla., Nov. 14, 2017 (GLOBE NEWSWIRE) -- MEDITE Cancer Diagnostics, Inc. (OTCQB:MDIT) (the “Company”), specializing in the development, manufacturing and marketing of molecular biomarkers and premium medical devices for detection, risk assessment and diagnosis of cancer and precancerous conditions, today announced its financial results for the quarter ended September 30, 2017.\n For the three months ended September 30, 2017, the Company reported $1.69 million in revenue, a decrease of 28% compared with the corresponding quarter in 2016.  Gross profit of $369,000 represented 22% of revenue, compared with $1 million, or 43% of revenue, in the corresponding quarter of 2016.  At September 30, 2017 the Company’s sales backlog was approximately $1.0 million. R&D expenses increased by 39% to $423,000 in the third quarter of 2017 over the same 2016 period, as the Company made investments to advance its new product portfolio and prepare for the global launch of the SureCyte™ C1 stain. SG&A expenses rose by 45% to $1.2 million in the third quarter of 2017 compared with the same period in 2016, partly attributable to professional fees related to the non-cash issuance of non-qualified options to the Board of Directors for 2017 services, and higher salaries and wages as a result of the Company completing the hiring of its management team earlier in 2017. Net loss for the third quarter of 2017 totaled $1.61 million, or $0.06 per share, compared with a $306,000 loss, or $0.02 per share, in the same period in 2016. At September 30, 2017, the Company’s cash position was $1.65 million, compared with $108,000 at December 31, 2016, with the increase attributable to proceeds from a financing transaction that was completed in September 2017. “Across the third quarter, sales resumed a growth trajectory compared to the first half of the year as indicated by a strong backlog, as the Company continued to move beyond the purposeful reduction in production we undertook in the second quarter and, to a lesser extent, the third quarter, to address issues related to manufacturing, quality control, installation and service,” said Stephen Von Rump, CEO of MEDITE. “While these activities impacted revenues in the second and third quarters, as well as the corresponding margins, due to a ...