MedMira Announces Fourth Quarter and Year End Results

About this update from Medmira Inc.

[{"type":"text","content":"\n\n\n\nHALIFAX, Nov. 28 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,\nNASDAQ: MMIRF) a developer and marketer of rapid diagnostics, today announced\nits financial results for the three month and year end periods ending July 31,\n2008.\n\n\n"FY 2008 proved to be a challenging year for MedMira with fiscal and\nmarket pressures contributing to the Company's inability to meet sales and\nrevenue expectations. We continue to move forward with a streamlined approach\nto managing our resources, operating costs and expenses," said Hermes Chan,\nPresident and CEO, MedMira Inc. "During the year MedMira achieved a number of\ncritical steps in the development of new revenue channels for the company,\nincluding licensing and public health opportunities. We secured patents in the\nUnited States and China, completing IP protection for our most valuable asset\nin three major global markets, the third being Europe. This patent protection\nenables us to move forward with our licensing plans for our award-winning\nRapid Flow-Through technology platform."\n\n\nDue to the higher labor and material cost, a decrease from 47% to 35.3%\nin the overall operating margins for FY 08 was recorded. As the reduction of\nthe manufacturing cost from outsourcing is realized, management fully expects\nto see a significant improvement of the overall margins in the coming year.\nThe net loss of the year was 7.0 million or $0.09 per share which included a\nNon-Cash, Impairment Loss Write-Down of $1.7 million (.02 per share) compared\nto $6.3 million or $0.10 per share for the same period last year. For the year\nended July 31, 2008 operating expenses were $3.8 million compared to $4.4\nmillion last year.\n\n\n"This year MedMira became approved suppliers to both USAID (United States\nAgency for International Development) and PAHO (Pan American Health\nOrganization) and we submitted our rapid HIV test to the WHO's (World Health\nOrganization) revamped Diagnostic Prequalification Programme. These are all\nsignificant steps in creating new revenue streams for MedMira from large\npublic health tenders and programs," continued Chan.\n\n\nAbout MedMira\n\n\nMedMira is a leading developer and manufacturer of flow-through rapid\ndiagnostics. The company's tests provide hospitals, labs, clinics and\nindividuals with reliable, rap...

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