Business
MedMira Reports 2014 Fourth Quarter and Year End Financial Results
HALIFAX , Nov. 28, 2014 /CNW/ - MedMira Inc. (MedMira) (TSXV: MIR), reported today on its...
About this update from Medmira Inc.
[{"type":"text","content":"\n\nHALIFAX, Nov. 28, 2014 /CNW/ - MedMira Inc. (MedMira) (TSXV: MIR), reported today on its financial results for the quarter and year ended July 31, 2014.  The Company recorded a 26% increase in revenue and a 23% increase in gross profit at the fiscal year end.  \n\nDuring fiscal year 2014 MedMira substantially increased its sales and marketing activities with the addition of key personnel, new distribution channels, and enhanced marketing initiatives aimed at key audiences in the United States and the Company's international strategic focus markets.  This work fundamentally set much of the groundwork for MedMira's continued sales and marketing focus and product launches planned for 2015.\n\nFinancial Highlights\n\n\nThe Company recorded revenue in the year ended July 31, 2014 totalling $2,528,179, which included product sales, related royalties, and service sales, as compared to $2,001,464 for the same period last year, which included product sales, service revenues and related royalties, an increase of $526,715. \nMedMira's revenue from product sales and related royalties in the year ended July 31, 2014 was $854,468 as compared to $864,798 for the same period last year. This decrease in product revenue by 1.2% was due to delays in tenders in China which were awarded subsequent to the year end. Gross profit on product sales for the year was $418,062 (49%) compared to $429,389 (50%) in the same period in 2013. \nThe Company's revenue from service sales for the year ended July 31, 2014 was $1,673,711 as compared to $1,136,666 for the same period last year. Gross profit on service revenue was $356,733 (21%) compared to $201,386 (18%) in the same period in 2013. The Company earned revenue and gross margin from the on-going product commercialization contract with the US military for Multiplo™ HBc/HIV/HCV and Reveal® HBsAg. \nFor the fourth quarter, MedMira recorded total revenue of $897,980, compared to $596,115 for the same period in 2013. \nTotal operating expenses increased to $4,343,417 during the year compared to $2,796,145 in 2013. The increase of operating expenses is attributed to the sales and marketing preparations for upcoming product launches and 2015 activities, as well as one-time investments for upgrades to the Company's facility. This has been mainly driven by the increasing level of acti...