The Conversation (0)
LED Medical Diagnostics Reports First Quarter Results and Provides 2015 Guidance
May. 28, 2015 02:00PM PST
Life Science Investing
LED Medical Diagnostics Inc. (TSXV:LMD) announced its financial results for the first quarter of 2015, which showed a revenue of $2.4 million.
LED Medical Diagnostics Inc. (TSXV:LMD) announced its financial results for the first quarter of 2015, which showed a revenue of $2.4 million.
As quoted in the press release:
- The Company reported revenue of $2.4 million during the three months ended March 31, 2015 which represents an increase of 131% over the same period in the prior year of $1.1 million. The increase in revenue was due primarily to the Company’s expanded imaging product offering that complements its VELscope product offering.
- Gross margin1 was 30% during the three months ended March 31, 2015 which was lower than 50% gross margins in the same period in the prior year. The decline in gross margin was attributable to the change in revenue mix attributable to the Company’s imaging product offering.
- EBITDA2 was negative $1.3 million during the three months ended March 31, 2015 representing an increase from negative EBITDA of $1 million in the same period in the prior year.
- The Company had a net loss of $1.4 million during the three months ended March 31, 2015 compared to a net loss of $2.9 in the same period in the prior year.
Financial guidance for 2015 fiscal year:
The Company is reaffirming guidance for the full fiscal year ending December 31, 2015 (“fiscal year 2015”). This guidance is intended solely to give investors an understanding of management’s expectations for the full fiscal year in light of recent industry sales trends, seasonality of the business and recognition that much of the sales generated in the dental industry occur in the fourth quarter. The guidance does not take into account, or give effect for, any events that are beyond the Company’s reasonable control.
Fiscal Year Ending December 31, 2015 Quantitative Guidance Revenue $15 Million – $16 Million
Dr. David Gane, CEO of LED Medical, commented:
We have set the stage for a breakout year in 2015 and had a strong Q1 in line with our internal projections. Throughout the remainder of 2015, we plan to aggressively leverage our new operating infrastructure and optimize our cost structure as well. We are proud of our ability to attract world class imaging technology partners and the execution of our sales, marketing and support teams in growing our business in this exciting and vibrant market opportunity.” Gane added, “The first quarter is seasonally one of low sales activity for capital equipment purchases in the North American dental market. This seasonality has been factored into our plan and we remain on track to achieve our revenue guidance.
Click here to read the full LED Medical Diagnostics Inc. (TSXV:LMD) press release.