LED Medical Diagnostics Inc. (TSXV:LMD) reported financial results from the second quarter ended June 30, 2014. Highlights include LED Dental’s release of a new brand initiative, a non-exclusive distribution partnership with Atlanta Dental Supply and Nashville Dental, a partnership with the UT College of Dentistry, the introduction of its new digital radiography intraoral sensor, and a working capital of $69,212 including cash of $1,838,400 as at June 30, 2014.
As quoted in the press release:
- Notable business developments and achievements up to the reporting date included the following:
- On April 2, 2014, we announced that our wholly-owned US operating subsidiary, LED Dental Ltd. released a new brand initiative to further its goal of providing advanced imaging technologies to dental and specialty practices in the United States and Canada. The branding initiative includes a new logo to further unify the business under the LED Imaging name.
- On April 3, 2014, we announced that the LED Imaging division of its wholly owned subsidiary, LED Dental Ltd., is partnering with Ray Co., Ltd., a subsidiary of Samsung, to sell, install and provide support for the RAYSCAN α – Expert dental imaging system.
- On April 15, 2014, we announced that we entered a non-exclusive distribution partnership with Atlanta Dental Supply and Nashville Dental.
- On April 22, 2014, we announced that the LED Imaging division of its wholly owned subsidiary, LED Dental Ltd., entered a partnership with the UT College of Dentistry. Residents and dental students will receive hands-on training with the RAYSCAN α – Expert, a multi-function digital imaging system, as part of their clinical training.
- On April 24, 2014, we announced that the LED Imaging division of its wholly owned subsidiary, LED Dental Ltd., is launching its LED Imaging Software to integrate with the company’s growing portfolio of imaging technologies.
- On May 14, 2014, our LED Imaging division introduced its new digital radiography intraoral sensor, the LED IS100. Designed with simplicity and versatility in mind, the LED IS100 intraoral sensor is a replacement for traditional dental film as it captures intraoral images of the teeth and supporting bone structures. The LED IS100 intraoral sensor is the third product to be added to LED Imaging’s portfolio since the launch of the division on April 2, 2014.
- On June 4, 2014, we announced that Wes Newsom and Joan Fiore joined the Atlanta based LED team in the role of director of product line management for digital imaging and vice president of client services, respectively.
Financial Position as at June 30, 2014
Working capital(1) as at June 30, 2014 was $69,212, which includes cash of $1,838,400. This is compared to working capital of $4,445,795 at December 31, 2013, which included cash of $4,358,986. The decrease in working capital is due primarily to the classification of the Company’s warrant liability as current, as it is expected to be settled upon expiration of these warrants, at June 14, 2015, at the latest. Subsequent to June 30, 2014, the Company received $1,420,000 in proceeds from warrant exercises.