LED Medical Diagnostics Posts Q3 Financial Results

LED Medical Diagnostics (TSXV:LMD; OTCQB:LEDIF) announced its financial result for the third quarter of 2017.
As quoted in the press release:

Business Highlights and Events Subsequent to the Quarter

• American Dental Partners selected LED Medical Diagnostics subsidiary Apteryx as their provider for cloud dental imaging software technologies. American Dental Partners will transition their entire network–nearly 300 US-based dental and specialty practices–to Apteryx’s XVWeb cloud imaging technology within the next 12 months.
• Dental Care Alliance selected LED Medical Diagnostics as preferred imaging technology providers for dental imaging devices and software technologies. Dental Care Alliance is one of the United States’ largest and oldest dental support organizations, with 265 affiliated practices across all of the dental specialties in 13 states.
• On October 30, 2017 (the ”closing date”), the Company issued 250 senior secured debentures with a principle amount of CDN $2,500,000 (US$1,938,690), maturing 24 months from the closing date. Each unit consists of a debenture in principal in the amount of CDN $10,000 and 21,250 common shares of the company and is attached with a 12% coupon. The Company issued 888,000 broker warrants (the ”Broker’s Warrants”) to arm’s length brokers. Each Broker’s Warrant is non-transferrable and exercisable at an exercise price of CDN $0.10 at any time up to and including the date which is 24 months from the closing date. Transaction costs associated with this issuance were CDN $232,031.65 (US$179,935) and have been netted against the debenture proceeds received. Certain insiders of LED, including a director and officer, acquired units in the offering.

Dr. David Gane, CEO of LED stated, ”I am pleased to report that Q3 was near breakeven EBITDA from operations for the three months ended September 30, 2017 at US ($58,673). Revenues in Q3 declined over the prior quarter due to the lower sales seasonality typically seen in the summer months as well as a dip in Apteryx software revenues as we transition from sales of our perpetual license software to our cloud based XV Web software as a service (SaaS) subscription model.”

Click here to read the full press release.

Source: www.accesswire.com