Vancouver, British Columbia – May 27, 2016 – LED Medical Diagnostics Inc. (“LED Medical” or the “Company”) today announced its financial results for the first quarter ended March 31, 2016, reported in United States dollars and in accordance with International Financial Reporting Standards (“IFRS”). The Company’s results are presented in comparison to the first quarter ended March 31, 2015. All balances are expressed in United States dollars unless otherwise stated.
- Net revenue for the three months ended March 31, 2016 was $2,153,250, which is a decrease of 12% from the three months ended March 31, 2015. This revenue decrease was largely due to timing of when imaging orders were received and could be shipped partially offset by higher demand for VELscope and VELscope Vx consumable sales.
- The net loss for the three months ended March 31, 2016 was $2,051,827 compared to the operating loss for the three months ended March 31, 2015 of $1,489,924. The increase of operating loss is mainly attributable to higher sales and marketing expenses than in 2015, higher stock option expenses resulting from the February grants and the absence of gains on the fair value of Canadian warrants.
- The Company had cash of $1,184,912. Cash flow used in operations was $684,826 during the three months ended March 31, 2016 compared to cash flow used in operations of $3,268,976 during the three months ended March 31, 2015. There were no inflows from financing for the three months ended March 31, 2016 as compared to $2,070,229 of cash inflows from the financing activities for the three months ended March 31, 2015.
Financial Statements and Management’s Discussion & Analysis
Please see the interim condensed financial statements and related Management Discussion and Analysis (MD&A) for more details. The interim condensed financial statements for the three months ended March 31, 2016 and related MD&A have been reviewed and approved by the Company’s Audit Committee and Board of Directors. The Company has prepared this truncated news release to alert investors to its results and that a more detailed explanation and analysis is readily available in the MD&A. These reports have been filed on SEDAR at www.sedar.com and also posted to www.ledmd.com.
About LED Medical Diagnostics Inc.
Founded in 2003 and headquartered in Burnaby, British Columbia, Canada, LED Medical Diagnostics Inc., through its wholly-owned subsidiaries LED Dental Inc. and LED Dental Ltd, provide dentists and oral health specialists with advanced diagnostic imaging products and software, in addition to the award-winning VELscope® Vx tissue fluorescence visualization technology. Backed by an experienced leadership team and dedicated to a higher level of service and support, LED Dental is committed to providing dental practitioners with the best technology available by identifying and adding leading products to its growing portfolio.
The Company is currently listed on the TSX Venture Exchange (TSX-V) under the symbol “LMD”, the OTCQX under the symbol “LEDIF”, as well as the Frankfurt Stock Exchange under the symbol “LME”. For more information, call 844.952.7327 or visit www.leddental.com/investor-relations.