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LED Medical Diagnostics Inc. Reports 2018 First Quarter Results

  • May 24, 2018
  • News Releases
Vancouver, British Columbia – May 24, 2018 – LED Medical Diagnostics Inc. (“LED” or the “Company”), a dental imaging technology provider focused on delivering state-of-the- art imaging software and systems, today announced its financial results for the first quarter ended March 31, 2018, 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, 2017.Revenue for the three months ended March 31, 2018 were $3,331,847, which was an increase of 59% over the same period in the prior year and 10% lower than the immediately preceding quarter. The Company achieved EBITDA1 of $26,296 during the first quarter of fiscal year 2018 compared to ($686,291) in the same period in the prior year.“I’m pleased to report our turn into positive EBITDA one year following the acquisition of Apteryx, Inc.,” commented LED CEO Dr. David Gane. “Growth in recurring revenue from XVWeb® software as a service (SaaS) subscriptions, sales of Tuxedo and VELscope® imaging devices and operating expense reductions contributed to our overall improved financial results.”

Financial Highlights

Revenue for the three months ended March 31, 2018 was $3,331,847, representing a decrease of 10% from the three months ended December 31, 2017 but an increase of 59% from the three months ended March 31, 2017.

The Company’s gross margin2 was 65% for the three months ended March 31, 2018 as compared to 49% in the three months ended March 31, 2017.

EBITDA1 for the three months ended March 31, 2018 was $26,296 representing an increase from ($805,600) in the prior quarter, inclusive of  $365,000 Apteryx transaction costs and ($686,291) from the three months ended March 31, 2017.

Net profit was $75,366 for the three months ended March 31, 2018 compared to a net loss of $1,087,961 for the three months ended March 31, 2017.

The Company had cash of $1,433,006 as of March 31, 2018. Cash flow used in operations was $581,612 during the three months ended March 31, 2018 compared to $1,359,341 during the three months ended March 31, 2017.

Financial Statements and Management’s Discussion & Analysis

Please see the interim consolidated financial statements and related Management’sDiscussion & Analysis (“MD&A”) for more details. The interim consolidated financial statements for the three months ended March 31, 2018 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.

LED Medical Diagnostics Inc. is a dental imaging technology provider focused on delivering state-of-the-art imaging software and systems. Through its wholly-owned subsidiaries LED Dental Inc., LED Dental Ltd., and Apteryx, Inc., LED Medical has provided dentists and oral health specialists with advanced diagnostic imaging products and software for over 20 years. LED’s proprietary technologies include the VELscope® Vx Enhanced Oral Assessment and TUXEDO Intraoral Sensors, in addition to Apteryx’s XrayVision, XVWeb® and XrayVision DCV imaging software solutions.

Backed by an experienced leadership team and dedicated to a higher level of service and support, LED 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-V under the symbol LMD, the OTCQB under the symbol LEDIF, as well as the Frankfurt Stock Exchange under the symbol LME.