Vancouver, British Columbia – August 8, 2016 – LED Medical Diagnostics Inc. (“LED Medical” or the “Company”) announced its financial results for the second quarter ended June 30, 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 second quarter ended June 30, 2015. All balances are expressed in United States dollars unless otherwise stated.
- Net revenue for the three months ended June 30, 2016 was $3,661,490, which is an increase of 12% from the three months ended June 30, 2015. This revenue increase was largely due to timing of when imaging orders were received and could be shipped and by increased demand for VELscope and VELscope consumable sales.
- The net loss before tax for the three months ended June 30, 2016 was $1,082,831 compared to the net loss before taxes for the three months ended June 30, 2015 of $1,205,742. The decrease of operating loss is mainly attributable to higher revenue levels and lower operating expense than in 2015. These favorable profit items were partially offset by higher stock option expense, interest expense and the absence of gains on the fair value of Canadian warrants.
- Cash flow used in operations was $1,505,387 during the six months ended June 30, 2016 compared to cash flow used in operations of $3,086,535 during the six months ended June 30, 2015. There were no inflows from financing for the six months ended June 30, 2016 as compared to $2,241,516 of cash inflows from the financing activities for the six months ended June 30, 2015.
- Cash and Net Working Capital deficit balances as of June 30, 2016 are $364,362 and $1,998,588 respectively. Net Working Capital is defined as total current assets less total current liabilities.
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 June 30, 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.