BURNABY, British Columbia – January 21, 2015 – LED Medical Diagnostics Inc. (“LED Medical” or the “Company”), announced today its’ preliminary sales and revenue numbers for the fiscal year ending December 31, 2014 in US dollars as $9.7 million and $8.5 million, respectively. The Company had previously provided revenue guidance in the range of $9.0 million to $11.0 million for its fiscal 2014 year ended December 31, 2014. The Company experienced customer orders totaling approximately $9.7 million during fiscal 2014 but was not able to install all sales orders prior to year end resulting in approximately $1.2 million of backlog anticipated to be delivered and recognized as revenue in early fiscal 2015. The above mentioned revenue results are preliminary and are subject to audit.
“Fiscal 2014 was a transformational year for the Company. We assembled a world class team, increased market share, diversified our product portfolio and made significant investments in our sales, marketing and support infrastructure. The Company achieved approximately 240% growth in preliminary revenue of $8.5 million during the twelve months ended December 31, 2014 compared to the prior year period of $2.5 million” stated Dr. David Gane, Chief Executive Officer of LED Medical. “The revenue growth was due to a significant increase in contribution from our VELscope products year over year, combined with early revenue contributions from our recently launched digital imaging product line. Due to the large sales volume experienced in late fiscal 2014, we were not able to deliver and install all fiscal 2014 customer sales orders resulting in sales backlog of approximately $1.2 million anticipated to be recognized as revenue after fiscal 2014 to provided continued momentum into fiscal 2015.”
Financial Guidance for Fiscal Year 2015
The Company is providing guidance for the full fiscal year ending December 31, 2015 (“fiscal year 2015”). This guidance is intended solely to give investors an understanding of management’s expectations for the full fiscal year in light of recent industry sales trends, seasonality of the business and recognition that much of the sales generated in the dental industry occur in the fourth quarter. The guidance does not take into account, or give effect for, any events that are beyond the Company’s reasonable control.
|Fiscal Year Ending December 31, 2015||Quantitative Guidance|
|Revenue||$15 Million – $16 Million|
“In 2015 we will continue to leverage the investment we have made in our sales, marketing and support infrastructure by adding new imaging products and services into our growing product portfolio. 2015 will be about optimizing our cost structure and improving efficiencies while building on our new foundation to support continued future growth” added Dr. Gane.