ABMC Reports Third Quarter 2015 Results
KINDERHOOK, N.Y. - November 16, 2015 - American Bio Medica Corporation (ABMC) today announced financial results for the three and nine months ended September 30, 2015.
Chief Executive Officer Melissa A. Waterhouse stated, "ABMC continues to be an extremely efficient manufacturing company, and we are pleased with our continued improvement in our bottom line results. We are still experiencing sales declines, however we have a number of potential new business relationships that we hope will have a positive impact on the top line in 2016 and beyond. In addition to these relationships, a new assay will be released in late 2015, and we are still taking steps to obtain marketing clearance from FDA. While our financial condition has dramatically improved over the last couple of years, we need to restore the top line so we can take additional steps needed to promote ABMC and increase shareholder value."
Net sales in the third quarter of 2015 were $1,590,000 compared to $1,750,000 in the first quarter of 2015, a decrease of 9.1%. Net sales in the nine months ended September 30, 2015 were $4,860,000, compared to net sales of $5,604,000 in the nine months ended September 30, 2014, a decrease of 13.3%.
Operating income was $43,000 in the third quarter of 2015 compared to an operating loss of $124,000 in the third quarter of 2014. Operating loss was $39,000 in both the nine months ended September 30, 2015 and the nine months ended September 30, 2014.
Net loss was $2,000 in the third quarter of 2015 compared to a net loss of $211,000 in the third quarter of 2014. Net loss was $130,000 in the nine months ended September 30, 2015, compared to a net loss of $252,000 in the nine months ended September 30, 2014.
For more information on ABMC or its drug testing products, please visit www.abmc.com.
About American Bio Medica Corporation
American Bio Medica Corporation develops, manufactures and markets accurate, cost-effective immunoassay test kits, primarily point of collection tests for drugs of abuse. The Company and its worldwide distribution network target the workplace, government, corrections, clinical and educational markets. ABMC's Rapid Drug Screen®, Rapid ONE®, RDS® InCup®, Rapid TOX® and Rapid TOX Cup® II test for the presence or absence of drugs of abuse in urine, while OralStat® and Rapid STAT test for the presence or absence of drugs of abuse in oral fluids. ABMC's Rapid Reader® is a compact, portable device that, when connected to any computer, interprets the results of an ABMC drug screen, and sends the results to a data management system, enabling the test administrator to easily manage their drug testing program.
This release may contain forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ, and such differences could be material. Such risks and uncertainties include, but are not limited to, risks and uncertainties related to the following: continued acceptance of our products, increased levels of competition in our industry, acceptance of new products, product development, compliance with regulatory requirements, including but not limited to our ability to obtain marketing clearance on our OralStat product, intellectual property rights, our dependence on key personnel, third party sales and suppliers, trading in our common shares may be subject to "penny stock" rules, our history of recurring net losses and our ability to continue as a going concern. There can be no assurance that the Company will be successful in addressing such risks and uncertainties and the Company assumes no duty to update any forward-looking statements based upon actual results. Investors are strongly encouraged to review the section entitled "Risk Factors" in the Company's annual report on Form 10-K for the year ended December 31, 2014, quarterly reports on Form 10-Q, and other periodic reports on file with the Securities and Exchange Commission for a discussion of risks and uncertainties that could affect operating results and the market price of the Company's common shares.
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American Bio Medica Corporation Melissa A. Waterhouse Chief Executive Officer (800) 227-1243, Ext 107