ABMC Reports First Quarter 2016 Results
KINDERHOOK, N.Y. - May 16, 2016 - American Bio Medica Corporation (OTCPK: ABMC) today announced financial results for the three months ended March 31, 2016.
Chief Executive Officer Melissa A. Waterhouse stated, "We are continuing to keep expenses in line with sales. Q1 did have increased R&D expenses related to efforts we are taking to obtain a marketing clearance from FDA for one of our urine based products; costs in other expense divisions remained stable or declined. Sales did decline in the first quarter 2016, however, the decline was minimal. Our efforts to diversify our revenues are continuing as we move forward with new business relationships closed at the end of the first quarter. And finally, net income was positively impacted in the first quarter 2016 by a final payment due under a tech transfer arrangement with one of our contract-manufacturing customers."
Net sales in the first quarter of 2016 were $1,470,000, compared to $1,502,000 in the first quarter of 2015, a decrease of 2.1%.
Operating loss was $91,000 in the first quarter 2016, compared to an operating loss of $53,000 in the first quarter of 2016.
Net income was $1,000 in the first quarter 2016, compared to an operating loss of $45,000 in the first quarter 2015.
For more information on ABMC or its drug testing products, please visit www.abmc.com.
About American Bio Medica Corporation
American Bio Medica Corporation 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® tests 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, 2015, 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