Kinderhook, N.Y., May 20, 2019 – American Bio Medica Corporation (OTCPK: ABMC) today announced financial results for the three months ended March 31, 2019. 

Chief Executive Officer Melissa A. Waterhouse stated, “New contract manufacturing sales and increased sales of products offered through distribution relationships partially offset lost government sales in the first quarter 2019 when compared to the first quarter 2018. International sales were also down in the first quarter 2019; most of which we believe is due to timing of orders. Expenses remained in line with sales and this allowed us to report a slight improvement in result from operations.”

Financial Highlights

  • Net sales in the first quarter 2019 were $923,000, compared to net sales of $1,041,000 in the first quarter 2018, a decrease of $118,000, or 11.3%.
  • Operating loss was $174,000 in the first quarter 2019, compared to an operating loss of $206,000 in the first quarter 2018.
  • Net loss was $240,000 in the first quarter 2019, or $(0.01) per share, compared to a net loss of $267,000, or $(0.01) per share, in the first quarter 2018.

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 product for our intended markets, 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, 2018, 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.

 (financial tables follow)

 

AMERICAN BIO MEDICA CORPORATION

Condensed Statements of Operations

(unaudited)

For the three

For the three

months ended

months ended

March 31, 2019

March 31, 2018

Net sales

$

923,000

$

1,041,000

Cost of goods sold

617,000

669,000

       Gross profit

306,000

372,000

Operating expenses:

  Research and development

19,000

25,000

  Selling and marketing

113,000

161,000

  General and administrative

348,000

392,000

       Total operating expenses

480,000

578,000

Operating loss

(174,000)

(206,000)

Other expense

(66,000)

(61,000)

Net loss before tax

(240,000)

(267,000)

Income tax expense

0

0

Net loss

$

(240,000)

$

(267,000)

Basic & diluted (loss) / income per common share

$

(0.01)

$

(0.01)

Weighted average shares outstanding – basic

32,367,963

29,882,770

Weighted average shares outstanding – diluted

32,367,963

29,822,770

(Condensed Balance Sheets follow)

 

American Bio Medica Corporation

Condensed Balance Sheets

March 31,

December 31,

2019

(unaudited)

2018

ASSETS

 

Current Assets

Cash and cash equivalents

$

54,000

$

113,000

Accounts receivable, net of allowance for doubtful accounts of $36,000 at both March 31, 2019 at December 31, 2018

392,000

452,000

Inventory, net of allowance of $276,000 at March 31, 2019 and $268,000 at December 31, 2018

973,000

1,019,000

Prepaid expenses and other current assets

48,000

29,000

Total current assets

1,467,000

1,613,000

Property, plant and equipment, net

699,000

718,000

Patents, net

121,000

123,000

Other assets

29,000

21,000

Total assets

$

2,316,000

$

2,475,000

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Accounts payable

  $

521,000

$

359,000

Accrued expenses and other current liabilities

440,000

449,000

Wages payable

276,000

278,000

Line of credit

421,000

502,000

Current portion of longterm debt

1,013,000

         

237,000

Total current liabilities

2,671,000

1,825,000

Long-term debt/other liabilities, net of deferred finance costs

12,000

796,000

Total liabilities

 2,683,000

2,621,000

COMMITMENTS AND CONTINGENCIES

Stockholders’ Equity:

Common stock

325,000

323,000

Additional paid-in capital

 

21,421,000

21,404,000

Accumulated deficit

 

(22,113,000)

(21,873,000)

Total stockholders’ equity

(367,000)

(146,000)

Total liabilities and stockholders’ equity

$

2,316,000

$

2,475,000

#####