15 Nov 2019, 04:31 GMT+10
Chief Executive Officer Melissa A. Waterhouse stated, 'Sales in the third quarter of 2019 increased slightly when compared to the third quarter of 2018. This is primarily due to increased contract business; an area we previously indicated would positively impact sales in the second half of 2019.'
Waterhouse added, 'Operating expenses are down once again due to our concerted efforts to control expenditures. This, along with increased sales, enabled us to decrease our operating loss and our net loss in the third quarter of 2019 when compared to the third quarter of 2018. From a liability perspective, we are currently in discussions to extend and/or refinance our debt that matures in 2020. Looking forward, we are hopeful that orders from new customers and potential new business currently in our pipeline will enable us to continue reporting increased sales and improved results from operations in the fourth quarter of 2019.'
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.
Melissa A. Waterhouse
Chief Executive Officer
(800) 227-1243, Ext 107
(financial tables follow)
AMERICAN BIO MEDICA CORPORATION
Condensed Statements of Operations
|For the three||For the three||For the nine||For the nine|
|months ended||months ended||months ended||months ended|
|September 30, 2019||September 30, 2018||September 30, 2019||September 30, 2018|
Cost of goods sold
Research and development
Selling and marketing
General and administrative
Total operating expenses
Other income / (expense)
Net loss before tax
Income tax benefit / (expense)
Basic & diluted loss per common share
Weighted average shares outstanding - basic and diluted
(Condensed Balance Sheets follow)
American Bio Medica Corporation
Condensed Balance Sheets
|September 30,||December 31,|
Cash and cash equivalents
Accounts receivable, net of allowance for doubtful accounts of $34,000 at September 30, 2019 and $36,000 at December 31, 2018
Inventory, net of allowance of $286,000 at September 30, 2019 and $268,000 at December 31, 2018
Prepaid expenses and other current assets
Right of use asset - operating leases
Total current assets
Property, plant and equipment, net
Right of use asset - operating leases
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