KINDERHOOK, N.Y.–(BUSINESS WIRE)– American Bio Medica Corporation (OTCPK:ABMC) today announced financial
results for the fourth quarter and year ended December 31, 2016.
Chief Executive Officer Melissa A. Waterhouse stated, “Organic growth
continued to be challenging for ABMC in 2016 due to the continued price
competitive environment. Gross profit for the year decreased slightly
due to an inefficiency in the third quarter for 2016 but, from an annual
perspective, the impact wasn’t significant. When compared to the fourth
quarter of 2015, operational expenses in the fourth quarter 2016 were
higher due to a reclassification of debt issuance costs in the fourth
quarter of 2015, and increased expenses related to our application for a
510k marketing clearance. From an annual perspective, operational
expenses were down; reductions in G&A and selling and marketing expense
were partially offset by increased costs related to the 510k marketing
clearance application.”
Waterhouse continued, “In late 2016, we started to take steps to
reorganize and restructure our sales and marketing department. In
addition, we are bringing on new products and service offerings to
diversify our revenue stream. These new products and services (through
relationships with third parties) include products for the detection of
alcohol, alternative sample options for drug testing (such as lab based
oral fluid testing and hair testing) as well as toxicology management
services. We also expect to start offering customers lower-cost
alternatives for onsite drug testing starting in the first half of 2017.
And finally, we are reviewing our contract manufacturing operations in
efforts to capitalize on offerings in that area. Even with all of these
actions, we have continued to be as fiscally conservative as possible.
We are poised for profitability, provided no extraordinary expenses
occur and that our initiatives start to positively impact sales.”
Financial Highlights
-
Net sales in the fourth quarter of 2016 were $1,217,000 compared to
$1,532,000 in the fourth quarter of 2015, a decrease of 20.6%. Net
sales in 2016 were $5,609,000 compared to $6,317,000 in 2015, a
decrease of 11.2%. -
Operating loss was $121,000 in the fourth quarter of 2016 compared to
an operating income of $67,000 in the fourth quarter of 2015.
Operating loss in 2016 was $257,000 compared to an operating loss of
$13,000 in 2015. -
Net loss was $215,000 in the fourth quarter of 2016 compared to a net
loss of $202,000 in the fourth quarter of 2015. Net loss was $345,000
in 2016 compared to net loss of $333,000 in 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 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,
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 share
(financial tables follow)
| American Bio Medica Corporation | ||||||||||||||||
| Statements of Operation | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
| Net sales | $ | 1,217,000 | $ | 1,532,000 | $ | 5,609,000 | $ | 6,317,000 | ||||||||
| Cost of goods sold | 678,000 | 919,000 | 3,119,000 | 3,462,000 | ||||||||||||
| Gross profit | 539,000 | 613,000 | 2,490,000 | 2,855,000 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 48,000 | 23,000 | 184,000 | 148,000 | ||||||||||||
| Selling and marketing | 234,000 | 265,000 | 1,061,000 | 1,164,000 | ||||||||||||
| General and administrative | 378,000 | 258,000 | 1,502,000 | 1,556,000 | ||||||||||||
| Total operating expenses | 660,000 | 546,000 | 2,747,000 | 2,868,000 | ||||||||||||
| Operating income / (loss) | (121,000) | 67,000 | (257,000) | (13,000) | ||||||||||||
| Other income/(expense) – net | (92,000) | (268,000) | (84,000) | (318,000) | ||||||||||||
| Net income / (loss) before tax | (213,000) | (201,000) | (341,000) | (331,000) | ||||||||||||
| Income tax expense | (2,000) | (1,000) | (4,000) | (2,000) | ||||||||||||
| Net loss | (215,000) | (202,000) | (345,000) | (333,000) | ||||||||||||
| Basic & diluted loss per common share | $ | (0.01) | $ | (0.01) | $ | (0.01) | $ | (0.01) | ||||||||
| Basic weighted average shares outstanding | 27,463,265 | 25,676,976 | 27,463,265 | 25,676,976 | ||||||||||||
| Diluted weighted average shares outstanding | 27,463,265 | 25,676,976 | 27,463,265 | 25,676,976 | ||||||||||||
(Balance Sheets follow)
| American Bio Medica Corporation | ||||||||
| Balance Sheets | ||||||||
| December 31, | December 31, | |||||||
|
2016
(unaudited) |
2015 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 156,000 | $ | 158,000 | ||||
|
Accounts receivable, net of allowance for doubtful accounts of |
556,000 |
672,000 |
||||||
|
Inventory, net of allowance of $449,000 at December 31, 2016 and |
1,582,000 |
1,746,000 |
||||||
| Prepaid expenses and other current assets | 92,000 | 40,000 | ||||||
| Total current assets | 2,386,000 | 2,616,000 | ||||||
| Property, plant and equipment, net | 824,000 | 910,000 | ||||||
| Patents, net | 93,000 | 67,000 | ||||||
| Other assets | 21,000 | 14,000 | ||||||
| Deferred finance costs – line of credit, net | 47,000 | 79,000 | ||||||
| Total assets | $ | 3,371,000 | $ | 3,686,000 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 304,000 | $ | 373,000 | ||||
| Accrued expenses and other current liabilities | 276,000 | 212,000 | ||||||
| Wages payable | 299,000 | 292,000 | ||||||
| Line of credit | 639,000 | 777,000 | ||||||
| Current portion of long-term debt | 75,000 | 75,000 | ||||||
| Total current liabilities | 1,593,000 | 1,729,000 | ||||||
| Other liabilities | 0 | 38,000 | ||||||
| Related party note | 0 | 124,000 | ||||||
| Long term debt, net of current portion | 753,000 | 834,000 | ||||||
| Total liabilities | 2,346,000 | 2,725,000 | ||||||
| Stockholders’ Equity: | ||||||||
| Common stock | 288,000 | 260,000 | ||||||
| Additional paid-in capital | 21,037,000 | 20,656,000 | ||||||
| Accumulated deficit | (20,300,000) | (19,955,000) | ||||||
| Total stockholders’ equity | 1,025,000 | 961,000 | ||||||
| Total liabilities and stockholders’ equity | $ | 3,371,000 | $ | 3,686,000 | ||||
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Contacts
American Bio Medica Corporation
Melissa A. Waterhouse,
800-227-1243, Ext 107
Chief Executive Officer
Source: American Bio Medica Corporation
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