ABMC Reports Second Quarter 2016 Results

KINDERHOOK, N.Y.--()--American Bio Medica Corporation (OTCPK: ABMC) today announced financial results for the three and six months ended June 30, 2016.

Chief Executive Officer Melissa A. Waterhouse stated, “New products and our ability to sell those products in new markets will be the primary future organic growth driver for ABMC and our efforts to that end continue, from both a manufacturing and regulatory perspective. The steps we have taken to diversify our revenues have resulted in minimal success to date, however, we only commenced sales efforts in the beginning of Q2 of this year. We remain hopeful that as the year progresses we will see a positive impact on sales. There continues to be opportunities in our pipeline that, if completed, will positively impact the top line and financial position of ABMC.”

Financial Highlights

  • Net sales in the second quarter of 2016 were $1,505,000 compared to $1,693,000 in the second quarter of 2015, a decrease of 11.1%. Net sales in the six months ended June 30, 2016 were $2,975,000 compared to net sales of $3,195,000 in the six months ended June 30, 2015, a decrease of 6.9%.
  • Operating income was $14,000 in the second quarter of 2016 compared to an operating loss of $88,000 in the second quarter of 2015. Operating loss was $77,000 in the six months ended June 30, 2016, compared to an operating loss of $140,000 in the six months ended June 30, 2015.
  • Net loss was $44,000 in the second quarter 2016, compared to a net loss of $83,000 in the second quarter of 2015. Net loss was $43,000 in the six months ended June 30, 2016, compared to a net loss of $128,000 in the six months ended June 30, 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 shares.

(Condensed Financial Tables Follow)

AMERICAN BIO MEDICA CORPORATION
Condensed Statements of Operations
(unaudited)
  For the three   For the three   For the six   For the six
months ended months ended months ended months ended
  June 30, 2016     June 30, 2015     June 30, 2016     June 30, 2015
 
Net sales $ 1,505,000 $ 1,693,000 $ 2,975,000 $ 3,195,000
Cost of goods sold   796,000     919,000     1,636,000     1,721,000
Gross profit   709,000     774,000     1,339,000     1,474,000
 
Operating expenses:
Research and development 55,000 51,000 109,000 80,000
Selling and marketing 282,000 308,000 551,000 608,000
General and administrative   358,000     503,000     756,000     926,000
Total operating expenses   695,000     862,000     1,416,000     1,614,000
 
Operating income / (loss)   14,000     (88,000)     (77,000)     (140,000)
 
Other income / (expense)   (58,000)     5,000     35,000     12,000
 
Net loss before tax (44,000) (83,000) (42,000) (128,000)
 
Income tax expense   0     0     (1,000)     0
 
Net loss $ (44,000)   $ (83,000)   $ (43,000)   $ (128,000)
 
Basic & diluted loss per common share $ (0.00)   $ (0.00)   $ (0.00)   $ (0.01)
 

Weighted average shares outstanding –
basic and diluted

 

27,271,408

   

26,032,930

   

26,940,917

   

26,032,930

(Condensed Balance Sheets follow)

American Bio Medica Corporation
Condensed Balance Sheets
  June 30,   December 31,
2016

(unaudited)

2015
ASSETS
Current Assets
Cash and cash equivalents $ 178,000 $

158,000

Accounts receivable, net of allowance for doubtful accounts of
$50,000 at June 30, 2016 and December 31, 2015

720,000

672,000

Inventory, net of allowance of $474,000 at June 30, 2016 and
$432,000 at December 31, 2015

1,610,000

1,746,000

Prepaid expenses and other current assets 63,000 40,000
Total current assets 2,571,000 2,616,000
Property, plant and equipment, net 866,000 910,000
Patents, net 71,000 67,000
Other assets 21,000 14,000
Deferred finance costs, net 63,000 79,000
Total assets $ 3,592,000 $

3,686,000

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable 376,000 $ 373,000
Accrued expenses and other current liabilities 206,000 212,000
Wages payable 276,000 292,000
Line of credit 693,000 777,000
Current portion of long-term debt 75,000 75,000
Total current liabilities 1,626,000 1,729,000
Other liabilities 38,000 38,000
Related party note 124,000 124,000
Long-term debt, net of current portion 706,000 834,000
Total liabilities 2,494,000 2,725,000
COMMITMENTS AND CONTINGENCIES
Stockholders’ Equity:
Common stock 273,000 260,000
Additional paid-in capital 20,824,000 20,656,000
Accumulated deficit (19,999,000) (19,955,000)
Total stockholders’ equity 1,098,000 961,000
Total liabilities and stockholders’ equity $ 3,592,000 $

3,686,000

Contacts

Melissa A. Waterhouse
Chief Executive Officer
(800) 227-1243, Ext 107

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