ABMC Reports First Quarter 2017 Results

KINDERHOOK, N.Y.--()--American Bio Medica Corporation (OTCPK: ABMC) today announced financial results for the three months ended March 31, 2017.

Chief Executive Officer Melissa A. Waterhouse stated, “The new product and service offerings discussed in our March press release are now all available to our customers as of April 2017; with the latest being a lower cost alternative for onsite drug testing that we started marketing in April. From an operational perspective, our margins are stable and we continue to control costs so they are inline with revenues; this has allowed us to improve operational results, even with sales declines. ”

Financial Highlights

  • Net sales in the first quarter of 2017 were $1,316,000, compared to $1,470,000 in the first quarter 2016, a decrease of 10.5%.
  • Operating loss was $67,000 in the first quarter 2017, compared to an operating loss of $81,000 in the first quarter 2016.
  • Net loss was $132,000 in the first quarter 2017, compared to net income of $1,000 in the first quarter 2016 due to the receipt of a tech transfer payment in the first quarter 2016 (which did not reoccur in the first quarter 2017).

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, 2016, 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, 2017 March 31, 2016
 
Net sales $ 1,316,000 $ 1,470,000
Cost of goods sold 751,000       840,000  
Gross profit 565,000 630,000
 
Operating expenses:
Research and development 46,000 54,000
Selling and marketing 196,000 270,000
General and administrative 390,000       387,000  
Total operating expenses 632,000 711,000
 
Operating loss (67,000 ) (81,000 )
 
Other (expense) / income (65,000 )     83,000  
 
Net (loss) / income before tax (132,000 ) 2,000
 
Income tax expense 0       (1,000 )
 
Net (loss) / income $ (132,000 )   $ 1,000  
 
Basic & diluted (loss) / income per common share $ (0.00 )   $ 0.00  
 
Weighted average shares outstanding – basic 28,842,788 26,610,426
Weighted average shares outstanding – diluted 28,842,788 26,751,259
 
 

(Condensed Balance Sheets follow)

 
 
American Bio Medica Corporation
Condensed Balance Sheets
 
  March 31,   December 31,
2017

(unaudited)

2016
ASSETS
Current Assets
Cash and cash equivalents $ 136,000 $ 156,000
Accounts receivable, net of allowance for doubtful accounts of $49,000 at March 31, 2017 and December 31, 2016

611,000

556,000

Inventory, net of allowance of $470,000 at March 31, 2017 and $449,000 at December 31, 2016

1,503,000

1,582,000

Prepaid expenses and other current assets 63,000   92,000  
Total current assets 2,313,000 2,386,000
Property, plant and equipment, net 805,000 824,000
Patents, net 100,000 93,000
Other assets 21,000 21,000
Deferred finance costs – line of credit, net 39,000   47,000  
Total assets $ 3,278,000   $ 3,371,000  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable $ 304,000 $ 304,000
Accrued expenses and other current liabilities 256,000 276,000
Wages payable 287,000 299,000
Line of credit 750,000 639,000
Current portion of long-term debt 75,000   75,000  
Total current liabilities 1,672,000 1,593,000
Long-term debt, net of current portion and deferred finance costs 701,000   753,000  
Total liabilities 2,373,000 2,346,000
COMMITMENTS AND CONTINGENCIES
Stockholders’ Equity:
Common stock 288,000 288,000
Additional paid-in capital 21,048,000 21,037,000
Accumulated deficit (20,431,000 ) (20,300,000 )
Total stockholders’ equity 905,000   1,025,000  
Total liabilities and stockholders’ equity $ 3,278,000   $ 3,371,000  

Contacts

American Bio Medica Corporation
Melissa A. Waterhouse, 800-227-1243, Ext 107
Chief Executive Officer

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