MedMira reports net income for Q1

MedMira Inc., a developer of rapid diagnostic technology and solutions, has reported a net income and comprehensive income of C$142,351, or C$0.001 per share, for the first quarter ended October 31, 2012, compared to net loss and comprehensive loss of C$1.91 million, or C$0.01 loss per share, for the same quarter ended October 31, 2011.

Revenue for the first quarter ended October 31, 2012 was C$544,501, compared to C$234,773 for the same quarter ended October 31, 2011.

Gross profit for the first quarter ended October 31, 2012 was C$167,038, compared to C$146,479 for the same quarter ended October 31, 2011.

Loss from operations for the first quarter ended October 31, 2012 was C$473,578, compared to loss from operations of C$537,280 for the same quarter ended October 31, 2011.

"Adding to our top line growth in the first quarter was revenue recognized as a result of our ongoing product development and commercialization contract with the US Army," said Daniel Frid, CFO, MedMira Inc.

"The first quarter also brought the conclusion of our debt restructuring initiative, including re-negotiated debt holder arrangements, decreased interest rates, and more favorable payment terms through this fiscal year. This initiative strengthened the company's operating base and now allows it to focus on strategic business development and product commercialization initiatives."