TUSTIN, Calif., Sept. 15 /PRNewswire-FirstCall/ -- AMDL, Inc. , a vertically integrated pharmaceutical company with major operations in China and the US, announced today it is reaffirming guidance for Q3 and FY2008. Additionally, the Company is providing information for the benefit of stockholders in response to the heightened activity in its common stock on the American Stock Exchange (AMEX) in recent days.
While it is the Company’s normal policy to not comment on unusual trading activity or changes in the Company’s quoted stock price or to provide updated guidance between quarterly conference calls, the Company has recently received numerous inquiries requesting updated guidance in light of recent developments in general market conditions and the China and US pharmaceutical sector.
In response to specific inquiries from stockholders, AMDL is reiterating previously issued guidance and providing additional information as follows:
-- The Company has stated anticipated net sales of $13 million for the third quarter 2008. The Company believes it will achieve this primarily through continued distribution and sales for its top-selling products in China, which have shown consistent returns for the last 8 quarters.
-- The Company reaffirms it is on track to achieve its paramount goal for 2008, which is to once again achieve record annual earnings in 2008 with a 100% increase in sales over 2007. For FY2008 AMDL has targeted net sales ranging between $30 to $38.7 million with gross margins of 46% to 52% -- a 100% increase over the same period in 2007 where the Company achieved gross revenues of $15 million with a gross margin of 54%..
-- Potential revenues for AMDL’s ELISA DR-70(R) (FDP) in vitro diagnostic (IVD) test which was approved the US FDA on July 3, 2008 for the monitoring of colorectal cancer are not included in AMDL’s 2008 guidance forecast. The Company has presented DR-70 technology to both US and International diagnostic manufacturing companies and national reference laboratories with the goal of securing strategic partnerships to market and sell the product globally. According to US-based medical research group Kalorama Research, the world market for IVD tests for cancer is growing at nearly 11% annually and could reach nearly $8 billion by the end of 2012. (Kalorama Research Group: 2008)
Since issuance of the Company’s news release on August 1, 2008 announcing the Company’s updated guidance for Q2 and FY2008, the Company has not disclosed any material new information or altered such guidance and he Company has no known or material reasons as to why the stock is currently trading down. AMDL’s operations are running business as usual and in-line with its 2008 operating plan. On August 15, 2008 the Company announced its second quarter 2008 results, stating AMDL posted $5.8 million in sales with a revenue increase of 140%. Stockholders and other interested parties are encouraged to view to the Company’s Q2 conference call script which is available on the AMDL website http://www.amdl.com.
According to AMDL President and CEO Gary Dreher, “In light of the increasingly challenging financial markets, we are successfully managing our business to plan with product sales in China aligned to our 2008 guidance forecasts. We view AMDL continue to view AMDL as a winning and undervalued proposition for shareholders and will remain focused on delivering consistent positive results to the market.”
The Company plans to report third quarter earnings in November 2008 and expects to conduct a conference call to review the quarterly results and information at that time. A subsequent press release will be issued announcing the date of the conference call and call-in details. For additional information contact AMDL Investor Relations at kszarkowitz@amdl.com.
About AMDL:
AMDL, Inc. is a global specialty pharmaceutical company. The company is headquartered in Tustin, California with operations in Shenzhen, Jiangxi, and Jilin, China. Along with its subsidiary Jade Pharmaceutical Inc. (JPI), AMDL is devoted to the research, development, manufacturing, and marketing of diagnostic, pharmaceutical, nutritional supplement, and cosmetic products currently in China. The company employs approximately 320 people in the U.S. and China. More information about AMDL and its products can be obtained at http://www.amdl.com.
About Jade Pharmaceutical:
JPI has access to the fastest growing pharmaceutical and consumer market in the world: China. AMDL, through its subsidiaries, Jade currently manufactures large volume injection fluids, tablets and other related products, holding licenses for 133 products. It also manufactures 107 generic, over the counter and supplemental pharmaceutical products under certified Chinese Good Manufacturing Practice (CGMP) standards.
CONTACT: IR, Kristine Szarkowitz of AMDL, Inc., +1-206-310-5323
Web site: http://www.amdl.com/
