KINDERHOOK, N.Y.--(BUSINESS WIRE)--American Bio Medica Corporation (OTCPK:ABMC) today announced financial results for the three and six months ended June 30, 2017.
Chief Executive Officer Melissa A. Waterhouse stated, “Sales in the six months ended June 30, 2017 have been impacted by an anticipated decease in contract manufacturing sales with one customer. In addition, the loss of a government account in late 2016 has impacted 2017 sales. Sales to new accounts and from new products we are offering via distribution relationships have partially offset these losses. ”
Waterhouse continued, “G&A expense did increase in the second quarter of 2017 primarily as a result of increased legal fees associated with litigation filed against Premier Biotech, Inc. and Peckham Vocational Industries, Inc. (among others) in early 2017. However, savings in other areas offset this increase resulting in decreased operational expenses for the second quarter of 2017 when compared to the second quarter of 2016. Going forward, our ability to enter new markets are dependent on regulatory matters and, we are hopeful those matters will be successfully addressed in the near future.”
Financial Highlights
- Net sales in the second quarter of 2017 were $1,306,000, compared to $1,505,000 in the second quarter 2016, a decrease of 13.2%. Net sales in the six months ended June 30, 2017 were $2,621,000, compared to $2,975,000 in the six months ended June 30, 2016, a decrease of 11.9%.
- Operating loss $21,000 in the second quarter of 2017, compared to an operating income of $21,000 in the second quarter of 2016. Operating loss was $88,000 in the six months ended June 30, 2017, compared to an operating loss of $59,000 in the six months ended June 30, 2016.
- Net loss was $71,000 in the second quarter of 2017, compared to net loss of $44,000 in the second quarter of 2016. Net loss was $203,000 in the six months ended June 30, 2017, compared to net loss of $43,000 in the six months ended June 30, 2016. The six months ended June 30, 2016 included other income of $150,000 primarily due to the receipt of a tech transfer payment, which did not reoccur in the six months ended June 30, 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.