NORTHVALE, NJ / ACCESSWIRE / July 15, 2019 / ADM Tronics Unlimited, Inc. (OTCQB: ADMT), a technology-based developer and manufacturer of innovative, proprietary medical technologies, today announced results for fiscal year ended March 31, 2019.
Throughout the fiscal year ended March 31, 2019, ADMT continued its strategic plan to devote financial and technological resources to the development of its proprietary medical technologies. The increased efforts and expenditures on R&D resulted in the invention of a new medical therapy device, in addition to advancement of its previously announced technologies: Alvio Respiratory Therapy platform; Aurex-3 tinnitus treatment modality; and, Sonotron, musculoskeletal pain therapy system. The Company has completed two new patent applications covering new developments.
As previously announced, during the fiscal year, ADMT completed development of the Alvio Respiratory Therapy technology and had the initial production run. Over the past several months these initial production units have been under evaluation by a number of potential strategic partners and negotiations are in process for securing US and international distribution. The Alvio Device is a "cloud connected" technology and therefore requires FCC certification. Testing was conducted by an independent certified testing lab and the Alvio device just successfully passed requirements to achieve FCC certification.
Bruce Johnson, PhD, of The Mayo Clinic commented, "The Alvio technology can be very beneficial in improving the condition of patients with respiratory challenges." Dr. Johnson's research at Mayo is to improve treatment for patients with pulmonary conditions, heart disease or both by contributing to a better understanding of how these systems interact with and influence each other.
Andre' DiMino, President of ADMT stated, "During the fiscal year, our investment in our Company's future continued, as our suite of proprietary medical technologies has now grown with the addition of a new medical therapy device we developed. We believe this new technology, added to the other medical technologies in our pipeline, gives us multiple opportunities for substantial growth. I am particularly pleased at our progress with Alvio and its potential to soon help millions of children dealing with asthma as well as sufferers of COPD and other respiratory conditions."
Diverting resources for a 27% increase in R&D expenses reduced revenues from contract engineering and manufacturing services for clients. Reduced revenues coupled with write-off of obsolete inventory of $131,089 resulted in a loss for the fiscal year. However, the Company also generated a backlog of over $730,000 from medical device manufacturing customers and expects additional revenue from 2 new medical device manufacturing customers recently secured.
Revenues for the year ended March 31, 2019 were $3,018,954 as compared to $3,754,212 for the year ended March 31, 2018, a decrease of approximately 24%. Operating expenses for the year ended 2019 decreased to $1,938,974 as compared to $1,954,492 for March 31, 2018. R&D expenses for the year ended March 31, 2019 were $673,855 as compared to $527,659 for the previous fiscal year, an increase of over 27%, as a result of the Company's investment in development of its suite of proprietary medical technologies. Complete financial results are available in the Company's Annual Report on Form 10K available at www.sec.gov.
Financial Highlights
Fiscal Year Ended March 31, 2019 | Fiscal Year Ended March 31, 2018 | |||||||
Net revenues | $ | 3,018,954 | $ | 3,754,212 | ||||
Cost of sales | $ | 1,454,700 | $ | 1,865,908 | ||||
Gross Profit | $ | 1,564,254 | $ | 1,888,304 | ||||
Operating expenses | $ | 1,938,974 | $ | 1,954,492 | ||||
Income (loss) from operations | $ | (374,720 | ) | $ | (66,188 | ) | ||
Total other income (expense) | $ | 18,141 | $ | 10,925 | ||||
Total benefit for income taxes | $ | 14,000 | $ | 165,000 | ||||
Net income (loss) | $ | (342,579 | ) | $ | 109,737 | |||
Net income per common share | $ | (0.01 | ) | $ | 0.00 | |||
Weighted average shares of common stock outstanding - diluted | 67,588,492 | 67,588,492 | ||||||
About ADMT
ADMT is a diversified, technology-based developer and manufacturer of innovative technologies and products. Its core competency is its ability to conceptualize a technology, bring it through development, into manufacturing and commercialization, all in-house. ADMT has three areas of activity: Proprietary Electronic Medical Devices; Design, Engineering, Regulatory and Manufacturing Services and Eco-Friendly, Safe, Water-Based Formulations. The Company's headquarters, laboratories, FDA-Registered medical device and manufacturing operations are located in
Except for historical information contained herein, the matters set forth in this news release are "forward looking" statements (as defined in the Private Securities Litigation Reform Act of 1995), including statements regarding future revenue growth and performance. Although ADMT believes the expectations reflected in such forward looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. Forward looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations. Factors that could contribute to such differences include those described from time to time in ADMT's filings with the SEC, news releases and other communications. The Company assumes no obligation to update the information contained in this news release.
CONTACT: Andre' DiMino 201-767-6040, andre@admtronics.com
SOURCE: ADM Tronics Unlimited, Inc.
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