ORLANDO, Fla., Nov. 17, 2015 /PRNewswire/ -- MEDITE Cancer Diagnostics, Inc., (OTCQB:MDIT, the "Company") specializing in the development, manufacturing, and marketing of molecular biomarkers and premium medical devices for detection, risk assessment and diagnosis of cancer and precancerous conditions, announces its third quarter and nine month 2015 results.
The Company reports $2.7 million of revenues and an operating profit of $132,000 for the third quarter. For the nine months ended September 30, 2015, revenues were $7.1 million with an operating loss of $58,000. Comparability between the third quarters and nine month periods ending 2015 and 2014 must consider the dollar's 18% appreciation during the latter part of 2014 and 2015, along with the exclusion of $358,000 premerger expenses in the 2014 first quarter related to CytoCore, Inc. Approximately 85% of the Company's revenues invoiced in Euro currency are generated by the European subsidiaries and were up approximately 5% for the nine month period.
Introduction of innovative new products and significant growth in new markets, such as China and Latin America, have resulted in a record for year-end orders. Third quarter orders were up 75% compared to last year.
"We expect the upside trend to continue in 2016 as MEDITE benefits from new worldwide histology and cytology product introductions, recent Chinese FDA approvals for histology products and expected Chinese FDA approval for cytology products," stated CEO Michaela Ott.
About MEDITE Cancer Diagnostics, Inc.:
MEDITE Cancer Diagnostics Inc., is a Delaware registered company consisting of wholly-own MEDITE GmbH a Germany-based company with its subsidiaries. On April 3, 2014, MEDITE was acquired by former CytoCore, Inc. a biomolecular diagnostics company engaged in the design, development, and commercialization of cost-effective cancer screening systems and Biomarkers to assist in the early detection of cancer. By acquiring MEDITE the company changed from solely research operations to an operating company with a well-developed infrastructure, 71 employees in four countries, a distribution network to about 70 countries worldwide, a well-known and established brand name and a wide range of products for anatomic pathology, histology and cytology laboratories.
Forward Looking Statement:
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding future operating performance, events, trends and plans. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenues and costs, and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation thereon or similar terminology or expressions. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause our actual results to differ from our expectations, include but are not limited to, MEDITE's ability to maintain and grow its revenues, as well as those risk factors that apply to our operations as disclosed in Item 1A of our Report on Form 10-K for the year ended December 31, 2014 and other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. Such statements are not guarantees of future performance or events and we undertake no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances occurring after the date hereof.
For more information please visit: http://www.medite-group.com/.
Robert McCullough, Jr. CFO
SOURCE MEDITE Cancer Diagnostics, Inc.