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Share Name | Share Symbol | Market | Type |
---|---|---|---|
D. Medical Industries Ltd. - Ordinary Shares (MM) | NASDAQ:DMED | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.135 | 0 | 01:00:00 |
From Jun 2019 to Jun 2024
First Quarter Highlights:
Financial Results:
The unaudited selected consolidated financial statements presented below were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). A convenience U.S. dollar translation of NIS amounts is provided using the rate of NIS 3.715 to US$1.00, the representative rate of exchange as of March 31, 2012 as published by the Bank of Israel.
Sales for the three months ended March 31, 2012 and 2011 were NIS 179 thousand (US$ 49 thousand) and NIS 317 thousand (US$ 85 thousand), respectively.
Cost of sales for the three months ended March 31, 2012 decreased to NIS 736 thousand (US$ 198 thousand) from NIS 3,426 thousand (US$ 922 thousand), as reported in the 2011 first quarter. The decrease in the 2012 first quarter was mainly attributable to the transfer of the Company's production line to China.
R&D expenses for the three months ended March 31, 2012 and 2011 amounted to NIS 1,088 thousand (US$ 293 thousand) and NIS 4,828 thousand (US$ 1,300 thousand), respectively. The decrease in the 2012 first quarter was due to the completion of the development of the Spring Zone Pump.
Selling and marketing expenses for the three months ended March 31, 2012 and 2011 amounted to NIS 754 thousand (US$ 203 thousand) and NIS 965 thousand (US$ 260 thousand), respectively. The decrease in the 2012 first quarter was due to the re-focus of the Company's sales and marketing efforts on its Spring Universal Infusion Set away from its first generation Adi pump.
General and Administration expenses for the three months ended March 31, 2012 and 2011 amounted to NIS 2,064 thousand (US$ 556 thousand) and NIS 2,854 thousand (US$ 768 thousand), respectively. The decrease in the first quarter of 2012 was due to the reduction of headcount and expiration of options granted to employees.
D. Medical's attributed comprehensive loss for the three months ended March 31, 2012 totaled NIS 4,554 thousand (US$ 1,225 thousand), or NIS 0.45 (US$ 0.12) per share, as compared to NIS 15,237 thousand (US$ 4,101 thousand), or NIS 1.60 (US$ 0.43) per share, for the three months ended March 31, 2011.
As at March 31, 2012, D. Medical had cash and cash equivalents and deposits of NIS 8,741 thousand (US$ 2,353 thousand).
"In September 2011, the Company launched a strategic initiative designed to improve its financial performance in the short and medium-terms. As reflected in our first quarter 2012 financial results, that performance improvement program has begun to bear fruit. We now have a much leaner cost structure," said Efri Argaman, D. Medical's Chief Executive Officer.
Significant Events Subsequent to Quarter-End:
Mr. Argaman concluded, "In many respects, I believe that Q1-2012 marked a turning point in our corporate development. With reduced operating expenses, we are very well positioned to capitalize on significant new revenue opportunities, such as the Twobiens' worldwide OEM agreement, going forward."
The Company estimates that it will not be able to pursue its current plan and maintain the Company as a going concern with its existing resources. The management plans to raise additional funds from external investors during 2012, under its shelf prospectus in Israel and/or its shelf registration statements in the United States, which will enable the Company and its subsidiaries to continue their operations until such time when the group generates revenues from sales of its products or intellectual property assets.
About D. Medical
D. Medical is a medical device company that holds through its subsidiaries a portfolio of products and intellectual property in the area of insulin and drug delivery. D. Medical has developed durable and semi-disposable insulin pumps, which continuously infuse insulin into a patient's body, using its proprietary spring-based delivery technology. D. Medical believes that its spring-based delivery mechanism is cost-effective compared to the motor and gear train mechanisms that drive competitive insulin pumps and also allows it to incorporate certain advantageous functions and design features in its insulin pumps. For more information, please visit http://www.dmedicalindustries.com (corporate) and http://www.springnow.com (healthcare professionals, patients and care givers).
Forward-Looking Statements
This press release contains forward-looking statements (as defined by the Israeli Securities Law, 1968, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) that involve risks and uncertainties. These statements include, forecasts, goals, uncertainties and assumptions and relate, inter alia, to D. Medical's future expectations in connection with its cost structure, the short, medium and long term success of D. Medical's current business strategy and its strategic reorganization, D. Medical's ability to pursue new revenue opportunities, its ability to raise additional funds from external investors during 2012, under its shelf prospectus in Israel and/or its shelf registration statements in the United States, and the ability of the Company and its subsidiaries to carry on their operations as a going concern. The forward-looking statements are based on D. Medical's current expectations and beliefs which are based on, among other things, its analysis of publicly available information and market research reports. All forward-looking statements are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the impact of general economic conditions, competitive products, product demand, product performance, the performance of D. Medical\'s contract manufacturer and distributors, regulatory trends and approvals and healthcare reform legislation. If one or more of these risks and/or uncertainties materialize, or if the underlying assumptions prove to be incorrect, D. Medical's actual results, performance or achievements could differ materially from those expressed in, or implied by, any such forward-looking statements or results which are based upon such assumptions. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or of any of them will transpire or occur, what impact it will have on D. Medical's results of operations or financial condition. D. Medicals does not undertake to update any forward-looking statements.
D. MEDICAL INDUSTRIES LTD. | |||
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||
NIS in thousands | |||
Convenience translation into US$ (in thousands) | |||
March 31, | December 31, | March 31, | |
2012 | 2011 | 2012 | |
(Unaudited) | (Audited) | (Unaudited) | |
A s s e t s | |||
CURRENT ASSETS: | |||
Cash and cash equivalents | 8,440 | 5,048 | 2,272 |
Short term deposits | 301 | 303 | 81 |
Trade and other receivables: | |||
Trade accounts receivable | 35 | 251 | 10 |
Other | 1,052 | 1,226 | 283 |
Inventory | 2,452 | 1,709 | 660 |
T o t a l current assets | 12,280 | 8,537 | 3,306 |
NON-CURRENT ASSETS : | |||
Property and equipment, net | 3,846 | 4,068 | 1,035 |
Intangible assets, net | 2,424 | 2,521 | 652 |
Long-term receivables | 479 | 506 | 129 |
T o t a l non-current assets | 6,749 | 7,095 | 1,816 |
T o t a l assets | 19,029 | 15,632 | 5,122 |
Liabilities and equity | |||
CURRENT LIABILITIES: | |||
Trade and other payables: | |||
Trade accounts payable | 1,613 | 1,537 | 434 |
Other | 2,026 | 2,404 | 544 |
T o t a l current liabilities | 3,639 | 3,941 | 978 |
NON-CURRENT LIABILITIES: | |||
Provision for royalties to the Israeli Office of Chief Scientist | 6,836 | 6,691 | 1,840 |
Financial lease obligation | 545 | 575 | 147 |
Liability for severance pay – net | 84 | 81 | 23 |
T o t a l non-current liabilities | 7,465 | 7,347 | 2,010 |
T o t a l liabilities | 11,104 | 11,288 | 2,988 |
EQUITY: | |||
Equity attributable to owners of the parent: | |||
Share capital - issued and outstanding -- | |||
December 31, 2011 – 8,167,306 shares March 31, 2012 - 10,812,306 shares | |||
Ordinary shares | 3,520 | 2,673 | 948 |
Share premium and other reserves | 239,928 | 232,640 | 64,583 |
Accumulated losses | (235,523) | (230,969) | (63,397) |
T o t a l equity | 7,925 | 4,344 | 2,134 |
T o t a l liabilities and equity | 19,029 | 15,632 | 5,122 |
D MEDICAL INDUSTRIES LTD. | ||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
NIS in thousands except per share data | ||||
Convenience translation | ||||
into US$ (in thousands) | ||||
Three months | Year ended | Three months | ||
ended March 31 | December 31, | ended March 31, | ||
2012 | 2011* | 2011 | 2012 | |
(Unaudited) | (Audited) | (Unaudited) | ||
CONTINUING OPERATIONS: | ||||
Sales-net | 179 | 317 | 1,506 | 49 |
Cost of sales | 736 | 3,426 | 10,216 | 198 |
Gross loss | 557 | 3,109 | 8,710 | 149 |
Research and development expenses – net | 1,088 | 4,828 | 15,396 | 293 |
Selling and marketing expenses | 754 | 965 | 3,435 | 203 |
General and administrative expenses | 2,064 | 2,854 | 12,736 | 556 |
Impairment of assets | -- | -- | 7,479 | -- |
Other (income) expenses - net | 74 | (3) | (573) | 20 |
Operating loss | 4,537 | 11,753 | 47,183 | 1,221 |
Finance income | (44) | (147) | (484) | (12) |
Finance costs | 61 | 18 | 1,542 | 16 |
Finance (income) costs – net | 17 | (129) | 1,058 | 4 |
Loss for the period from continuing operations | 4,554 | 11,624 | 48,241 | 1,225 |
Loss for the period from discontinued operations | -- | 3,613 | 64 | -- |
LOSS AND TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | 4,554 | 15,237 | 48,305 | 1,225 |
LOSS ATTRIBUTABLE TO: | ||||
Owners of the Parent Company: | ||||
From continuing operations | 4,554 | 11,276 | 47,202 | 1,225 |
From discontinued operations | -- | 1,203 | (2,401) | -- |
4,554 | 12,479 | 44,801 | 1,225 | |
None-controlling interest: | ||||
From continuing operations | -- | 348 | 1,039 | -- |
From discontinued operations | -- | 2,410 | 2,465 | -- |
-- | 2,758 | 3,504 | -- | |
4,554 | 15,237 | 48,305 | 1,225 | |
LOSS PER SHARE FROM CONTINUING AND DISCONTINUED OPERATIONS ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE PARENT COMPANY | ||||
Basic and diluted | ||||
From continuing operations | 0.45 | 1.45 | 6.03 | 0.12 |
From discontinued operations | -- | 0.15 | (0.31) | -- |
0.45 | 1.6 | 5.72 | 0.12 | |
* Reclassification of discontinued operations |
CONTACT: Company Contact: Amir Loberman Chief Financial Officer D. Medical Industries LTD T: +972-73-2507100 info@springnow.com North American Investor Contact: Stephen Kilmer T: 212-618-6347 M: 905-906-6908 stephen@dmedicalindustries.com
1 Year D. Medical Industries Ltd. - Ordinary Shares (MM) Chart |
1 Month D. Medical Industries Ltd. - Ordinary Shares (MM) Chart |
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