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VANCOUVER, BC --(Marketwired - January 14, 2016) - LED Medical Diagnostics Inc. (TSX VENTURE: LMD) (OTCQX: LEDIF) (FRANKFURT: LME) ("LED" or the "Company") announced today preliminary unaudited revenue for its fiscal year ended December 31, 2015 of approximately US$12.5 million which represents approximately 40% revenue growth over the prior fiscal year. In addition, the Company had US$2.5 million in customer backlogged orders as of December 31, 2015, due to strong sales volume experienced in late fiscal 2015. These orders are expected to be delivered and installed in early fiscal 2016. Final recognized revenue is subject to completion of the Company's annual audit and will be released with the Company's audited financial statements and related annual report in due course.
"Demand for our products and services gained strength in Q4 2015 resulting in the Company's largest sales quarter to date," commented LED CEO Dr. David Gane. Gane continued, "We generated significant orders in Q4 2015 totaling approximately US$7.5 million, including early contributions from our newly launched CAD CAM product line, of which we will recognize around US$5.0 million with the balance of US$2.5 million backlogged for delivery and installation post year end. This resulted in our not meeting previously stated revenue guidance by approximately this order backlog which will carry over into fiscal 2016 and contribute to our anticipated revenue growth."
About LED Medical Diagnostics Inc.
Founded in 2003 and headquartered in Vancouver, British Columbia, Canada, LED Medical Diagnostics Inc., through its wholly-owned subsidiaries LED Dental Inc. and LED Dental Ltd, provide dentists and oral health specialists with advanced diagnostic imaging products and software, in addition to the award-winning VELscope® Vx tissue fluorescence visualization technology. Backed by an experienced leadership team and dedicated to a higher level of service and support, LED Dental is committed to providing dental practitioners with the best technology available by identifying and adding leading products to its growing portfolio.
The Company is currently listed on the TSX-V under the symbol "LMD", the OTCQX under the symbol "LEDIF", as well as the Frankfurt Stock Exchange under the symbol "LME". For more information, call 884.952.7327 or visit www.leddental.com/investor-relations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This press release contains statements which, to the extent that they are not recitations of historical fact, may constitute forward-looking information under applicable Canadian securities legislation that involve risks and uncertainties. Such forward-looking statements or information include statements regarding, but not limited to the Company's future growth strategy, its distribution strategy and product offerings, potential expansion of the Company's technology to other medical applications or markets, or the potential introduction of new technologies by the Company. Persons reading this press release are cautioned that such statements or information are only predictions, and that the Corporation's actual future results or performance may be materially different. Factors that could cause actual events or results to differ materially from those suggested by these forward-looking statements include, but are not limited to competition risks, distributor risks, product development risks such as regulatory, design, intellectual property and other factors described in the Corporation's reports filed on SEDAR including its Annual Information Form and financial report for the year ended December 31, 2015. Preliminary, unaudited financial results for the quarter and year ended December 31, 2015 are subject to adjustment as the Company completes its year end audit and other processes and are not necessarily indicative of operating results for any future periods. This list is not exhaustive of the factors that may affect the Company's forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. All forward-looking statements made in this press release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by the Company will be realized. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
David Gane, CEO
Phone: 604-434-4614 x227