KINDERHOOK, NY / ACCESSWIRE / November 16, 2020 / American Bio Medica Corporation (OTC PINK:ABMC) today announced financial results for the three and nine months ended September 30, 2020 and announced they have applied to up-list its common stock to the OTCQB® Venture Marketplace.
Chief Executive Officer Melissa A. Waterhouse stated, "As Covid-19 infections started to rise in the third quarter, the market turned to diagnostic testing, and we saw a decrease in demand for antibody testing. While there can be no assurances, we believe that antibody testing will become increasingly necessary with the emergence of vaccines. In October, we signed a distribution agreement to sell the Co-Diagnostics, Inc. Logix™ Smart Covid-19 test. This is our first step in offering our customers a full suite of testing options for Covid-19; we do expect to announce more offerings in the near future. Drug test sales are still down from the same period a year ago due to the impact of Covid-19 in our core markets, however, we are encouraged by positive movement we are seeing in certain markets."
Waterhouse continued, "We have applied to up-list our common stock to the OTCQB Venture Market and we are confident that our application will be approved. This will increase visibility in our stock and provide greater market exposure. Going forward, ABMC 's plan involves securing new financing in the near future to support core growth initiatives involving our drugs of abuse products (including oral fluid tests), to refinance current high interest rate debt and to invest in sales and marketing. We hope to increase revenue from promising contract manufacturing business and sales of infectious disease products (including Covid-19 tests). We believe these initiatives position ABMC for long-term success."
Financial Highlights
Net sales in the third quarter of 2020 were $883,000 , compared to net sales of $895,000 in the third quarter of 2019; a decrease of $12,000 , or 1.3%. Net sales in the nine months ended September 30, 2020 were $3,370,000 , compared to $2,775,000 in the nine months ended September 30, 2019 ; an increase of $595,000 , or 21.4%.
Operating loss was $172,000 in the third quarter of 2020, compared to an operating loss of $81,000 in the third quarter of 2019. Operating loss was $428,000 in the nine months ended September 30, 2020 , compared to an operating loss of $410,000 in the nine months ended September 30, 2019 .
Net loss was $216,000 , or $(0.01) per share in the third quarter of 2020, compared to net loss of $144,000 , or $(0.00) per share, in the third quarter of 2019.
Net loss was $563,000 , or $(0.02) per share, in the nine months ended September 30, 2020 , compared to net loss of $440,000 , or $(0.02) per share, for the nine months ended September 30, 2019.
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, and distributes a rapid test to detect Covid-19 antibodies and a RT-PCR test to detect Covid-19. The Company also currently manufactures (on a contract basis) tests to detect respiratory syncytial virus (RSV) and malaria and, with the ability to manufacture tests for many other medical conditions, viruses and diseases in its FDA registered and ISO certified facilities.
