Medis El Ltd. Reports Financial Results for Q1 1995

Medis El Ltd., a developer and manufacturer of diagnostic systems, including the CellScan System and Neuritor, has announced its financial results for the first quarter ended March 31, 1995. The Company reported sales of $13,000, compared to no sales during the same period in 1994. Research and development costs, net of government grants, were $178,000 for the quarter, while selling, general and administrative expenses decreased by 13% to $422,000. The Company sustained an operating loss of $593,000 and a net loss of $522,000 for the period.

Key Takeaways:

• Medis El Ltd. reported sales of $13,000 for Q1 1995, a significant increase from $0 in Q1 1994.
• Research and development costs, net of government grants, were $178,000 for Q1 1995, a decrease from $136,000 in Q1 1994.
• Selling, general and administrative expenses decreased by 13% to $422,000 in Q1 1995 compared to $487,000 in Q1 1994.
• The Company received two orders for CellScan Systems, one from the Rebecca Sieff Medical Center and the other from Bar Ilan University.
• The CellScan System is a diagnostic system designed for detecting diseases through blood tests and is being used for basic research in cell biology and cancer detection.
• Medis El Ltd. is seeking to develop new applications for the CellScan System, including AIDS detection, follow-up therapy, and preventive therapy.

Statistics:

• Sales: $13,000 (Q1 1995) vs. $0 (Q1 1994)
• Research and development costs: $178,000 (Q1 1995) vs. $136,000 (Q1 1994)
• Selling, general and administrative expenses: $422,000 (Q1 1995) vs. $487,000 (Q1 1994)
• Operating loss: $593,000 (Q1 1995) vs. $623,000 (Q1 1994)
• Net loss: $522,000 (Q1 1995) vs. $574,000 (Q1 1994)

Sources:

• Press Release: Medis El Ltd. reports Financial Results for Q1 1995
• Business Wire: Medis El Ltd. Issues Financial Results for Q1 1995 (May 15, 1995)
• Impac Communications Ltd., Tel: 972-3-6996297, Fax: 972-3-6996273, Email: impactco@elronet.co.il