American Bio Medica Corp. (ABMC, Financial) filed Quarterly Report for the period ended 2009-06-30.
American Bio Medica develops manufactures and markets biomedical technologies and products intended for the immediate onsite screening for drugs of abuse. Their products offer health care law enforcement government industrial safety and educational professionals self-contained one-step screening devices capable of identifying illicit drug use within minutes. American Bio Medica Corp. has a market cap of $4.4 million; its shares were traded at around $0.2 with and P/S ratio of 0.4.
The Company s contract manufacturing operations currently include the manufacture of a HIV test, a test for fetal amniotic membrane rupture, and a test for RSV (Respiratory Syncytial Virus). Contract manufacturing sales during the first half of 2009 totaled $132,000, down from $271,000 in the same period a year ago. This decrease is primarily the result of declines in sales of the RSV product and the fetal amniotic membrane rupture test, which were offset by increases in sales of the HIV test.
The Company s contract manufacturing operations currently include the manufacture of a HIV test, a test for fetal amniotic membrane rupture, and a test for RSV. Contract manufacturing sales during the second quarter of 2009 totaled $38,000, down from $139,000 in the same period a year ago. This decrease is the result of declines in sales of the RSV product and the fetal amniotic membrane rupture test.
The Company has historically satisfied its net working capital requirements through cash from operations, bank debt, occasional proceeds from the exercise of stock options and warrants (approximately $623,000 since 2002) and through the private placement of equity securities ($3,299,000 in gross proceeds since August 2001, with net proceeds of $2,963,000 after placement, legal, transfer agent, accounting and filing fees).
Our securities are listed on the NASDAQ Capital Market. The NASDAQ Stock Market (“NASDAQ”) Marketplace Rules impose requirements for companies listed on the NASDAQ Capital Market to maintain their listing status, including but not limited to minimum common share bid price of $1.00, and $2,500,000 in shareholders\' equity or $500,000 in net income in the last fiscal year. As of the date of this report and for the past twelve months our common shares are trading and have traded below the minimum bid requirement. In October 2008, NASDAQ advised us that, because of the extraordinary market conditions, NASDAQ was suspending enforcement of the bid price and market value requirements through January 16, 2009. In December 2008, March 2009 and July 2009, NASDAQ further extended this suspension, and as of the date of this report, the rules are expected to be reinstated on August 3, 2009. Upon reinstatement of the rules, the Company will have 22 days, or until August 24, 2009 to regain compliance. The Company can regain compliance, either during the suspension or during the compliance period resuming after the suspension, by achieving a $1.00 closing bid price for a minimum of ten (10) consecutive trading days.
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American Bio Medica develops manufactures and markets biomedical technologies and products intended for the immediate onsite screening for drugs of abuse. Their products offer health care law enforcement government industrial safety and educational professionals self-contained one-step screening devices capable of identifying illicit drug use within minutes. American Bio Medica Corp. has a market cap of $4.4 million; its shares were traded at around $0.2 with and P/S ratio of 0.4.
Highlight of Business Operations:
During the six months ended June 30, 2009, the Company sustained a net loss of $471,000 from net sales of $5,063,000. The Company had net cash provided by operating activities of $331,000 for the first six months of 2009.The Company s contract manufacturing operations currently include the manufacture of a HIV test, a test for fetal amniotic membrane rupture, and a test for RSV (Respiratory Syncytial Virus). Contract manufacturing sales during the first half of 2009 totaled $132,000, down from $271,000 in the same period a year ago. This decrease is primarily the result of declines in sales of the RSV product and the fetal amniotic membrane rupture test, which were offset by increases in sales of the HIV test.
The Company s contract manufacturing operations currently include the manufacture of a HIV test, a test for fetal amniotic membrane rupture, and a test for RSV. Contract manufacturing sales during the second quarter of 2009 totaled $38,000, down from $139,000 in the same period a year ago. This decrease is the result of declines in sales of the RSV product and the fetal amniotic membrane rupture test.
The Company has historically satisfied its net working capital requirements through cash from operations, bank debt, occasional proceeds from the exercise of stock options and warrants (approximately $623,000 since 2002) and through the private placement of equity securities ($3,299,000 in gross proceeds since August 2001, with net proceeds of $2,963,000 after placement, legal, transfer agent, accounting and filing fees).
Our securities are listed on the NASDAQ Capital Market. The NASDAQ Stock Market (“NASDAQ”) Marketplace Rules impose requirements for companies listed on the NASDAQ Capital Market to maintain their listing status, including but not limited to minimum common share bid price of $1.00, and $2,500,000 in shareholders\' equity or $500,000 in net income in the last fiscal year. As of the date of this report and for the past twelve months our common shares are trading and have traded below the minimum bid requirement. In October 2008, NASDAQ advised us that, because of the extraordinary market conditions, NASDAQ was suspending enforcement of the bid price and market value requirements through January 16, 2009. In December 2008, March 2009 and July 2009, NASDAQ further extended this suspension, and as of the date of this report, the rules are expected to be reinstated on August 3, 2009. Upon reinstatement of the rules, the Company will have 22 days, or until August 24, 2009 to regain compliance. The Company can regain compliance, either during the suspension or during the compliance period resuming after the suspension, by achieving a $1.00 closing bid price for a minimum of ten (10) consecutive trading days.
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