AMER BIO MEDICA CORP - ABMC STOCK NEWS

American Bio Medica Corporation (OTCQB:ABMC) reported financial results for Q2 and H1 2021, showing a $112,000 decrease in drug test sales compared to Q2 2020 due to reduced workforce and budgets related to Covid-19. By June 30, 2021, open sales orders valued at $128,000 were recorded, attributed to increased lead times for raw materials. Contract manufacturing sales have risen, indicating a rebound in testing needs. Operating expenses decreased by 32.9% year-over-year. The company also applied for forgiveness of its $332,000 PPP loan, expected to be fully forgiven soon.

American Bio Medica Corporation (OTCQB:ABMC) reported a 22.4% decline in net sales for Q1 2021, totaling $566,000 compared to $729,000 in Q1 2020. The company experienced an operating loss of $509,000 and a net loss of $556,000 in this period, widening from losses in the previous year. CEO Melissa A. Waterhouse noted significant declines in Covid-19 test sales and mentioned challenges in core drug testing markets due to the pandemic. However, discussions with contract manufacturers may lead to improved sales as the market stabilizes.

American Bio Medica Corporation (OTCQB:ABMC) reported a 13.5% increase in net sales for 2020, totaling $4,147,000, driven by $1,573,000 in Covid-19 test sales. However, gross profit decreased to 29.8% due to manufacturing inefficiencies. Operating loss widened slightly to $621,000 and net loss was $796,000, remaining at $(0.02) per share. Sales of Covid-19 tests significantly declined in 2021 as vaccinations increased, impacting future revenue expectations. New orders from contract manufacturing customers signal potential recovery, while an equity line of credit of $10M aims to support growth initiatives.

American Bio Medica Corporation (OTCQB:ABMC) announced a Notification of Late Filing for its Annual Report on Form 10-K for the year ending December 31, 2020. The delay, due by March 31, 2021, is attributed to the need for additional time to obtain audit confirmations and complete the review with auditors. ABMC expects to file the report by April 15, 2021. CEO Melissa A. Waterhouse reassured shareholders, clarifying that the delay is not due to audit issues. The company specializes in cost-effective immunoassay test kits for drugs and Covid-19 detection.

American Bio Medica Corporation (OTCQB:ABMC) announced a purchase agreement with Lincoln Park Capital Fund, LLC, allowing LPC to acquire up to $10 million of common stock over 24 months. LPC's initial purchase was $125,000 at $0.25 per share, with further purchases pending SEC registration. The company plans to use proceeds for working capital, growth initiatives, and debt reduction. No warrants or short-selling provisions are included in the agreement. Details are available in the company's Current Report on Form 8-K.

American Bio Medica Corporation (ABMC) announced its uplisting to the OTCQB Venture Market, effective December 3, 2020. This transition, previously on the OTC Pink Sheets, aims to enhance market exposure and visibility among investors. To qualify for the OTCQB, ABMC met stringent reporting requirements, including annual verification and price tests. The company manufactures cost-effective immunoassay test kits for drugs and Covid-19, underscoring its commitment to transparency and long-term growth.

American Bio Medica Corporation (OTC PINK:ABMC) has signed a distribution agreement with Co-Diagnostics, Inc. (CODX) to market the Logix Smart Covid-19 tests in the U.S. This non-exclusive agreement allows ABMC to offer a diagnostic tool that provides results in under two hours. The tests are aimed at clinical laboratories certified under CLIA and follow FDA guidelines. CEO Melissa A. Waterhouse highlighted the importance of this addition to their current Covid-19 testing solutions, which also include antibody tests.

American Bio Medica Corporation (ABMC) reported strong financial results for Q2 and the first half of 2020, driven by increased sales of its Covid-19 antibody test. Net sales rose by 83.5% year-over-year in Q2 2020, totaling $1.76 million, and increased 32.2% to $2.49 million for the six months ended June 30, 2020. Despite heightened selling and marketing expenses, operational efficiency improved, yielding a modest operating income of $16,000 in Q2 2020. However, net losses persisted at $21,000 and $346,000 for Q2 and the first half of 2020, respectively.