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LED Medical Diagnostics Inc. Reports 2014 First Quarter Results

BURNABY, BRITISH COLUMBIA -- (Marketwired) -- 05/30/14 -- LED Medical Diagnostics Inc. ("LED Medical" or the "Company") (TSX VENTURE: LMD)(OTCQX: LEDIF)(FRANKFURT: LME) today announced its financial results for the first quarter ended March 31, 2014, reported in United States dollars and in accordance with International Financial Reporting Standards ("IFRS"). The Company's results are presented in comparison to the first quarter ended March 31, 2013. All balances are expressed in United States dollars unless otherwise stated.

Business Highlights

Notable business developments and achievements up to the reporting date included the following:


--  On January 14, 2014, the Company announced that it signed an agreement
    with the BC Cancer Agency ("BCCA") to create and commercialize a
    progression-risk assessment test for oral cancer. The test is based on a
    quantifiable genetic phenomenon known as "Loss of Heterozygosity" or
    "LOH".
--  On January 21, 2014, the Company announced that it entered a non-
    exclusive distribution partnership with Patterson Dental in the United
    States and Canadian markets.
--  On February 25, 2014, the Company announced the appointment of Lamar
    Roberts as president of its wholly owned US subsidiary LED Dental Ltd.
--  On March 26, 2014, the Company announced the appointment of Dr. Jeffrey
    Brooks as vice president of imaging of its wholly owned subsidiary LED
    Dental Ltd.
--  On April 2, 2014, the Company announced that its wholly-owned US
    operating subsidiary, LED Dental Ltd. released a new brand initiative to
    further its goal of providing advanced imaging technologies to dental
    and specialty practices in the United States and Canada. The branding
    initiative includes a new logo to further unify the business under the
    LED Imaging name.
--  On April 3, 2014, the Company announced that the LED Imaging division of
    its wholly owned subsidiary, LED Dental Ltd., is partnering with Ray
    Co., Ltd., a subsidiary of Samsung, to sell, install and provide support
    for the RAYSCAN alpha - Expert dental imaging system.
--  On April 15, 2014, the Company announced that it entered a non-exclusive
    distribution partnership with Atlanta Dental Supply and Nashville
    Dental.
--  On April 22, 2014, the Company announced that the LED Imaging division
    of its wholly owned subsidiary, LED Dental Ltd., entered a partnership
    with the UT College of Dentistry. Residents and dental students will
    receive hands-on training with the RAYSCAN alpha - Expert, a multi-
    function digital imaging system, as part of their clinical training.
--  On April 24, 2014, the Company announced that the LED Imaging division
    of its wholly owned subsidiary, LED Dental Ltd., is launching its LED
    Imaging Software to integrate with the company's growing portfolio of
    imaging technologies.

"The first quarter of fiscal 2014 will be remembered as a time of transitioning the VELscope Vx line to an expanded and optimized distribution channel and diversifying our product portfolio to include additional digital dental imaging technologies," states Dr. David Gane, CEO of LED Medical. "Our selection of world class manufacturing partners allows us to resell the finest diagnostic dental imaging products available while leveraging our partners brand identity and significant product investments. We will continue to actively invest in our team and infrastructure throughout 2014 and look forward to launching new imaging products over the course of the year to leverage our newly created sales and marketing asset."

Financial Highlights

Financial Position as at March 31, 2014

Working capital(1) as at March 31, 2014 was $3,438,228, which includes cash of $3,178,080. This is compared to working capital of $4,445,795 at December 31, 2013, which included cash of $4,358,986.

(1) Working Capital is a non-IFRS measure that does not have a standardized meaning and may not be comparable to a similar measure disclosed by other issuers. This measure does not have a comparable IFRS measure. Working capital is defined as current assets less current liabilities. The Company believes that the inclusion of this no-IFRS measure financial measure provides investors with an alternative presentation useful to investors' understanding of the Company's core operating results and trends.

Three-Month Comparative Results

The Company reported revenue of $1,054,886 for the three months ended March 31, 2014 as compared to $309,590 for the three months ended March 31, 2013. Operating loss was $1,206,789 for the three months ended March 31, 2014, as compared to a net loss of $1,286,849 for the three months ended March 31, 2014.

The Company's calculated gross margin(2) was 50% for the three months ended March 31, 2014, which is consistent with the 53% gross margin during the three months ended March 31, 2013. Total operating expenses for the three months ended March 31, 2014 were $1,736,138 as compared to $1,450,073 for the three months ended March 31, 2013, representing a 20% increase. Core operating expenses (excluding stock-based compensation, deferred share unit compensation and other operating expenses) for the three months ended March 31, 2014 were $1,534,712, as compared to $801,521 for the three months ended March 31, 2013, representing a 91% increase.

(2) Gross margin is a non-IFRS measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. Gross margin referenced here relates to revenues less cost of sales. This measure does not have a comparable IFRS measure and is used by the Company to manage and evaluate the operating performance of the Company.

EBITDA(3) for the three months ended March 31, 2014 was negative $1,005,363 compared to negative $638,297 for the three months ended March 31, 2013.

(3) EBITDA or Earnings before Interest, Taxes Depreciation and Amortization is a non-IFRS measure that does not have a standardized meaning and may not be comparable to a similar measure disclosed by other issuers. This measure does not have a comparable GAAP measure. EBITDA referenced here relates to net loss and comprehensive loss and excludes interest, income taxes, depreciation, amortization, finder's warrants issuance costs, stock-based compensation, deferred share unit compensation, mark to market adjustments on Canadian dollar denominated warrants, foreign exchange gain or loss and other income. This measure does not have a comparable IFRS measure and is used by the Company to manage and evaluate the cash operating loss of the business.

Included in the Company's net loss of $2,893,999 for the three months ended March 31, 2014, is $1,695,119 in mark to market adjustments on Canadian dollar denominated warrants. Exclusive of the mark to market adjustment, the Company's net loss would be $1,198,880. Included in the Company's net loss of $1,333,774 for the three months ended March 31, 2013, is a gain of $38,229 in mark to market adjustments on Canadian dollar denominated warrants. Exclusive of the mark to market adjustment, the Company's net loss would be $1,372,003.

Financial Statements and Management's Discussion & Analysis

Please see the interim condensed consolidated financial statements and related Management's Discussion & Analysis ("MD&A") for more details. The interim condensed consolidated financial statements for the three months ended March 31, 2014 and related MD&A have been reviewed and approved by the Company's Audit Committee and Board of Directors. The Company has prepared this truncated news release to alert investors to its results and that a more detailed explanation and analysis is readily available in the MD&A. These reports have been filed on SEDAR at www.sedar.com and also posted to www.ledmd.com.

Non-IFRS Measures

The following and preceding discussion of financial results includes references to Gross Margin, EBITDA, Core Operating Expenses and Working Capital, which are non-IFRS financial measures. The measure of gross margin is provided as management believes this is a good indicator in evaluating the operating performance of the Company. EBITDA is defined as net loss and comprehensive loss and excludes interest; income taxes; depreciation; amortization; finder's warrants issuance costs; stock-based compensation; deferred share unit compensation; mark to market adjustments on Canadian dollar denominated warrants; foreign exchange gain or loss; and other income. The measure of working capital is provided as management believes this is a good indicator of the operating liquidity available to the Company.

About LED Medical Diagnostics Inc.

Founded in 2003 and headquartered in Burnaby, British Columbia, Canada, LED Medical Diagnostics Inc. is a leading developer of LED-based visualization technologies for the medical industry. The Company is currently listed on the Toronto Stock Exchange (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, visit www.ledmd.com.

LED Dental Inc., a wholly-owned subsidiary, is backed by an experienced leadership team dedicated to a higher level of service and support. LED Dental offers advanced diagnostic imaging equipment that seamlessly integrates into dental practices. The Company is committed to providing dental practitioners with the best technology available by identifying and adding strong products to its growing portfolio. Additionally, the company manufactures the award-winning VELscope® Vx Enhanced Oral Assessment System, the first system in the world to apply tissue fluorescence visualization technology to the oral cavity. The VELscope® Vx is now used to conduct more screenings for oral cancer and other oral mucosal diseases than any other adjunctive device. For more information, call 888.541.4614 or visit www.leddental.com.

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. Such forward-looking statements or information includes financial and other projections as well as statements regarding the Company's future plans, objectives, performance, revenues, growth, profits, operating expenses or the Company's underlying assumptions and the Company's intention to expand its technology beyond dental applications including "costs of production", "capital expenditures", "costs and timing of the development of new products", "hedging practices", "currency exchange rate fluctuations", "requirements for additional capital", "government regulation of medical device operations" and "insurance coverage". Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "would", "could", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Persons reading this Management's Discussion and Analysis are cautioned that such statements or information are only predictions, and that the Company'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: economic conditions; dilution; limited history of profits and operations; operational risk; distributor risks; working capital; potential conflicts of interest; speculative investment; intellectual property risks; disruptions in production; reliance on key personnel; seasonality; management's estimates; development of new customers and products risks; stock price volatility risk; sales and marketing risk; competitors and competition risk; regulatory requirements; reliance on few suppliers;

reliance on subcontractors; operating cost and quarterly results fluctuations; fluctuations in exchange rates; product liability and medical malpractice claims; access to credit and additional financing; taxation; market acceptance of the Company's products and services; customer and industry analyst perception of the Company and its technology vision and future prospects; technological change, new products and standards; risks related to acquisitions and international expansion; reliance on large customers; concentration of sales; international operations and sales; management of growth and expansion; dependence upon key personnel and hiring; the Company not adequately protecting its intellectual property; risks related to product defects and product liability; and including, but not limited to, other factors described in the Company's reports filed on SEDAR, including its financial statements and management's discussion and analysis for the year ended December 31, 2013. In drawing a conclusion or making a forecast or projection set out in the forward-looking information, the Company takes into account the following material factors and assumptions in addition to the above factors: the Company's ability to execute on its business plan; the acceptance of the Company's products and services by its customers; the timing of execution of outstanding or potential customer contracts by the Company; the sales opportunities available to the Company; the Company's subjective assessment of the likelihood of success of a sales lead or opportunity; the Company's historic ability to generate sales leads or opportunities; and that sales will be completed at or above the Company's estimated margins. 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 Management's Discussion and Analysis 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.

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.


LED MEDICAL DIAGNOSTICS INC.
Condensed Interim Consolidated Statements of Financial Position
(Expressed in U.S. Dollars)
----------------------------------------------------------------------------

                                                    March 31,   December 31,
                                         Notes           2014           2013
----------------------------------------------------------------------------

Assets

Current assets
  Cash                                            $ 3,178,080    $ 4,358,986
  Trade and other receivables                4        605,498        503,736
  Inventory                                           574,409        412,307
  Inventory held by distributor              5        165,381        165,832
  Prepaid expenses and deposits                       485,968        297,164
                                              ------------------------------
Total current assets                                5,009,336      5,738,025

Non-current assets
  Property and equipment                     6         46,805         23,150
  Patents and intellectual property          7         55,911         62,362
                                              ------------------------------
                                                   $5,112,052    $ 5,823,537
----------------------------------------------------------------------------

Liabilities and Shareholders' Equity
 (Deficiency)

Current liabilities
  Trade payables and accrued liabilities     8     $1,050,108      $ 793,046
  Advances from distributor                  5        517,402        495,494
  Current portion of finance lease
   obligation                                9          3,598          3,690
                                              ------------------------------
Total current liabilities                           1,571,108      1,292,230

Non-current liabilities
  Long-term portion of finance lease
   obligation                                9          2,138          3,190
  Warrants                                  11      4,969,166      3,672,958
                                              ------------------------------
Total liabilities                                   6,542,412      4,968,378
                                              ------------------------------

Shareholders' Equity (Deficiency)
  Share capital                             12     27,659,053     27,242,071
  Stock-based payment reserve               13      1,161,502        970,004
  Warrants reserve                                  4,724,698      4,724,698
  Accumulated other comprehensive income              474,458        474,458
  Deficit                                        (35,450,071)   (32,556,072)
                                              ------------------------------
                                                  (1,430,360)        855,159
                                              ------------------------------
                                                   $5,112,052    $ 5,823,537
----------------------------------------------------------------------------


LED MEDICAL DIAGNOSTICS INC.
Condensed Interim Consolidated Statements of Operations and Comprehensive
 Loss
(Expressed in U.S. Dollars)
For the three months ended March 31, 2014 and 2013
----------------------------------------------------------------------------

                                                    March 31,      March 31,
                                         Notes           2014           2013

Revenues                                          $ 1,054,886      $ 309,590
Cost of goods sold                                    525,537        143,366
                                              ------------------------------
                                                      529,349        163,224
                                              ------------------------------

Expenses
  Sales and marketing                                 743,441        332,036
  Research and development                            258,581         89,757
  Administration                                      532,690        379,728
  Stock-based compensation                  13        191,498        351,331
  Deferred share unit compensation          14              -        287,581
  Other operating expenses                              9,928          9,640
                                              ------------------------------
                                                    1,736,138      1,450,073
                                              ------------------------------
Operating loss                                    (1,206,789)    (1,286,849)
                                              ------------------------------

Other expenses
  Mark to market adjustments on Canadian
   dollar denominated warrants                      1,695,119       (38,229)
  Foreign exchange (gain) loss                        (7,909)         82,456
                                              ------------------------------
Net loss before income taxes                      (2,893,999)    (1,331,076)
Income taxes                                                -          2,698
                                              ------------------------------
Net loss and comprehensive loss for the
 year                                           $ (2,893,999)  $ (1,333,774)
                                              ------------------------------
Loss per share - basic and diluted                   $ (0.04)       $ (0.03)
                                              ------------------------------
Weighted average number of shares
 outstanding - basic and diluted                   73,574,248     40,985,508
----------------------------------------------------------------------------


LED MEDICAL DIAGNOSTICS INC.
Consolidated Statements of Cash Flow
(Expressed in U.S. Dollars)
----------------------------------------------------------------------------

                                                    March 31,      March 31,
                                                         2014           2013
----------------------------------------------------------------------------

Cash flows from operating activities
  Net loss for the year                         $ (2,893,999)  $ (1,333,774)

Adjustments to net loss for items not
 involving cash:
  Depreciation of equipment                             3,477          3,189
  Amortization of intellectual property                 6,451          6,451
  Mark to market adjustments on Canadian
   dollar denominated warrants                      1,695,119       (38,228)
  Settlement of warrant liability upon on
   exercise of warrants                               258,825              -
  Stock-based compensation                            191,498        351,331
  Unrealized foreign exchange gain                  (355,056)              -
                                              ------------------------------
                                                  (1,093,685)    (1,011,031)
                                              ------------------------------
Changes in working capital assets and
 liabilities:
  Trade and other receivables                       (101,762)      1,241,219
  Inventory                                         (162,102)      (119,983)
  Inventory held by distributor                           451              -
  Prepaid expenses and deposits                     (188,804)           (21)
  Trade payables and accrued liabilities              257,062       (56,453)
  Advances from distributor                          (21,908)      (415,822)
                                              ------------------------------
Changes in working capital assets and
 liabilities                                        (217,063)        648,940
                                              ------------------------------
Cash flows used in operating activities           (1,310,748)      (362,091)
                                              ------------------------------

Cash flows from investing activities
  Purchase of equipment                              (27,171)              -
  Restricted cash                                           -            105
                                              ------------------------------
Cash flows (used in) provided by investing
 activities                                          (27,171)            105
                                              ------------------------------

Cash flows from financing activities
  Proceeds from exercise of warrants                  158,157              -
  Repayment of finance lease obligation               (1,144)          (688)
                                              ------------------------------
Cash flows provided by (used in) financing
 activities                                           157,013          (688)
                                              ------------------------------

Increase (decrease) in cash                       (1,180,906)      (362,674)
Cash, beginning of year                             4,358,986        969,584
                                              ------------------------------
Cash, end of year                                 $ 3,178,080      $ 606,910
----------------------------------------------------------------------------

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