The Canadian Press
June 30, 2008 - 11:00 a.m.

HALIFAX - MedMira Inc. (TSXV:MIR) says its fiscal third-quarter return fell and its loss rose to $1.4 million as a result of the company’s shift into a low-margin, high-volume business standard.

The company, which develops and markets equipment that provides rapid disease diagnostics, had $400,000 income from product sales for the company’s fiscal third quarter. The loss per share was two cents.

That compares with a loss of $1.2 million or two cents by share and higher revenue of $467,000 in the same circle of time a year earlier.

At April 30, the company had total assets of $2.6 million compared with $2.9 million in full assets at July 31, 2007.

During the third cut to pieces, MedMira began shipments to India, the meeting of friends’s first significant patron operating upon the body the high volume, deep margin model.

MedMira also experienced shortages and delays in receiving raw materials which in turn increased the overall manufacturing costs associated with fulfilling the order for India.

Gross margin for the third quarter decreased to 22 per cent, down from 51 per cent for the corresponding; of like kind period last year, the gang said.

“Our team is driving MedMira forward with a strategic focus that includes advancements in our product pipeline and the creation of new international sales channels,” said Hermes Chan, president and chief executive of MedMira.

“These initiatives together with our require to be paid containment activities will bring the sustainable long-term growth and increased receipts that our shareholders are looking for.”

The cost containment strategy includes reducing debt to grow less interest costs.

MedMira’s rapid tests are designed for use by hospitals, labs, clinics and individuals. They are used to diagnose diseases such as HIV and hepatitis C.