Exhibit 99.1
 
ABMC REPORTS SECOND QUARTER 2019 RESULTS
 
Kinderhook, N.Y., August 14, 2019
– American Bio Medica Corporation (OTCPK: ABMC) today announced financial results for the three and six months ended June 30, 2019.
 
Chief Executive Officer Melissa A. Waterhouse stated, “We are pleased that the second quarter of 2019 was our second consecutive quarter of increased sales. While sales are down when comparing prior periods, we are hopeful that we are on the right track to reversing that trend. Our contract business continues to grow and we expect this will positively impact sales in the second half of 2019. In addition to these new customers, we are exploring a number of other potential sales opportunities.”
 
Waterhouse continued, “We are currently exploring options to refinance current debt given our facilities expire in early/mid 2020. These efforts are expected to result in new or extended facilities. And finally, we continue to be diligent in our efforts to maintain appropriate operational expense levels.”
 
Financial Highlights
 
 Net sales in the second quarter of 2019 were $958,000, compared to net sales of $1,069,000 in the second quarter of 2018, a decrease of $111,000, or 10.4%. Net sales in the six months ended June 30, 2019 were $1,880,000, compared to net sales of $2,110,000 in the six months ended June 30, 2018, a decrease of $230,000, or 10.9%.
 
 Operating loss was $155,000 in the second quarter of 2019, compared to an operating loss of $74,000 in the second quarter of 2018. Operating loss was $329,000 in the six months ended June 30, 2019, compared to an operating loss of $281,000 in the six months ended June 30, 2018.
 
 Net loss was $56,000, or $(0.00) per share, in the second quarter of 2019, compared to net loss of $147,000, or $(0.00) per share, in the second quarter of 2018. Net loss was $296,000, or $(0.01) per share, for the six months ended June 30, 2019, compared to net loss of $413,000, or $(0.01) per share, in the six months ended June 30, 2018.
 
For more information on ABMC or its drug testing products, please visit www.abmc.com.
 
About American Bio Medica Corporation
 
American Bio Medica Corporation manufactures and markets accurate, cost-effective immunoassay test kits, primarily point of collection tests for drugs of abuse. The Company and its worldwide distribution network target the workplace, government, corrections, clinical and educational markets. ABMC’s Rapid Drug Screen®, Rapid ONE®, RDS® InCup®, Rapid TOX® and Rapid TOX Cup® II test for the presence or absence of drugs of abuse in urine, while OralStat® tests for the presence or absence of drugs of abuse in oral fluids. ABMC’s Rapid Reader® is a compact, portable device that, when connected to any computer, interprets the results of an ABMC drug screen, and sends the results to a data management system, enabling the test administrator to easily manage their drug testing program.
 
This release may contain forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ, and such differences could be material. Such risks and uncertainties include, but are not limited to, risks and uncertainties related to the following: continued acceptance of our products, increased levels of competition in our industry, acceptance of new products, product development, compliance with regulatory requirements, including but not limited to our ability to obtain marketing clearance on our product for our intended markets, intellectual property rights, our dependence on key personnel, third party sales and suppliers, trading in our common shares may be subject to “penny stock” rules, our history of recurring net losses and our ability to continue as a going concern. There can be no assurance that the Company will be successful in addressing such risks and uncertainties and the Company assumes no duty to update any forward-looking statements based upon actual results. Investors are strongly encouraged to review the section entitled “Risk Factors” in the Company's annual report on Form 10-K for the year ended December 31, 2018, quarterly reports on Form 10-Q, and other periodic reports on file with the Securities and Exchange Commission for a discussion of risks and uncertainties that could affect operating results and the market price of the Company's common shares.
 
 (financial tables follow)
 
 
 
 
AMERICAN BIO MEDICA CORPORATION
Condensed Statements of Operations
(unaudited)
 
 
 
For the three
 
 
For the three
 
 
For the six
 
 
For the six
 
 
 
months ended
 
 
months ended
 
 
months ended
 
 
months ended
 
 
 
June 30, 2019
 
 
June 30, 2018
 
 
June 30, 2019
 
 
June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 $958,000 
 $1,069,000 
 $1,880,000 
 $2,110,000 
Cost of goods sold
  652,000 
  632,000 
  1,269,000 
  1,301,000 
Gross profit
  306,000 
  437,000 
  611,000 
  809,000 
 
    
    
    
    
Operating expenses:
    
    
    
    
Research and development
  20,000 
  19,000 
  39,000 
  44,000 
Selling and marketing
  107,000 
  148,000 
  219,000 
  310,000 
General and administrative
  334,000 
  344,000 
  682,000 
  736,000 
Total operating expenses
  461,000 
  511,000 
  940,000 
  1,090,000 
 
    
    
    
    
Operating loss
  (155,000)
  (74,000)
  (329,000)
  (281,000)
 
    
    
    
    
Other income / (expense)
  101,000 
  (71,000)
  35,000 
  (130,000)
 
    
    
    
    
Net loss before tax
  (54,000)
  (145,000)
  (294,000)
  (411,000)
 
    
    
    
    
Income tax expense
  (2,000)
  (2,000)
  (2,000)
  (2,000)
 
    
    
    
    
Net loss
 $(56,000)
 $(147,000)
 $(296,000)
 $(413,000)
 
    
    
    
    
Basic & diluted loss per common share
 $(0.00)
 $(0.00)
 $(0.01)
 $(0.01)
 
    
    
    
    
Weighted average shares outstanding – basic and diluted
  32,521,675 
  29,936,111 
  32,445,244 
  29,879,754 
 
 
(Condensed Balance Sheets follow)
 
 
 
 
 
American Bio Medica Corporation
Condensed Balance Sheets
 
 
 
June 30,
 
 

 
 
 
2019
(unaudited)
 
 
December 31,2018
 
ASSETS
 
 
 
 
 
 
Current Assets
 
 
 
 
 
 
Cash and cash equivalents
 $99,000 
 $113,000 
Accounts receivable, net of allowance for doubtful accounts of $36,000 at June 30, 2019 and $36,000 at December 31, 2018
  393,000 
  452,000 
Inventory, net of allowance of $280,000 at June 30, 2019 and $268,000 at December 31, 2018
  825,000 
  1,019,000 
Prepaid expenses and other current assets
  1,000 
  29,000 
Right of use asset – operating leases
  19,000 
  0 
Total current assets
  1,337,000 
  1,613,000 
Property, plant and equipment, net
  681,000 
  718,000 
Patents, net
  119,000 
  123,000 
Right of use asset – operating leases
  7,000 
  0 
Other assets
  21,000 
  21,000 
Total assets
 $2,165,000 
 $2,475,000 
LIABILITIES AND STOCKHOLDERS’ EQUITY
    
    
Current liabilities
    
    
Accounts payable
 $555,000 
 $359,000 
Accrued expenses and other current liabilities
  443,000 
  449,000 
Right of use liability – operating leases
  19,000 
  0 
Wages payable
  141,000 
  278,000 
Line of credit
  378,000 
  502,000 
Current portion of long-term debt, net of deferred finance costs
  1,040,000 
  237,000 
Total current liabilities
  2,576,000 
  1,825,000 
Long-term debt/other liabilities, net of current portion and deferred finance costs
  1,000 
  796,000 
Right of use liability – operating leases
  7,000 
  0 
Total liabilities
  2,584,000 
  2,621,000 
COMMITMENTS AND CONTINGENCIES
    
    
Stockholders’ Equity:
    
    
Common stock
  325,000 
  323,000 
Additional paid-in capital
  21,425,000 
  21,404,000 
Accumulated deficit
  (22,169,000)
  (21,873,000)
Total stockholders’ equity
  (419,000)
  (146,000)
Total liabilities and stockholders’ equity
 $2,165,000 
 $2,475,000 
  #####
 
 

The following information was filed by American Bio Medica Corp (ABMC) on Wednesday, August 14, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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