Exhibit 99.1
 
 
 
Contacts:                                               
Melissa A. Waterhouse
Chief Executive Officer
(800) 227-1243, EXT 107
 
 
FOR IMMEDIATE RELEASE:
 
ABMC REPORTS SECOND QUARTER 2020 RESULTS
 
Kinderhook, N.Y., September 15, 2020 – American Bio Medica Corporation (OTCPK: ABMC) today announced financial results for the three and six months ended June 30, 2020.
 
Chief Executive Officer Melissa A. Waterhouse stated, “We are pleased to report increased sales when comparing 2020 to 2019 (from both a quarter over quarter and year over year perspective) as a result of our distribution of the Covid-19 antibody test. There are a number of sales opportunities for the Covid-19 test in the pipeline and marketing applications yet to come for the product. In the meantime, it has been well received by customers. From an operational perspective, selling and marketing expense increased (due to commissions paid on sales of the rapid Covid-19 test), however, all other expenses decreased in the second quarter of 2020 even with increased sales. This allowed us to achieve operating income in the second quarter of 2020.”
 
Waterhouse continued, “As the market for Covid-19 testing is developing, we are reviewing alternative products to offer our customers in addition to the antibody tests and looking for avenues to capitalize on our manufacturing operations. As indicated in our last announcement, we are seeing some rebound in the drug testing markets as businesses and treatment programs re-open, but we are still uncertain if or how long this rebound will continue as the pandemic progresses.”
 
Financial Highlights
 
Net sales in the second quarter of 2020 were $1,758,000, compared to net sales of $958,000 in the second quarter of 2019; an increase of $800,000, or 83.5%. Net sales in the six months ended June 30, 2020 were $2,486,000, compared to $1,880,000 in the six months ended June 30, 2019; an increase of $606,000, or 32.2%.
 
Operating income was $16,000 in the second quarter of 2020, compared to an operating loss of $155,000 in the second quarter of 2019. Operating loss was $255,000 in the six months ended June 30, 2020, compared to an operating loss of $329,000 in the six months ended June 30, 2019.
 
Net loss was $21,000, or $(0.00) per share in the second quarter of 2020, compared to net loss of $56,000, or $(0.00) per share, in the second quarter of 2019. Net loss was $346,000, or $(0.01) per share, in the six months ended June 30, 2020, compared to net loss of $296,000, or $(0.01) per share, for the six months ended June 30, 2019.
 
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, and distributes a rapid test to detect Covid-19 antibodies. The Company and its worldwide distribution network target the workplace, government, corrections, clinical and educational markets.
 
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, future sales and profit levels of the rapid antibody test for Covid-19 that we are distributing, 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, 2019, 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,
2020
 
 
June 30,
2019
 
 
June 30,
2020
 
 
June 30,
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 $1,758,000 
 $958,000 
 $2,486,000 
 $1,880,000 
Cost of goods sold
  1,176,000 
  652,000 
  1,714,000 
  1,269,000 
Gross profit
  582,000 
  306,000 
  772,000 
  611,000 
 
    
    
    
    
Operating expenses:
    
    
    
    
Research and development
  19,000 
  20,000 
  52,000 
  39,000 
Selling and marketing
  230,000 
  107,000 
  319,000 
  219,000 
General and administrative
  317,000 
  334,000 
  656,000 
  682,000 
Total operating expenses
  566,000 
  461,000 
  1,027,000 
  940,000 
 
    
    
    
    
Operating income / (loss)
  16,000 
  (155,000)
  (255,000)
  (329,000)
 
    
    
    
    
Other (expense) / income
  (37,000)
  101,000 
  (91,000)
  35,000 
 
    
    
    
    
Net loss before tax
  (21,000)
  (54,000)
  (346,000)
  (294,000)
 
    
    
    
    
Income tax expense
  0 
  (2,000)
  0 
  (2,000)
 
    
    
    
    
Net loss
 $(21,000)
 $(56,000)
 $(346,000)
 $(296,000)
 
    
    
    
    
Basic & diluted loss per common share
 $(0.00)
 $(0.00)
 $(0.01)
 $(0.01)
 
    
    
    
    
Weighted average shares outstanding – basic and diluted
  35,905,948 
  32,521,675 
  34,937,236 
  32,445,244 
 
(Condensed Balance Sheets follow)
 
 
 
  
American Bio Medica Corporation
Condensed Balance Sheets
 
 
 
June 30,
 
 
December 31,
 
 
 
2020
(unaudited)
 
 
2019
 
 
ASSETS
 
 
 
 
 
 
Current Assets
 
 
 
 
 
 
Cash and cash equivalents
 $225,000 
 $4,000 
Accounts receivable, net of allowance for doubtful accounts of $34,000 at June 30, 2020 and December 31, 2019
  350,000 
  370,000 
Inventory, net of allowance of $355,000 at June 30, 2020 and $291,000 at December 31, 2019
  769,000 
  810,000 
Prepaid expenses and other current assets
  133,000 
  6,000 
Right of Use Asset – Operating Leases
  34,000 
  34,000 
Total current assets
  1,511,000 
  1,224,000 
    Property, plant and equipment, net
  608,000 
  644,000 
    Patents, net
  112,000 
  116,000 
    Right of Use Asset – Operating Leases
  58,000 
  73,000 
    Other assets
  21,000 
  21,000 
Total assets
 $2,310,000 
 $2,078,000 
LIABILITIES AND STOCKHOLDERS’ EQUITY
    
    
Current liabilities
    
    
Accounts payable
 $627,000 
 $652,000 
Accrued expenses and other current liabilities
  663,000 
  543,000 
Right of Use Liability – Operating Leases
  32,000 
  34,000 
Wages payable
  134,000 
  104,000 
Line of credit
  226,000 
  337,000 
PPP Loan
  332,000 
  0 
Current portion of long-term debt
  1,121,000 
  17,000 
Total current liabilities
  3,135,000 
  1,687,000 
    Long-term debt/other liabilities, net of deferred finance costs
  0 
  1,108,000 
    Right of Use Liability – Operating Leases
  58,000 
  73,000 
Total liabilities
  3,193,000 
  2,868,000 
COMMITMENTS AND CONTINGENCIES
    
    
Stockholders’ Deficit:
    
    
Common stock
  359,000 
  327,000 
Additional paid-in capital
  21,658,000 
  21,437,000 
Accumulated deficit
  (22,900,000)
  (22,554,000)
Total stockholders’ deficit
  (883,000)
  (790,000)
Total liabilities and stockholders’ deficit
 $2,310,000 
 $2,078,000 
#####
 
 

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