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ABMC American Bio Medica

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.

Company profile

Ticker
ABMC
Exchange
Website
CEO
Melissa A. Waterhouse
Employees
Incorporated
Location
Fiscal year end
SEC CIK
IRS number
141702188

ABMC stock data

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Calendar

20 May 21
2 Aug 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
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Cost of revenue
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Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
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Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 63K 63K 63K 63K 63K 63K
Cash burn (monthly) 11.67K 43.17K 169.67K 71.5K 119.67K 106.08K
Cash used (since last report) 47.81K 176.91K 695.33K 293.02K 490.42K 434.75K
Cash remaining 15.19K -113.91K -632.33K -230.02K -427.42K -371.75K
Runway (months of cash) 1.3 -2.6 -3.7 -3.2 -3.6 -3.5

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Jul 21 Moroney John J Common Stock Sell Dispose S Yes No 0.061 495,500 30.23K 1,986,108
1 Jul 20 Neff Jean Common Shares Grant Aquire A No No 0.37 35,461 13.12K 66,226
1 Jul 20 Jerome Peter Common Shares Grant Aquire A No No 0.37 35,461 13.12K 80,610
1 Jul 20 Chaim Davis Common Shares Grant Aquire A No No 0.37 35,461 13.12K 240,561
8 Apr 20 Neff Jean Common Shares Grant Aquire A No No 0.21 7,751 1.63K 30,765

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 0 0
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
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Financial report summary

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Risks
  • We have a history of incurring net losses. As of December 31, 2020, we have a negative stockholders’ equity.
  • Our inability to comply with our debt obligations could result in our creditors declaring all amounts owed to them due and payable with immediate effect, or result in the collection of collateral by the creditor, both of which would have an adverse material impact on our business and our ability to continue operations.
  • We may need additional funding for our existing and future operations.
  • It is still uncertain what the impact of the Covid-19 pandemic could have on our company and the degree to which the pandemic will adversely affect our business, revenues, financial condition and results of operations if it continues for a significant period of time.
  • Our inability to meet our operating plans could have a material adverse effect on our future performance.
  • One of our customers accounted for more than 10% of our total net sales in Fiscal 2020.
  • Our management will have broad discretion over the use of the net proceeds from our sale of shares of common stock to Lincoln Park, and shareholders may not agree with how we use the proceeds and the proceeds may not be invested successfully.
  • We depend on one individual to manage our business effectively.
  • We rely on third parties for raw materials used in our drug test products and in our bulk test strip contract manufacturing processes.
  • We have a significant amount of raw material and “work in process” inventory on hand that may not be used in the year ended December 31, 2021 if the expected configuration of sales orders is not received at projected levels.
  • We may not be able to hire and retain qualified personnel in several important areas which could negatively impact our growth strategy.
  • We incur costs as a result of operating as a public company, and our management will be required to devote substantial time to compliance initiatives.
  • The drug testing market is highly competitive and we may not be able to compete successfully against lower cost producers.
  • Any adverse changes in our regulatory framework could negatively impact our business, and costs to obtain regulatory clearance are material.
  • We rely on intellectual property rights and contractual non-disclosure obligations to protect our proprietary information (including customer information). These rights and obligations may not adequately protect our proprietary information, and an inability to protect our proprietary information can harm our business.
  • The potential issuance and exercise of new options and warrants and exercise of outstanding options could adversely affect the value of our securities.
  • Substantial resales of restricted securities may depress the market price of our securities.
  • Until December 3, 2020, our shares were quoted on the OTC Pink Open Market, and they are currently subject to SEC “penny stock,” rules, which could make it more difficult for a broker-dealer to trade our shares of common stock, for an investor to acquire or dispose of our shares in the secondary market and for us to retain or attract market makers.
  • An active trading market for our common stock may not be sustained.
  • We do not anticipate paying dividends on our common stock and, accordingly, stockholders must rely on stock appreciation for any return on their investment.
  • The sale or issuance of our common stock to Lincoln Park may cause dilution and the sale of the shares of common stock acquired by Lincoln Park, or the perception that such sales may occur, could cause the price of our common stock to fall.
  • We may require additional financing to sustain our operations, without which we may not be able to continue operations, and the terms of subsequent financings may adversely impact our stockholders.
Management Discussion
  • Net Sales: Net sales increased 13.5%, or $492,000, in Fiscal 2020 when compared to Fiscal 2019. Sales of the Covid-19 tests in the amount of $1,573,000 offset declines in drug test product sales which were negatively impacted by the Covid-19 pandemic. The vast majority of Covid-19 test sales were sales of the Covid-19 IgG/IgM Rapid Test. Contract manufacturing sales declined in Fiscal 2020 when compared to Fiscal 2019 due to a shift in focus to Covid-19 tests within and outside the United States.
  • We began selling theCovid-19 IgG/IgM Rapid Test Cassette in late March 2020; however there were a number of regulatory events that resulted in an inability to get supply of the product from the manufacturing plant in China until May 2020. Once those events were addressed, we were able to receive product and ship orders of the antibody tests to customers throughout Fiscal 2020. In order to provide our customers with a diagnostic option for Covid-19, in October 2020 we began distributing the Co-Diagnostic Logix Smart Covid-19 tests in the United States. This RT-PCR test enables us to offer customers a diagnostic tool that can be run on high-throughput machines in clinical laboratories certified under CLIA. Unfortunately, due to a large backorder of high-throughput machines, we did not record any sales of the Logix Smart Covid-19 test in Fiscal 2020. We are hopeful that the machine backorder will subside and we would then be able to provide this testing resource to customers.
  • In December 2020, we started offering a Rapid Covid-19 Antigen Test Cassette; and we were able to ship $103,000 in orders to customers in Fiscal 2020.
Content analysis
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