Aethlon Medical (AEMD) Reports FY17 Loss of $0.94 on Revenues of $392K

Aethlon Medical (NASDAQ: AEMD) reported Q4 EPS of ($0.94). Revenue for the quarter came in at $392 thousand, versus $0 reported last year.

Financial Results

• At March 31, 2017, the Company had a cash balance of approximately $1.6 million. That cash position will continue to be used to fund our future clinical studies and operations.
• The Company recorded revenues of $392 thousand from its government contracts in fiscal 2017 compared to $887 thousand in fiscal 2016. Those revenues were from work performed under the government contract with the Defense Advanced Research Projects Agency, and the related subcontract with Battelle Memorial Institute, both of those contracts were completed during the past fiscal year.
• Consolidated operating expenses were $6.5 million in fiscal 2017 compared to $5.3 million in fiscal 2016, an increase of approximately $1.2 million. This increase was primarily due to an increase in payroll and related expenses of approximately $1.4 million. However, the increase in payroll and related expenses was driven by a $2.0 million increase in our non-cash, stock-based compensation due to the vesting of restricted stock units granted during the fiscal year.
• Excluding that non-cash increase, our overall cash operating expenses actually decreased by approximately $800,000 from reductions in our cash payroll expenses, professional fees and general and administrative expenses.
• Specifically, our professional fees decreased by approximately $97,000 and our general and administrative expenses declined by approximately $80,000.
• The Company had other expense of $1.2 million in fiscal 2017 compared to $573,000 in fiscal 2016, an increase of $627,000. That increase was largely due to a $358,000 charge for a loss on debt extinguishment and a $346,000 charge for warrant repricing expense in fiscal 2017 with no comparable expense in fiscal 2016. Our actual interest and debt expenses was $304,000 in fiscal 2017 compared to $574,000 in fiscal 2016.
• Overall, the net loss for fiscal 2017 was $7.3 million, or $0.94 per share compared to a net loss for fiscal 2016 of $4.9 million, or $0.66 per share.
• The unaudited condensed consolidated balance sheet for March 31, 2017 and the unaudited condensed consolidated statements of operations for the fiscal years ended March 31, 2017 and 2016 follow at the end of this release.

For earnings history and earnings-related data on Aethlon Medical (AEMD) click here.

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