ORLANDO, FL -- (Marketwired) -- 06/18/14 -- MEDITE Group, a leading developer and manufacturer of innovative, high-quality equipment and supplies for the cancer diagnostic segments of histology, pathology and cytology laboratories, announced that it filed Form 8-K with the Securities and Exchange Commission (SEC) for the audited financial results for the years ended December 31, 2012 and 2013. The Company also announced its unaudited results for the first quarter ended March 31, 2014. The results reflect the operations of MEDITE as a stand-alone company as they occurred prior to closing of the April 3, 2014 acquisition transaction with CytoCore, Inc. (OTCBB: CYOE).
For the first quarter ended March 31, 2014, MEDITE reported record revenue of $2.7 million, representing a 51% increase compared to $1.8 million in the prior year's first quarter. The year over year performance reflects increased sales in the U.S. and in its European Cytology business. The Company reported an operating profit of $370,000 compared to an operating loss of $30,000 in the year-ago first quarter.
The first quarter 2014 results does not reflect any revenue contribution from recently announced U.S. and international distribution contracts, including a leading anatomical pathology company to market, sell and distribute MEDITE's coverslipping film as an OEM product in the U.S. and Canada. The Company anticipates these agreements will generate incremental revenue increases mainly beginning in the second half of 2014.
Due to MEDITE being a privately-held company, it was required to file audited US GAAP financial results within 75 days of the completion of the merger transaction. Please visit the link to the SEC website to view the full filings: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075439.
After execution of the acquisition CytoCore Inc wholly owns MEDITE Enterprise Inc., Orlando, which wholly-own Medite GmbH a Germany-based Company with its subsidiaries CytoGlobe GmbH (Cytology Products, Germany), Medite GmbH (Distributor, Austria), Medite Inc. (Distributor, Americas). Since 1978, MEDITE® Group has specialized on the development, manufacture and distribution of medical laboratory automation equipment and supplies for pathology, histology and cytology. For these fields, the Company offers a complete range of devices and consumables. MEDITE Group currently sells into 70 countries and is the market leader in Germany. Through CytoGlobe, a wholly owned subsidiary, MEDITE offers a full range of products for Cytology labs. Additional information on MEDITE's products and services can be found at www.medite-group.com. CytoCore®, Inc. is a biomolecular diagnostics company engaged in the design, development, and commercialization of cost-effective cancer screening systems and Biomarkers to assist in the early detection of cancer.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding future operating performance, events, trends and plans. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenues and costs, and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation thereon or similar terminology or expressions. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause our actual results to differ from our expectations, include but are not limited to, MEDITE's ability following the acquisition to maintain and grow its revenues, our ability to integrate MEDITE's operations with our historic operations, the effect that the acquisition will have on MEDITE's existing customers and employees as well as those risk factors that apply to our operations as disclosed in our Report on Form 10-K for the year ended December 31, 2013 and other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. Such statements are not guarantees of future performance or events and we undertake no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances occurring after the date hereof.