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LED Medical Diagnostics Inc. Reports 2013 Fourth Quarter and Full Year Results

BURNABY, BRITISH COLUMBIA -- (Marketwired) -- 04/16/14 -- LED Medical Diagnostics Inc. (TSX VENTURE:LMD)(OTCQX:LEDIF)(FRANKFURT:LME) ("LED Medical" or the "Company") today announced its financial results for the fourth quarter and full year ended December 31, 2013, reported in United States dollars and in accordance with International Financial Reporting Standards ("IFRS"). The Company's results are presented in comparison to the fourth quarter and full year ended December 31, 2012. All balances are expressed in United States dollars unless otherwise stated.

Business Highlights

Notable business developments and achievements up to the reporting date included the following:

--  On December 3, 2013, the Company announced that it entered a non-
    exclusive distribution partnership with Burkhart Dental Supply in the
    United States market. 
--  On December 10, 2013, the Company announced that it entered a non-
    exclusive distribution partnership with Benco Dental Supply in the
    United States market. 
--  On January 14, 2014, the Company announced that it signed an agreement
    with the BC Cancer Agency ("BCCA") to create and commercialize a
    progression-risk assessment test for oral cancer. The test is based on a
    quantifiable genetic phenomenon known as "Loss of Heterozygosity" or
--  On January 21, 2014, the Company announced that it entered a non-
    exclusive distribution partnership with Patterson Dental in the United
    States and Canadian markets. 
--  On February 25, 2014, the Company announced the appointment of Lamar
    Roberts as president of its wholly owned US subsidiary LED Dental Ltd. 
--  On March 26, 2014, the Company announced the appointment of Dr. Jeffrey
    Brooks as vice president of imaging of its wholly owned subsidiary LED
    Dental Ltd. 
--  On April 2, 2014, the Company announced that its wholly owned US
    operating subsidiary, LED Dental Ltd. released a new brand initiative to
    further its goal of providing advanced imaging technologies to dental
    and specialty practices in the United States and Canada. The branding
    initiative includes a new logo to further unify the business under the
    LED Imaging name. 
--  On April 3, 2014 the Company announced that the LED Imaging division of
    its wholly owned subsidiary, LED Dental Ltd., is partnering with Ray
    Co., Ltd., a subsidiary of Samsung, to sell, install and provide support
    for the RAYSCAN alpha - Expert dental imaging system. 

"2014 is expected to be a transformational year for LED as our new management team expands our VELscope distribution network and transitions the Company from a single product strategy to a diverse portfolio of digital imaging products," said the Company's CEO, Dr. David Gane. "The execution of our strategy, which will take an investment in time and capital in the current year, is designed to position the Company for long-term, sustainable growth and success as a leading player in the dental imaging market."

Financial Highlights

Financial Position as at December 31, 2013

Working capital as at December 31, 2013 was $4,445,795, which includes cash of $4,358,986. This is compared to negative working capital of $96,749 at December 31, 2012, which included cash of $969,584.

Three-Month Comparative Results

The Company reported revenue of $215,714 for the three months ended December 31, 2013 as compared to $1,389,994 for the three months ended December 31, 2012. Net loss was $1,460,801 for the three months ended December 31, 2013, as compared to a net loss of $174,630 for the three months ended December 31, 2013.

Inclusive of accounting adjustments, the Company's calculated gross margin was 51% for the three months ended December 31, 2013, which is slightly higher as compared to 46% in the three months ended December 31, 2012. Total operating expenses for the three months ended December 31, 2013 were $1,509,487 as compared to $740,547 for the three months ended December 31, 2012, representing a 108% increase. Core operating expenses (excluding stock-based compensation, deferred share unit compensation and other operating expenses) for the three months ended December 31, 2013 were $1,209,950, as compared to $725,989 for the three months ended December 31, 2012, representing a 67% increase.

EBITDA for the three months ended December 31, 2013 was negative $1,238,255 compared to negative $83,502 for the three months ended December 31, 2012.

Twelve-Month Comparative Results

The Company reported revenue of $2,519,574 for the year ended December 31, 2013 as compared to $6,312,754 for the year ended December 31, 2012. Net loss was $6,955,217 for the year ended December 31, 2013 as compared to a net loss of $866,933 for the year ended December 31, 2012.

Gross margin was 46% for the year ended December 31, 2013, a decrease from 57% in the year ended December 31, 2012. Total operating expenses for the year ended December 31, 2013, were $4,812,236 as compared to $4,355,188 for the year ended December 31, 2012, representing a 10% increase. Core operating expenses (excluding stock-based compensation, deferred share unit compensation and other operating expenses) for the year ended December 31, 2013 were $3,291,582, as compared to $4,295,412 for the year ended December 31, 2012, representing a 23% decrease.

EBITDA for the year ended December 31, 2013 was negative $2,120,231, as compared to negative $728,135 for the year ended December 31, 2012.

Financial Statements and Management's Discussion & Analysis

Please see the audited consolidated financial statements and related Management's Discussion & Analysis ("MD&A") for more details. The audited consolidated financial statements for the year ended December 31, 2013 and related MD&A have been reviewed and approved by the Company's Audit Committee and Board of Directors. The Company has prepared this truncated news release to alert investors to its results and that a more detailed explanation and analysis is readily available in the MD&A. These reports have been filed on SEDAR at and also posted to

Non-IFRS Measures

The following and preceding discussion of financial results includes references to Gross Margin, EBITDA, Core Operating Expenses and Working Capital, which are non-IFRS financial measures. The measure of gross margin is provided as management believes this is a good indicator in evaluating the operating performance of the Company. EBITDA is defined as net loss and comprehensive loss and excludes interest; income taxes; depreciation; amortization; finder's warrants issuance costs; stock-based compensation; deferred share unit compensation; mark to market adjustments on Canadian dollar denominated warrants; foreign exchange gain or loss; and other income. The measure of working capital is provided as management believes this is a good indicator of the operating liquidity available to the Company.

Forward-Looking Statements

This press release contains statements which, to the extent that they are not recitations of historical fact, may constitute forward- looking information under applicable Canadian securities legislation. Such forward-looking statements or information includes financial and other projections as well as statements regarding the Company's future plans, objectives, performance, revenues, growth, profits, operating expenses or the Company's underlying assumptions and the Company's intention to expand its technology beyond dental applications including "costs of production", "capital expenditures", "costs and timing of the development of new products", "hedging practices", "currency exchange rate fluctuations", "requirements for additional capital", "government regulation of medical device operations" and "insurance coverage". Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "would", "could", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Persons reading this Management's Discussion and Analysis are cautioned that such statements or information are only predictions, and that the Company's actual future results or performance may be materially different.

Factors that could cause actual events or results to differ materially from those suggested by these forward-looking statements include, but are not limited to: economic conditions; dilution; limited history of profits and operations; operational risk; distributor risks; working capital; potential conflicts of interest; speculative investment; intellectual property risks; disruptions in production; reliance on key personnel; seasonality; management's estimates; development of new customers and products risks; stock price volatility risk; sales and marketing risk; competitors and competition risk; regulatory requirements; reliance on few suppliers; reliance on subcontractors; operating cost and quarterly results fluctuations; fluctuations in exchange rates; product liability and medical malpractice claims; access to credit and additional financing; taxation; market acceptance of the Company's products and services; customer and industry analyst perception of the Company and its technology vision and future prospects; technological change, new products and standards; risks related to acquisitions and international expansion; reliance on large customers; concentration of sales; international operations and sales; management of growth and expansion; dependence upon key personnel and hiring; the Company not adequately protecting its intellectual property; risks related to product defects and product liability; and including, but not limited to, other factors described in the Company's reports filed on SEDAR, including its financial statements and management's discussion and analysis for the year ended December 31, 2013.

In drawing a conclusion or making a forecast or projection set out in the forward-looking information, the Company takes into account the following material factors and assumptions in addition to the above factors: the Company's ability to execute on its business plan; the acceptance of the Company's products and services by its customers; the timing of execution of outstanding or potential customer contracts by the Company; the sales opportunities available to the Company; the Company's subjective assessment of the likelihood of success of a sales lead or opportunity; the Company's historic ability to generate sales leads or opportunities; and that sales will be completed at or above the Company's estimated margins. This list is not exhaustive of the factors that may affect the Company's forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. All forward-looking statements made in this Management's Discussion and Analysis are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by the Company will be realized. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

About LED Medical Diagnostics Inc.

Founded in 2003 and headquartered in Burnaby, British Columbia, Canada, LED Medical Diagnostics Inc. is a leading developer of LED- based visualization technologies for the medical industry. The Company is currently listed on the Toronto Stock Exchange (TSX-V) under the symbol "LMD", the OTCQX under the symbol "LEDIF", as well as the Frankfurt Stock Exchange under the symbol "LME". For more information, visit

LED Dental Inc., a wholly-owned subsidiary, is backed by an experienced leadership team dedicated to a higher level of service and support. LED Dental offers advanced diagnostic imaging equipment that seamlessly integrates into dental practices. The Company is committed to providing dental practitioners with the best technology available by identifying and adding strong products to its growing portfolio. Additionally, the company manufactures the award-winning VELscope® Vx Enhanced Oral Assessment System, the first system in the world to apply tissue fluorescence visualization technology to the oral cavity. The VELscope® Vx is now used to conduct more screenings for oral cancer and other oral mucosal diseases than any other adjunctive device. For more information, call 888.541.4614 or visit

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

LED MEDICAL DIAGNOSTICS INC.                                                
Consolidated Statements of Financial Position                               
(Expressed in U.S. Dollars)                                                 
                                               December 31,    December 31, 
                                       Notes           2013            2012 
Current assets                                                              
  Cash                                         $  4,358,986    $    969,584 
  Restricted cash                          4              -           5,026 
  Trade and other receivables              5        503,736       1,514,577 
  Inventory                                         412,307         296,467 
  Inventory held by distributor            6        165,832         518,400 
  Prepaid expenses and deposits                     297,164          69,300 
Total current assets                              5,738,025       3,373,354 
Non-current assets                                                          
  Property and equipment                   7         23,150          28,015 
  Patents and intellectual property        8         62,362          88,167 
                                               $  5,823,537    $  3,489,536 
Liabilities and Shareholders'                                               
Current liabilities                                                         
  Trade payables and accrued                                                
   liabilities                             9   $    793,046    $  1,689,009 
  Advances from distributor                6        495,494       1,778,112 
  Current portion of finance lease                                          
   obligation                             10          3,690           2,982 
Total current liabilities                         1,292,230       3,470,103 
Non-current liabilities                                                     
  Long-term portion of finance lease                                        
   obligation                             10          3,190           6,879 
  Warrants                                12      3,672,958         140,467 
Total liabilities                                 4,968,378       3,617,449 
Shareholders' Deficiency                                                    
  Share capital                           13     27,242,071      24,658,241 
  Stock-based payment reserve             14        970,004          62,495 
  Warrants reserve                                4,724,698         277,748 
  Accumulated other comprehensive                                           
   income                                           474,458         474,458 
  Deficit                                       (32,556,072)    (25,600,855)
                                                    855,159        (127,913)
                                               $  5,823,537    $  3,489,536 
LED MEDICAL DIAGNOSTICS INC.                                                
Consolidated Statements of Financial Position                               
(Expressed in U.S. Dollars)                                                 
                     Three months  Three months                             
                            ended         ended    Year ended    Year ended 
                         December      December  December 31,  December 31, 
                         31, 2013      31, 2012          2013          2012 
Revenues             $    215,714  $  1,389,994  $  2,519,574  $  6,312,754 
Cost of goods sold        424,018       747,510     1,348,223     2,745,477 
                         (208,304)      642,484     1,171,351     3,567,277 
  Sales and marketing     434,577       349,248     1,252,688     2,564,798 
  Research and                                                              
   development            120,623        94,980       442,880       523,492 
  Administration          474,750       281,761     1,596,014     1,207,122 
   compensation           309,818             -       907,509             - 
  Deferred share unit                                                       
   compensation          (149,967)            -       230,613             - 
  Other operating                                                           
   expenses               319,686        14,558       382,532        59,776 
                        1,509,487       740,547     4,812,236     4,355,188 
Operating loss         (1,717,791)      (98,063)   (3,640,885)     (787,911)
Other expenses                                                              
  Mark to market                                                            
   adjustments on                                                           
   Canadian               545,259       (77,729)   (3,277,328)       (3,843)
  dollar denominated                                                        
  Foreign exchange                                                          
   (loss) gain           (280,322)        1,161       (24,958)      (64,511)
  Other income                  -            91             -         2,172 
                          264,937       (76,477)   (3,302,286)      (66,182)
Net loss and                                                                
 comprehensive loss                                                         
 before income taxes   (1,452,854)     (174,540)   (6,943,171)     (854,093)
Income taxes                7,947                      12,046        12,840 
Net loss and                                                                
 comprehensive loss                                                         
 for the year        $ (1,460,801) $   (174,540) $ (6,955,217) $   (866,933)
LED MEDICAL DIAGNOSTICS INC.                                                
Consolidated Statements of Cash Flow                                        
(Expressed in U.S. Dollars)                                                 
                      Three months  Three months                 Year ended 
                             ended         ended    Year ended     December 
                      December 31,      December  December 31,          31, 
                              2013      31, 2012          2013         2012 
Net loss for the year  ($1,460,801) $   (174,539) $ (6,955,217) $  (866,933)
Adjustments to net                                                          
 loss for items not                                                         
 involving cash:                                                            
  Depreciation of                                                           
   equipment                 3,209         8,107        12,596       33,971 
  Amortization of                                                           
   property                  6,451         6,451        25,805       25,805 
  Warrants issuance                                                         
   costs                   310,026             -       344,131            - 
  Loss on disposal of                                                       
   assets                        -             -             -          702 
  Accrued interest on                                                       
   shareholder loans             -            31             -        2,614 
  Mark to market                                                            
   adjustments on                                                           
   Canadian dollar                                                          
   warrants                 96,402        77,729     3,022,165        3,843 
  Deferred share unit                                                       
   compensation            230,613             -       230,613            - 
   compensation            309,818             -       907,509            - 
                          (504,282)      (82,221)   (1,902,072)    (799,998)
Changes in working                                                          
 capital assets and                                                         
  Receivables              191,749      (620,813)    1,010,841   (1,215,855)
  Inventory                161,464       153,538      (115,840)     474,150 
  Inventory held by                                                         
   distributor             (44,632)            -       352,568      (51,047)
  Prepayments             (137,443)       42,956      (227,864)        (703)
  Trades payable and                                                        
   liabilities            (582,986)        4,269      (895,963)     290,024 
  Advances from                                                             
   distributor              88,077             -    (1,282,618)     320,750 
Changes in working                                                          
 capital assets and                                                         
 liabilities              (323,771)     (420,050)   (1,158,876)    (182,681)
Cash flows used in                                                          
 operating activities     (828,053)     (502,271)   (3,060,948)    (982,679)
Cash flows from                                                             
 investing activities                                                       
  Purchase of                                                               
   equipment                (4,664)       (4,098)       (7,731)     (16,758)
  Restricted cash            4,853            59         5,026       19,556 
Cash flows (used in)                                                        
 provided by                                                                
 investing activities          189        (4,039)       (2,705)       2,798 
Cash flows from                                                             
 financing activities                                                       
  Issuance of common                                                        
   shares, net of                                                           
   issuance costs        4,209,809     1,081,513     6,451,600    1,081,513 
  Issuance of share                                                         
   purchase warrants                                                        
   in private                                                               
   placement                 4,436             -         4,436            - 
  Repayment of                                                              
   finance lease                                                            
   obligation                 (805)         (651)       (2,981)      (2,410)
  Repayment of                                                              
   shareholder loans             -           (31)            -     (105,410)
Cash flows (used in)                                                        
 provided by                                                                
 financing activities    4,213,440     1,080,831     6,453,055      973,693 
Increase (decrease)                                                         
 in cash                 3,385,576       574,521     3,389,402       (6,188)
Cash, beginning of                                                          
 year                      973,410       395,063       969,584      975,772 
Cash, end of year     $  4,358,986  $    969,584  $  4,358,986  $   969,584 

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