Aethlon Medical (OTC BB:AEMD) filed their 10-Q for the fiscal first quarter ending 6/30/2013 on August 13th. Revenue came in in-line with our number with operating income coming in much better than our estimate as a result of AEMD doing a nice job of cutting operating expenses and conserving resources. AEMD booked $196k in DARPA contract revenue in Q1 which was in-line with our number. Revenue relates to the twelfth milestone under the DARPA contract (the fourth milestone under the year-2 contract). Subsequent to the end of fiscal Q1 AEMD invoiced for and was paid another $404k which relates to the thirteenth and fourteenth milestones.
AEMD also disclosed in the 10-Q that they have submitted to Battelle their first invoice for work the company is doing under the previously announced subcontract agreement that the company has with Battelle related to the $22.8 million systems integrator contract with DARPA. AEMD's initial invoice is for just over $20k which we assume will be recorded and collected in fiscal Q2. As a reminder, AEMD's subcontract is a time and materials contract so the total that AEMD will eventually bill will not be known until their work is completed. We do, however, think it's likely that there will be additional revenue contribution from this contract throughout the year.
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About Aethlon Medical (OTCQB: AEMD)
Aethlon Medical creates innovative medical devices that address unmet medical needs in cancer, infectious disease, and other life-threatening conditions. Our Aethlon ADAPT™ System is a revenue-stage technology platform that provides the basis for a new class of devices the rapid, yet selective removal of disease promoting particles from the entire circulatory system. At present, The Aethlon ADAPT product pipeline includes the Aethlon Hemopurifier to address infectious disease and cancer, and a medical device being developed under a 5-year contract with DARPA to reduce the incidence of sepsis in combat-injured soldiers. For more information, please visit www.aethlonmedical.com.
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