MedMira Reports Third Quarter Results FY2023

HALIFAX, NS / ACCESSWIRE / June 29, 2023 / MedMira Inc. (MedMira) (TSXV:MIR), reported today on its financial results for the quarter ended April 30, 2023.

Corporate Update Summary

During the third financial quarter of 2023, MedMira continued its focus on its regulatory and clinical trial work for five products related to Sexually Transmitted Infections (STI) and Respiratory Viruses. In March 2023, the Company started its clinical trials for its Reveal® TP (Syphilis) rapid test in Canada and is of this date on schedule for its submission to the regulators.

Subsequent to Q3 2023, MedMira submitted two new submissions to Health Canada and expects, if successfully, regulatory authorization within Q1 FY2024. Both submissions have a 75 calendar days standard review. The Company will provide an update after the approval is received. These products will complement future products such as the Reveal® TP (Syphilis) rapid test which is currently evaluated by two clinical trial sites in Canada.

Profit and Loss Highlights

• Revenue: The Company recorded revenues in Q3 FY2023 of $106,010 compared to $170,538 in Q2 FY2023 and compared to $323,925 in the same period last year. As of April 30, 2023, the Company has recorded deferred revenue of $772,713.
• Gross Profit: The Company recorded a gross profit in Q3 FY2023 of $61,257 compared to $89,937 in Q2 FY2023 and compared to $96,598 in the same period last year in Q3 FY2022.
• Operating expenses: The Company recorded for this quarter operating expenses of $693,373 compared to $459,746 in Q2 FY2023 and compared to $392,488 in Q3 FY2022. The increase was mainly due additional Sales and Marketing activities and foreign currency exchange rates.
• Net (loss) income: The Company recorded a net loss of $589,982 compared to a net loss of $490,508 in Q2 FY2023 and a loss of $411,067 for the same period last year.

Balance Sheet Highlights

• Assets: The Company recorded a increase of its assets by $104,815 between Q2 FY2023 and Q3 FY2023 which was mainly due to an increase in receivables.
• Liabilities: The Company’s liabilities increased by $694,797 between Q2 FY2023 and Q3 FY2023. The Company’s current liabilities increased by $254,701 or 2% was mainly due to deferred revenue.
• Loans in default increased by $6,935 or less than 1% compared to last quarter.
• Working Capital deficit: As a result of the changes noted above, the Company recorded a higher working capital deficit of $96,652 or 1% compared to last quarter.

The Company’s financial statements and management’s discussion and analysis are available on the Company’s profile on SEDAR at www.sedar.com. For matters of going concern, reference is made to the Auditor’s Emphasis of Matter statement in the fiscal year ended 2020 Auditors Report and note 2b in the audited financial statements which are also available on SEDAR.

About MedMira

MedMira is the developer and owner of Rapid Vertical Flow (RVF)® Technology. The Company’s rapid test applications built on RVF Technology provide hospitals, labs, clinics and individuals with instant diagnosis for diseases such as HIV and hepatitis C in just three easy steps. The Company’s tests are sold under the Reveal®, Multiplo® and Miriad® brands in global markets. MedMira’s corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada and the Company has a sales and customer service office located in the United States. For more information visit medmira.com. Follow us on Twitter and LinkedIn.

This news release contains forward-looking statements, which involve risk and uncertainties and reflect the Company’s current expectation regarding future events including statements regarding possible approval and launch of new products, future growth, and new business opportunities. Actual events could materially differ from those projected herein and depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the company quarterly filings.

Neither 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.

MedMira Contacts:

Markus Meile, CFO
Tel: 902-450-1588
Email: ir@medmira.com

SOURCE: MedMira, Inc.

View source version on accesswire.com:
https://www.accesswire.com/764644/MedMira-Reports-Third-Quarter-Results-FY2023