HALIFAX, NS / ACCESSWIRE / December 30, 2022 / MedMira Inc. (MedMira) (TSXV:MIR), reported today on its financial results for the quarter ended October 31, 2022.
Corporate Update Summary
During the first financial quarter of 2023, MedMira continued its focus on its COVID-19 and Sexually Transmitted Infections (STI) product lines while continuing its work for its unique quantitative diagnostic system – MiROQ. This proven disruptive technology further substantiates the flexibility of the Rapid Vertical Flow (RVF) Technology® and provides a significant step for MedMira into the quantitative diagnostic market. In Q1 FY2023, the Company received the CE mark for its VYRATM COVID-19 antigen test and launched the product with its strategically positioned distribution partners in Europe. Subsequent to the end of the first financial quarter of 2023, MedMira received an additional CE mark to be announced in January 2023. In addition, the Company received the Investigational Testing Application (ITA) for two clinical trial sites in Canada and is in the position to commence clinical trials in January 2023 for its unique Reveal® TP (Syphilis) rapid test.
In Q1 FY2023, the Company developed and validated MedMira’s VYRATM TriDemic Antigen Rapid Test which is a direct response to the rising infection rates of the Respiratory Syncytial Virus (RSV) and the increasing demand of a multiplex testing solution. The VYRATM TriDemic test distinguishes the three respiratory viruses (SARS-CoV-2, Influenza and RSV) that exhibit similar symptoms, including fever, cough, and congestion. Based on MedMira’s unique multiplex-testing RVF Technology®, the four-in-one test offers an immediate quality answer which decreases time to a diagnosis and determination of the appropriate treatment.
Profit and Loss Highlights
- Revenue: The Company recorded revenues in Q1 FY2023 of $120,770 compared to $202,161 in the same period last year. The decrease is only due to lower service revenue generated during Q1 FY2023.
- Gross Profit: The Company recorded a gross profit in Q1 FY2023 of $98,267 compared to $24,693 in Q1 FY2022.
- Operating expenses: The Company recorded for this quarter operating expenses of $596,154 compared to $413,737 in Q1 FY2022. The increase in operating expenses are due to costs associated with obtaining additional regulatory approval and product development work.
- Net (loss) income: The Company recorded a net loss of $632,449 compared to a loss of $489,009 for the same period last year.
Balance Sheet Highlights
- Assets: The Company recorded a decrease of its assets by $52,808 between Q4 FY2022 and Q1 FY2023 which was mainly due to a decrease in income tax receivables.
- Liabilities: The Company’s liabilities increased by $579,641 between Q4 FY2022 and Q1 FY2023. The Company’s current liabilities increased by $255,101 or 2% was mainly due to deferred revenue and interest payables.
- Loans in default increased by $2,180 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 $256,005 or 2% 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.
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.
Markus Meile, CFO
Email: [email protected]
SOURCE: MedMira, Inc.