HALIFAX, NS / ACCESSWIRE / April 3, 2023 / MedMira Inc. (MedMira) (TSXV:MIR), reported today on its financial results for the quarter ended January 31, 2023.
Corporate Update Summary
During the second 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 patented quantitative diagnostic system - MiROQ. Subsequent to Q2 FY2023, the Company completed the first design and commenced on the software development with experienced third parties. In January 2023, the Company received the CE mark for its VYRATM CoV2Flu 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 the trademarks for its VYRA® (Virus antigen), BYRA® (bacterial) and PYRA® (parasites) product lines. In addition, MedMira launched its partnership with two established distribution partners in the USA and Latin America which provided the Company access to a substantial number of new customers.
In the second quarter of 2023, the Company continued its regulatory work for its VYRA® TriDemic, Reveal® HIV (CLIA) and its Reveal® HCV rapid tests. Subsequent to Q2 FY2023, MedMira started its clinical trials for its Reveal® TP (Syphilis) rapid test in Canada.
Profit and Loss Highlights
- Revenue: The Company recorded revenues in Q2 FY2023 of $170,538 compared to $120,770 in Q1 FY2023 and compared to $297,485 in the same period last year.
- Gross Profit: The Company recorded a gross profit in Q2 FY2023 of $89,937 compared to $98,267 in Q1 FY2023 and compared to $85,590 in the same period last year in Q1 FY2022.
- Operating expenses: The Company recorded for this quarter operating expenses of $459,746 compared to $596,154 in Q1 FY2023 and compared to $445,201 in Q2 FY2022.
- Net (loss) income: The Company recorded a net loss of $490,508 compared to a loss of $468,341 for the same period last year.
Balance Sheet Highlights
- Assets: The Company recorded a decrease of its assets by $52,708 between Q1 FY2023 and Q2 FY2023 which was was mainly due to depreciation of fixed assets not current assets.
- Liabilities: The Company's liabilities increased by $437,800 between Q1 FY2023 and Q2 FY2023. The Company's current liabilities increased by $238,176 or 2% was mainly due to deferred revenue.
- Loans in default increased by $343,148 or less than 4% compared to last quarter.
- Working Capital deficit: As a result of the changes noted above, the Company recorded a higher working capital deficit of $237,586 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.
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, VYRA 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
View source version on accesswire.com:https://www.accesswire.com/747355/MedMira-Reports-Second-Quarter-Results-FY2023
