HALIFAX, NS / ACCESS Newswire / April 1, 2026 / MedMira Inc. (MedMira) (TSXV:MIR), reported today on its financial results for the quarter ended January 31, 2026.
Corporate update
In Q2 FY2026, the Company signed a distribution agreement with McKesson, the world's second largest wholesalers in health care. This partnership allows MedMira to reach more customers and benefit from an excellent service and network provided by a leading supplier of medical and surgical products in North America. McKesson's Medical-Surgical Supplies division serves over 200,000 customers and provides in 95% of US locations next-day delivery. As a result, MedMira is able to expand its access to private, state and federal clients to continuously grow its sales and brand recognition.
The product offering through McKesson USA is for all of MedMira's FDA approved products and its Miriad product line (RUO). In Canada, McKesson Canada offers all of the Company's Health Canada approved products such as the Multiplo TP/HIV rapid test.
In Q2 FY2026, the results of the first phase of the clinical trials of MedMira's Multiplo Complete Syphilis (TP/nTP) Antibody Test (Multiplo TP/nTP) were published by the BMC Infectious Diseases Journal accessible at: https://pubmed.ncbi.nlm.nih.gov/41361278/.
The study not only outlined the high sensitivity and specificity of MedMira's Multiplo TP/nTP, it also showcased the need for a new generation of rapid test that provide an immediate answer to treat or not treat (medical stewardship). The data published has been submitted to Health Canada for review.
At the same time, clinical trials for MedMira's Multiplo TP/HIV self-test have steadily progressed to achieve the required number for regulatory approval in Canada. At the time regulatory approval can be obtained, MedMira will offer the first TP/HIV self-test solution in Canada.
Subsequent to Q2 FY2026, the Company has continued to work on the commercial version of MedMira's unique MiROQ technology. MedMira's patented novel diagnostic system allows for accessible and efficient diagnostic tools for quantitative results in minutes. Whereas the development of the prototype is ongoing, a first version of the supporting software solution has been developed.
Profit and Loss Highlights
Revenue: The Company recorded revenues in Q2 FY2026 of $24,503 compared to Q1 FY2026 $54,208 and $69,001 in the same period last year. The Company recorded significantly lower revenue during the months of November and December 2025. This is due to delay in sales orders mainly associated with the government shutdown that had a negative after effect on the ordering process. As of Q3 FY2026, this situation has been stabilized.
Gross Profit: The Company recorded a gross profit in Q2 FY2026 of $18,132 compared to $42,300 in Q1 FY2026 and $45,643 in the same period last year.
Operating expenses: The Company recorded for this quarter operating expenses of $423,180 compared to $635,122 in Q1 FY2026 and $1,141,481 in the same period last year. Due to the reduced sales, the Company adjusted its operating expenses to counter-act on the temporary sales reduction.
Net loss: The Company recorded a net loss in Q2 FY2025 of $1,199,918 compared to a net loss of $590,789 for the quarter last year.
Balance Sheet Highlights
Assets: The Company recorded decreased of its assets by $18,213 between Q1 FY2026 and Q2 FY2026 which was due to an increase of cash offset by depreciation of the corporate assets.
Liabilities: The Company's liabilities increased by $639,339 between Q1 FY2026 and Q2 FY2026. The Company's current liabilities increased by $623,180 which was mainly due to an increase in accounts payable and accrued liabilities.
Loans in default increased by $201,541 due to the fluctuations in the United States Dollar and the Swiss Franc. All long and short terms debts are currently under negotiation to restructure terms and conditions of repayment.
Working Capital deficit: As a result of the changes noted above, the Company recorded a higher working capital deficit of $567,328 or an increase of 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 2025 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 the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/healthcare-and-pharmaceutical/medmira-reports-second-quarter-results-fy2025-1154492
