HALIFAX, Nova Scotia, June 29, 2022 (GLOBE NEWSWIRE) -- MedMira Inc. (MedMira) (TSXV: MIR), reported today on its financial results for the quarter ended April 30, 2022.
Profit and Loss Highlights
Revenue: The Company recorded revenues in Q3 FY2022 of $323,925 compared to $64,631 for the same period last year. The increase in revenue in comparison with Q3 FY2021 was due to higher sales in for its Miriad®, Multiplo® and Reveal® product lines.
Gross Profit: The Company recorded a gross profit in Q3 FY2022 of $96,598 compared to $85,590 in Q2 FY2022 or compared to $30,884 for the same period last year.
Operating expenses: The Company recorded for this quarter operating expenses of $392,488 compared to $445,201 in Q2 FY2022 and compared to $233,300 in Q3 FY2021.
Net (loss) income: The Company recorded a net loss of $411,067 compared to a loss of $468,341 in Q2 FY2022 and compared to a net income of $415,932 for the same period last year.
Balance Sheet Highlights
Assets: The Company had a decrease of its assets by $455,708 between Q2 FY2022 and Q3 FY2022 which was mainly due to a decrease in cash offset
Liabilities: The Company’s liabilities decreased by $44,601 between Q2 FY2021 and Q3 FY2022. The Company’s current liabilities decreased by $3,203.
Loans in default decreased by $6,870 due to an increase in the strength of the Canadian dollar.
Working Capital deficit: As a result of the changes noted above, the Company recorded a higher working capital deficit of $463,206 or 4% 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