MedMira Reports Second Quarter Fiscal 2022 Results
HALIFAX, Nova Scotia, April 01, 2022–(BUSINESS WIRE)–MedMira Inc. (MedMira) (TSXV: MIR), today announced its financial results for the quarter ended January 31, 2022.
Profit and Loss Highlights
Revenues: The Company recorded revenues in Q2 2022 of $297,485, compared to $202,161 in Q1 2022 and compared to $347,443 for the same period last year. The decline in revenue from the second quarter of fiscal 2021 is due to the company temporarily halting sales of its REVEALCOVID-19® products pending receipt of EUA from the FDA.
Gross profit: The Company recorded a gross profit in Q2 2022 of $85,590 compared to $24,693 in Q1 2022 or compared to $238,137 for the same period last year.
Operating Expenses: The Company recorded operating expenses for this quarter of $445,201 compared to $413,727 in Q1 FY2022 and $496,535 in Q2 FY2021.
Net profit (loss): The Company recorded a net loss of $468,341 compared to a loss of $489,009 in the first quarter of fiscal 2022 and a net profit of $415,932 for the same period last year . The changes between the second quarter of fiscal 2022 and the same period last year are mainly due to lower revenues generated by the company’s sale of REVEALCOVID-19® products.
Balance Sheet Highlights
Assets: The Company recorded a decrease in its assets of $314,897 between the first quarter of fiscal 2022 and the second quarter of fiscal 2022, mainly due to a decrease in cash and trade receivables.
Liabilities: The Company’s liabilities decreased by $5,048,533 between the first quarter of Fiscal 2021 and the second quarter of Fiscal 2022. The Company’s current liabilities decreased by $5,007,122 or 26% mainly due to the conversion of the loan of the main shareholder of MedMira.
Defaulted loans decreased by $3,062,645 or 33% from last quarter.
Working capital deficit: As a result of the above changes, the Company recorded a lower working capital deficit of $4,743,981 or 29% compared to the last quarter.
The Company’s financial statements and management report are available on the Company’s profile on SEDAR at www.sedar.com. For going concern matters, reference is made to the auditor’s observation statement in the auditors’ report for the year ended 2020 and note 2b to 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 based on RVF technology provide hospitals, laboratories, clinics and individuals with instant diagnosis of diseases such as HIV and Hepatitis C in just three simple steps. The Company’s tests are sold under the Reveal®, Multiplo® and Miriad® brand names in global markets. MedMira’s corporate headquarters 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 press release contains forward-looking statements, which involve risks and uncertainties and reflect the company’s current expectations regarding future events, including statements regarding possible new product approvals and launches, future growth and new business opportunities. Actual events could differ materially from those projected here and depend on a number of factors, including, but not limited to, changing market conditions, the successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, the establishment of business alliances and other risks. detailed from time to time in the company’s quarterly documents.
Neither the 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.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220331006058/en/
Markus Meile, CFO
Email: [email protected]