HALIFAX, Nova Scotia, Dec. 30, 2021 (GLOBE NEWSWIRE) — MedMira Inc. (MedMira) (TSXV: MIR), reported today on its financial results for the quarter ended October 31, 2021.
Profit and Loss Highlights
- Revenue: The Company recorded revenues in Q1 FY2022 of $202,161 compared to $110,339 in Q4 FY2021 and compared to $1,602,823 for the same period last year. The decrease in revenue in comparison with Q1 FY2021 was due to the Company’s temporary halt on selling its REVEALCOVID-19® products until the FDA EUA has been received.
- Gross Profit: The Company recorded a gross profit in Q1 FY2022 of $24,693 compared to $85,497 in Q4 FY2021 or compared to $1,362,271 for the same period last year.
- Operating expenses: The Company recorded for this quarter operating expenses of $413,727 compared to $611.716 in Q4 FY2021 and compared to $478,921 in Q1 FY2021.
- Net (loss) income: The Company recorded a net loss of $489,009 compared to a loss of $636,980 in Q4 FY2021 and compared to a net income of $715,172 for the same period last year. The changes between Q1 FY2022 compared the same period last year are mainly due to lower revenues generated from the Company’s sale of REVEALCOVID-19® products.
Balance Sheet Highlights
- Assets: The Company had an increase of its assets by $978,387 between Q4 FY2021 and Q1 FY2022 which was mainly due to an increase in cash and trade receivables.
- Liabilities: The Company’s liabilities increased by $1,469,896 between Q4 FY2021 and Q1 FY2022. The Company’s current liabilities increased by $1,497,190 or 9% was mainly due to an advance from MedMira Holding AG for its subsequent equity investment. This advance has been converted in Q2 FY2022 into equity.
- Loans in default decreased by $2,146 or less than 1% compared to last quarter. All long and short terms debts are currently under negotiation to restructure terms and conditions of repayment. Subsequent to the end of Q1 FY2022, the Company decreased its loans by approximately 32%.
- Working Capital deficit: As a result of the changes noted above, the Company recorded a higher working capital deficit of $470,422 or 3% 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]