MedMira Reports First Quarter Results FY2022
30 Diciembre 2021 - 9:00PM
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.
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
MedMira (TSXV:MIR)
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