HALIFAX, NS / ACCESSWIRE / July 2, 2024 / MedMira Inc. (MedMira) (TSXV:MIR), reported today on its financial results for the quarter ended April 30, 2024.
Corporate update
In Q3 FY2024, MedMira focused on the launch of MedMira's latest US FDA approved Reveal® G4 Rapid HIV 1/2 antibody test and continued its regulatory work in Canada and the United States. At the same time, the Company collaborated with a third party to complete MedMira's next commercial prototype for its patented MiROQ system.
MedMira successfully launched the Reveal® G4 Rapid HIV 1/2 with its existing distribution partners and secured a number of direct clients through MedMira's US based sales team. As a result the Company was able to close a number of strategically important key accounts. In addition, the Company partnered with new distributors such as Thomas Scientific to complement MedMira's existing distribution partners (VWR/Avantor), Cardinal Health and Medline Industries). This allows the Company to access the majority of the hospital and laboratory market in the USA and in Canada.
Subsequent to Q3 FY2024, the Company received the award confirmation for its latest funded clinical trials in Canada. ReachNexus has committed to fully fund and support MedMira's Health Canada approval, including the multi-million dollar clinical trials. MedMira's unique Complete Syphilis (Tp/nTP) test has been selected for this award. MedMira will issue a press release after the 17th of July 2024, at the time the official announcement has been made by the funding agency.
Profit and Loss Highlights
Revenue: The Company recorded revenues in Q3 FY2024 of $81,548 compared to Q2 FY2024 $148,696 and $106,010 in the same period last year.
Gross Profit: The Company recorded a gross profit in Q2 FY2024 of $50,305 compared to $68,137 in Q2 FY2024 and $71,257 in the same period last year.
Operating expenses: The Company recorded for this quarter operating expenses of $653,398 compared to $579,374 in Q2 FY2024 and $693,673 in the same period last year.
Net loss: The Company recorded a net loss of $603,093 compared to a loss of $632,416 for the same period last year.
Balance Sheet Highlights
Assets: The Company recorded an increase of its assets by $1,899,329 between Q2 FY2024 and Q3 FY2024 which was mainly due to the cash received from an investor.
Liabilities: The Company's liabilities increased by $2,679,476 between Q2 FY2024 and Q3 FY2024. The Company's current liabilities increased by $2,750,899 which was mainly due to increase in advances.
Loans in default decreased by $6,309 due to the fluctuations in the United States Dollar and the Swiss Franc. All other 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 lower working capital deficit of $796,370 or 5% 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 2023 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.
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