HALIFAX, Nova Scotia, December 30, 2021 (GLOBE NEWSWIRE) – MedMira Inc. (MedMira) (TSXV: MIR), today announced its financial results for the quarter ended October 31, 2021.
Profit and Loss Highlights
- Revenues: The Company recorded revenues for the first quarter of fiscal 2022 of $ 202,161, compared to $ 110,339 in the fourth quarter of fiscal 2021 and $ 1,602,823 for the same period last year. The decrease in sales compared to the first quarter of fiscal 2021 is due to the Company’s temporary cessation of sales of its REVEALCOVID-19Â® products until receipt of the EUA from the FDA.
- Gross profit: The company reported gross profit in the first quarter of fiscal 2022 of $ 24,693, compared to $ 85,497 in the fourth quarter of fiscal 2021 or compared to $ 1,362,271 for the same period per year last.
- Operating Expenses: The Company recorded operating expenses for this quarter of $ 413,727, compared to $ 611,716 in the fourth quarter of fiscal 2021 and $ 478,921 in the first quarter of fiscal 2021.
- Net earnings (loss): The Company recorded a net loss of $ 489,009, compared to a loss of $ 636,980 in the fourth quarter of fiscal 2021 and net income of $ 715,172 for the same period. last year. The variations between the first quarter of fiscal 2022 compared to the same period last year are mainly due to the decrease in revenues generated by the sale of REVEALCOVID-19Â® products by the Company.
Highlights of the balance sheet
- Assets: The Company saw its assets increase by $ 978,387 between the fourth quarter of fiscal 2021 and the first quarter of fiscal 2022, primarily due to an increase in cash and accounts receivable.
- Liabilities: The Company’s liabilities increased by $ 1,469,896 between the fourth quarter of fiscal 2021 and the first quarter of fiscal 2022. The Company’s current liabilities increased by $ 1,497,190 or 9 %, mainly due to an advance from MedMira Holding AG for its subsequent investment in shares. This advance was converted in Q2 FY2022 into equity.
- Loans in default were down $ 2,146 or less than 1% from the prior quarter. All short and long term debts are currently being negotiated to restructure the repayment terms. After the end of the first quarter of fiscal 2022, the Company reduced its loans by approximately 32%.
- Working capital deficit: Due to the changes mentioned above, the Company recorded a higher working capital deficit of $ 470,422 or 3% compared to the previous quarter.
The Company’s financial statements and MD&A 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 statement in the auditors’ report for the year ended 2020 and to note 2b of the audited financial statements which are also available on SEDAR.
MedMira is the developer and owner of Rapid Vertical Flow (RVF) Â® 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 easy steps. The Company’s tests are sold under the RevealÂ®, MultiploÂ® and MiriadÂ® brands in global markets. MedMira’s head office 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 the approval and possible launch of new products, future growth and new business opportunities. Actual events could differ materially from those anticipated herein and depend on a number of factors including, but not limited to, changes in market conditions, successful and timely completion of studies clinical, uncertainties associated with the regulatory approval process, establishment of corporate 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.
Markus Meile, Chief Financial Officer
Phone. : 902-450-1588
Email: [email protected]