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MedMira Reports FY2021 Fourth Quarter and Year End Financial Results

HALIFAX, NS / ACCESSWIRE / November 29, 2022 / MedMira Inc. (MedMira) MIR, reported today on its financial results for the financial year ended July 31, 2022.

Profit and Loss Highlights

  • Revenue: The Company recorded sales and service revenues in FY2022 of $952,127 compared to $2,144,470 in FY2021. The decrease was mainly due to a temporary halt in sales for its COVID-19 product line which has been a major contributor to the Company's FY2021 sales. Subsequent to the FY2022, sales increased for non-COVID-19 related products and with the receipt of the CE mark of the Company's VYRATM COVID-19 product.
  • Gross Profit: The Company recorded a gross profit in FY2022 of $304,027 compared to $1,721,742 for the same period last year. Gross profit margin generated in FY2022 was 85% compared to 83% in FY2021.
  • Operating expenses: In this financial year, the Company recorded operating expenses of $1,757,249 compared to $1,905,974 in FY2021.
  • Net loss: The Company recorded a net loss of $1,831,576 compared to $675,797 in FY2021.

Balance Sheet Highlights

  • Assets: The Company had decrease of its assets by $60,499 compared to last financial year which was mainly due to depreciation on plant and equipment.
  • Liabilities: The Company's liabilities decreased by $3,428,400 or 17% between FY2021 and FY2022. This significant debt reduction was mainly due to the conversion of debt into equity by MedMira's related parties.
  • Loans in default: As a result of the decrease noted above, the Company significantly decreased its loans in default by $3,082,149 or 34% compared to the previous financial year. In addition, the Company entered into an agreement with its largest debt holder to postpone its interest and principal payments for 12 months. 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 decreases noted above, the Company recorded a lower working capital deficit of $3,358,953 or 21% compared to last financial year.

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 2022 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.

View source version on accesswire.com:

https://www.accesswire.com/729067/MedMira-Reports-FY2021-Fourth-Quarter-and-Year-End-Financial-Results

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