MedMira Reports First Quarter Results
December 22 2017 - 6:00PM
MedMira Inc. (MedMira) (TSX-V:MIR), reported today on its financial
results for the quarter ended October 31, 2017.
Profit and Loss Highlights
- Revenue: In Q1 FY2018, the Company recorded revenue of $143,042
compared to $212,245 in Q1 FY2017. The decrease in revenue was due
to management’s shift in strategy to focus on high profit margin
markets. As outlined below, this strategy has provided the Company
a higher contribution margin and also had an indirect effect on
lowering expenses.
- Gross Profit: The Company recorded a gross profit in Q1 FY2018
of $112,604 compared to $119,602 for the same period last year. The
overall gross margin percentage on sales increased by 23%, from 56%
in Q1 FY2017 to 79% in this financial quarter.
- Operating expenses: In Q1 FY2018 the Company recorded operating
expenses of $579,860 compared to $827,081 in Q1 FY2017. The
decrease of 30% in operating expenses resulted in a reduction of
the Company’s net loss by 21% compared to same quarter in
FY2017.
- Net loss: The Company recorded a net loss of $636,174 compared
to $801,809 in Q1 FY2017.
Balance Sheet Highlights
- Assets: The Company had an expected decrease of its assets by
$54,488 or 8% compared to last quarter due to depreciation and
changes in the Company’s inventory.
- Liabilities: The Company’s liabilities increased by $500,227 or
5% between Q4 FY2017 and Q1 FY2018. The Company’s current
liabilities increased by $737,723 or 7% due to interest payables,
accrued payables, and due to long term loans becoming current.
- Loans: Loans in default increased by $732,965 or 11% compared
to last quarter. All long and short terms debts are currently under
negotiation to restructure terms and conditions of repayment.
- Working Capital deficit: As a result of the above, the Company
recorded an increase of its working capital deficit by $767,979 or
8% 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 2017 Auditors Report and note 2b
in the audited financial statements which is also available on
SEDAR.
About MedMira
MedMira is the developer and owner of Rapid
Vertical Flow (RVF) Technologyä. 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: m.meile@medmira.com
Andrea Young, Corporate CommunicationsTel:
902-450-1588Email: ayoung@medmira.com
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