MedMira Reports Second Quarter Results FY2021
March 31 2021 - 9:00PM
MedMira Inc. (MedMira) (TSXV: MIR), reported today on its financial
results for the quarter ended January 31, 2021.
Profit and Loss Highlights
- Revenue: The
Company recorded revenues in Q2 FY2021 of $347,443 compared to
$95,012 in Q2 FY2020. The increase in revenue was due to the
Company’s additional revenues generated with the REVEALCOVID-19TM
Total Antibody Test and associated products and services.
- Gross Profit:
The Company recorded a gross profit in Q2 FY2020 of $238,137
compared to $79,213 for the same period last year. The overall
gross margin percentage on sales decreased by 9% from 83% in Q2
FY2020 to 74% in this financial quarter.
- Operating
expenses: The Company recorded for this quarter operating expenses
of $496,534 compared to $511,761 in Q2 FY2020.
- Net loss: The
Company recorded a net loss of $415,931 compared to $614,306 in Q2
FY2020. The decrease of 32% is due to additional sales generated by
the Company.
Balance Sheet Highlights
- Assets: The
Company had an decrease of its assets by $561,438 compared to last
quarter due to a decrease in cash required for the Company’s
product development and regulatory activities.
- Liabilities: The
Company’s liabilities decreased by $160,506 between Q1 FY2021 and
Q2 FY2021. The Company’s current liabilities increased by $463,177
or 3% due to existing loans have become payable.
- Loans in default
increased by $522,477 or 6% compared to last quarter due to
existing loans have become payble.
- Working Capital
deficit: As a result of the increases noted above, the Company
recorded higher working capital deficit of $976,160 or 7% 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
2019 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) 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
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