TORONTO, Feb. 28, 2022 /CNW/ - SQI Diagnostics Inc.
(TSXV: SQD) ( OTCQB: SQIDF), a leader in the science of lung health
that develops and manufactures respiratory health and precision
medicine tests today reported their financial and operational
results for the first quarter for fiscal year ending September 30, 2022.
"SQI continues to make new acquisitions and position itself
for growth in new lines of business," said Andrew Morris, President and CEO of SQI
Diagnostics. "We are excited to attract a broader array of new
customers, to engage in more cross-selling opportunities and use
accretive acquisition to support the aggressive launch of our lung
health products."
Q1 2022 Financial Highlights
- Sales were $0.06M in Q1 2022,
compared to $0.16M in Q1 2021. The
decrease in sales is mainly due to a production equipment issue
that impacted shipment of products during the quarter and a
strategic exit from the Lifesciences business as we focus on our
larger revenue markets in our lung health product and services
business
- Gross profit was $0.05M in Q1
2022, compared to $0.1M in Q1
2021
- SG&A expense was $1.7M in Q1
2022, compared to $1.8M in Q1 2021.
The decrease in SG&A expense can be attributed to lower
overhead expenses for sales as well as lower consulting costs for
external contractors that were engaged in the previous year to help
support the regulatory submission process.
- R&D expense was $1.7M in Q1
2022, compared to $1.8M in Q1
2021.
- Cash and cash equivalents were $3.4M as of December 31,
2021
- Net working capital was $2.7M as
of December 31, 2021, compared to
$0.7M on September 30, 2021
Corporate Highlights during the Quarter:
- The company completed its submission of RALI-Dx™ IL-6 Severity
Triage Test for an Interim Order to Health Canada
- The company completed a private placement of 26.9M units of the Company's shares at
$0.19 per unit, for gross proceeds of
$5.1M
- Following the quarter, the Company completed the acquisition of
Precision Biomonitoring Inc's human diagnostics COVID-19 PCR and
Rapid Antigen testing business and its TripleLock molecular
diagnostic testing technology for consideration of $6.8M, including $6.2M in cash.
About SQI Diagnostics
SQI Diagnostics is a leader in the science of lung health. The
Company develops and manufactures respiratory health and precision
medicine tests that run on SQI's fully automated systems. The
Company's tests simplify and improve COVID19 antibody monitoring,
Rapid Acute Lung Injury testing, donor organ transplant
informatics, and immunological protein and antibody testing. SQI
Diagnostics is driven to create and market life-saving testing
technologies that help more people in more places live longer,
healthier lives. For more information, please visit
www.sqidiagnostics.com.
Contact:
Chief Financial Officer
Morlan Reddock
416.674.9500 ext. 277
mreddock@sqidiagnostics.com
FORWARD-LOOKING INFORMATION
This press release contains certain words and statements,
which may constitute "forward-looking statements" within the
meaning of applicable securities laws relating to future events or
future performance and reflect the current expectations and
assumptions of the Company regarding its growth, results of
operations, performance, business prospects and opportunities.
These statements generally can be identified by use of
forward-looking words such as "may", "would", "could", "will",
"should", "expect", "plan", "estimate", "anticipate", "intends",
"believe", "potential", or "continue" or the negative thereof or
similar variations. The Company's actual results and performance
discussed herein could differ materially from those expressed or
implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Important factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market factors, competition, the effect of the
global pandemic and consequent economic disruption, and the factors
detailed in the Company's ongoing filings with the securities
regulatory authorities, available at www.sedar.com. Although the
forward-looking statements contained herein are based on what we
consider to be reasonable assumptions based on information
currently available to us, there can be no assurance that actual
events, performance or results will be consistent with these
forward looking statements, and our assumptions may prove to be
incorrect. Readers are cautioned not to place undue reliance on
these forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements either as a result of new information, future events or
otherwise, except as required by applicable law.
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.
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SOURCE SQI Diagnostics Inc.