HALIFAX, Nova Scotia, March 31, 2021 (GLOBE NEWSWIRE) -- 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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