HALIFAX, Nova Scotia, June 29, 2021 (GLOBE NEWSWIRE) -- MedMira Inc. (MedMira) (TSXV: MIR), reported today on its financial results for the quarter ended April 30, 2021.

Profit and Loss Highlights

  • Revenue: The Company recorded revenues in Q3 FY2021 of $64,631 compared to $87,207 in Q3 FY2020.
  • Gross Profit: The Company recorded a gross profit in Q3 FY2021 of $30,884 compared to $70,344 for the same period last year. The overall gross margin percentage on sales decreased by 33% from 80% in Q2 FY2020 to 47% in this financial quarter. This decrease was solely due to an extraordinary inventory adjustment in this quarter.
  • Operating expenses: The Company recorded for this quarter operating expenses of $233,300 compared to $602,996 in Q3 FY2020.
  • Net loss: The Company recorded a net loss of $338,053 compared to $692,479 in Q3 FY2020. The decrease of 51% is due to more favourable currency exchange rates.

Balance Sheet Highlights

  • Assets: The Company had a decrease of its assets by $320,393 compared to last quarter due to a decrease in cash required for the Company’s regulatory work.
  • Liabilities: The Company’s liabilities increased by $17,661 between Q2 FY2021 and Q3 FY2021. The Company’s current liabilities increased by $262,728 or 2% due to loans provided to the Company.
  • Loans in default increased by $26,613 or 0.3% compared to last quarter.
  • Working Capital deficit: As a result of the increases noted above, the Company recorded higher working capital deficit of $531,039 or 4% 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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