MedMira Reports Third Quarter Results FY2021
29 Junho 2021 - 11:00PM
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
MedMira (TSXV:MIR)
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