HALIFAX, Nova Scotia, November 30, 2021 (GLOBE NEWSWIRE) – MedMira Inc. (MedMira) (TSXV: MIR), today announced its financial results for the year ended July 31, 2021.
Profit and Loss Highlights
Revenue: The Company recorded revenue of $ 2,060,497 in Fiscal 2021, compared to $ 588,836 in Fiscal 2020. The increase in revenue is due to the additional revenue of the Company generated with the REVEALCOVID -19MT Total antibody test.
Gross profit: The company recorded gross profit of $ 1,716,789 in fiscal 2021, compared to $ 371,220 for the same period last year.
Operating expenses: During this fiscal year, the Company recorded operating expenses of $ 1,905,974 compared to $ 1,872,437 for fiscal 2020. The increase of approximately 2% in operating expenses is due to the additional labor costs associated with improving the Company’s production of REVEALCOVID-19.MT Total antibody test.
Net loss: The Company recorded a net loss of $ 675,797, compared to $ 2,045,386 in fiscal 2020.
Highlights of the balance sheet
Assets: The Company had forecast a decrease in its assets of $ 493,997 from the prior year, primarily due to a decrease in available cash during the fourth quarter of fiscal 2021.
Liabilities: The Company’s liabilities increased by $ 655,545 or 3% between fiscal 2020 and fiscal 2021. This was due to additional short-term loans received during fiscal 2021.
Loans in default increased slightly by $ 560,737 or 7% from the prior year. This increase is due to the maturity of a related party loan in fiscal year 2021. All long and short term debts are currently being negotiated to restructure the repayment terms.
Working Capital Deficit: Due to the increases mentioned above, the Company recorded a lower working capital deficit of $ 942,938 or 6% compared to the prior year.
The Company’s financial statements and MD&A 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 statement in the auditors’ report for the year ended 2020 and to note 2b of the audited financial statements which are also available on SEDAR.
MedMira is the developer and owner of Rapid Vertical Flow (RVF) Â® technology. The company’s rapid test applications based on RVF technology provide hospitals, laboratories, clinics and individuals with instant diagnosis of diseases such as HIV and hepatitis C in just three easy steps. The Company’s tests are sold under the RevealÂ®, MultiploÂ® and MiriadÂ® brands in global markets. MedMira’s head office 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 press release contains forward-looking statements, which involve risks and uncertainties and reflect the Company’s current expectations regarding future events, including statements regarding the approval and possible launch of new products, future growth and new business opportunities. Actual events could differ materially from those anticipated herein and depend on a number of factors including, but not limited to, changes in market conditions, successful and timely completion of studies clinical, uncertainties associated with the regulatory approval process, establishment of corporate alliances and other risks. detailed from time to time in the company’s quarterly documents.
Neither the 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.
Markus Meile, Chief Financial Officer
Phone. : 902-450-1588
Email: [email protected]