Business
Braxia Scientific Reports Q1 Fiscal 2024 Financial Results
Toronto, Ontario--(Newsfile Corp. - August 30, 2023) - Braxia Scientific Corp. (CSE: BRAX) (OTC P...
About this update from Braxia Scientific Corp
[{"type":"text","content":"Braxia Scientific Reports Q1 Fiscal 2024 Financial ResultsToronto, Ontario--(Newsfile Corp. - August 30, 2023) - Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) (FSE: 4960) (\"Braxia Scientific\", or the \"Company\"), a medical research and telemedicine company with clinics providing innovative ketamine and psilocybin treatments for depression and related disorders, today announced the filing of its financial statements and management discussion and analysis for the three months ended June 30, 2023. Complete financial statements along with related management discussion and analysis can be found in the System for Electronic Document Analysis and Retrieval (SEDAR+), the electronic filing system for the disclosure documents of issuers across Canada, at www.sedarplus.ca. “While the Company continues to face challenges, including in accessing capital through public markets,  during the first  quarter our clinics did experience increasing demand from new referrals for ketamine treatments, which increased our patient base and treatment volumes across our clinics,” said Dr. Roger McIntyre, CEO, Braxia Scientific. “We also made further progress in reducing expenses and improving efficiencies as we also focus on improving revenue through increasing patient volumes.”Dr. McIntyre continued: “Additionally, our discussions with various potential strategic partners remain ongoing given the challenging environment in accessing capital. The Company maintains its priorities and growth objectives however, the Company also continues to look to access alternative sources of capital as well as seek other partnerships to support our growth objectives.  If we are unable to raise additional funding in the short term, we will to look at alternate courses of actions including, but not limited to, further cost reductions, restructuring and the potential scaling back of clinic locations. I remain confident that we can continue to grow our promising clinical business.”  Q1 2024 Financial Summary and Recent HighlightsQ1 2024 revenue increased 44% to $0.600 million year-over-year for the period ending June 30, 2023.Net loss was $0.809 million for the three months ended June 30, 2023, compared to a net loss of $0.969 million for the three months ended June 30, 2023.  As at June 3...