Business
MedMira Reports Second Quarter Results FY2023
HALIFAX, NS / ACCESSWIRE / April 3, 2023 / MedMira Inc. (MedMira) (TSXV:MIR), reported today on ...
About this update from Medmira Inc.
[{"type":"text","content":"MedMira Reports Second Quarter Results FY2023HALIFAX, NS / ACCESSWIRE / April 3, 2023 / MedMira Inc. (MedMira) (TSXV:MIR), reported today on its financial results for the quarter ended January 31, 2023.Corporate Update SummaryDuring the second financial quarter of 2023, MedMira continued its focus on its COVID-19 and Sexually Transmitted Infections (STI) product lines while continuing its work for its unique patented quantitative diagnostic system - MiROQ. Subsequent to Q2 FY2023, the Company completed the first design and commenced on the software development with experienced third parties. In January 2023, the Company received the CE mark for its VYRATM CoV2Flu antigen test and launched the product with its strategically positioned distribution partners in Europe. Subsequent to the end of the first financial quarter of 2023, MedMira received the trademarks for its VYRA® (Virus antigen), BYRA® (bacterial) and PYRA® (parasites) product lines. In addition, MedMira launched its partnership with two established distribution partners in the USA and Latin America which provided the Company access to a substantial number of new customers.In the second quarter of 2023, the Company continued its regulatory work for its VYRA® TriDemic, Reveal® HIV (CLIA) and its Reveal® HCV rapid tests. Subsequent to Q2 FY2023, MedMira started its clinical trials for its Reveal® TP (Syphilis) rapid test in Canada.Profit and Loss HighlightsRevenue: The Company recorded revenues in Q2 FY2023 of $170,538 compared to $120,770 in Q1 FY2023 and compared to $297,485 in the same period last year.Gross Profit: The Company recorded a gross profit in Q2 FY2023 of $89,937 compared to $98,267 in Q1 FY2023 and compared to $85,590 in the same period last year in Q1 FY2022.Operating expenses: The Company recorded for this quarter operating expenses of $459,746 compared to $596,154 in Q1 FY2023 and compared to $445,201 in Q2 FY2022.Net (loss) income: The Company recorded a net loss of $490,508 compared to a loss of $468,341 for the same period last year.Balance Sheet HighlightsAssets: The Company recorded a decrease of its assets by $52,708 between Q1 FY2023 and Q2 FY2023 which was was mainly due to depreciation of fixed assets not current assets.Liabilities: The Company's liabilities increased by $437,800 between Q1 FY2023 and Q2 FY202...