Business
Mednow Achieves Record Q1 2023 Financial Results with Quarterly Revenue of $9.7 Million; 35% Q/Q Revenue Growth and 1,300% Y/Y Revenue Growth; Costs Down 30% and Cash Flow from Operations Improved by 38% Q/Q
Mednow Achieves Record Q1 2023 Financial Results with Quarterly Revenue of $9.7 Million; 35% Q/Q Revenue Growth and 1,300% Y/Y Revenue Growth; Costs Down 30% and Cash Flow from Operations Improved by 38% Q/Q.
About this update from Mednow Inc.
[{"type":"text","content":"\nMednow Inc. (“Mednow'' or the “Company”) (TSXV:MNOW), Canada’s on-demand virtual pharmacy, is pleased to announce it has released its financial results for the period ending October 31, 2022 (“Q1 2023”). Mednow’s Financial Statements and Management, Discussion & Analysis are available on sedar.com and on the Company’s website, https://investors.mednow.ca.\n\nKey Milestones, M&A and Partnerships During and Subsequent to Q1 2023:\n\n\nSignificant revenue growth. Q1/23 revenue increased approximately 35% Q/Q to $9.7 million, and approximately 1,300% year-over-year\n\n\nPatient growth. Mednow patient count increased quarter-over-quarter, growing by approximately 13% to ~35,000 in Q1’23 versus ~31,000 in Q4’22\n\n\nSignificant cost reductions and operational streamlining to drive towards cash flow positive status. Having completed the “build & buy” phase, Mednow has delivered on its goal to establish the core infrastructure required for its national virtual pharmacy ambitions. The company has taken the learnings from initial time in market and refined strategy to adjust to of that experience as well as macroeconomic conditions\n\n\nIntegration of acquisitions. Cost synergies have been achieved through the integration of acquisitions. This includes the consolidation of call centers, pharmacy operations and patient outreach programs. The resulting merged entities produce more revenue from cross-selling and have less overall costs for the Company.\n\n\nCore business streamlining. Costs were reduced in respect of personnel, technology, CAPEX, marketing, and SG&A due to efficiencies.\n\n\n\n\nAsset-light model for select regions. Mednow has shifted from a strategy of owning the pharmacies in all its provinces, to funding only pharmacies in the three largest provinces (Ontario, British Columbia and Quebec). In the rest of the country Mednow is moving to a partner pharmacy and franchising model. This allows Mednow to maintain the same high level of pharmacy care through a preferred provider network (PPN) that provides national coverage, while significantly reducing costs.\n\n\nMednow continues to own and operate pharmacies in Ontario and British Columbia along with a franchise in the province of Quebec.\n\n\nIn other regions of the country Mednow will ...