Business
Mednow Achieves Record Q2 2023 Financial Results with Quarterly Revenue of $11.3 Million; 17% Q/Q Revenue Growth and 466% Y/Y Revenue Growth; Adjusted EBITDA Improved 32% Y/Y; and Cash Flow from Operations Improved by 7% Q/Q
Mednow Achieves Record Q2 2023 Financial Results with Quarterly Revenue of $11.3 Million; 17% Q/Q Revenue Growth and 466% Y/Y Revenue Growth; Adjusted EBITDA Improved 32% Y/Y; and Cash Flow from Operations Improved by 7% Q/Q.
About this update from Mednow Inc.
[{"type":"text","content":"\nMednow Inc. (“Mednow'' or the “Company”) (TSXV:MNOW) (OTCQX:MDNWF), Canada’s on-demand virtual pharmacy, is pleased to announce it has released its financial results for the period ending January 31, 2023 (“Q2 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 Q2 2023:\n\n\nSignificant revenue growth. Q2/23 revenue increased approximately 17% Q/Q to $11.3 million, and approximately 466% year-over-year\n\n\nPatient growth. Mednow patient count increased quarter-over-quarter, growing by approximately 9% to ~38,000 in Q2’23 versus ~35,000 in Q1’23\n\n\nMednow has implemented significant cost reductions and operational streamlining initiatives, aimed at achieving a cash flow positive status. The company has recently completed the \"build & buy\" phase, which has enabled it to establish the core infrastructure required for its national virtual pharmacy ambitions. Mednow has also leveraged the insights gained from its initial time in the market and has refined its strategy to focus on core business lines and adapting to changing macroeconomic conditions. These efforts are aimed at driving operational efficiency and ensuring sustainable growth.\n\n\nTotal cost base reduced. Total operating costs (excluding COGS, impairment, share-based compensation and depreciation) decreased by 6% Q/Q\n\n\nPeople costs reduced. People costs were reduced by 11% Q/Q\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\nMednow for Business (“MFB”) continues to drive growth with partner signings. MFB has demonstrated strong traction, with access to over 500,000 lives.\n\n\nMFB also offers wellness and digital health programs to their employees, providing a broad spectrum of solutions, i...