Business
Mednow Achieves Record Q3 2023 Financial Results with Quarterly Revenue of $12.8 Million; 13% Q/Q Revenue Growth and 105% Y/Y Revenue Growth; Continues to Focus on Core Virtual Pharmacy Growth and Cost Reductions
Mednow Achieves Record Q3 2023 Financial Results with Quarterly Revenue of $12.8 Million; 13% Q/Q Revenue Growth and 105% Y/Y Revenue Growth; Continues to Focus on Core Virtual Pharmacy Growth and Cost Reductions.
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 April 30, 2023 (“Q3 2023”). Mednow’s Financial Statements and Management, Discussion & Analysis are available on sedar.com and on the Company’s website, https://investors.mednow.ca. With a renewed focus on its core offerings of technology-enabled virtual pharmacy and virtual care experiences, Mednow is executing on its plan to modernize the $47 Billion pharmacy industry.(1) This update outlines the key areas of our strategic plan and showcases the early success of our disruptive virtual pharmacy experience.\n\n\nOperational highlights focus on increased growth in core virtual pharmacy and virtual pharmacy services\n\n\n\nVirtual Pharmacy Growth: Strong base developed in the “build phase” and now ready to pursue large partnership launches;\n\n\nAnnualized monthly revenue for virtual care pharmacy and Medvisit grew in May 2023 to $4.7M on an annualized basis.\n\n\n\n\n\n\nUser growth has been strong with Mednow app registrations at 17K and pharmacy patients of 8K as of May 2023 (up approximately 700% from 1K pharmacy patients in January 2022);\n\n\n\nGross margin expansion roadmap includes a focus on higher margin: chronic conditions, virtual clinical services, non-prescription sales and regularly scheduled subscription drug sales, all coupled with high customer retention.\n\n\n\nThe pharmacy industry is ready for a change to digital pharmacy\n\n\n\nPharmacy is a large “offline” industry\n\n\n$47 billion dollar Canadian pharmacy market(1), has a relatively small penetration rate online today based on management estimates;\n\n\n\nCanada has a favorable competitive environment for virtual pharmacy; and\n\n\n\nThe U.S. already has large virtual pharmacy players (2)\n\n\n\n\n\n\n$4 billion in annual costs to the Canadian health care system from 5% of emergency room and physician visits due to drug non-adherence(3)\n\n\n\n20% of family doctors are anticipated to retire in the next 5 years in Toronto(4)\n\n\n\n6.5 million Canadians without a family doctor(5)\n\n\n\n28% of Canadians believe health care is in crisis compared to 10% one decade earlier(6)\n\n\n\n48% of Canadians ...