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Mednow Achieves Record Q4 2022 Financial Results with +11% Q/Q Revenue Growth and 5,700% Y/Y Revenue Growth
Mednow Achieves Record Q4 2022 Financial Results with +11% Q/Q Revenue Growth and 5,700% Y/Y Revenue Growth.
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 July 31th, 2022 (“Q4 2022”). 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 M&A, Partnerships and Milestones During and Subsequent to Q4 2022:\n\nKey Financials\n\n\nRevenue increased by 11% quarter-over-quarter, to $7,206,664 during the three months period ended July 31, 2022, driven primarily by sales from the Company's retail pharmacy operating segment.\n\n\nRetail pharmacies based in British Columbia, Manitoba, Ontario and Nova Scotia collectively generated revenue of $6,698,297, as compared to $0 in the prior year comparative period.\n\n\nRevenue generated by doctor services was $482,366 as compared to $0 in the prior year comparative period.\n\n\n\n\nGross margin for the quarter increased 262% year-over-year to $449,003, as compared $124,200 in the prior year comparative period.\n\n\nEBITDA for the year was a loss of $13,319,073, as compared to a loss of $3,753,496 in the prior year comparative period, representing a decrease in EBITDA of $9,565,577 compared to the prior comparative period.\n\n\nThe change is primarily driven by increased corporate costs, such as increased headcount, technology development and marketing as the Company has continued to build out its internal teams in order to scale and grow its businesses.\n\n\n\n\nAdjusted EBITDA for the quarter was a loss of $4,614,122, as compared to a loss of $2,203,582 in the prior year comparative period, representing a decrease in adjusted EBITDA of $2,410,540.\n\n\nAdjusted EBITDA has been adjusted for certain items.\n\n\n\n\n2022 operational milestones\n\nIn addition to these strong and forecasted results, it is also important to understand the long-term potential of the national digital pharmacy distribution network that has been established by the company pursuant to the following:\n\n\nPatient Growth: Mednow patient count increased significantly quarter over quarter, growing by approximately 35% to ~31,000 in Q4 versus ~23,000 in Q3.\n\n\nPharmacy Licenses: 9 Provincially licensed pharmacies, allowing Mednow to ship to Can...