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Mednow Beats Guidance & Achieves Record Q3 2022 Financial Results with 225% Q/Q Revenue Growth and 4,800% Y/Y Revenue Growth and Appoints Ali Reyhany CEO
Mednow Beats Guidance & Achieves Record Q3 2022 Financial Results with 225% Q/Q Revenue Growth and 4,800% Y/Y Revenue Growth and Appoints Ali Reyhany CEO.
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 30th, 2022 (“Q3 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 Milestones During and Subsequent to Q3 2022:\n\nKey Financials\n\n\nRevenue increased by 225% quarter-over-quarter, to $6,136,511 during the three months period ended April 30, 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 $5,712,574, as compared to $0 in the prior year comparative period.\n\n\nRevenue generated by doctor services was $382,537, as compared to $0 in the prior year comparative period.\n\n\nRevenue was $41,400 from its pharmacy agreement with Mednow East Inc., as compared to $124,200 of revenue in the prior year comparative period, which was generated from pharmacy agreements with Mednow East Inc. and an equal amount with Mednow West.\n\n\n\n\nGross margin for the quarter increased 900% year-over-year to $1,232,876, as compared $124,200 in the prior year comparative period.\n\n\nEBITDA for the quarter was a loss of $5,193,732, as compared to a loss of $3,359,184 in the prior year comparative period, representing a decrease in EBITDA of $1,834,548 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 $4,444,474, as compared to a loss of $1,882,454 in the prior year comparative period, representing a decrease in adjusted EBITDA of $2,562,020.\n\n\nAdjusted EBITDA has been adjusted for certain items as explained further below under the heading “Definitions of Certain Non-IFRS Financial Measures.”\n\n\n\n\nKey Metrics\n\n\nOn February 24, 2022, Mednow provided annual forecasted growth figures for the calendar years 2022 and 2023.\n\n\nFor the calendar ye...