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Mednow Provides Revenue Guidance on Fiscal Q3 2022, a Projected Record C$5 - C$5.5 Million in Quarterly Revenue, Q/Q Growth of Approx. 175%
Mednow Provides Revenue Guidance on Fiscal Q3 2022, a Projected Record C$5 - C$5.5 Million in Quarterly Revenue, Q/Q Growth of Approx. 175%.
About this update from Mednow Inc.
[{"type":"text","content":"\nMednow Inc. (“Mednow’' or the “Company”) (TSXV: MNOW) (OTCQB:MDNWF), Canada’s on-demand virtual pharmacy, is pleased to provide a corporate update on its upcoming fiscal Q3 2022 quarterly earnings, which will be released in June 2022.\n\nFinancial Performance and Key Performance Indicators\n\nIn fiscal Q3 2022, Mednow is forecasted to have quarterly revenue of $5 - $5.5M, quarter-over-quarter growth of approx. 175%. Mednow’s second quarter 2022 results have highlighted strong quarter-over-quarter performance with revenue growth of 230% or C$1.9 compared to first quarter 2021 revenue of C$570K. Patients grew 20% to 19K patients versus the previous quarter. Mednow’s second quarter gross margin was 19%, with a cash balance of C$16M.\n\nOn February 24, 2022, Mednow provided annual forecasted growth figures for the calendar years 2022 and 2023. For the calendar year 2022, revenue is forecasted to range between C$42.5M to C$47.5M. Contributions of approximately C$42M are anticipated to come from its pharmacy services, while approximately C$3M is anticipated to come from doctor services. The gross margin is expected to average at approximately 20%, with 40K - 45K active patients, and a net loss for the year. For the calendar year 2023, Mednow is expected to produce adjusted EBITDA of approximately $5M - $10M. Revenue for 2023 is forecasted to range between C$105M to C$110M, with C$102M contributed by pharmacy services and C$5M coming from doctor services. The gross margin is expected to average at approximately 25%, with 110K - 120K active patients.\n\nOperational Milestones\n\nMednow currently operates in the Provinces of British Columbia, Ontario, Nova Scotia and Manitoba. On April 18, 2022, Mednow launched a licensed pharmacy in Winnipeg, which offers prescription delivery services in the Province of Manitoba.\n\nOn March 31, 2022, Mednow closed the previously announced acquisition of a pharmacy in Toronto (“Mednow East”). Mednow East is a Toronto company that operates an online and brick-and-mortar pharmacy, delivering prescriptions in the Province of Ontario.\n\nMednow plans to launch its Montreal, Quebec fulfillment centre in May 2022. The Company plans to launch the Calgary, Alberta fulfillment centre later this year.\n\nAbout Mednow Inc.\n\nMednow is a healthcare technolog...