MedMira Reports FY2023 Fourth Quarter and Year End Financial Results - Seite 2

Additionally, we are expediting the completion of the Reveal TP (Syphilis) rapid test, which is in high demand in both Canada and the USA due to the escalating syphilis infections in these countries. An update will be provided in the coming month with regard to the Company's submission.

Subsequent to FY2023, MedMira signed a product development agreement with a US based governmental agency. The product will be based on MedMira's unique RVF Medduo platform which allows the detection of up-to 8 biomarkers in one test. Details to the product development are classified and MedMira will provide further details when possible.

Profit and Loss Highlights

• Revenue: The Company recorded sales and service revenues in FY2023 of $432,529 compared to $952,127 in FY2022. This was mainly due to a decrease of $416,455 in service revenue due to the completion of contracted services provided by MedMira and the Company is awaiting the next stage fundings in Q2 FY2024.
• Gross Profit: The Company recorded a gross profit in FY2023 of $300,382 compared to $304,027 for the same period last year. Gross profits were 89% compared to 85% in FY2022.
• Operating expenses: In this financial year, the Company recorded operating expenses of $2,244,700 compared to $1,757,249 in FY2022. This increase is due to additional R&D projects and increased sales and marketing activities in preparation for new approvals.
• Net loss: The Company recorded a net loss of $2,675,658 compared to $1,831,576 in FY2022.

Balance Sheet Highlights

• Assets: The Company decreased its assets by $177,771 compared to last financial year which was mainly due to the depreciation on fixed assets.
• Liabilities: The Company's liabilities increased by $2,497,887 or 15% between FY2022 and FY2023. The increase was mainly due to the advance payments received for new contracts.
• Loans in default: the Company increased its loans in default by $45,114 compared to the previous financial year. All other long and short terms debts are currently under negotiation to restructure terms and conditions of repayment.
• Working Capital deficit: As a result of the increases above, the Company recorded a higher working capital deficit of $1,554,616 or 12% compared to last financial year.

The Company's financial statements and management's discussion and analysis are available on the Company's profile on SEDAR at www.sedar.com. For matters of going concern, reference is made to the Auditor's Emphasis of Matter statement in the fiscal year ended 2023 Auditors Report and note 2b in the audited financial statements which are also available on SEDAR.