MedMira Reports Third Quarter Results FY2020

HALIFAX, Nova Scotia, June 29, 2020 (GLOBE NEWSWIRE) -- MedMira Inc. (MedMira) (TSXV: MIR), reported today on its financial results for the quarter ended April 30, 2020. 

Important Notice

The Company’s Q3 FY2020 statements have recorded all financial transactions from the 1^st of February 2020 until the 30^th of April 2020. Any subsequent transactions after the end of the third quarter are not recorded in the Company’s financial statement and balance sheet for Q3 FY2020.

Profit and Loss Highlights

• Revenue: The Company recorded revenues in Q3 FY2020 of $87,207 compared to $143,387 in Q3 FY2019. The decrease of these revenues was due to the delay of orders received due to the COVID-19 worldwide situation.
• Gross Profit: The Company recorded a gross profit in Q3 FY2020 of $70,344 compared to $119,980 for the same period last year. The overall gross margin percentage on sales was 81% compared to a gross margin of 84% in the same quarter last financial year.
• Operating expenses: The Company recorded for this quarter operating expenses of $602,996 compared to $429,205 in Q3 FY2019. The increase of 40% in operating expenses was primarily due to the volatile exchange rates for USD/CAD$ and CHF/CAD$ in the month of March 2020.
• Net loss: The Company recorded a net loss of $692,479 compared to $512,558 in Q3 FY2019. The increase is mainly due to the additional costs for the product development of REVEALCOVID-19 Total Antibody Test and the overall world wide economical situation created by COVID-19.

Balance Sheet Highlights

• Assets: The Company had an increase of its assets by $266,173 compared to last quarter, which is mainly due to prepayments received.
• Liabilities: The Company’s liabilities increased by $958,652 between Q2 FY2020 and Q3 FY2020. The Company’s current liabilities increased by $956,541 or 6% due to additional loans provided to the Company by its largest shareholder.
• Loans in default increased by $135,680 or 1% compared to last quarter. All 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 noted above, the Company recorded higher working capital deficit of $644,262 or 4% compared to last quarter.

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 2019 Auditors Report and note 2b in the audited financial statements which is also available on SEDAR.