Empower Clinics Reports Q3 2022 Results

288% year over year increase in revenue in Q3 2022

VANCOUVER, BC / ACCESSWIRE / November 28, 2022 / EMPOWER CLINICS INC (CSE:EPW)(Frankfurt:8EC)(OTCQB:EPWCF) ("Empower" or the "Company") an integrated healthcare company - serving patients through medical centers, telemedicine platforms, a medical device company, and a high complexity medical diagnostics laboratory - announced today it has filed its unaudited condensed interim consolidated financial statements and related Management's Discussion and Analysis for the three and nine months ended September 30, 2022, both of which are available at www.SEDAR.com. All financial information in this press release is reported in United States dollars, unless otherwise indicated.

We are pleased to deliver substantial revenue growth, with revenues almost tripling this quarter on a year over year basis. This is the second consecutive quarter that we've maintained strong revenue growth when compared to last year", said Steven McAuley, Chairman and CEO of Empower Clinics. "We realized strong returns on our investment to launch fully certified COVID-19 testing solutions and centers in the Vancouver waterfront area. MediSure Canada continues to experience healthy sales growth across its entire suite of medical devices and at-home testing solutions, including the immediate adoption of products launched just this year. MediSure Labs now has new leadership with a proven track record to help realize its revenue potential. The Medi-Collective is successfully recruiting doctors and adding specialty services like cardiology and dermatology. Recognizing macro-economic challenges, we will operate as efficiently as possible and looking forward to 2023, we will focus our growth efforts on U.S. healthcare opportunities, in large markets and sectors that we are already invested in."

Q3 2022 Highlights

• Total revenues from continuing operations of $1,573,809 for Q3 2022 compared to revenues of $405,707 for Q3 2021, representing a 288% increase year over year. The increase in revenue is primarily attributed to the launch of Empower Clinic's COVID-19 testing clinics for cruise ship passengers and increased sales from MediSure.
• Gross margin from continuing operations was 59% for Q3 2022, compared to 95% in Q3 2021, representing 37% decrease.
• Net loss from continuing operations was $457,066 or $0.00 per share compared to a net loss from continuing operations of $1,711,659 or $0.01 per share for Q3 2021. The net loss for current period was primarily driven by an increase in operating expenses related to Empower Clinic's COVID-19 testing site and ongoing operations in Medi-Collective clinics.
• Cash as at September 30, 2022 of $469,712, compared to cash of $866,170 at December 31, 2021.
• Cash used in operating activities from continuing operations was $94,075 for Q3 2022, compared to $1,247,009 for Q3 2021.

Financial Summary