MedMira Reports Second Quarter Results FY2024

HALIFAX, NS / ACCESSWIRE / April 1, 2024 / MedMira Inc. (MedMira) (TSXV:MIR), reported today on its financial results for the quarter ended January 31, 2024.

Corporate update

During Q2 FY2024, MedMira received the US FDA 510(k) clearance for the HIV-2 claim on the Reveal G4 Rapid HIV-1/2 antibody test in the United States. This major milestone allows the Company to significantly grow its market share and revenue in the United States, while re-confirming its quality for its upcoming Clinical Laboratory Improvement Amendments (CLIA) waiver. The Reveal G4 Rapid HIV-1/2 is the fastest high quality rapid test which is now available in the United States and can be sold to CLIA laboratories, clinics and hospitals.

Furthermore, in Q2 FY2024, the Company successfully completed additional studies to supports its current submission to Health Canada. These studies were in relation to maternal screening and in support to extend MedMira's intended use with its application.

In addition, MedMira expanded its Commercialisation Department by appointing a new Vice President of Business Development and Sales based in the United States. With this step, the Company is continuing its strategic plan to enhance its presence in North-America and grow its brand and revenue. A separate announcement will be issued on this matter.

Subsequent Events:

• The Company submitted its supporting syphilis data to Health Canada for their final review. The Company's syphilis component showcased an outstanding performance and accurately identified all previously syphilis-infected cases, demonstrated reliability in confirming negatives, and presented potential for maternity screening. MedMira will provide an update as soon as a response is received.
• The Company received the Canadian patent for its MiROQ^TM system and with it further expanded its IP portfolio.
• MedMira has signed an additional distributor for the United States and a joint press release will be issue in due time.

Profit and Loss Highlights

• Revenue: The Company recorded revenues in Q2 FY2024 of $148,695 compared to Q1 FY2024 $117,862 and $170,538 in the same period last year.
• Gross Profit: The Company recorded a gross profit in Q2 FY2024 of $68,137 compared to $70,633 in Q1 FY2024 and $89,937 in the same period last year.
• Operating expenses: The Company recorded for this quarter operating expenses of $579,374 compared to $668,729 in Q1 FY2024 and $459,746 in the same period last year.
• Net (loss) income: The Company recorded a net loss of $590,789 compared to a loss of $490,508 for the same period last year.

Balance Sheet Highlights