MedMira Inc V.MIR

Alternate Symbol(s): MMIRF

Healthcare Medical Devices

MedMira Inc. is a Canada-based developer and manufacturer of Rapid Vertical Flow (RVF) diagnostics. The Company's tests provide hospitals, labs, clinics and individuals with instant disease diagnosis, such as human immunodeficiency virus (HIV), syphilis, hepatitis, and SARS-CoV-2, in three steps. The Company is engaged in the business of research, development and manufacturing of rapid diagnostics and technologies. Its research is focused on specific areas of the broader diagnostics market, namely the rapid, point-of-care, and in vitro sectors. Its tests are sold globally under the REVEAL, REVEALCOVID-19, Multiplo and Miriad brands. Based on its patented Rapid Vertical Flow Technology, the Company's rapid HIV test has regulatory approvals in Canada, the United States, China and the European Union. Its manufacturing facilities are located in Halifax, Nova Scotia, Canada. It provides access to its RVF Technology for researchers, developers, and biotech companies on a license basis.

TSXV:MIR - Post by User

MedMira Inc > 75% Gross Profit for MIR

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Comment by Petey78on Dec 28, 2020 8:58am

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RE:75% Gross Profit for MIR

The SP is definitely reflective of this..... HAHAHAHAHAHHAHAHAHAH

Jennifer2020 wrote: I earlier posted that article from 2003 to highlight the low cost of production of these type tests.
I am posting now to remind everyone of the fantastic turn around apparent in MIR's latest balance sheet. The previous qtr MIR almost turned positive with the $850,000 USD down payment from Webb Diagnostics on their initial 3.5 million USD order. Now it's plain to see MIR is in the right business, at the right time with 75% Gross Margin on sales.

HALIFAX, Nova Scotia, Dec. 24, 2020 (GLOBE NEWSWIRE) -- MedMira Inc. (MedMira) (TSXV: MIR), reported today on its financial results for the quarter ended October 31, 2020.

Profit and Loss Highlights

Revenue: The Company recorded revenues in Q1 FY2021 of $1,602,823 compared to $89,132 in Q1 FY2020. The increase in revenue was due to the Company’s revenues generated from sales of the REVEALCOVID-19TM Total Antibody Test and associated products and services.

Gross Profit: The Company recorded a gross profit in Q1 FY2020 of $1,362,271 compared to $71,688 for the same period last year. The overall gross margin percentage on sales decreased by 5% from 80% in Q1 FY2020 to 75% in this financial quarter. This decrease was due to the higher supplier pricing and approximately 5 times higher shipping costs during the lock downs and various restrictions caused by the COVID-19 pandemic