Medivolve Inc MEDVF

Healthcare Copper

Medivolve Inc. is a Canadian healthcare technology company. The Company and its subsidiaries, Medivolve Pharmacy Inc. (doing business as Marbella Pharmacy) and Kedy Ying Jao D.O., a Medical Corporation, operate a distributed network of two retail patient-care locations in California, United States. It has two business units: Medivolve Pharmacy Division (MPD) and Medivolve Clinic Services Division (MCSD). MPD provides retail pharmacy and mail-order pharmacy services related to COVID-19, antibiotics, dermatology, family medicine, immunology, neurology, pain management, pediatrics, preventive medicine and psychiatry to patients in Southern California. MCSD provides licensed healthcare through a clinic in Brea, California, United States. MCSD is focused on developing a telehealth platform, which connects patients with physicians, and facilitates and manages the provision of virtual consultation, diagnosis, and treatment services in partnership with qualified health practitioners.

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Medivolve Inc > Medivolve generate $25.3 million in the third quarter

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Post by Sarb99on Nov 15, 2021 6:52pm

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Medivolve generate $25.3 million in the third quarter

Q3 Financial Highlights

Revenue was $25.3 million in the third quarter of 2021, up 575%, compared to $3.7 million over the prior three-month period ending June 30, 2021.
Gross profit was $10.5 million in the third quarter of 2021, up 1,288%, compared to $753,535 over the prior three-month period ending June 30, 2021.
Net income was $6.8 million in the third quarter of 2021, compared to a net loss of $8.7 million over the prior three-month period ending June 30, 2021.
Cash on balance sheet of $0.9 million and $1.9 million of debt at the end of third quarter 2021

Q3 Developments and Business Highlights

Closed $12 million in funding needed to consolidate legacy debt and strengthen the Company's balance sheet
Transitioned from a cash pay business model to Insurance Reimbursements increasing daily gross revenue and revenue per patient compared to the legacy cash-based business model used since the Company's inception
Boosted testing services revenue by automating claim submissions to over 8,700 insurance carriers; this, combined with access to respective government programs for the uninsured and undocumented, the Company estimates a population coverage of over 99.7% of individuals could be eligible for COVID-19 testing at no cost to patients.
Launched plans and began the hiring process to build network of medical professionals including doctors, physician assistants, registered nurses, nurse practitioners, and therapists to expand the Company's clinical diagnostic network
Finalized acquisition of CalVax licensed Marbella Pharmacy, an open-door pharmacy, providing the ability to deliver patient care through immediate access to pharmaceutical distribution throughout the state of California
Launched initiative and began hiring software engineers and developers to sustain the Company's rapid growth rate, while developing additional successful applications
Released Medivolve 2.0, a HIPAA-compliant patient portal that introduced new opportunities to support the Company's change in COVID-19 testing operations
Expanded nationwide B2B employee programs bringing on-site COVID-19 testing services to schools, workplaces, and events
Closed $1.2 million Convertible Note Financing to support strategic plan including next phase of growth for AI technology platform