Medivolve Inc.
The Company has included amended disclosures in its management discussion and analysis (“MD&A”) for the year ended December 31, 2021 to address comments received from the Ontario Securities Commission following a review of the Company’s continuous disclosure, including its MD&A for the interim period ended September 30, 2021 (“Q3 MD&A”). See “Continuous Disclosure” below.
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Revenue was $86,824,987 in the year ended December 31, 2021, up 720.4%, compared to $10,583,256 over the prior year ending December 30, 2020.
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Gross profit was $36,569,100 in the year ending December 31, 2021, up 693.9%, compared to $4,606,438 over the prior year ending December 30, 2020.
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Net loss was $6,610,524 in the year ending December 31, 2021, an improvement of 82.5%, compared to $37,777,656 over the prior year ending December 30, 2020.
TORONTO, March 31, 2022 (GLOBE NEWSWIRE) -- Medivolve Inc. (“Medivolve” or the “Company”) (NEO: MEDV; OTC: COPRF; FRA: 4NC), a healthcare technology company that seeks to improve the US healthcare system by leveraging a bespoke telehealth platform, clinical diagnostic network, and data driven AI to improve patient care, today announced financial results for the fourth quarter ended December 31, 2021.
"Medivolve delivered another strong quarter of financial results, achieving a 70.5% increase in revenue growth compared to Q3," said David Preiner, CEO of Medivolve. "We're incredibly proud to continue delivering strong financial results for our shareholders while delivering exceptional patient care.”
Q4 Financial Highlights
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Revenue was $45,281,317 in the fourth quarter of 2021, up 70.5%, compared to $26,553,297 over the prior three-month period ending September 30, 2021.
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Gross profit was $23,017,594 in the fourth quarter of 2021, up 96.0%, compared to $11,744,083 over the prior three-month period ending September 30, 2021.
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Net income was $4,263,699 in the fourth quarter of 2021, down 46.7%, compared to $7,994,959 million over the prior three-month period ending September 30, 2021.
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Accounts Receivables of $55,314,642 as at December 31, 2021, up 127.6% compared to $24,300,437 as at September 30, 2021.
Q4 Developments and Business Highlights
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On November 9, 2021, the Company announced that it closed a private placement of an aggregate of 7,142,857 units at a price per unit of $0.07 for aggregate gross proceeds to the Company of $500,000. Each unit consisted of one Common Share and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.08 for a period of five years from the date of issuance.
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In addition, on the same date, the Company announced that it entered into agreements to settle $441,000 of its outstanding cash indebtedness owed to a creditor by way of the issuance of 6,300,000 Common Shares at an effective price per share of $0.07 (the “Settlement”). On November 22, 2021, the Company announced that it had completed the Settlement.
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On November 22, 2021, the Company announced that at its 2021 annual and special meeting of its shareholders held on November 22, 2021, its shareholders approved (i) the election as directors of Dr. Beverley Richardson, Daniyal Baizak and Wen Ye, (ii) the appointment of the Company’s auditors, McGovern Hurley LLP, (iii) the Company’s rolling stock option plan, and (iv) a consolidation of the Company’s common shares on the basis of up to 15 to 1.
2022 Outlook
The Company looks to expand its testing services beyond COVID-19 as COVID infection numbers decrease in North America. The Company also plans to further focus on developing its telehealth business and integrating the Marbella pharmacy into its business model.
“While COVID-19 testing will continue to be important going forward, management is focused on expanding the Company’s offering of tests and services at the Collection Sites testing locations in the United States” shared David Preiner.
Continuous Disclosure
Further to a review by the Ontario Securities Commission (the “OSC”)