Medivolve Inc MEDVF

Medivolve generate $25.3 million in the third quarter

[Sarb99]

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

https://www.newswire.ca/news-releases/medivolve-announces-q3-2021-results-reaches-record-levels-of-revenue-868552679.html

[RockThunder]

Is it why the sp is at .05 cent wake me up when we hit .50cent again this stock is a place where shareholders loose their money thats it

[Frosted]

True. BUT numbers released are not that horrible in my opinion.