Datametrex AI Ltd. (TSX-V: DM, OTC: DTMXF, Forum) announced on Tuesday that the manufacturer of 1copy COVID-19 qPCR Multi Kit had made the new testing method and technology available with improvements related to testing time. The Health Canada approved kit reduced the processing time with a polymerase chain reaction machine to 45-50 minutes, compared to other test kits on the market that can take up to two hours for similar test results.
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The Canadian tech Company recently released its
Q3 2020 financial results highlighting revenue of $4.9 million (CAD), up from $2.6 million, a 189% increase compared to the same period last year. Recognized revenue was $7.6 million for nine months ending Sept 30th, 2020. The Company stated that it generated a net profit, excluding several expenses.
The Adjusted EBITDA showed an improvement achieving a positive Adjusted EBITDA of $362,059, compared to $539,116 in the same period of last year. With a balance sheet of $1.4 million cash and $2 million receivables, DM’s Chief Executive Officer, Marshall Gunter stated that multiple key milestones were also achieved, including a significant increase in gross revenue and improvement in its cash position.
“This positive outcome was a direct result of our quick response in implementing a plan to begin selling test kits as result of the global impact of the COVID-19 virus. This resulted in a substantial improvement to the bottom line.”
FULL DISCLOSURE: Datametrex AI Ltd. is a client of Stockhouse Publishing.