TORONTO, Aug. 15, 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 second quarter ended June 30, 2022.
"Medivolve delivered another strong quarter of financial results, achieving a 72% increase in revenue growth compared the same year to date period in 2021," said David Preiner, CEO of Medivolve. "We are extremely proud to have improved the quality of patient care with our Increased Patient Access program. In addition, this program helped the company achieve gross profit of $10,542,208 representing 483% growth compared to the same period in 2021 year to date.”
Q2 2022 Developments and Business Highlights
- The Company continued to provide optimal patient care delivering in excess of 135,000 patient reports for the first quarter of 2022.
- The Company has continued development on its telehealth platform maintaining its previously communicated target date in Q1 of 2023 for its preliminary rollout.
- The Company’s cash position decreased slightly from Q1 2022. The Company had $5,794,883 on hand as at June 30, 2022, which funds will be used to operate its testing business line and continue development on its telehealth platform.
Q2 2022 Financial Highlights
- An increase of 72%, revenue was $25,776,974 in the six months ended June 30, 2022, compared to $14,990,373 over the prior six months ended June 30, 2021.
- An increase of 483%, gross profit was $10,542,208 in the six months ended June 30, 2022, compared to $1,807,423 over the prior six months ended June 30, 2021.
- An improvement of 60%, net loss was $7,414,236 in the six months ended June 30, 2022, compared to $18,675,021 over the prior six months ended June 30, 2021.
- An increase of 5,056%, cash on hand was $5,794,883 as at June 30, 2022, compared to $112,397 as at December 31, 2021.
- Cash provided by operating activities was $6,506,790 in the six months ended June 30, 2022, compared to cash used by operating activities of $13,020,254 in the prior six months ended June 30, 2021.
2022 Outlook
The Company plans to further focus on developing its telehealth business and integrating its Marbella pharmacy into its business model. The Company also intends to expand its testing services beyond COVID-19 as COVID infection numbers decrease in North America as well as evaluate strategic opportunities to expand its COVID-19 testing services.
“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 its Collection Sites testing locations in the United States,” shared David Preiner.
About Medivolve, Inc.
Medivolve, Inc. (NEO: MEDV; OTC: COPRF; FRA: 4NC) is a healthcare technology company that seeks to reinvent the US healthcare system by leveraging a bespoke telehealth platform, a clinical diagnostic network, and a data-driven AI framework to improve patient care.
The Company was born out of the healthcare crisis; to rethink, relearn and ultimately, reimagine a better way for the healthcare system to operate. Our network of retail collection sites play an important role in recovery by giving all Americans access to fast, accurate, and inexpensive clinical services when and where they need it. These centers will also play a pivotal role in diagnostic testing, vaccinations, and other point-of-care services. We are building disruptive technologies to make it easier and faster to identify, treat, and prevent medical issues. In doing so, we are working to give patients a holistic and empowered view of their personal health.
Our long-term mission is to permanently fix systemic issues in the nation's fragmented, overly complex, and expensive healthcare system. Medivolve's next phase of growth is about pivoting the model and putting the pieces together to build a profitable, SaaS-based health-tech company. We are bringing data-driven clinical diagnostics, physician recommendations, and prescription medications directly to people, all powered by a singular, streamlined technology network. Our team is united by a powerful, singular purpose: harnessing the transformative power of technology to create healthier lives.
Underpinned by a bespoke, AI-driven platform, we're developing a stealth system that constantly gets smarter, takes the guesswork out of diagnostics, and flags critical health issues immediately to deliver an unparalleled level of personalization for each patient. We are determined to push the boundaries of what's possible—not just for our business and our shareholders, but for physicians and patients, and for the future of healthcare. We are striving to achieve a continuity of care never seen before, a game changer for our business and for patients in the communities we serve.
For investing inquiries, please contact: David Preiner, info@medivolve.ca, 702-990-3737.
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to financial results, operational results, projections related to the COVID pandemic, the deployment of the Company’s AI technology telehealth platform and patient portaland the Company’s ability to integrate the Marbella pharmacy into its business and expand its testing services beyond COVID-19. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; accidents, labour disputes and shortages and other risks of the healthcare industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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