Mr. Markus Meile reports

MEDMIRA REPORTS SECOND QUARTER RESULTS FY2023

Medmira Inc. has released its financial results for the quarter ended Jan. 31, 2023.

Corporate update summary

During the second financial quarter of 2023, Medmira continued its focus on its COVID-19 and sexually transmitted infection (STI) product lines while continuing its work for its unique patented quantitative diagnostic system, MiROQ. Subsequent to Q2 fiscal 2023, the company completed the first design and commenced on the software development with experienced third parties. In January, 2023, the company received the CE mark for its VYRATM CoV2Flu antigen test and launched the product with its strategically positioned distribution partners in Europe. Subsequent to the end of the first financial quarter of 2023, Medmira received the trademarks for its Vyra (virus antigen), Byra (bacterial) and Pyra (parasites) product lines. In addition, Medmira launched its partnership with two established distribution partners in the United States and Latin America, which provided the company access to a substantial number of new customers.

In the second quarter of 2023, the company continued its regulatory work for its Vyra TriDemic, Reveal HIV (Clia) and its Reveal HCV rapid tests. Subsequent to Q2 FY 2023, Medmira started its clinical trials for its Reveal TP (syphilis) rapid test in Canada.

Profit and loss highlights:

• Revenue: The company recorded revenues in Q2 FY 2023 of $170,538 compared with $120,770 in Q1 FY 2023 and compared with $297,485 in the same period last year.
• Gross profit: The company recorded a gross profit in Q2 FY 2023 of $89,937 compared with $98,267 in Q1 FY 2023 and compared with $85,590 in the same period last year in Q1 FY 2022.
• Operating expenses: The company recorded for this quarter operating expenses of $459,746 compared with $596,154 in Q1 FY 2023 and compared with $445,201 in Q2 FY 2022.
• Net (loss) income: The company recorded a net loss of $490,508 compared with a loss of $468,341 for the same period last year.

Balance sheet highlights:

• Assets: The company recorded a decrease of its assets by $52,708 between Q1 FY 2023 and Q2 FY 2023, which was mainly due to depreciation of fixed assets not current assets.
• Liabilities: The company's liabilities increased by $437,800 between Q1 FY 2023 and Q2 FY 2023. The company's current liabilities increased by $238,176 or 2 per cent, mainly due to deferred revenue.
• Loans in default increased by $343,148 or less than 4 per cent compared with last quarter.
• Working capital deficit: As a result of the changes noted above, the company recorded a higher working capital deficit of $237,586 or 2 per cent compared with last quarter.

The company's financial statements and management's discussion and analysis are available on the company's profile on SEDAR. For matters of going concern, reference is made to the auditor's emphasis of matter statement in the fiscal year ended 2020 auditor report and Note 2b in the audited financial statements, which are also available on SEDAR.

About Medmira Inc.

Medmira is the developer and owner of rapid vertical flow (RVF) technology. The company's rapid test applications built on RVF technology provide hospitals, labs, clinics and individuals with instant diagnosis for diseases such as HIV and hepatitis C in just three easy steps. The company's tests are sold under the Reveal, Multiplo, Vyra and Miriad brands in global markets. Medmira's corporate offices and manufacturing facilities are located in Halifax, N.S., Canada, and the company has a sales and customer service office located in the United States.

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