Mr. Markus Meile reports

MEDMIRA REPORTS THIRD QUARTER RESULTS FY2023

Medmira Inc. has released its financial results for the quarter ended April 30, 2023.

Corporate update summary

During the third financial quarter of 2023, Medmira continued its focus on its regulatory and clinical trial work for five products related to sexually transmitted infections (STI) and respiratory viruses. In March, 2023, the company started its clinical trials for its Reveal TP (syphilis) rapid test in Canada and is of this date on schedule for its submission to the regulators.

Subsequent to third quarter 2023, Medmira submitted two new submissions to Health Canada, and expects, if successful, regulatory authorization within first quarter fiscal 2024. Both submissions have a 75-calendar-day standard review. The company will provide an update after the approval is received. These products will complement future products such as the Reveal TP (syphilis) rapid test, which is currently evaluated by two clinical trial sites in Canada.

Profit and loss highlights:

• Revenue: The company recorded revenues in third quarter fiscal 2023 of $106,010 compared with $170,538 in second quarter FY 2023 and compared with $323,925 in the same period last year. As of April 30, 2023, the company has recorded deferred revenue of $772,713.
• Gross profit: The company recorded a gross profit in Q3 FY 2023 of $61,257 compared with $89,937 in Q2 FY 2023 and compared with $96,598 in the same period last year in Q3 FY 2022.
• Operating expenses: The company recorded for this quarter operating expenses of $693,373 compared with $459,746 in Q2 FY 2023 and compared with $392,488 in Q3 FY 2022. The increase was mainly due to additional sales and marketing activities and foreign currency exchange rates.
• Net (loss) income: The company recorded a net loss of $589,982 compared with a net loss of $490,508 in Q2 FY 2023 and a loss of $411,067 for the same period last year.

Balance sheet highlights:

• Assets: The company recorded a increase of its assets by $104,815 between Q2 FY 2023 and Q3 FY 2023, which was mainly due to an increase in receivables.
• Liabilities: The company's liabilities increased by $694,797 between Q2 FY 2023 and Q3 FY 2023. The company's current liabilities increased by $254,701 or 2 per cent, mainly due to deferred revenue.
• Loans in default increased by $6,935 or less than 1 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 $96,652 or 1 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 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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