Mr. Markus Meile reports

MEDMIRA REPORTS FIRST QUARTER RESULTS FY2024

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

Corporate update

During first quarter fiscal 2024, Medmira continued its focus on its regulatory and clinical trial work for a number of products, while increasing its sales and marketing activities. Throughout the reporting period, the company achieved significant milestones in its pursuit of Food and Drug Administration and Health Canada approvals for a range of products.

Subsequent to Q1 fiscal 2024, the company received the U.S. FDA 510(k) clearance for the HIV-2 claim on the Reveal G4 rapid HIV 1/2 antibody test in the United States. This achievement marks a significant milestone for Medmira, positioning the company as a key player in the HIV testing landscape and addressing the demand for comprehensive HIV screening mandated by various state laws across the nation. It further allows the company to significantly increase its market share and revenue in the United States while reconfirming its quality for its coming clinical laboratory improvement amendments (CLIA) waiver.

This latest approval enables the company to offer the fastest high-quality HIV rapid test which can be sold to CLIA laboratories, clinics and hospitals. In anticipation of the high demand, the company increased its business development unit to assist its existing distribution partners with the product launch and any sales and marketing efforts.

Furthermore, the company was able to discuss its pending and future submissions with Health Canada's in vitro diagnostic division, Medical Device Directorate. The company had a positive dialogue with key staff and is confident to satisfy all regulatory requirements set forward by Health Canada. In addition, the division has provided clear guidance and answers to any open questions to move forward with its pending and subsequent submissions. The company will provide an update in January, 2024.

Profit and loss highlights:

• Revenue: The company recorded revenues in Q1 fiscal 2024 of $117,862 compared with $120,770 in the same period last year.
• Gross profit: The company recorded a gross profit in Q1 fiscal 2024 of $70,633 compared with $98,267 in Q1 fiscal 2024.
• Operating expenses: The company recorded for this quarter operating expenses of $668,729 compared with $596,154 in Q1 fiscal 2024.
• Net (loss) income: The company recorded a net loss of $780,360 compared with a loss of $632,449 for the same period last year.

Balance sheet highlights:

• Assets: The company recorded an increase of its assets by $933,996 between fourth quarter fiscal 2023 and first quarter fiscal 2024, which was mainly due to an increase in the cash received during the quarter.
• Liabilities: The company's liabilities increased by $1,714,356 between Q4 fiscal 2023 and Q1 fiscal 2024. The company's current liabilities increased by $1,731,770 or 11 per cent, mainly due to an increase in advances.
• Loans in default increased by $1,437 or less than 1 per cent compared with last quarter. All other long- and short-term debts are currently under negotiation to restructure terms and conditions of repayment.
• Working capital deficit: As a result of the changes noted above, the company recorded a higher working capital deficit of $742,257 or 5 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 2023 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 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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