Mr. Markus Meile reports

MEDMIRA REPORTS SECOND QUARTER RESULTS FY2024

Medmira Inc. has released its financial results for the quarter ended Jan. 31, 2024.

Corporate update

During second quarter fiscal 2024, Medmira received the U.S. Food and Drug Administration 510(k) clearance for the HIV-2 claim on the Reveal G4 Rapid HIV-1/2 antibody test in the United States. This major milestone allows the company to significantly expand its market share and revenue in the United States, while reconfirming its quality for its coming clinical laboratory improvement amendments (CLIA) waiver. The Reveal G4 Rapid HIV-1/2 is the fastest high-quality rapid test which is available in the United States and can be sold to CLIA laboratories, clinics and hospitals.

Furthermore, in Q2 FY 2024, the company completed additional studies to supports its current submission to Health Canada. These studies were in relation to maternal screening and in support to extend Medmira's intended use with its application.

In addition, Medmira expanded its commercialization department by appointing a new vice-president of business development and sales based in the United States. With this step, the company is continuing its strategic plan to enhance its presence in North America and build its brand and revenue. A separate announcement will be issued on this matter.

Subsequent events:

• The company submitted its supporting syphilis data to Health Canada for its final review. The company's syphilis component showcased an outstanding performance and accurately identified all previously syphilis-infected cases, demonstrated reliability in confirming negatives, and presented potential for maternity screening. Medmira will provide an update as soon as a response is received.
• The company received the Canadian patent for its MiROQ system and, with it, further expanded its intellectual property portfolio.
• Medmira has signed an additional distributor for the United States, and a joint press release will be issued in due time.

Profit and loss highlights:

• Revenue: The company recorded revenues in Q2 FY 2024 of $148,695 compared with first quarter FY 2024 of $117,862 and $170,538 in the same period last year.
• Gross profit: The company recorded a gross profit in Q2 FY 2024 of $68,137 compared with $70,633 in Q1 FY 2024 and $89,937 in the same period last year.
• Operating expenses: The company recorded for this quarter operating expenses of $579,374 compared with $668,729 in Q1 FY 2024 and $459,746 in the same period last year.
• Net (loss) income: The company recorded a net loss of $590,789 compared with a loss of $490,508 for the same period last year.

Balance sheet highlights:

• Assets: The company recorded a decrease of its assets by $120,828 between Q1 FY 2024 and Q2 FY 2024, which was mainly due to depreciation on fixed assets.
• Liabilities: The company's liabilities increased by $148,591 in Q1 FY 2024 and Q2 FY 2024. The company's current liabilities increased by $445,828 was mainly due to increase in advances.
• Loans in default decreased by $36,791 or 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 $513,163 or 3 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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