MedMira Reports on Q2 FY2024 Financial Results and Business Developments

MedMira Inc., a Nova Scotia-based rapid diagnostics company, announced its financial outcomes for the second quarter of the fiscal year 2024, alongside pivotal business achievements. Notably, the company secured the US FDA 510(k) clearance for its Reveal® G4 Rapid HIV-1/2 antibody test regarding the HIV-2 claim. This advancement is expected to amplify its United States market presence and revenues. Furthermore, MedMira executed additional studies supporting its ongoing Health Canada submission, focusing on maternal screening enhancements.

The period also saw the expansion of the firm's commercial team with a key appointment aimed at bolstering North American operations. Meanwhile, in subsequent events, MedMira shared achievements including submission of syphilis data to Health Canada, securing a Canadian patent for its MiROQTM system, and signing a new United States distributor.

Financially, Q2 FY2024 saw MedMira recording revenues of $148,695, marking a midway movement between Q1 FY2024 and the same quarter in the previous year. Nevertheless, the company faced a widened net loss of $590,789, attributed to elevated operating expenses. Balance sheet assessments revealed a decrease in assets and an increase in liabilities, alongside a slight increase in the working capital deficit.

These financial and operational updates aim to provide stakeholders with a comprehensive view of MedMira's current positions and future expectations. The complete financial statements and further discussions are accessible on the SEDAR platform.