Mednow Reports Q3 2021 Financial Results and Provides Update on Strategic Growth Initiatives
June 29, 2021 07:00 AM Eastern Daylight Time
VANCOUVER, British Columbia–(BUSINESS WIRE)–Mednow Inc. (the “Company” or “Mednow”) (TSXV:MNOW) today reported financial results for the third quarter ended April 30, 2021.
- On March 4, completed initial public offering resulting in gross proceeds of $37,000,000.
- On March 9, started trading on the TSX Venture Exchange under the ticker symbol “MNOW”.
- In pursuit of national expansion, filed pharmacy applications to expand business operations in the provinces of Manitoba and Nova Scotia, alongside existing partner operations in British Columbia and Ontario.
- Established a proprietary telemedicine service, “Mednow Virtual Care”, to offer patients access to doctors via the Mednow.ca web application.
- In pursuit of large, institutional and corporate contracts, entered into an agreement with the Police Pensioners Association of Ontario to provide over 12,000 members with access to transparent pricing, same-day delivery in the GTA, free delivery across Ontario and access to Mednow’s digital health platform.
- Repurchased, for cancellation, 16,800 common shares under the Company’s Normal Course Issuer Bid.
- Effective June 7, appointed Benjamin Ferdinand as the Chief Financial Officer.
“We are making significant progress in establishing pharmacy operations on a national scale. In addition, we are continuing to pursue large, institutional contracts, such as the recently signed agreement with the Police Pensioner’s Association of Ontario. These large contracts are expected to result in a lower cost of customer acquisition than traditional retail consumers” said Karim Nassar, CEO of Mednow.
“With a strong balance sheet, comprised of almost $33 million in cash, Mednow is well positioned to disrupt the pharmacy services industry through our state-of-the-art, easy access, online technological infrastructure, established commercial relationships with traditional brick-and-mortar retail drug stores, and through management’s extensive knowledge and expertise of pharmacy supply chain, logistics, economics, operations and regulatory requirements” said Benjamin Ferdinand, CFO of Mednow.
Mednow’s Financial Statements and Management, Discussion & Analysis are available on sedar.com and on the Company’s website, Mednow.ca.
Summary of Financial Results
Summary of Financial Results
|Three Months Ended April 30||Three Months Ended April 30||Nine Months Ended April 30||Nine Months Ended April 30||Year Ended July 31|
|Revenue||$ 124,200||$ —||$ 289,800||$ —||$ —|
|Net loss and comprehensive loss||$ (2,182,888)||$ (38,000)||$ (3,562,772)||$ (59,358)||(469,502)|
|Total assets||$ 36,871,403||$ 169,136||$ 36,871,403||$ 169,136||5,540,787|
|Total liabilities||$ 1,144,795||$ 246,785||$ 1,144,795||$ 246,785||154,683|
|Basic and diluted net loss and comprehensive loss per common share||$ (0.11)||$ (0.01)||$ (0.21)||$ (0.01)||$ (0.06)|
About Mednow Inc.
Mednow is a healthcare technology company that provides pharmacy services including a user-friendly online interface to order and manage medical prescriptions, free home delivery of medications, and access to healthcare professionals through an intuitive virtual chat experience. The Company’s technological infrastructure includes its website, web application and forthcoming downloadable mobile application. The Company’s web application is accessible and compatible with the internet browsers Safari, Google Chrome, Mozilla FireFox, and Microsoft Edge on mobile phones and personal computers.
Mednow is a Canadian public company incorporated under the Canada Business Corporations Act on January 17, 2018. On March 9, 2021, the Company completed its initial public offering (“IPO”) and listed its common shares on the TSX Venture Exchange (“TSXV”) under the symbol “MNOW”. The registered corporate office address is 10th Floor, 595 Howe St., Vancouver, BC V6C 2T5. The Company’s website is www.mednow.ca. Mednow’s fiscal year end is on July 31, 2021.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws, including statements regarding the national expansion, developing a proprietary telemedicine platform, increasing users, and pursuing institutional and corporate contracts. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends,” “anticipates,” “it is expected,” or variations of such words and phrases, or statements that certain actions, events or results “may,” “could,” “should,” or “would” occur. Forward-looking statements are based on certain material assumptions and analyses made by management of the Company and the opinions and estimates of management of the Company as of the date of this press release, including that the transactions contemplated herein will close on the terms and timeline as anticipated by the management of the Company. Although the Company considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, the risk that the transactions contemplated herein will not close on the terms and timeline as anticipated by the management of the Company, or at all, the risk that the Company will not receive required regulatory approvals and the other risks and uncertainties applicable to the Company and the business of the Company as set forth in the Company’s final long form prospectus dated February 26, 2021 and its other disclosures available under the Company’s profile at www.sedar.com. There can be no assurance that the transactions contemplated in this news release will be completed. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations. We seek safe harbor.