Mednow Reports Q4 2021 Financial Results and Operational Milestones
Toronto, ON. (October 21, 2021) – Mednow Inc. (“Mednow” or the “Company”) (TSXV:MNOW), Canada’s on-demand virtual pharmacy, is pleased to announce it has released its financial results for the period ending July 31, 2021 (“Q4 2021”). Mednow’s Financial Statements and Management, Discussion & Analysis are available on sedar.com and on the Company’s website, investors.mednow.ca.
“Healthcare remains a significant size market that is ripe for disruption and Mednow is rapidly adding to its infrastructure to advance its digital first and patient centric platform for the full spectrum of healthcare needs. With national pharmacy coverage on the horizon and an active acquisition pipeline, we feel that we are only in the early innings of our long-term growth trajectory.”
Mr. Nassar continued, “Through the acceleration of our institutional services business, Mednow for Business, the acquisition of Medvisit, our investment in Life Support Mental Health Inc. and the launch of Mednow Virtual Care telemedicine services, we have recently made significant strides in bolstering our service offering. With over $28 million in cash as of July 31, 2021 we remain in a strong financial position to continue executing on our strategic plan.”
Operational Milestones During and Subsequent to Q4 2021:
- Launched Mednow Virtual Care, a proprietary platform to provide telemedicine services online and also available for Apple and Android users;
- Expanded capabilities and reach through strategic acquisitions and partnerships:
- Closed the acquisition of Medvisit, Canada’s largest and longest standing doctor house call service, conducting approximately 30,000 patient home visits per year, having served over 400,000 patients since inception and having earned revenue of approximately $3 million and a gross profit of approximately $790,000 in its latest fiscal year;
- Executed an investment agreement to acquire an equity interest in Life Support Mental Health Inc., a medical technology company focused on bridging the gap between medical and mental health professionals through clinical support in the assessment and triage of mental health issues;
- Created Mednow’s institutional services business, called Mednow for Business:
- Executed a Marketing Services Agreement with Sterling Capital Brokers Ltd. (“Sterling”) allowing Sterling to market Mednow’s digital pharmacy and healthcare platform to its network of 100,000 plan members; and
- Entered into a Preferred Pharmacy Provider Agreement with the Company’s first institutional client the Police Pensioners Association of Ontario, comprised of over 12,000 members;
- Appointed Anthony Perlman (formerly with Aon, Hewitt, Towers Watson, and League) as Senior Vice President, Benefits Strategy, to lead development of pharmacy and healthcare technology services to Canadian institutional market;
- Appointed Dave Marantz (formerly with League, Rise, Dayforce and Ceridian) as Chief Revenue Officer to manage national sales to institutional clients;
- Appointed Benjamin Ferdinand as Chief Financial Officer, effective June 7, 2021;
- Received all necessary approvals for the Company’s pharmacy license from the Nova Scotia College of Pharmacists to expand its pharmacy operations in the province of Nova Scotia;
- Received confirmation from The Depository Trust Company (“DTC”) that the Company’s common shares are eligible for electronic clearing and settlement through DTC in the United States, facilitating the trading on the OTCQB exchange; and
- Repurchased 309,100 common shares under the Company’s normal course issuer bid.
Summary of Financial Results
Stock Option Grant
The Company also announces the grant of a total of 449,000 stock options to certain officers, directors, employees and consultants of the Company. Subject to the policies of the TSX Venture Exchange (the “TSXV”) and the terms and conditions of the Company’s stock option plan, the options will have an exercise price equal to $1.40 and shall expire five years from the date of grant and shall vest over four years.
About Mednow Inc.
Mednow is a healthcare technology company offering virtual access with exceptional care. Designed with access and quality care in mind, Mednow.ca provides virtual pharmacy and telemedicine services, as well as doctor home visits, with convenience and through an interdisciplinary approach to healthcare that is focused on the patient experience. Mednow’s services include free at-home delivery of medications, a user-friendly interface for easy upload, transfer and refill of prescriptions, access to healthcare professionals through an intuitive chat experience, a specialized PillSmart™ system that packages prescriptions and vitamins by date and time, and doctor consultations.
Investor Relations Contact:
Benjamin Ferdinand, Chief Financial Officer
Marc Charbin, Investor Relations
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.