Binovi Technologies Files Annual Financial Statements

Rhea-AI Summary

Binovi Technologies Corp. (OTCQB:BNVIF) reported a 25% revenue growth in Q4 compared to the previous year, attributed to a growing sales pipeline in the U.S. and Canada as COVID-19 restrictions ease. Despite a 5% overall annual revenue increase, longer sales cycles were impacted by the pandemic. Interim CEO Tania Archer highlighted strong momentum, especially in the sports performance sector, and is optimistic about a new education study set to enhance market presence. The company leverages a neuro-visual performance platform utilized in over 20 countries.

Positive

• 25% revenue growth in Q4 year-over-year.
• 5% overall annual revenue increase despite pandemic challenges.
• Increased sales momentum in key markets post-COVID.
• Anticipation of establishing a footprint in the education market.

Negative

• Revenue growth impacted by longer sales cycles due to the COVID-19 pandemic.

25% Revenue Growth in Q4 over Prior Year

VANCOUVER, BC / ACCESSWIRE / July 28, 2021 / Binovi Technologies Corp. (TSX.V:VISN), (OTCQB:BNVIF) (the "Company") announces that it filed its annual consolidated financial statements for the twelve months ended February 28, 2021, related management discussion and analysis and applicable officer certificates (the 'Annual Filings') on July 27, 2021. The Annual Filings can be accessed through the Company's SEDAR profile at www.sedar.com.

Binovi continues to execute on its growth strategy. While the impact from the COVID-19 pandemic did result in longer sales cycles than usual, strong momentum and interest in the Company's offering resulted in revenue growth of approximately 5%. Going forward, as the Company's most important markets, the U.S. and Canada, open up in relation to falling infection numbers, Binovi continues to experience increased momentum in its sales pipeline. Conversion on marketing efforts continue to increase as well. This is evident through strong growth in Q4, in which revenues increase by 25% over the same period in the prior year.

Tania Archer, Interim CEO, commented, "I am pleased that despite difficult market circumstances we have managed to show continued growth. We are experiencing strong momentum within key market segments, in particular in the sports performance arena. Going forward, we will continue to focus on building our organization to respond to growing demand. Furthermore, with a very important education study about to commence with an undisclosed Edmonton School Board, under the leadership of our Scientific Advisory Board member Dr. Sandra Stoddard, we anticipate that later in this calendar year or early in the next calendar year, we will be able to start creating a footprint within the education market more significantly than has been the case to date. In short, while we have work to do to align our organization with market dynamics, we believe we are well positioned to execute on the numerous growth opportunities ahead of us."

About Binovi Technologies Corp.

Binovi is a best-in-class neuro-visual performance platform designed to test, analyze, track, and report on individual cognitive performance. Binovi combines hardware, software, specialized expert knowledge, and unique data insights to deliver customized, one-on-one training and learning protocols ideal for K-12 Students, Vision Care Specialists, and Sports Performance testing and training. Designed for vision optimization and the enhancement of skills related to cognitive performance, Binovi provides measurable results in less time, and with less effort. Binovi is currently used in over 20 countries.

On behalf of the Board of Directors

Investor Relations
Email: info@binovi.com
Toll-free: 1 (855) 416-7158
https://www.binovi.com/investors/

Cautionary Disclaimer Statement:

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with strict regulatory regulations. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

SOURCE: Binovi Technologies Corp.

View source version on accesswire.com:
https://www.accesswire.com/657401/Binovi-Technologies-Files-Annual-Financial-Statements

FAQ

What was Binovi Technologies' revenue growth in Q4 2021?

Binovi Technologies reported a 25% revenue growth in Q4 2021 over the same period last year.

How did the COVID-19 pandemic affect Binovi Technologies' sales?

The COVID-19 pandemic resulted in longer sales cycles, which impacted revenue growth.

What is the overall revenue increase for Binovi Technologies in the last fiscal year?

Binovi Technologies achieved an overall annual revenue increase of approximately 5%.

What new opportunities is Binovi Technologies pursuing in the education sector?

Binovi Technologies is commencing an important education study with an undisclosed Edmonton School Board to enhance their market presence.

What does Binovi Technologies specialize in?

Binovi Technologies specializes in neuro-visual performance platforms for cognitive performance testing and training.