Medivolve Announces Q3 2021 Results - Reaches Record Levels of Revenue
Medivolve announced impressive financial results for Q3 2021, achieving $25.3 million in revenue, marking a 575% increase from Q2. Gross profit surged 1,288% to $10.5 million, and the company reported a net income of $6.8 million, reversing a net loss of $8.7 million in Q2. Key developments include securing $12 million in funding, transitioning to insurance reimbursements, and expanding testing services. Medivolve aims to capitalize on the increasing demand for COVID-19 testing amidst rising case numbers.
- Revenue increased by 575% to $25.3 million in Q3 2021.
- Gross profit soared 1,288% to $10.5 million.
- Net income rose to $6.8 million from a net loss of $8.7 million.
- Secured $12 million in funding to consolidate debt and strengthen the balance sheet.
- Transitioned to insurance reimbursements, increasing revenue potential.
- Expanded testing services to cover 99.7% of individuals for COVID-19 testing.
- None.
- Revenue was
$25.3 million in the third quarter of 2021, up575% , compared to$3.7 million over the prior three-month period ending June 30, 2021. - Gross profit was
$10.5 million in the third quarter of 2021, up 1,288% , compared to$753,535 over the prior three-month period ending June 30, 2021. - Net income was
$6.8 million in the third quarter of 2021, compared to a net loss of$8.7 million over the prior three-month period ending June 30, 2021.
TORONTO, Nov. 15, 2021 /PRNewswire/ - Medivolve Inc. ("Medivolve" or the "Company") (NEO: MEDV)(OTC: COPRF)(FRA: 4NC), a healthcare technology company that seeks to reinvent the US healthcare system by leveraging a bespoke telehealth platform, clinical diagnostic network, and data driven AI to improve patient care, today announced financial results for the third quarter ended September 30, 2021.
"Medivolve delivered a quarter of strong results, achieving an impressive
Q3 Financial Highlights
- Revenue was
$25.3 million in the third quarter of 2021, up575% , compared to$3.7 million over the prior three-month period ending June 30, 2021. - Gross profit was
$10.5 million in the third quarter of 2021, up 1,288% , compared to$753,535 over the prior three-month period ending June 30, 2021. - Net income was
$6.8 million in the third quarter of 2021, compared to a net loss of$8.7 million over the prior three-month period ending June 30, 2021. - Cash on balance sheet of
$0.9 million and$1.9 million of debt at the end of third quarter 2021
Q3 Developments and Business Highlights
- Closed
$12 million in funding needed to consolidate legacy debt and strengthen the Company's balance sheet - Transitioned from a cash pay business model to Insurance Reimbursements increasing daily gross revenue and revenue per patient compared to the legacy cash-based business model used since the Company's inception
- Boosted testing services revenue by automating claim submissions to over 8,700 insurance carriers; this, combined with access to respective government programs for the uninsured and undocumented, the Company estimates a population coverage of over
99.7% of individuals could be eligible for COVID-19 testing at no cost to patients. - Launched plans and began the hiring process to build network of medical professionals including doctors, physician assistants, registered nurses, nurse practitioners, and therapists to expand the Company's clinical diagnostic network
- Finalized acquisition of CalVax licensed Marbella Pharmacy, an open-door pharmacy, providing the ability to deliver patient care through immediate access to pharmaceutical distribution throughout the state of California
- Launched initiative and began hiring software engineers and developers to sustain the Company's rapid growth rate, while developing additional successful applications
- Released Medivolve 2.0, a HIPAA-compliant patient portal that introduced new opportunities to support the Company's change in COVID-19 testing operations
- Expanded nationwide B2B employee programs bringing on-site COVID-19 testing services to schools, workplaces, and events
- Closed
$1.2 million Convertible Note Financing to support strategic plan including next phase of growth for AI technology platform
Q4 Outlook
The recent surge of COVID-19 cases across America continues, strengthen Medivolve's case for more frequent testing. Organizations nationwide, including government officials, are requiring employees to be vaccinated, and submit to routine testing.
Infectious disease experts are predicting another spike of COVID-19 cases during and after upcoming holiday season. Medivolve's medical directors also say cases could simply increase as people move indoors during the cold winter months.
"As the number of cases of COVID-19 rise, it's the latest sign that regular testing will continue to emerge as a potential fallback for organizations to retain employees without full vaccination coverage," shared David Preiner. "Everywhere from workplaces to schools, to concert or large event venues, people are being asked to show proof that they are not infected; therefore, testing remains a critical part of our business model."
Upcoming Analyst & Investor Webinar
Medivolve will host a live webinar with analysts and investors on Tuesday, November 30, at 2:00pm Eastern Time.
The webinar can be accessed by registering online, at which time registrants will receive a calendar invite with a link and dial-in information.
To register for the webinar, please visit: Medivolve Q3 Webinar Registration.
About Medivolve, Inc.
Medivolve, Inc. (NEO: MEDV; OTC: COPRF; FRA: 4NC) is a healthcare technology company that seeks to reinvent the US healthcare system by leveraging a bespoke telehealth platform, a clinical diagnostic network, and a data-driven AI framework to improve patient care.
The company was born out of the healthcare crisis; to rethink, relearn and ultimately, reimagine a better way for the healthcare system to operate. Our network of retail collection sites play an important role in recovery by giving all Americans access to fast, accurate, and inexpensive clinical services when and where they need it. These centers will also play a pivotal role in diagnostic testing, vaccinations, and other point-of-care services. We are building disruptive technologies to make it easier and faster to identify, treat, and prevent medical issues. In doing so, we are working to give patients a holistic and empowered view of their personal health.
Our long-term mission is to permanently fix systemic issues in the nation's fragmented, overly complex, and expensive healthcare system. Medivolve's next phase of growth is about pivoting the model and putting the pieces together to build a profitable, SaaS-based health-tech company. We are bringing data-driven clinical diagnostics, physician recommendations, and prescription medications directly to people, all powered by a singular, streamlined technology network. Our team is united by a powerful, singular purpose: harnessing the transformative power of technology to create healthier lives.
Underpinned by a bespoke, AI-driven platform, we're developing a stealth system that constantly gets smarter, takes the guesswork out of diagnostics, and flags critical health issues immediately to deliver an unparalleled level of personalization for each patient. We are determined to push the boundaries of what's possible—not just for our business and our shareholders, but for physicians and patients, and for the future of healthcare. We are striving to achieve a continuity of care never seen before, a game changer for our business and for patients in the communities we serve.
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to financial results, operational results, projections related to the COVID pandemic, the deployment of the Company's AI technology platform and patient portal, the effectiveness of the Company's testing programs, and financial guidance and projections. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 information 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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SOURCE Medivolve Inc.
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