Mednow Inc (TSX-V:MNOW, OTCQB:MDNWF) revealed it had over C$28 million in cash at the end of its fiscal 4Q thanks to a series of savvy strategic moves during the quarter.
The Toronto-based company reported revenue of C$414,000 for its full-year fiscal 2020 ended July 31, 2020, compared to nil in the same year-ago period.
Mednow is a healthcare technology company that brands itself as “Canada’s on-demand virtual pharmacy”, offering telemedicine services along with doctor home visits.
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The group recently launched Mednow Virtual Care, a proprietary platform to provide telemedicine services online and through an app.
On a corporate level, the firm closed a key acquisition of Medvisit, Canada’s largest doctor house call service that conducts around 30,000 patient visits per year and generated around $3 million in revenue and a gross profit of $790,000 in its last fiscal year.
“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,” CEO Karim Nassar said in a statement.
Nassar told investors that the company is “in the early innings” of its long-term stratey, with national pharmacy coverage on the horizon and an active acquisition pipeline.
“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.”
The company posted a net loss of C$8.9 million during its fiscal year compared to a loss of $470,000 in the year-ago period.
Separately, the firm said it had granted a total of 449,000 stock options to certain officers, directors, employees and consultants of the company. The options will have an exercise price equal to $1.40 and will expire five years from the date of grant and will vest over four years.
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