Mednow Inc (TSX-V:MNOW, OTCQB:MDNWF), Canada's on-demand virtual pharmacy, has forecast revenue of between $5 million and $5.5 million for its fiscal third-quarter 2022, representing quarter-over-quarter growth of 175%.
Its results for the second quarter 2022 highlighted a strong quarter-over-quarter performance with revenue growth of 230% compared to first-quarter 2021 revenue of $570,000, the company said.
Patient numbers grew 20% to 19,000 in Q2 versus the previous quarter, and the company achieved a Q2 gross margin of 19%, with a cash balance of $16 million.
READ: Mednow launches virtual pharmacy for patients in Manitoba
Commenting on recent operational milestones, Mednow noted that it launched a licensed pharmacy in Winnipeg in April, while in March, the company closed the previously announced acquisition of a pharmacy in Toronto.
It also said it plans to launch a fulfillment centre in Montreal, Quebec in May and in Calgary, Alberta later this year.
In February, the firm provided guidance for its 2022 and 2023 calendar years. It is forecasting full-year 2022 revenue of between $42.5 million to $47.5 million, with pharmacy services contributing around $42 million and the rest coming from doctor services. It expects a net loss for the year, while the gross margin is forecast to average 20%, with 40,000-45,000 active patients.
For 2023, Mednow is forecasting revenue between $105 million to $110 million, again driven by pharmacy services. The company expects adjusted EBITDA of approximately $5 million to $10 million in 2023, while the gross margin is forecast to average 25%, with 110,000-120,000 active patients.
Mednow said its earnings for fiscal Q3 2022 will be released in June.
Toronto-based Mednow is a healthcare technology company that offers virtual access with a high-standard of care. Its virtual pharmacy Mednow.ca provides pharmaceutical and telemedicine services as well as doctor home visits through an interdisciplinary approach to healthcare that is focused on the patient experience.
Contact the author at jon.hopkins@proactiveinvestors.com