Predictmedix Inc. (CSE:PMED, OTCQB:PMEDF) has reported increased revenue for the 2022 fiscal year driven by initial trial placements of its Safe Entry Stations, which the company began to scale in late fiscal 2022.
For the year ended January 31, 2022, the company reported revenue of $134,820 compared to nil revenue for the 2021 fiscal year.
The company also increased its gross profit to $84,820, or 63% of total revenues, for the 2022 fiscal year compared to no gross profit in the previous fiscal year, attributed to software-like margins from its recurring monthly Software as a Service (SaaS) fees for Safe Entry Stations.
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Other highlights from the fiscal year include the announcement of strong accuracy results for alcohol and cannabis impairment detection by Safe Entry Stations, including a 79% to 87% efficacy in cannabis impairment detection and a 76% to 92% efficacy in alcohol impairment detection, and the company being granted Conformitè Europëenne Mark status and ISO13485 certification for its Safe Entry Station, enabling it to effectively commercialize in the European Union and the Middle East.
Predictmedix interim CEO Rahul Kushwah said the fourth quarter of fiscal 2022 and the start of fiscal 2023 were focused on advancing the company’s clinical trial efforts to further validate the Safe Entry Station for both infectious disease and impairment detection applications.
Looking ahead, Kushwah said the company was working on initial commercialization and efforts to become an emerging leader in impairment detection and infectious disease screening.
“We continue to focus on R&D to develop exciting new applications of our AI technology for the healthcare industry, such as our triage solution for hospitals to gather key vitals from incoming patients, so nurses can save time and increase productivity,” he said.
“The coming year presents an exciting opportunity for Predictmedix to continue our growth trajectory with customers, attain Food and Drug Administration (FDA) approval and increase shareholder value.”
The company reported a net loss for the year of $1.9 million or $0.017 per share, compared to a net loss of $1.6 million or $0.016 per share in fiscal 2021.
Predictmedix is an artificial intelligence company developing disruptive tools for impairment testing and healthcare aimed at use across various workplaces and by law enforcement agents.
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