- Revenue was $25.3 million in the third quarter of 2021, up 575%, 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.
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 575% increase in revenue growth compared to Q2,” said David Preiner, CEO of Medivolve. “We’re incredibly proud to see our testing services grow and exceed expectations. From here on out, everything we do is focused on furthering our mission and pushing the boundaries of what’s possible – not just for our company and shareholders, but also for physicians and patients, and for the future of healthcare.”
Q3 Financial Highlights
- Revenue was $25.3 million in the third quarter of 2021, up 575%, 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.
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