TORONTO, ON / ACCESSWIRE / June 1, 2022 / Predictmedix Inc. (CSE:PMED) (OTCQB:PMEDF) ("Predictmedix" or the "Company"), an emerging provider of rapid health screening solutions powered by a proprietary artificial intelligence (AI), today reported its financial and operational results for the fourth quarter and fiscal year ended January 31, 2022.
Recent Fiscal 2022 and Subsequent Operational Highlights
- Began a clinical study in February 2022 with researchers at a North American hospital to use the Company's patent-pending, proprietary AI technology to detect symptoms of infectious diseases to provide additional third-party validation - also serving to fulfill a prerequisite ahead of a planned FDA certification as Class II Medical Device.
- Granted Conformitè Europëenne ("CE") Mark status and ISO13485 certification for its Safe Entry Station, enabling the Company to effectively commercialize in the European Union (EU) and the Middle East.
- Registered as a fully reporting company with the United States Securities and Exchange Commission on Form 20-F
- Announced strong accuracy rates for alcohol and cannabis impairment detection by Safe Entry Stations, including a 79-87% efficacy in cannabis impairment detection and a 76-92% efficacy in alcohol impairment detection (depending on the quantity consumed by the subject).
- Secured prominent placements and strategic partnerships to advance initial commercialization efforts of the Safe Entry Station, including a partnership with one of India's largest event production companies to supply client events and with Uptown Sports Marketing to provide COVID-19 risk mitigation for sports and entertainment industry events - as well as inaugural placements at popular Canadian Health and Wellness Retreat Ste. Anne's Spa and the Formula 1 Aramco United Stated Grand Prix.
- Launched next-generation, revamped corporate website reflecting ongoing efforts to provide up-to-date information for both prospective customers and investors.
'The fourth quarter of fiscal 2022 and start of fiscal 2023 was highly focused on advancing our clinical trial efforts to further validate the Safe Entry Station for both infectious disease and impairment detection applications - a critical milestone to ensure we can successfully execute on our global commercialization efforts," said Dr. Rahul Kushwah, Interim Chief Executive Officer of Predictmedix. "To enable us to pursue larger, multi-year enterprise contracts we began a clinical validation study for our Impairment Detection and Infectious Disease Screening solutions, the results and data of which will be crucial for our application as a Class II Medical Device with the FDA. In another study, our AI technology showed a 79-87% efficacy in identification of cannabis impairment and 76-92% efficacy in identification of alcohol impairment, which will be published in a peer reviewed journal to further support our in-process FDA application.
"During the fourth quarter, we achieved an essential regulatory milestone for commercialization with the receipt of Conformitè Europëenne ("CE") Mark status and ISO13485 certification, enabling us to commercialize in the European Union, Middle East, and other key global markets. This achievement, paired with progress towards classifying our Safe Entry Station as a Class II Medical Device in the United States, will provide significant validation to step up our commercialization efforts to the next level.
"Initial deployment momentum of the Safe Entry Station continued in the fourth quarter with the placement of Safe Entry stations at the Formula 1 Aramco United States Grand Prix in Texas and at a Health and Wellness Retreat in Ontario, Canada. As live events and businesses return to capacity and we continue our aggressive ‘fit for duty' marketing campaign, the stringent detection of infectious diseases and providing a safe and secure environment for guests and employees is paramount and well understood. And with each deployment of our stations, we gain further validation that only strengthens the conversion of our already robust sales pipeline through our international network of resellers.
"Looking ahead we are working diligently on initial commercialization and efforts to become an emerging leader in Impairment Detection and Infectious Diseases 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. The coming year presents an exciting opportunity for Predictmedix to continue our growth trajectory with customers, attain FDA approval and increase shareholder value. I look forward to providing additional updates in the months to come," concluded Kushwah.
Fourth Quarter and Fiscal Year 2022 Financial Results
All figures in this press release are in Canadian Dollars unless stated otherwise.
Revenue for the fiscal year ended January 31, 2022 increased to $134,820, as compared to no revenues in fiscal year 2021. The increase was driven by initial trial placements of the Safe Entry Station, which began to scale in late fiscal 2022.
Gross profit increased to $84,820, or 63% of total revenues, in fiscal 2022, as compared to no gross profit in fiscal 2021. The gross profit profile was driven chiefly by software-like margins from the recurring monthly SaaS (Screening as a Service) fees for Safe Entry Stations.
Operating expenses totaled $2.0 million in fiscal 2022, as compared to $1.9 million in fiscal year 2021. The higher expenses were primarily a result of the initiation of commercialization of the Safe Entry Station, in addition to clinical trial expenses.
Net loss for fiscal year 2022 totaled $1.9 million, or $(0.017) per share, as compared to a net loss of $1.6 million, or $(0.016) per share, in fiscal 2021.
About Predictmedix Inc.
Predictmedix (CSE: PMED) (OTCQB: PMEDF) is an emerging provider of rapid health screening and remote patient care solutions globally. The Company's Safe Entry Stations - powered by a proprietary artificial intelligence (AI) - use multispectral cameras to analyze physiological data patterns and predict a variety of health issues including infectious diseases such as COVID-19, impairment by drugs or alcohol, or various mental illnesses. Predictmedix's proprietary remote patient care platform empowers medical professionals with a suite of AI-powered tools to improve patient health outcomes. To learn more, please visit our website at www.Predictmedix.com or follow us on Twitter, Instagram or LinkedIn.
Caution Regarding Forward-Looking Information:
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. The Company's securities have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. Persons", as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to dependence on obtaining regulatory approvals; the ability to obtain intellectual property rights related to its technology; limited operating history; general business, economic, competitive, political, regulatory and social uncertainties, and in particular, uncertainties related to COVID-19; risks related to factors beyond the control of the Company, including risks related to COVID-19; risks related to the Company's shares, including price volatility due to events that may or may not be within such party's control; reliance on management; and the emergency of additional competitors in the industry.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except required by law.
Disclaimer: "The Company is not making any express or implied claims that its product has the ability to diagnose, eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus) at this time."
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