VANCOUVER, British Columbia, Aug. 29, 2022 (GLOBE NEWSWIRE) — AVRICORE HEALTH INC. (TSXV: AVCR) (the “Company” or “AVCR”) is pleased to provide this corporate update on the Company’s Q2 results.
“We have now begun a new era for Healthtab™ and the Company as we expand Shoppers Drug Mart significantly over the coming weeks,” said Hector Bremner, CEO of Avricore Health Inc. “We are now realizing our revenue targets and are on track to realize long-term profitability as we continue to successfully execute our plan.”
HEALTHTAB™ – KEY DEVELOPMENTS
Key developments have included:
QUARTERLY FINANCIAL INFORMATION
The following table highlights selected unaudited consolidated financial data for each of the eight most recent quarters that, in management’s opinion, have been prepared on a basis consistent with the audited consolidated financial statements for the year ended December 31, 2021. These results are not necessarily indicative of results for any future period and you should not rely on these results to predict future performance.
Quarter Ended | Jun 2022 |
Mar 2022 |
Dec 2021 |
Sep 2021 |
Jun 2021 |
Mar 2021 |
Dec 2020 |
Sep 2020 |
||||||||
$ | $ | $ | $ | $ | $ | $ | $ | |||||||||
Revenue | 176,175 | 42,736 | 35,190 | 75,104 | 4,939 | 7,575 | 8,082 | 8,082 | ||||||||
Gross profit (loss) | 56,874 | 15,113 | 9,317 | 20,555 | (998 | ) | 1,647 | 2,220 | 4,757 | |||||||
Share-based compensation |
9,069 | 21,099 | 9,169 | 74,722 | 24,965 | 386,935 | 120,191 | 10,028 | ||||||||
Comprehensive Loss | 207,363 | 185,678 | 208,895 | 439,311 | 344,620 | 715,306 | 538,499 | 206,789 | ||||||||
Net loss/Share | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.01 | ) | (0.00 | ) | (0.00 | ) |
Total Assets | 1,985,085 | 2,122,816 | 2,281,393 | 2,517,569 | 2,541,099 | 2,740,053 | 440,090 | 355,808 |
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2022
The Company incurred comprehensive loss of $207,363 for the three months ended June 30, 2022 (2021 – $344,620) a decrease of 40%.
Significant changes are as follows:
About Avricore Health Inc.
Avricore Health Inc. (TSXV: AVCR) is a pharmacy service innovator focused on acquiring and developing early-stage technologies aimed at moving pharmacy forward. Through its flagship offering HealthTab™, a wholly owned subsidiary, the company’s mission is to make actionable health information more accessible to everyone by creating the world’s largest network of rapid testing devices in community pharmacies.
About HealthTab™
HealthTab™ is a turnkey point-of-care testing solution that combines best-in-class point-of-care technologies with a secure, cloud-based platform for tackling pressing global health issues. With just a few drops of blood from a finger prick, the system generates lab-accurate results on the spot and data is reported in real time. The test menu includes up to 23 key biomarkers for screening and managing chronic diseases, such as diabetes and heart disease (e.g., HbA1c, Lipid Profile, eGFR). HealthTab™ has also recently added capabilities for bacterial and viral tests, such as strep and COVID-19.
The HealthTab™ network model is unlike anything in pharmacy today. It gives knowledgeable and trusted pharmacists a greater role in primary care delivery, while empowering patients to take more control of their health. It also reduces costs and waiting times and provides many potential revenue streams including equipment leasing & consumables, direct access testing, disease prevention & management programs, sponsored health programs, decentralized clinical trials, real world data (RWD) sets, and third-party app integration through API.
HealthTab™ Market Fast Facts
Contact:
Avricore Health Inc.
Hector Bremner, CEO 604-773-8943
info@avricorehealth.com
www.avricorehealth.com
Cautionary Note Regarding Forward-Looking Statements
Information in this press release that involves Avricore Health’s expectations, plans, intentions, or strategies regarding the future are forward-looking statements that are not facts and involve a number of risks and uncertainties. Avricore Health generally uses words such as “outlook,” “will,” “could,” “would,” “might,” “remains,” “to be,” “plans,” “believes,” “may,” “expects,” “intends,” “anticipates,” “estimate,” “future,” “positioned,” “potential,” “project,” “remain,” “scheduled,” “set to,” “subject to,” “upcoming,” and similar expressions to help identify forward-looking statements. In this press release, forward-looking statements include statements regarding: the completion of the placement and the expected timing thereof and the Company’s expected use of proceeds from the placement; the unique features that the HealthTab™ platform offers to pharmacists and patients. Forward-looking statements reflect the then-current expectations, beliefs, assumptions, estimates and forecasts of Avricore Health’s management. The forward-looking statements in this press release are based upon information available to Avricore Health as of the date of this press release. Forward-looking statements believed to be true when made may ultimately prove to be incorrect. These statements are not guarantees of the future performance of Avricore Health and are subject to a few risks, uncertainties, and other factors, some of which are beyond its control and may cause actual results to differ materially from current expectations, including without limitation: failure to meet regulatory requirements; changes in the market; potential downturns in economic conditions; and other risk factors described in Avricore’s public filings. These forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy.
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