TORONTO, March 30, 2022–(BUSINESS WIRE)–Mednow Inc. (“Mednow” or the “Company“) (TSXV:MNOW), Canada’s on-demand virtual pharmacy, will be participating in DC Finance’s Montreal Family Office and High Net Worth Individuals Conference on Tuesday April 5, 2022.
Karim Nassar, Mednow Inc.’s Chief Executive Officer and Co-Founder will be delivering a lecture on the evolution of pharmacy in Canada at 10am EST and will highlight Mednow’s approach to revolutionizing pharmacy through the use of technology and Mednow’s people-first approach. For a full list of speakers and the agenda, please click here.
Additionally, Mednow will have a booth where Mr. Nassar will have the ability to speak with prospective investors and those interested in the Canadian pharmacy landscape, and how it is ripe for distribution. Mednow is on track to further expand its national presence as a digital pharmacy by mid-2022.
- In the 2022 calendar year, Mednow is forecasting revenue to range between C$42.5M and C$47.5M:
- approximately C$42M is expected to come from its pharmacy services, while approximately C$3M is expected to come from doctor services;
- 2022 gross margin is expected to average approximately 20%, with 40,000 to 45,000 active patients, and a net loss for the year.
- Revenue for the 2023 calendar year is forecasted to range between C$105M and C$110M:
- approximately C$102M is expected to come from pharmacy services while approximately C$5M is expected to come from doctor services;
- 2023 gross margin is expected to average 25%, with 110,000 to 120,000 active patients.
- Revenue is expected to grow 2,400% in 2022 relative to 2021 and 140% in 2023 from 2022.
About Mednow Inc.
Mednow is a healthcare technology company offering virtual access with a high standard of care. Designed with accessibility and quality of care in mind, Mednow.ca provides virtual pharmacy and telemedicine services as well as doctor home visits through an interdisciplinary approach to healthcare that is focused on the patient experience. Mednow’s services include free at-home delivery of medications, a user-friendly interface for easy upload, transfer, and refill of prescriptions, access to healthcare professionals through an intuitive chat experience, a specialized PillSmart™ system that packages prescriptions and vitamins by date and time, and doctor consultations.
To learn more, follow Mednow on Facebook, Twitter, LinkedIn, and Instagram, or visit our website at www.mednow.ca/.
Neither 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 of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including without limitation, that the Company will be attending DC Finance’s Investor Conference on April 5, 2022, the Company’s expectation to further expand its national presence as a digital pharmacy by mid-2022, the Company’s expectation that in 2022 the Company’s revenue will range between C$42.5M and C$47.5M, the Company’s expectation that the Company’s 2022 gross margin will average approximately 20%, with 40,000 to 45,000 active users, and be a net loss for the year, the Company’s expectation that revenue for the 2023 calendar year will range between C$105M and C$110M, the Company’s expectation that the Company’s 2023 gross margin will average approximately 25%, with 110,000 to 120,000 active users and the Company’s expectation that revenue will grow 2,400% in 2022 relative to 2021 and 140% in 2023 from 2022 are forward-looking statement and contains forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”.
Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that during the next 12 months, the Company will build and open retail pharmacies in the provinces of Manitoba, Alberta and Quebec, the Company will successfully acquire a pharmacy based in Toronto, the Company will have national delivery capabilities in summer 2022, the Company will be successful in the deployment of its resources and personnel, the Company’s operations will not be adversely impacted by COVID-19, the availability of financing, the cost of planned expansion, third party contractors and supplies and governmental and other approvals required to conduct the Company’s planned activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner, the Company will be successful in its targeted marketing campaigns and advertising initiatives that will allow the Company to grow its active patients to 40,000 to 45,000 active users in calendar 2022 and 110,000 to 120,000 active patients in calendar 2023, the Company will be successful in growing its active users to its estimated target range in calendar 2022 and calendar 2023, which will allow the Company to generate between C$42.5 million and C$47.5 million of revenue, average gross margin of 20% and a net loss in calendar 2022, and between C$105 million and C$110 million of revenue, average gross margin of 25%, the Company will be able to continue to buy medications and other goods at reasonable prices and underlying purchase terms to achieve its expected gross margin in calendar 2022 and calendar 2023, the Company will be able to control operating costs to be able to achieve its target and forecasted earnings, the Company’s web and mobile application will be able to support a higher number of patients and users who will use the application to transact with the Company, and the Company will be successful in its strategic objectives, including the integration of existing business acquisitions and the pursuit of other investments and acquisitions.
These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, the Company’s marketing campaign will not include TV commercials, social media marketing campaigns directed at consumers along with billboard campaigns, that during the next 12 months, the Company will not build and open retail pharmacies in the provinces of Manitoba, Alberta and Quebec or at all, the Company will not successfully acquire a pharmacy based in Toronto, from related parties of Mednow, the Company will not have national delivery capabilities in summer 2022 or at all, the Company’s 2022 revenue will not be in the range between C$42.5M and C$47.5M and may be significantly lower, the Company’s 2022 gross margin will not average approximately 20% and the Company will not successfully grow its user base to 40,000 to 45,000 active users, the Company’s revenue for the 2023 calendar year will not range between C$105M and C$110M and may be significantly lower, the Company’s 2023 gross margin will not average approximately 25% and the Company will not successfully grow its user base with 110,000 to 120,000 active users and the Company’s revenue will not grow 2,400% in 2022 relative to 2021 and 140% in 2023 from 2022 as expected by management or at all. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
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Investor Relations Contact:
Benjamin Ferdinand, Chief Financial Officer
Lucy Chitilian, CFA, Head of Investor Relations