TORONTO, Aug. 18, 2021 /CNW/ - SQI Diagnostics
Inc. (TSXV: SQD) (OTCQB: SQIDF), a precision medicine company
that discovers, develops and commercializes innovative rapid
diagnostic testing for healthcare professionals, patients and
consumers worldwide, today reported its financial and operational
results for the third quarter of fiscal year 2021, ended
June 30th, 2021.
Q3 2021 Financial Highlights
- Sales were $0.3M, compared to
$0.3M in Q3 2020
- SG&A expense was ($1.2M),
compared to $0.7M in Q3 2020 due
primarily to a recovery of expense on stock options awarded to the
Company's former CEO
- R&D expense was $2.0M,
compared to $0.8M in Q3 2020 due to
expanded efforts to bring products through the approval
process
- Net loss was $0.7M or
($0.00) per share, compared to
$1.5M or ($0.01) per share in Q3 2020
- Cash and investments were $5.0M
as of June 30, 2021, compared to
$2.6M as of September 30, 2020
- Net working capital was $4.1M as
of June 30, 2021, compared to
$2.2M as of September 30, 2020
Corporate Highlights during the Quarter:
- Received $3.9 million dollars in
funding via warrant exercise by Insiders
- Increased investments in Clinical development to support
application to the FDA for the Company's COVID-19 Home Antibody
Test
- Settled legal dispute with a previous customer resulting in a
partial recovery of an amount previously written-off totaling
$407,000
- The Company's former CEO, Rob
Chioini departed in May 2021and was replaced by the Board
Chair, Clive Beddoe, as Interim
CEO
About SQI Diagnostics
SQI Diagnostics is a life sciences and diagnostics company that
is leading the way in healthcare utilizing state-of-the-art
technology to rapidly diagnose, triage and provide medical insights
to patients. We strive to improve people's lives and assist their
healthcare providers by providing quality clinical health
information backed by years of research and clinical data. For more
information, please visit www.sqidiagnostics.com.
FORWARD-LOOKING INFORMATION
This press release contains certain words and statements,
which may constitute "forward-looking statements" within the
meaning of applicable securities laws relating to future events or
future performance and reflect the current expectations and
assumptions of the Company regarding its growth, results of
operations, performance, business prospects and opportunities.
These statements generally can be identified by use of
forward-looking words such as "may", "would", "could", "will",
"should", "expect", "plan", "estimate", "anticipate", "intends",
"believe", "potential", or "continue" or the negative thereof or
similar variations. The Company's actual results and performance
discussed herein could differ materially from those expressed or
implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Important factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market factors, competition, the effect of the
global pandemic and consequent economic disruption, and the factors
detailed in the Company's ongoing filings with the securities
regulatory authorities, available at www.sedar.com. Although the
forward-looking statements contained herein are based on what we
consider to be reasonable assumptions based on information
currently available to us, there can be no assurance that actual
events, performance or results will be consistent with these
forward looking statements, and our assumptions may prove to be
incorrect. Readers are cautioned not to place undue reliance on
these forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements either as a result of new information, future events or
otherwise, except as required by applicable law.
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.
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SOURCE SQI Diagnostics Inc.