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Q3 Financial Highlights
Revenue was
Gross profit was
Net income was
Cash on the balance sheet of
Q3 Developments and Business Highlights
Closed
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 a 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
Launched initiative and began hiring software engineers and developers to sustain the Company's rapid growth rate, while developing additional successful applications
Released
Expanded nationwide B2B employee programs bringing on-site COVID-19 testing services to schools, workplaces, and events
Closed
Q4 Outlook
The recent surge of COVID-19 cases across America continues, strengthening
Infectious disease experts are predicting another spike of COVID-19 cases during and after the upcoming holiday season.
'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
Upcoming Analyst & Investor Webinar
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About
The company was born out of the healthcare crisis; to rethink, relearn and ultimately, reimagine a better way for the healthcare system to operate. Our network of retail collection sites plays an important role in recovery by giving all Americans access to fast, accurate, and inexpensive clinical services when and where they need them. These centers will also play a pivotal role in diagnostic testing, vaccinations, and other point-of-care services. We are building disruptive technologies to make it easier and faster to identify, treat, and prevent medical issues. In doing so, we are working to give patients a holistic and empowered view of their personal health.
Our long-term mission is to permanently fix systemic issues in the nation's fragmented, overly complex, and the expensive healthcare system.
Underpinned by a bespoke, AI-driven platform, we're developing a stealth system that constantly gets smarter, takes the guesswork out of diagnostics, and flags critical health issues immediately to deliver an unparalleled level of personalization for each patient. We are determined to push the boundaries of what's possible-not just for our business and our shareholders, but for physicians and patients, and for the future of healthcare. We are striving to achieve a continuity of care never seen before, a game-changer for our business and for patients in the communities we serve.
Cautionary Note Regarding Forward-looking Information
This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to financial results, operational results, projections related to the COVID pandemic, the deployment of the Company's AI technology platform and patient portal, the effectiveness of the Company's testing programs, and financial guidance and projections. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward-looking information is 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, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 information 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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