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Since March 2020, every business has been thrust into a series of complex and unpredictable situations that have required adaptation, innovation and discipline to stay focused on key objectives. The COVID-19 pandemic has impacted the Company’s focus on expanding HealthTab™, the proprietary point-of-care service delivery platform in community pharmacies.
Pharmacy was a source of primary care and vaccinations for millions of Canadians, but since the first quarter of this year, public health policies have changed, which has taken some of the pressure off pharmacists from these activities. But there is still high demand from patients who find it difficult to access a family doctor to help them with their problems, especially when it comes to diabetes and heart disease.
What do you want to know : Thanks to the determination and discipline of the company and the HealthTab™ team, the announced pilot project with Shoppers Drug Mart® was successfully executed, despite the extraordinary effects of the pandemic. There have been incremental increases in the number of locations under this program, bringing the current number to 53 locations actively using Abbott Afinion 2™ instruments connected to HealthTab™ in Ontario and British Columbia.
The Company is in discussions with several pharmacy groups to expand the Canadian and international HealthTab™ network.
Fiscal discipline / Revenue growth
The company is pleased with the overall balance sheet performance, moving from a high liability/low asset scenario to reversing those numbers in just two fiscal years with working capital of $1.94 million as of March 31, 2022 – and those two years were during some of the toughest trading times on record.
The most recent financial statements demonstrated that fiscal 2021 saw a 372% year-over-year revenue increase and the company maintained strong fiscal discipline, maintaining an operating cost model moderate, conserving cash and limiting exposure to further stock dilution while executing on the built from HealthTab™.
The company’s team had the opportunity to test, develop and deploy several system enhancements, which increased the reporting capabilities, accuracy and reliability of HealthTab™, as well as the pharmacist’s user experience. and of the patient.
Actions included the successful launch of a fully upgraded platform (HT 2.0), enhanced security for integration partners, more flexible reporting options, manual antigen tracking through the integration of Abbott ID Now™, developing an industry-leading quality assurance program while managing software development costs.
At the beginning of this year, the Company presented to shareholders and the public the key objectives for the year, here is the status of these specific elements:
|Conclude the deal and scale plan, which will include data integration with key digital partners||Ongoing with expected conclusion in Q3 2022|
|Expansion of HT into other pharmacy groups in Canada||Ongoing, new pilots/adoption in Q3 2022|
|Securing a first American pharmacy customer||Q4 2022|
|Launch of UK expansion (push into EU)||Several project opportunities under discussion, Q4 2022|
|Obtain other Abbott agreements in the US, UK, EU, etc.||Ongoing, expected by Q3|
|Hire key positions to support technical and business development efforts||Active hiring to support expansion|
|Revenues and profitability!||With the anticipated growth and solid budget management in 2022, the Company sees itself with positive cash flow by Q3 2023|
The remainder of the year will be focused on successfully closing business development and expansion opportunities that are currently under review.
HealthTab™ Market Highlights
- Point-of-care testing market to reach US$93.21 billion in 2030 (Source)
- Nearly 13.6 million Canadians are expected to have diabetes or prediabetes by 2030, many of them undiagnosed (Source)
- More than one in three Americans, or about 88 million people, have prediabetes (Source)
- Nearly 160,000 Canadians aged 20 and over are diagnosed with heart disease each year, often only after a heart attack. ( Source )
- There are more than 10,000 pharmacies in Canada, 88,000 pharmacies in the United States, nearly 12,000 in the United Kingdom.
HealthTab™ is a turnkey point-of-care testing solution that combines best-in-class point-of-care technologies with a secure, cloud-based platform to tackle pressing global health issues. With just a few drops of blood from a finger prick, the system generates accurate lab 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 (eg, HbA1c, lipid profile, eGFR). HealthTab™ also recently added functionality for bacterial and viral testing, such as strep and COVID-19.
The HealthTab™ network model is unlike anything in pharmacies today. It gives knowledgeable and trusted pharmacists a greater role in the delivery of primary care, while empowering patients to take better control of their health. It also reduces costs and wait times and provides many potential revenue streams including equipment rental and consumables, direct access testing, disease prevention and management programs, sponsored healthcare, decentralized clinical trials, real-world datasets (RWDs), and third-party applications. integration via API.
About Avricore Health Inc.
Avricore Health Inc. (TSXV: AVCR) is a pharmaceutical services innovator focused on acquiring and developing advanced technologies to advance pharmacy. Through its flagship HealthTab™ offering, a wholly owned subsidiary, the company is on a mission to make actionable health information more accessible to everyone by creating the world’s largest network of rapid testing devices in community pharmacies.
Avricore Health Inc.
Hector Bremner, CEO 604-773-8943
Caution 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”, “could”, “remain”, “be”, “plan”, “believe”, “may”, “s ‘expects’. “, “expects”, “anticipates”, “estimates”, “future”, “positioned”, “potential”, “project”, “remain”, “planned”, “defined on”, “subject to”, ” “”, and similar expressions to help identify forward-looking statements. In this press release, forward-looking statements include statements regarding: the completion of the offering and the expected timing thereof and the intended use by the Company from the proceeds of the offering the unique features that the HealthTab™ platform offers pharmacists and patients Forward-looking statements reflect the then-current expectations, beliefs, assumptions, estimates and forecasts of the management of Avricore Health. contained in this press release are based on information available to Avricore Health as of the date of this press release. Forward-looking statements believed to be true when made may ultimately be prove incorrect. These statements are not guarantees of Avricore Health’s future performance and are subject to certain 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; market changes; potential downturns in economic conditions; and other risk factors described in Avricore’s public documents. These forward-looking statements speak only as of the date 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 the otherwise required by law.
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