It’s been a rough few months with the virus. Fortunately, we’re beginning to see a drop in cases—at least in the U.S. However, that doesn’t mean it won’t pop up again. It also doesn’t mean we can just stop with the testing all of a sudden. In fact, testing will probably stick around for quite some time. According to McKnight’s Long-Term Care News, “Vaccines do not provide 100% protection against the virus, and in rare cases, people who are fully vaccinated may still develop the disease. Those so-called breakthrough cases may be driven by rapid virus changes, and ongoing testing of immunized individuals will be necessary to help prevent future outbreaks, researchers say.” That’s a big catalyst for companies such as Datametrex AI Limited (TSXV:DM)(OTC:DTMXF), Laboratory Corp. of America Holdings (NYSE:LH), Abbott Laboratories (NYSE:ABT), Quest Diagnostics Inc. (NYSE:DGX), and Chembio Diagnostics Inc. (NASDAQ:CEMI).
The U.S. CDC isn’t even sure how long vaccines will protect people. As they noted, “Although vaccines are effective at keeping you from getting sick, scientists are still learning how well vaccines prevent you from spreading the virus that causes it to others, even if you do not have symptoms. Early data show that vaccines help keep people with no symptoms from spreading it, but we are learning more as more people get vaccinated. We’re also still learning how long vaccines protect people.”
Datametrex AI Ltd. Just Posted Record Q1 Revenue of $19.04 Million up 2,253%
Datametrex AI Ltd. (TSXV:DM)(OTC:DTMXF) just reported its financial performance immensely improved in the first quarter, attributed by growth across its COVID-19 sales and its related services with the film and production industry and uptake in its health technology business.
The Company reported record revenue of $19,045,888, 2,253% increase, and net earnings of $9,560,351, 1,425% increase, compared to Q1, 2020. Adjusted EBITDA also improved significantly $10,684,254 in Q1 2021 up 1,548% compared to ($737,698) in Q1 2020. This Adjusted EBITDA reflects the Company's operations, not including non-cash items. The Company also significantly improved its cash balance, up 17,044% from Q1 2020.
The following is selected financial information for the three-month financial results ending March 31, 2021, along with comparative results. Please refer to the Q1 2021 Filing in its entirety, which is available under Datametrex's profile at www.sedar.com.
"The Company's first-quarter results reflect another record period of strong execution as we continue to build an integrated health technology company," commented Marshall Gunter, CEO of Datametrex.
"We have entered 2021 coming off a record 2020 year in revenue and this trend will only continue to improve quarter over quarter as we focus on increasing our revenue channel with strategic funding of our sales and operations teams to drive business. Additionally, any future acquisitions in the pipeline will accelerate the development of our health technology business steering expansion efforts that will help accelerate our ability to continue to increase our revenue," said Andrew Ryu, Chairman of the Company.
Financial Highlights for three-month financial results ended March 31, 2021 (Q1):
• Revenue of $19,045,888 for Q1 compared to revenue of $809,402.
• Net earnings of $9,560,351 compared to ($721,761).
• EBITDA of $10,684,254 compared to ($737,698).
• Cash balance of $4,619,908 compared to a cash balance of $26,948.
Q1 Highlights and Subsequent Events
• The Company's revenue increased by 2,253% in Q1 2021 compared to Q1 2020 bringing in over $19M in revenue.
• The Company closed its acquisition of 100% of Concierge Medical Consultants Inc.'s issued and outstanding securities, pursuant to terms of the share exchange agreement entered into between the Company, Concierge, and the shareholders of Concierge.
• The Company entered into a Letter of Intent, to acquire 100% of the issued and outstanding share capital of a telemedicine company, an arm's length privately held company, incorporated under the laws of the Province of British Columbia.
• The Company's common shares began trading on the OTCQB® Venture Market
• Health Canada approved the PCL Inc.'s COVID19 AG Rapid test kit, an antigen point-of-care rapid test device under the Interim Order Respecting the Importation and Sale of Medical Devices for Use in Relation to COVID-19.
• The Company renewed and extended its current sales agreements on January 15, 2021, with LOTTE Global Logistics, LOTTE Duty-Free Shops, and LOTTE Home Shopping, LOTTE Super, collectively LOTTE, for technology services and maintenance.
• The Company remains a significant shareholder of Graph Blockchain (CSE: GBLC)
• The Company has opened in partnership with ScreenPro Security Inc. (CSE: SCRN) a COVID-19 testing clinic in Vancouver, British Columbia located in the Coal Harbor.
• The Company implemented a new COVID-19 testing program for all the Company employees, consultants, technicians, nurses, and lab partner employees.
Outlook
Despite a significant market slowdown due to the pandemic, the Company continued to improve its businesses in Q1. The Company continues focusing its resources on expanding and improving its AI business in 2021, with the Company expecting to see significant growth in both its existing cybersecurity AI verticals and new health technology verticals that the Company is exploring.
As the Company further integrates the medical concierge business, the Company sees a significant upside as the COVID-19 pandemic shows signs that point to more healthcare being administered at home.
Given the significant surge in the need for additional healthcare resources, establishing alternative healthcare options becomes critical. Datametrex understands that non-acute healthcare can mitigate exposing patients and their families to COVID-19. The Company is exploring deploying a variety of audio and video technology powered by its battle-tested AI technology to expand telemedicine services.
Other related developments from around the markets include:
Laboratory Corp. of America Holdings, a leading global life sciences company, announced that the U.S. Food and Drug Administration (FDA) has granted Emergency Use Authorization (EUA) for its Pixel by Labcorp COVID-19 PCR Test Home Collection Kit for ages 2-17. The authorization expands the use of Pixel by Labcorp to children and adolescents 2 years of age and older when purchased by a parent or guardian.
Abbott Laboratories and United announced a first-of-its-kind collaboration to use Abbott’s BinaxNOW™ COVID-19 Home Test and Abbott’s NAVICA app to help make the international travel experience more seamless. Recently updated CDC guidelines permit travelers to self-administer a rapid antigen test under the real-time supervision of a telehealth service and use the verified negative test result to board an international flight to the U.S. if they test negative. “We appreciate the private sector proactively helping travelers have access to easy, reliable COVID-19 test options,” said CDC Director Rochelle P. Walensky, MD, MPH. “Comprehensive testing that is easy, rapid, accurate and trusted is a fundamental strategy for preventing the spread of COVID-19.”
Quest Diagnostics Inc., the world's leading provider of diagnostic information services, announced that its Board of Directors declared a quarterly cash dividend of $0.62 per share, payable on July 21, 2021 to shareholders of record of Quest Diagnostics common stock on July 7, 2021.
Chembio Diagnostics Inc., a leading point-of-care diagnostics company focused on infectious diseases, announced the commercial launch of an FDA Emergency Use Authorization-approved, in-licensed rapid point-of-care COVID-19/Flu A&B test, for use in decentralized and traditional testing settings. Product inventory is on-hand and immediately available for shipment to customers across the United States. The rapid immunoassay test is approved for use in laboratories with a CLIA waiver license, produces results in 15 minutes and requires no instrumentation. The test simultaneously differentiates SARS-CoV-2 antigens and influenza Type A and Type B infections from a single swab.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Datametrex AI Limited by Datametrex AI Limited. We own ZERO shares of Datametrex AI Limited. Please click here for full disclaimer.
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