VPT:CC - Ventripoint Diagnostics Reports Fourth Quarter and Full Year 2022 Financial Results
(TheNewswire)
Toronto, Ontario – The Newswire –May 02, 2023 - Ventripoint Diagnostics Ltd.(" Ventripoint " or the " Company "), (TSXV:VPT ) ; ( OTC:VPTDF) reported financial results for the fourth quarterand full year ended December 31, 2022.
Highlights include:
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For the year ended December 31, 2022, the Companyrecorded revenue of $68,167.
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At December 31, 2022, the Company had cash and cashequivalents of $5,185,770 and a working capital surplus of $4,607,687.Working capital and cash and cash equivalents decreased during theyear ended December 31, 2022, due to net cash used in operatingactivities of $4,136,742 and offset by cash provided by financingactivities of $87,649.
Ventripoint President and CEO, Dr. Alvira Macanovicstated, “2022 was a year of transformation for Ventripoint to acommercial operating company which can be seen in the financials asthere was a focus on growing our sales, marketing, and servicingteams, increasing awareness of our brand, and advancing our products. We gained good traction in key markets, and we are well positionedto accelerate sales growth in 2023.”
As part of the Company’s ongoing efforts to increaseits global footprint, Ventripoint spent 2022 in dialogue with majorcardiovascular centers in the United States, United Kingdom, andEurope where we spent time understanding the value of our products andvalidating our roadmap for advancing our products. Cardiac clinicians that have been introduced to the VMS+product see the potential for the product to elevate the care theyprovide to their patients and are impressed at how well the underlyingAI technology provides consistent, reliable, and accuratemeasurements.
The priority for 2023 is to drive sales and increaseour footprint and awareness so that Ventripoint is a well-recognizedbrand and solution in the cardiology space. Wehave identified congenital heart disorders as our target market tobuild awareness of our brand and have designed our sales and marketingstrategy to influence this segment and achieve the desired results. The strategy is to get a strong world-wide hold in this market. Asan ongoing effort, we are following up with qualified leads that weregenerated from the efforts of 2022.
In other news, the Company wishes to invite itsshareholders to a special webinar to be held virtually on May 4, 2023,at 11:00 am EST to discuss the financials and strategy going forward.
The call-in details are as follows:
PARTICIPANT LOGIN & TELEPHONENUMBERS
Meeting Link: https://www.c-meeting.com/web3/joinTo/3WYDHYDEHKKUTR/8zGNeJQR4f0WfVpdOCRZgQ
You will be asked to provide the application access toyour camera and microphone. You must allow this if you wish to hearthe meeting through your device. Click CONNECT to using yourdevice’s audio. Alternatively select CALL ME to have the meetingdial out to connect you on a phone line.
Conference Call Option:
Canada/US Toll Free: 1-844-763-8274
International Toll: +1-647-484-8814
Callers should dial in 5 – 10 min prior to thescheduled start time and simply ask to join the VentripointDiagnostics call.
For further information, pleasecontact:
Jonathan Robinson
416-669-1001
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this news release.
Forward Looking Statements
This news release contains forward-looking statementsand forward-looking information within the meaning of applicablesecurities laws. The use of any of the words "expect","anticipate", "continue", "estimate","objective", "ongoing", "may","will", "project", "should","believe", "plans", "intends'' and similarexpressions are intended to identify forward-looking information orstatements. The forward-looking statements and information are basedon certain key expectations and assumptions made by the Company.Although the Company believes that the expectations and assumptions onwhich such forward-looking statements and information are based arereasonable, undue reliance should not be placed on the forward-lookingstatements and information because the Company can give no assurancethat they will prove to be correct.
Since forward-looking statements and informationaddress future events and conditions, by their very nature theyinvolve inherent risks and uncertainties. Actual results could differmaterially from those currently anticipated due to a number of factorsand risks. Factors which could materially affect such forward-lookinginformation are described in the risk factors in the Company's mostrecent annual management's discussion and analysis that is availableon the Company's profile on SEDAR at www.sedar.com. Readers arecautioned that the foregoing list of factors is not exhaustive. Theforward-looking statements included in this news release are expresslyqualified by this cautionary statement. The forward-looking statementsand information contained in this news release are made as of the datehereof and the Company undertakes no obligation to update publicly orrevise any forward-looking statements or information, whether as aresult of new information, future events or otherwise, unless sorequired by applicable securities laws
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