VPT:CC - Ventripoint Diagnostics Reports Second Quarter 2023 Financial Results

(TheNewswire)

Toronto, Ontario – The Newswire –August 30, 2023 - Ventripoint Diagnostics Ltd.(" Ventripoint " or the " Company "), (TSXV:VPT ) ( OTC:VPTDF)today reported financial results for the second quarter ended June 30,2023 (www.sedar.ca).

Second-quarter highlights

• Ventripoint entered into a strategic collaboration withAscend Cardiovascular, LLC, a leading provider of cardiovascular ITsolutions and the two companies have signed a letter of intent toexplore joint research and development initiatives, knowledge sharing,and combining efforts to bring innovative AI-based solutions to themarket.  This collaboration has culminated in the development of anew integrated product with Ascend.

• Significant sales to two key centres in Europe,including the largest heart center in Germany, Deutsches Herzzentrumder Charité (DHZC), German Heart Center, in Berlin, Germany and toMedical Center – University of Freiburg im Breisgau, Germany throughthe efforts of Ventripoint’s European Distributor, AngioproGmbH.

• The Company recorded deferred sales for the six monthsended June 30, 2023, of $71,986. This will be recorded as revenue whenthe clients accept the units.

• During the three months ended June 30, 2023, theCompany recorded a net loss of $1,115,203, compared to net loss of$1,354,578 for the three months ended June 30, 2022. The decrease innet loss was due primarily to an increase in sales and marketingexpenses offset by decreases in share-based compensation, professionalfees, design costs and external consultants.

• During the six months ended June 30, 2023, the Companyrecorded a net loss of $2,460,538, compared to net loss of $2,363,784for the for the six months ended June 30, 2022. The increase in netloss was due primarily to an increase in sales and marketingexpenses.

• During the six months ended June 30, 2023, the Companyused cash in operating activities of $1,841,895 compared to cash usedin operating activities of $2,005,963 for the for the six months endedJune 30, 2022, as the Company ramped up its sales and marketingactivities.

Ventripoint President and CEO, Dr. Alvira Macanovicsaid, “We are making progress on our sales growth plan in our targetmarket segment of congenital heart disorders, and I am pleased withthe results we are  beginning to realize.  We have aggressivelypursued many institutions across the United States, United Kingdom,and Europe and are focused on our goal of getting a strong world-widehold in this market.  Looking ahead, we are resolute in achieving oursales growth for 2023 and beyond.”

Ventripoint’s highest priority for 2023 continuesto be to increase awareness that will lead to sales growth andincreasing our footprint so that Ventripoint is a well-recognizedbrand and solution in the cardiology space.  Ventripoint continues toreach more cardiovascular centers in the United States, UnitedKingdom, and Europe through its efforts with its distributors. Ventripoint is completely focused on execution of its strategy, including strategic partnerships.

Ventripoint will host a webinar/conference call at11:00 a.m. (EST) on Wednesday, September 6, 2023, to discuss its Q22023 financial results and to provide an update on sales and marketingactivities.  Details of the webinar/conference call are asfollows:

Please dial in 5 – 10 minutes prior to the scheduledstart time and simply ask to join the call.

About Ventripoint DiagnosticsLtd.

Ventripoint has become an industry leader in theapplication of AI (Artificial Intelligence) to echocardiography.Ventripoint's VMS products are powered by its proprietary KBRtechnology, which is the result of a decade of development andprovides accurate volumetric cardiac measurements equivalent toMRI. This affordable, gold-standardalternative allows cardiologists greater confidence in the managementof their patients. Providing better care to patients serves as aspringboard and basic standard for all of Ventripoint's products thatguide our future developments. In addition, VMS+ is versatile and canbe used with all ultrasound systems from any vendor supported byregulatory market approvals in the U.S., Europe and Canada.

For further information, pleasecontact:

Jonathan Robinson CFA

JRobinson@oakhillfinancial.ca

(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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