VPTDF - Ventripoint Diagnostics Reports Third Quarter 2023 Financial Results

(TheNewswire)

Toronto, Ontario – The Newswire –November 29, 2023 - Ventripoint Diagnostics Ltd.( "Ventripoint" or the "Company" ), (TSXV:VPT ) ( OTC:VPTDF) today reported financialresults for the third quarter ended September 30, 2023.

Third-quarter highlights

• Ventripoint has successfully and seamlessly integrated its specializedAI-powered 3D Echo software application with ASCEND’s diagnosticviewer, InView, and reporting application, Cardiovascular StructuredReporting. This product was unveiled at a major pediatric cardiologyconference this past August.  This cardiovascular workflow productprovides an end-to-end solution that rivals other products on themarket. It is streamlined, smart, and effective for cardiologyreading, reporting, and diagnostics, thereby improving diagnosis andmonitoring of fetal, pediatric, and adult congenital heart disease.

• As part of Ventripoint’s efforts to build awareness and driveadoption of the Ventripoint VMS+, the Company was featured in aninternational news-style programme, “The Hidden Heart”, madepossible by the British Heart Foundation and ITN Business.  Theprogramme, which documented how Ventripoint transforms ultrasoundimages into 3D models of the heart and provides cardiac metrics withan accuracy comparative to cardiac MRI, launched on World Heart Day,September 29th.  Ventripoint was one of a handful of technologieschosen to demonstrate innovations in treating heart disease.

• The Company recorded deferred sales for the nine monthsended September 30, 2023, of $71,984. This will be recorded as revenuewhen the clients take ownership of the units.

• During the three months ended September 30, 2023, theCompany recorded a net loss of $1,174,285, compared to a net loss of$1,404,688 for the three months ended September 30, 2022. The decreasein net loss was due primarily to decreases in general andadministrative expenses and sales and marketing expenses offset byincreases in research and development primarily due to higher salariesand design costs.

• During the nine months ended September 30, 2023, the Company recordeda net loss of $3,634,823, compared to a net loss of $3,768,472 for thenine months ended September 30, 2022. The decrease in net loss was dueprimarily to salaries, professional fees, investor relations, andshare-based compensation.

• During the nine months ended September 30, 2023, theCompany used cash in operating activities of $2,812,122 compared tocash used in operating activities of $3,091,712 for the nine monthsended September 30, 2022. The year-over-year decline is due primarilyto managing working capital.

Detailed financial information about Ventripoint can befound in its September 30, 2023, Financial Statements andManagement’s Discussion and Analysis on SEDAR+.

Ventripoint CEO and President, Dr. Alvira Macanovicsaid, “This past quarter,we continued our marketing and sales efforts through our direct saleschannels and distributors introducing the Ventripoint VMS+ tocardiologists from hospitals across the United States, Europe, and theUnited Kingdom and continue to make progress on our sales growth plan. We have built a community of early adopters who share stories of thebenefits of the Ventripoint VMS+.  We are continuing to exploreadditional partnerships such as the one with Ascend that will furtherour sales growth.  I am pleased to state that our planning andconsistent efforts are bearing fruit, as we become a known brand indifferent medical communities in both Europe and NorthAmerica” .

Ventripoint will host a webinar/conference call at11:00 a.m. (EST) on Friday, December 1, 2023, to discuss its Q3 2023financial 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 anindustry leader in the application of AI (Artificial Intelligence) toechocardiography. Ventripoint's VMS products are powered by itsproprietary KBR technology, which is the result of a decade ofdevelopment and provides accurate volumetric cardiac measurementsequivalent to MRI. This affordable, gold-standard alternative allowscardiologists greater confidence in the management of their patients.Providing better care to patients serves as a springboard and basicstandard for all of Ventripoint's products that guide our futuredevelopments. In addition, VMS+ is versatile and can be used with allultrasound systems from any vendor supported by regulatory marketapprovals in the U.S., Europe and Canada.  Learn more: www.ventripoint.com .

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.sedarplus.ca. 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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