Mr. David Preiner reports

MEDIVOLVE ANNOUNCES Q4 2021 ANNUAL RESULTS

Medivolve Inc. has released financial results for the fourth quarter ended Dec. 31, 2021.

• Revenue was $86,824,987 in the year ended Dec. 31, 2021, up 720.4 per cent, compared with $10,583,256 over the prior year ended Dec. 30, 2020.
• Gross profit was $36,569,100 in the year ended Dec. 31, 2021, up 693.9 per cent, compared with $4,606,438 over the prior year ended Dec. 30, 2020.
• Net loss was $6,610,524 in the year ended Dec. 31, 2021, an improvement of 82.5 per cent, compared with $37,777,656 over the prior year ended Dec. 30, 2020.

"Medivolve delivered another strong quarter of financial results, achieving a 70.5-per-cent increase in revenue growth compared to [third quarter]," said David Preiner, chief executive officer of Medivolve. "We're incredibly proud to continue delivering strong financial results for our shareholders while delivering exceptional patient care."

Q4 financial highlights:

• Revenue was $45,281,317 in the fourth quarter of 2021, up 70.5 per cent, compared with $26,553,297 over the prior three-month period ended Sept. 30, 2021.
• Gross profit was $23,017,594 in the fourth quarter of 2021, up 96.0 per cent, compared with $11,744,083 over the prior three-month period ended Sept. 30, 2021.
• Net income was $4,263,699 in the fourth quarter of 2021, down 46.7 per cent, compared with $7,994,959 over the prior three-month period ended Sept. 30, 2021.
• Accounts receivables were $55,314,642 as at Dec. 31, 2021, up 127.6 per cent compared with $24,300,437 as at Sept. 30, 2021.

Q4 developments and business highlights:

• On Nov. 9, 2021, the company announced that it closed a private placement of an aggregate of 7,142,857 units at a price per unit of seven cents for aggregate gross proceeds to the company of $500,000. Each unit consisted of one common share and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at an exercise price of eight cents for a period of five years from the date of issuance.
• In addition, on the same date, the company announced that it entered into agreements to settle $441,000 of its outstanding cash indebtedness owed to a creditor by way of the issuance of 6.3 million common shares at an effective price per share of seven cents. On Nov. 22, 2021, the company announced that it had completed the settlement.
• On Nov. 22, 2021, the company announced that, at its 2021 annual and special meeting of its shareholders held on Nov. 22, 2021, its shareholders approved: (i) the election as directors of Dr. Beverley Richardson, Daniyal Baizak and Wen Ye; (ii) the appointment of the company's auditor, McGovern Hurley LLP; (iii) the company's rolling stock option plan; and (iv) a consolidation of the company's common shares on the basis of one for up to 15.

2022 outlook

The company looks to expand its testing services beyond COVID-19 as COVID infection numbers decrease in North America. The company also plans to further focus on developing its telehealth business and integrating the Marbella pharmacy into its business model.

"While COVID-19 testing will continue to be important going forward, management is focused on expanding the company's offering of tests and services at the collection sites testing locations in the United States," shared Mr. Preiner.

Continuous disclosure

Further to a review by the Ontario Securities Commission of the company's continuous disclosure, the fourth quarter management's discussion and analysis includes amended disclosure compared with the company's third quarter MD&A. Such amended disclosure is being included in the Q4 MD&A to address comments received from the OSC on the Q3 MD&A and to improve the company's disclosure. In particular, the company has included additional disclosure in the Q4 MD&A regarding:

• The company's current and anticipated business operations;
• The company's description of its operations, particularly revenue, gross profit, cost of sales, components of expenses, commitments, events, risks or uncertainties, and significant company projects that have yet to generate revenues;
• The integration by the company into its business of its recently acquired electronic record application;
• Factors that have caused variations in results over the quarters;
• An analysis of the company's liquidity and capital resources;
• Contractual obligations, including lease obligations;
• Company-specific impacts of the COVID-19 pandemic on the company's business and operations;
• The company's results of operations, including updates on its prior acquisitions, revenues, patients and testing numbers;
• The non-arm's-length relationships between Medivolve's chief executive officer and certain companies with which the company has and continues to transact;
• Details of agreements entered into with certain marketing firms.

As a result of having to include such enhanced disclosure within the Q4 MD&A as a corrective matter, the company will be placed on the public list of refiling and errors in accordance with OSC staff Notice 51-711 (revised) (Refilings and Corrections of Errors).

About Medivolve Inc.

Medivolve is a health care technology company that seeks to reinvent the U.S. health care system by leveraging a bespoke telehealth platform, a clinical diagnostic network and a data-driven artificial intelligence framework to improve patient care.

The company was born out of the health care crisis: to rethink, relearn and, ultimately, reimagine a better way for the health care system to operate. Its network of retail collection sites plays an important role in recovery by giving all Americans access to fast, accurate and inexpensive clinical services when and where they need it. These centres will also play a pivotal role in diagnostic testing, vaccinations and other point-of-care services. Medivolve is building disruptive technologies to make it easier and faster to identify, treat and prevent medical issues. In doing so, it is working to give patients a holistic and empowered view of their personal health.

Its long-term mission is to permanently fix systemic issues in the nation's fragmented, overly complex and expensive health care system. Medivolve's next phase of growth is about pivoting the model and putting the pieces together to build a profitable, software-as-a-service-based health technology company. It is bringing data-driven clinical diagnostics, physician recommendations and prescription medications directly to people, all powered by a singular, streamlined technology network. Its team is united by a powerful, singular purpose: harnessing the transformative power of technology to create healthier lives.

Underpinned by a bespoke, artificial-intelligence-driven platform, it is developing a stealth system that constantly gets smarter, takes the guesswork out of diagnostics and flags critical health issues immediately to deliver an unparalleled level of personalization for each patient. It is determined to push the boundaries of what is possible -- not just for the business and its shareholders, but for physicians and patients, and for the future of health care. It is striving to achieve a continuity of care never seen before, a game changer for its business and for patients in the communities it serves.

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