Mr. David Preiner reports

MEDIVOLVE ANNOUNCES Q1 2022 FINANCIAL RESULTS

Medivolve Inc. has released its financial results for the first quarter ended March 31, 2022.

• Cash on hand was $8,327,812 as at March 31, 2022, up 7,309 per cent compared with $112,397 as at Dec. 31, 2021.
• Cash provided by operating activities was $8,211,415 in the three months ending March 31, 2022, compared with cash used by operating activities of $4,382,478 in the prior three months ending March 31, 2021.
• Revenue was $16,693,947 in the three months ending March 31, 2022, up 48 per cent, compared with $11,248,001 over the prior three months ending March 31, 2021.
• Gross profit was $6,409,277 in the three months ending March 31, 2022, up 518 per cent, compared with $1,053,888 over the prior three months ending March 31, 2021.
• Net loss was $1,436,609 in the three months ending March 31, 2022, an improvement of 86 per cent, compared with $9,960,138 over the prior three months ending March 31, 2021.

"Medivolve delivered another strong quarter of financial results, achieving a 48-per-cent increase in revenue growth compared with Q1 in 2021," 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."

Q1 2022 developments and business highlights

• The company continued to provide optimal patient care delivering in excess of 123,000 patient reports for the first quarter of 2022.
• The company has continued development on its telehealth platform maintaining its previously communicated target date in Q1 of 2023 for its preliminary rollout.
• The company was able to strengthen its cash position, having $8,327,812 on hand as at March 31, 2022, in order to operate its testing business line and continue development on its telehealth platform.
• On May 3, 2022, the company announced its intention to commence a normal course issuer bid to buy back its common shares through the facilities of NEO Exchange Inc. and/or other Canadian alternative trading platforms.

2022 outlook

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

"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 its collection sites testing locations in the United States," shared Mr. Preiner.

Management change

The company also announces the departure of Vincent Chen as vice-president, corporate development, of Medivolve. Management would like to thank Mr. Chen for his contributions to the company.

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 essential role in recovery by giving all Americans access to fast, accurate and inexpensive clinical services when and where they need them. These centres will also play a pivotal role in diagnostic testing, vaccinations and other point-of-care services. The company 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.

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

Underpinned by a bespoke, AI-driven (artificial intelligence) platform, the company 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 its business and its shareholders, but for physicians and patients, and the future of health care. The company strives to achieve a continuity of care never seen before, a game-changer for its business and patients in the communities the company serves.

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