Mr. David Preiner reports

MEDIVOLVE ANNOUNCES Q2 2022 FINANCIAL RESULTS

Medivolve Inc. has released financial results for the second quarter ended June 30, 2022.

"Medivolve delivered another strong quarter of financial results, achieving a 72-per-cent increase in revenue growth compared to the same year-to-date period in 2021," said David Preiner, chief executive officer of Medivolve. "We are extremely proud to have improved the quality of patient care with our increased patient access program. In addition, this program helped the company achieve gross profit of $10,542,208, representing 483-per-cent growth compared to the same period in 2021 year to date."

Q2 2022 developments and business highlights:

• The company continued to provide optimal patient care, delivering in excess of 135,000 patient reports for the first quarter of 2022.
• The company has continued development on its telehealth platform, maintaining its previously communicated target date in first quarter of 2023 for its preliminary rollout.
• The company's cash position decreased slightly from Q1 2022. The company had $5,794,883 on hand as at June 30, 2022, which funds will be used to operate its testing business line and continue development on its telehealth platform.

Q2 2022 financial highlights:

• An increase of 72 per cent, revenue was $25,776,974 in the six months ended June 30, 2022, compared with $14,990,373 over the prior six months ended June 30, 2021.
• An increase of 483 per cent, gross profit was $10,542,208 in the six months ended June 30, 2022, compared with $1,807,423 over the prior six months ended June 30, 2021.
• An improvement of 60 per cent, net loss was $7,414,236 in the six months ended June 30, 2022, compared with $18,675,021 over the prior six months ended June 30, 2021.
• An increase of 5,056 per cent, cash on hand was $5,794,883 as at June 30, 2022, compared with $112,397 as at Dec. 31, 2021.
• Cash provided by operating activities was $6,506,790 in the six months ended June 30, 2022, compared with cash used by operating activities of $13,020,254 in the prior six months ended June 30, 2021.

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.

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 play 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. It is building disruptive technologies to make it easier and faster to identify, treat and prevent medical issues. In doing so, it is 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 healthtech 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 the business and for patients in the communities it serves.

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