AVRICORE HEALTH INC. (TSXV: AVCR) (the
“
Company” or “
AVCR”) is pleased
to provide this corporate update on the Company’s execution
expanding its powerful chronic-disease screening and reporting
platform, HealthTab.
On August 8th, the Company announced a new Master Service
Agreement and Statement of Work was signed with Shoppers Drug Mart
pharmacies to significantly expand the HealthTab point-of-care
testing platform to up to 450 locations nation-wide, with
affiliated locations under the Loblaw family of brands being
included.
“The team has been exceptional in deploying systems and we have
already deployed more than half of the target locations,” said
Hector Bremner, Avricore Health’s CEO. “We are on track to achieve
the late-November target for full deployment.”
Once a pharmacy has HealthTab onsite there is a period of
training and acclimating teams with the workflow. Nevertheless,
data from locations is indicating strong utilization and patient
uptake, generating strong consumables-based revenues.
In fact, HealthTab already has positive cash-flow from
operations and is expected to significantly ramp up gross revenues
over the next 12 months yielding target margins and profitability
by Q2 2023.
Supporting the optimism of strong and sustainable growth are the
anticipated policy and funding announcements related to
point-of-care in community pharmacy by the federal and provincial
governments in the coming weeks and months. These changes and
commitments will have a significant impact on sales volumes in
2023, not to mention demand from pharmacy groups to install
HealthTab.
For example, on October 5th, the Government of Canada tabled its
Framework for Diabetes in Canada, which lays out an aggressive
strategy to better screen, surveil, prevent, and manage this
disease which currently costs $30 Billion CAD annually to treat. To
find the details, please visit:
https://www.canada.ca/en/public-health/services/publications/diseases-conditions/framework-diabetes-canada.html
Also, in addition to Alberta and Ontario, British Columbia
recently announced their plan to expand the scope of pharmacy
practice, which includes limited prescribing as of October 14th,
and makes further commitments to work with the profession to
identify additional ways they can contribute to healthcare
solutions, such as chronic disease screening and support, as in
other jurisdictions. To learn more, please visit:
https://news.gov.bc.ca/releases/2022HLTH0059-001464
Internationally, policy and funding supporting more scope for
pharmacists to tackle chronic disease and alleviate the pressures
being faced for primary care also give a great deal of confidence
that HealthTab’s objective of being the world’s leading
point-of-care solution for pharmacy has a bright future. The coming
weeks and months are expected to bring positive news and new
opportunities for our current EU, UK and US program
initiatives.
HealthTab™ Market Fast Facts
- Point of Care Testing Market to reach $93.21 Billion USD in
2030 (Source)
- Nearly 13.6 Million Canadians expected to be diabetic or
prediabetic by 2030, with many undiagnosed (Source)
- Over 1 in 3 Americans, approximately 88 million people, have
pre-diabetes (Source)
- Close to 160,000 Canadians 20 years and older are diagnosed
with heart disease each year, often it’s only after a heart attack
they are diagnosed. (Source)
- There are more that 10,000 pharmacies in Canada, 88,000
pharmacies in the US, nearly 12,000 in the UK.
About HealthTab™
HealthTab™ is a turnkey point-of-care testing solution that
combines best-in-class point-of-care technologies with a secure,
cloud-based platform for tackling pressing global health issues.
With just a few drops of blood from a finger prick, the system
generates lab-accurate results on the spot and data is reported in
real time. The test menu includes up to 23 key biomarkers for
screening and managing chronic diseases, such as diabetes and heart
disease (e.g., HbA1c, Lipid Profile, eGFR). HealthTab™ has also
recently added capabilities for bacterial and viral tests, such as
strep and COVID-19. The HealthTab™ network model is unlike anything
in pharmacy today. It gives knowledgeable and trusted pharmacists a
greater role in primary care delivery, while empowering patients to
take more control of their health. It also reduces costs and
waiting times and provides many potential revenue streams including
equipment leasing & consumables, direct access testing, disease
prevention & management programs, sponsored health programs,
decentralized clinical trials, real world data (RWD) sets, and
third-party app integration through API.
About Avricore Health Inc.
Avricore Health Inc. (TSXV: AVCR) is a pharmacy service
innovator focused on acquiring and developing early-stage
technologies aimed at moving pharmacy forward. Through its flagship
offering HealthTab™, a wholly owned subsidiary, the company’s
mission is to make actionable health information more accessible to
everyone by creating the world’s largest network of rapid testing
devices in community pharmacies.
Contact:
Avricore Health Inc.Hector Bremner, CEO
604-773-8943info@avricorehealth.comwww.avricorehealth.com
Cautionary Note Regarding Forward-Looking
Statements Information in this press release that involves
Avricore Health's expectations, plans, intentions, or strategies
regarding the future are forward-looking statements that are not
facts and involve a number of risks and uncertainties. Avricore
Health generally uses words such as "outlook," "will," "could,"
"would," "might," "remains," "to be," "plans," "believes," "may,"
"expects," "intends," "anticipates," "estimate," "future,"
"positioned," "potential," "project," "remain," "scheduled," "set
to," "subject to," "upcoming," and similar expressions to help
identify forward-looking statements. In this press release,
forward-looking statements include statements regarding: the
completion of the placement and the expected timing thereof and the
Company's expected use of proceeds from the placement; the unique
features that the HealthTab™ platform offers to pharmacists and
patients. Forward-looking statements reflect the then-current
expectations, beliefs, assumptions, estimates and forecasts of
Avricore Health's management. The forward-looking statements in
this press release are based upon information available to Avricore
Health as of the date of this press release.
Forward-looking statements believed to be true when made may
ultimately prove to be incorrect. These statements are not
guarantees of the future performance of Avricore Health and are
subject to a few risks, uncertainties, and other factors, some of
which are beyond its control and may cause actual results to differ
materially from current expectations, including without limitation:
failure to meet regulatory requirements; changes in the market;
potential downturns in economic conditions; and other risk factors
described in Avricore's public filings. These forward-looking
statements speak only as of the date on which they are made, and
the Company undertakes no obligation to update them publicly to
reflect new information or the occurrence of future events or
circumstances, unless otherwise required to do so by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy
Avricore Health (TSXV:AVCR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Avricore Health (TSXV:AVCR)
Historical Stock Chart
From Apr 2023 to Apr 2024