Toronto, Ontario--(Newsfile Corp. - March 31, 2023) - StageZero Life Sciences (TSX: SZLS) ("StageZero" or the "Company"), a vertically-integrated healthcare company devoted to improving the early detection and management of cancer and other chronic diseases through leading-edge molecular diagnostics and clinical interventions, today announced its fourth quarter and full year financial results for the three and twelve-months ended December 31, 2022, and provided an update on its business operations.
For the year ended December 31, 2022 the Company generated revenue of $0.7 million in Q4 and $3.8 million for the full year, reflecting the cessation of COVID testing and the re-emergence of interest in early cancer testing and treatment; comprehensive net loss for the year totaled $11.5 million, or $0.11 loss per fully diluted common share. All amounts in this press release are expressed in U.S. dollars unless otherwise stated and results are reported in accordance with International Financial Reporting Standards.
"It has been a tumultuous three years - two with the impact of the global COVID pandemic, and one with the Russia/Ukraine conflict and resultant impact on global economies and financing. We had to be quick to adjust; pivoting to PCR testing for COVID, and just as quick to pivot away from COVID and re-establish ourselves with previous customers for cancer screening and treatment as they began to open up their companies. In the first half of 2022, we integrated Care Oncology into the StageZero offering with a strong focus on employers, and interest and demand for cancer screening tests and our programs started to pick up in the latter part of the year. As we enter 2023, we see the business development activities coming to fruition and demand continuing to grow, especially with employers. This makes profitability in 2023 a possibility and is a key focus," said James Howard-Tripp, Chairman and CEO of StageZero. "With our integrated offering, unique in the field, the self-funded employer market covering more than 100 million US workers represents a significant opportunity for the Company. We are engaged with employers through a number of channels including via benefit providers."
Operational Updates and Recent Highlights
The following milestones were achieved during 2022:
Generated $3.8Million revenue for the year.
Integrated COL (UK) and COC (US)
Experienced a demand for cancer testing post COVID
Re-initiated cancer diagnosis and treatment programs as COVID testing demand waned
Engaged with Ontario Fire Fighters; presented at two conferences; developed proposal to take to Management and cities for funding (11,000 full time FF, 19,000 part-time FF)
Integrated AVRT with Aristotle for Fire Fighter screening and Oncologist oversight
Initiated testing with First Responders in US.
The following has been achieved during the first quarter 2023:
Released an expanded Care Oncology Protocol program
Announced the METRICS II study
Contingent Shares to Health Clinics Ltd:
StageZero was obligated to issue 8,000,000 common shares to Health Clinics Limited contingent upon the achievement of certain milestones and StageZero shareholder approval. Shareholder approval was received on December 10, 2021, at a special meeting of shareholders. However, Health Clinics Limited did not meet the milestones and therefore did not receive the 8,000,000 common shares.
2022 Financial Results
The Company generated $3.8 million in revenue for the twelve-months ended December 31,2022. Net loss was $11.5 million, or $0.11 loss per fully diluted common share.
For the three-month period ended December 31, 2022, the Company generated $0.7 million in revenue and reported a consolidated net loss of $9.5 million, or $0.09 per fully diluted common share.
The Company's financial statements and management's discussion and analysis are available on www.sedar.com.
About StageZero Life Sciences, Ltd. StageZero Life Sciences, Ltd. is a vertically integrated healthcare company dedicated to improving the early detection and management of cancer and other chronic diseases through next-generation diagnostics and a unique telehealth program that provides clinical interventions to help patients reduce the risk of developing late-stage disease (AVRT™).
The Company's next generation test, Aristotle®, is the first ever mRNA multi-cancer panel for simultaneously screening for multiple cancers from a single sample of blood with high sensitivity and specificity for each cancer. Aristotle® uses mRNA technology to identify the molecular signatures of multiple cancer types and is built on the Company's patented technology platform, the Sentinel Principle. This underlying technology has been validated in more than 9,000 patients and used by more than 100,000 patients in North America.
Aristotle®, as well as additional cancer diagnostics (ColonSentry®, BreastSentry™, and the Prostate Health Index) are processed at the Company's clinical laboratory, StageZero Life Sciences, Inc., a CAP accredited and CLIA certified high-complexity reference laboratory in Richmond, Virginia. In addition, the Company is also leveraging its specialty in polymerase chain reaction (PCR) testing to provide COVID-19 PCR testing (swab and saliva) and Antibody Testing (blood analysis).
StageZero Life Sciences trades on the Toronto Stock exchange under the symbol SZLS and on the OTCQB under the symbol SZLSF.
Forward-Looking Statements
This press release contains forward-looking statements identified by words such as "expects", "will" and similar expressions, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties that could cause the Company's actual events to differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements, except as required by law.
