Mainz Biomed Sees Revenue Growth Amid Cost Reductions

Mainz Biomed B.V. (MYNZ) has released an update.

Mainz Biomed B.V. reported a 4% rise in revenue to $520,773 for the first half of 2024, driven by increased sales of its ColoAlert product in Germany. Despite achieving a higher gross profit margin of 61%, the company faced a net loss of $11 million, reflecting decreased research and marketing expenses but increased other expenses. The company’s strategic shift towards lab partner sales and reduced consumer marketing costs significantly lowered operational expenses.

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