Nuvo Pharmaceuticals Inc. (TSX: MRV; OTCQX: MRVFF) d/b/a Miravo Healthcare (Miravo or the Company), a Canadian-focused healthcare company with global reach and a diversified portfolio of commercial products, today announced its financial and operational results for the three and nine months ended September 30, 2022.

For further details on the results, please refer to Miravo's Management, Discussion and Analysis (MD&A) and Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2022, which are available on the Company's website (www.miravohealthcare.com).

Key Developments

Three months ended September 30, 2022 include the following: Total revenue was $18.1 million, an increase of 7% compared to $17.0 million for the three months ended September 30, 2021. Adjusted total revenue(1) was $18.2 million, an increase of 6% compared to $17.1 million for the three months ended September 30, 2021. Net income was $0.4 million compared to a net loss of $17.8 million for the three months ended September 30, 2021. Adjusted EBITDA(1) was $5.7 million, a decrease of 19% compared to $7.0 million for the three months ended September 30, 2021. Revenue related to the Blexten franchise, Cambia and Suvexx was $10.7 million, an increase of 32% compared to revenue of $8.1 million for the three months ended September 30, 2021. Total Canadian prescriptions of Blexten, Cambia and Suvexx increased by 27%, 7% and 86%, respectively compared to the three months ended September 30, 2021. The Company repaid $3.2 million (US$2.5 million) of the Amortization Loan to Deerfield Management Company, L.P. (Deerfield). As at September 30, 2022, cash and cash equivalents were $31.3 million.

Non-IFRS Measures

The Company discloses non-IFRS financial measures (adjusted total revenue, adjusted EBITDA, and cash value of loans) and non-IFRS ratios (adjusted EBITDA per share and net debt leverage ratio) that are not recognized under and do not have standardized meanings prescribed by IFRS. Accordingly, such measures are not necessarily comparable and may not have been calculated in the same way as similarly named financial measures presented by other companies. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS. The Company believes that shareholders, investment analysts and other readers find such measures and ratios helpful in understanding and assessing the Company's financial performance. We utilize these measures in managing our business, including as means of performance measurement, cash management, debt compliance and assessing leverage and borrowing capacity. Because non-IFRS financial measures and non-IFRS ratios do not have standardized meanings prescribed under IFRS, securities regulations require that such measures be clearly defined, identified, and for non-IFRS financial measures, reconciled to their nearest IFRS measure.

About Miravo Healthcare

Miravo is a Canadian-focused, healthcare company with global reach and a diversified portfolio of commercial products. The Company's products target several therapeutic areas, including pain, allergy, neurology and dermatology. The Company's strategy is to in-license and acquire growth-oriented, complementary products for Canadian and international markets. Miravo's head office is located in Mississauga, Ontario, Canada, the international operations are located in Dublin, Ireland and the Company's manufacturing facility is located in Varennes, Quebec, Canada.

Contact:

Tel: 905 673-6980

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