Cannabis Extraction Ramp Up Now
Underway
Q3 Financial and Operational Highlights for the 3-month
period ended December 31, 2018
compared to the 3-month period ended December 31, 20171
- Standard Cannabis Processing Licence received from Health
Canada on January 4th,
2019.
- Cannabis inventories on site and initial production
underway.
- Ethanol (solvent) processing capacity expansion toward 200,000
kg on track for completion by the end of March 2019, with startup expected early next
fiscal year upon regulatory approval.
- Expansion of manufacturing capability to offer cannabis oil
speciality capsules in partnership with Lonza announced on
December 21, 2018 – consistent with
value-added, differentiated strategy.
- Comparable nutraceutical revenues increased 2% to $6.5 million in the current quarter versus
revenues of $6.4 million for the
three-month period ended December 31,
2017 (excluding krill oil manufacturing business).
- Net loss of $3.7 million versus a
net income of $5.9 million in the
comparative quarter reflecting investment in cannabis business
development in the current quarter, and a gain of $8.8 million realized from the deconsolidation of
Acasti Pharma (non-control position) in the comparative
quarter.
- Non-IFRS operating loss2 was $1.9 million compared to $1.3 million in the comparative quarter
reflecting investment in cannabis business development and
corporate development expenses.
- Cash balance of $15.6 million as
at December 31, 2018.
- Subsequent to quarter-end, on February
13, 2019, Neptune filed a base shelf prospectus intended to
give added flexibility to finance future business opportunities by
accessing the capital markets on a timely and cost-effective
basis.
LAVAL, QC, Feb. 13, 2019 /CNW Telbec/ - Neptune
Wellness Solutions Inc. ("Neptune" or the "Corporation") (NASDAQ:
NEPT) (TSX: NEPT), today announced its financial and operating
results for the 3-month period ended December 31, 2018. All amounts are in Canadian
dollars.
"We are excited to have achieved licencing by Health Canada to
process cannabis. Cannabis inventories are in-house and production
is now ramping up!" stated Jim
Hamilton, President and Chief Executive Officer of Neptune.
"Our Phase II investments to expand our plant's capacity to 200,000
kg are on track for completion by the end of this fiscal year with
start-up expected early in the next fiscal year, subject to
obtaining the necessary regulatory approvals. Additionally, based
on customer feedback and market developments, we have increased our
projected processing sales volumes for the first year of
commercialization to between 30 and 50 metric tons. We have also
initiated planning for our Phase III expansion toward
6,000 MT (6 million kg) of processing
capability. We therefore continue to expect volumes to cover our
cannabis business operation costs and to achieve positive EBITDA
and operational cash flow next fiscal year."
|
|
|
|
|
1
Excluding cardiovascular segment.
|
2 See
"Caution Regarding Non-IFRS Financial Measures" and "Reconciliation
of Segment income (loss) from operating activities before corporate
expenses to Adjusted Segment EBITDA (non-IFRS operating segment
loss) and net income (loss) to non-IFRS operating loss" which
follow.
|
"We ended the quarter with a strong cash position of
$15.6 million. The base shelf
prospectus that we filed today is designed to increase our
financial flexibility and readiness to respond in a timely manner
to possible future growth and investment opportunities in addition
to our current plans. We believe Neptune's combination of
long-standing expertise in extraction and purification, our current
research and development for proprietary formulations, and our
ability to offer unique, value-added delivery forms positions us to
emerge as a differentiated provider of science-based cannabis
products. We are very excited to be moving ahead with Neptune
Wellness Solutions' new growth trajectory in this expanding global
market," Hamilton concluded.
Financial Results Highlights
Cannabis investments were initiated during the three-month
period ended December 31, 2017. Therefore, 3 months
of cannabis results are included in the comparative results
indicated below.
Third Quarter Financial Results
- Revenues increased at $6.5
million for the three-month period ended December 31, 2018, versus revenues excluding
krill oil manufacturing business sold on August 7, 2017 of $6.4
million for the three-month period ended December 31, 2017.
- Net loss was $3.7 million for the
current quarter, versus a net income of $5.9
million for the three-month period ended December 31, 2017.
- Non-IFRS operating loss1 was $1.9 million for the current quarter, compared to
$1.3 million for the three-month
period ended December 31, 2017. The
variation of $0.6 million is mostly
coming from the investment into the cannabis business.
Year-to-Date Financial Results
- Revenues increased at $18.8
million for the nine-month period ended December 31, 2018, versus revenues excluding
krill oil manufacturing business sold on August 7, 2017 of $17.6
million for the nine-month period ended December 31, 2017.
- Net loss was $10.8 million for
the nine-month period ended December 31,
2018, versus a net income of $24.7
million for the nine-month period ended December 31, 2017.
- Non-IFRS operating loss1 was $5.4 million for the nine-month period ended
December 31, 2018, compared to
$0.8 million for the nine-month
period ended December 31, 2017. The
variation of $4.6 million is mostly
coming from the investment into the cannabis business.
Consolidated Results
On a consolidated basis, until the loss of control on
December 27, 2017, the three-month
period ended December 31, 2017 includes a net loss of
$5.2 million and a Non-IFRS operating
loss1 of $4.2 million for
Neptune's subsidiary, Acasti, which is actively engaged in clinical
studies and research and development. The nine-month period ended
December 31, 2017 includes a net loss
of $12.4 million and a Non-IFRS
operating loss1 of $9.7
million for Acasti.
Cash and cash equivalents were $15.6
million as at December 31, 2018. Neptune's current cash
position is sufficient to execute its existing business plan.
|
|
|
|
|
1 See "Caution Regarding
Non-IFRS Financial Measures" and "Reconciliation of Segment income
(loss) from operating activities before corporate expenses to
Adjusted Segment EBITDA (non-IFRS operating segment loss) and net
income (loss) to non-IFRS operating loss" which follow.
|
About Neptune Wellness Solutions Inc.
Neptune
Wellness Solutions specializes in the extraction, purification and
formulation of health and wellness products. Licensed by Health
Canada to process cannabis at its 50,000 square foot facility
located in Sherbrooke, Quebec,
Neptune brings decades of experience in the natural products sector
to the legal cannabis industry. Leveraging its scientific and
technological expertise, Neptune focuses on the development of
value-added and differentiated products for the Canadian and global
cannabis markets. Neptune's activities also include the development
and commercialization of turnkey nutrition solutions and patented
ingredients such as MaxSimil®, and of a variety of marine and seed
oils. Its head office is located in Laval, Quebec.
Caution Regarding Non-IFRS Financial Measures
The Corporation uses two adjusted financial measures, Adjusted
Segment Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA) called non-IFRS operating segment loss when a
segment is in a loss position, and Adjusted Earnings Before
Interest, Taxes, Depreciation and Amortization (EBITDA) called
non-IFRS operating loss when the Corporation is in a loss position,
to assess its operating performance. These non-IFRS financial
measures are directly derived from the Corporation's financial
statements and are presented in a consistent manner. The
Corporation uses these measures for the purposes of evaluating its
historical and prospective financial performance, as well as its
performance relative to competitors. These measures also help the
Corporation to plan and forecast for future periods as well as to
make operational and strategic decisions. The Corporation believes
that providing this information to investors, in addition to IFRS
measures, allows them to see the Corporation's results through the
eyes of management, and to better understand its historical and
future financial performance.
Securities regulations require that companies caution readers
that earnings and other measures adjusted to a basis other than
IFRS do not have standardized meanings and are unlikely to be
comparable to similar measures used by other companies.
Accordingly, they should not be considered in isolation. The
Corporation uses Adjusted Segment EBITDA (or non-IFRS operating
segment loss when in a loss position) and Adjusted EBITDA (or
non-IFRS operating loss when in a loss position) to measure its
performance from one period to the next without the variation
caused by certain adjustments that could potentially distort the
analysis of trends in our operating performance, and because the
Corporation believes it provides meaningful information on the
Corporation's financial condition and operating results. Neptune's
method for calculating Adjusted Segment EBITDA (or non-IFRS
operating segment loss) and Adjusted EBITDA (or non-IFRS operating
loss) may differ from that used by other corporations.
Neptune obtains its Adjusted Segment EBITDA (or non-IFRS
operating segment loss) measurement by adding depreciation and
amortization and stock-based compensation to segment income (loss)
from operating activities before corporate expenses. Neptune
obtains its Adjusted EBITDA (or non-IFRS operating loss)
measurement by adding to net income (loss), net finance costs,
depreciation and amortization, income tax expense and by
subtracting income tax recovery and net finance income. Other items
such as stock-based compensation, impairment loss on inventories,
net gain on sale of assets, gain on loss of control of subsidiary
and legal fees related to royalty settlements that do not impact
core operating performance of the Corporation are excluded from the
calculation as they may vary significantly from one period to
another. Excluding these items does not imply they are
non-recurring.
Forward Looking Statements
Statements in this
press release that are not statements of historical or current fact
constitute "forward-looking statements" within the meaning of the
U.S. securities laws and Canadian securities laws. Such
forward-looking statements involve known and unknown risks,
uncertainties, and other unknown factors that could cause the
actual results of Neptune to be materially different from
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements which
explicitly describe such risks and uncertainties, readers are urged
to consider statements labeled with the terms "believes," "belief,"
"expects," "intends," "projects," "anticipates," "will," "should,"
or "plans" to be uncertain and forward-looking. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Forward-looking information in this press release includes, but is
not limited to, information or statements about our ability to
successfully develop, produce, supply, promote or generate any
revenue from the sale of any cannabis-based products in the legal
cannabis market.
The forward-looking statements contained in this press
release are expressly qualified in their entirety by this
cautionary statement and the "Cautionary Note Regarding
Forward-Looking Information" section contained in Neptune's latest
Annual Information Form (the "AIF"), which also forms part of
Neptune's latest annual report on Form 40-F, and which is available
on SEDAR at www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml and
on the investor section of Neptune's website at
www.neptunecorp.com. All forward-looking statements in this press
release are made as of the date of this press release. Neptune does
not undertake to update any such forward-looking statements whether
as a result of new information, future events or otherwise, except
as required by law. The forward-looking statements contained herein
are also subject generally to other risks and uncertainties that
are described from time to time in Neptune public securities
filings with the Securities and Exchange Commission and the
Canadian securities commissions. Additional information about these
assumptions and risks and uncertainties is contained in the AIF
under "Risk Factors".
Neither NASDAQ nor the Toronto Stock Exchange accepts
responsibility for the adequacy or accuracy of this
release.
Conference Call Details
Neptune will be holding a
conference call on February 13, 2019,
at 5:00 PM (EST) to discuss its third
quarter results for the three months period ended December 31, 2018.
Date:
|
Wednesday, February
13, 2019
|
Time:
|
5:00 PM Eastern
Standard Time
|
Call:
|
1-888-231-8191
|
Conference
ID:
|
6499408
|
Webcast:
|
A live webcast and
presentation of the results can be accessed at:
https://neptunecorp.com/en/investors/events-and-presentations/
|
A replay of the call will be available for replay shortly after
the call's completion, until March 13,
2019. The replay can be accessed online in the Investors
section of Neptune's website under Investor Events and
Presentations. It is also under this section that you will find the
archive of the webcast, along with its accompanying
presentation.
Reconciliation of Segment income (loss) from operating
activities before corporate expenses to Adjusted Segment
EBITDA1 (non-IFRS operating segment loss)1
and net loss to non-IFRS operating loss1
(Expressed in thousands of dollars)
Three-month period
ended December 31, 2018
|
|
|
Nutraceutical
|
|
Cannabis
|
|
Corporate
|
|
Total
|
|
|
$
|
|
$
|
|
$
|
|
$
|
Total
revenues
|
|
6,538
|
|
–
|
|
|
|
6,538
|
Gross
margin
|
|
2,228
|
|
–
|
|
|
|
2,228
|
|
|
|
|
|
|
|
|
|
R&D expenses, net
of tax credits and grants
|
|
(130)
|
|
(1,647)
|
|
|
|
(1,777)
|
SG&A
expenses
|
|
(1,203)
|
|
(497)
|
|
|
|
(1,700)
|
Segment income (loss)
from operating activities before corporate expenses
|
|
895
|
|
(2,144)
|
|
|
|
(1,249)
|
|
|
|
|
|
|
|
|
|
Unallocated
costs:
|
|
|
|
|
|
|
|
|
Corporate general and
administrative expenses
|
|
|
|
|
|
(2,378)
|
|
(2,378)
|
Net finance
income
|
|
|
|
|
|
31
|
|
31
|
Income tax
expense
|
|
|
|
|
|
(62)
|
|
(62)
|
Net loss
|
|
|
|
|
|
|
|
(3,658)
|
|
|
|
|
|
|
|
|
|
Adjusted Segment
EBITDA1 (non-IFRS operating segment loss)1
reconciliation
|
|
|
|
|
|
|
|
|
Segment income (loss)
from operating activities before corporate expenses
|
|
895
|
|
(2,144)
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
188
|
|
561
|
|
|
|
|
Stock-based
compensation
|
|
126
|
|
277
|
|
|
|
|
Adjusted Segment
EBITDA1 (non-IFRS operating segment loss)1
|
|
1,209
|
|
(1,306)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS operating
loss1 reconciliation
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
|
|
|
|
(3,658)
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
804
|
Net finance
income
|
|
|
|
|
|
|
|
(31)
|
Stock-based
compensation
|
|
|
|
|
|
|
|
900
|
Income tax
expense
|
|
|
|
|
|
|
|
62
|
Non-IFRS operating
loss1
|
|
|
|
|
|
|
|
(1,923)
|
|
|
1 See
"Caution Regarding Non-IFRS Financial Measures".
|
Reconciliation of Segment income (loss) from operating
activities before corporate expenses to Adjusted Segment
EBITDA1 (non-IFRS operating segment loss)1
and net income to non-IFRS operating loss1
(Expressed in thousands of dollars)
Three-month period
ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
|
|
|
Nutraceutical
|
|
Cannabis
|
|
Cardiovascular
|
|
Corporate
|
|
eliminations
|
|
Total
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
Total
revenues
|
|
7,315
|
|
–
|
|
–
|
|
|
|
–
|
|
7,315
|
Gross
margin
|
|
2,015
|
|
–
|
|
–
|
|
|
|
–
|
|
2,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R&D expenses, net
of tax credits and grants
|
|
(42)
|
|
(1,441)
|
|
(4,261)
|
|
|
|
581
|
|
(5,163)
|
SG&A
expenses
|
|
(1,023)
|
|
(289)
|
|
(908)
|
|
|
|
–
|
|
(2,220)
|
Other income - net
gain on sale of assets
|
|
(147)
|
|
–
|
|
–
|
|
|
|
–
|
|
(147)
|
Segment income (loss)
from operating activities before corporate expenses
|
|
803
|
|
(1,730)
|
|
(5,169)
|
|
|
|
581
|
|
(5,515)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on loss of
control of subsidiary
|
|
–
|
|
–
|
|
–
|
|
8,783
|
|
–
|
|
8,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and
administrative expenses
|
|
|
|
|
|
|
|
(1,455)
|
|
|
|
(1,455)
|
Net finance
costs
|
|
|
|
|
|
|
|
(419)
|
|
|
|
(419)
|
Income tax
expense
|
|
|
|
|
|
|
|
(53)
|
|
|
|
(53)
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
1,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment
EBITDA1 (non-IFRS operating segment
loss)1 reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment income (loss)
from operating activities before corporate expenses
|
|
803
|
|
(1,730)
|
|
(5,169)
|
|
|
|
581
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
186
|
|
524
|
|
670
|
|
|
|
(581)
|
|
|
Stock-based
compensation
|
|
4
|
|
66
|
|
330
|
|
|
|
–
|
|
|
Other income - net
gain on sale of assets
|
|
147
|
|
–
|
|
–
|
|
|
|
–
|
|
|
Adjusted Segment
EBITDA1 (non-IFRS operating segment
loss)1
|
|
1,140
|
|
(1,140)
|
|
(4,169)
|
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS operating
loss1 reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
1,341
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
|
|
|
|
852
|
Net finance
costs
|
|
|
|
|
|
|
|
|
|
|
|
419
|
Stock-based
compensation
|
|
|
|
|
|
|
|
|
|
|
|
529
|
Other income - net
gain on sale of assets
|
|
|
|
|
|
|
|
|
|
|
|
147
|
Gain on loss of
control of subsidiary
|
|
|
|
|
|
|
|
|
|
|
|
(8,783)
|
Income tax
expense
|
|
|
|
|
|
|
|
|
|
|
|
53
|
Non-IFRS operating
loss1
|
|
|
|
|
|
|
|
|
|
|
|
(5,442)
|
|
|
1 See
"Caution Regarding Non-IFRS Financial Measures".
|
Reconciliation of Segment income (loss) from operating
activities before corporate expenses to Adjusted Segment
EBITDA1 (non-IFRS operating segment loss)1
and net loss to non-IFRS operating
loss1
(Expressed in thousands of dollars)
Nine-month period
ended December 31, 2018
|
|
|
Nutraceutical
|
|
Cannabis
|
|
Corporate
|
|
Total
|
|
|
$
|
|
$
|
|
$
|
|
$
|
Total
revenues
|
|
18,778
|
|
–
|
|
|
|
18,778
|
Gross
margin
|
|
6,078
|
|
–
|
|
|
|
6,078
|
|
|
|
|
|
|
|
|
|
R&D expenses, net
of tax credits and grants
|
|
(316)
|
|
(4,825)
|
|
|
|
(5,141)
|
SG&A
expenses
|
|
(3,386)
|
|
(1,473)
|
|
|
|
(4,859)
|
Segment income (loss)
from operating activities before corporate expenses
|
|
2,376
|
|
(6,298)
|
|
|
|
(3,922)
|
|
|
|
|
|
|
|
|
|
Unallocated
costs:
|
|
|
|
|
|
|
|
|
Corporate general and
administrative expenses
|
|
|
|
|
|
(6,561)
|
|
(6,561)
|
Net finance
costs
|
|
|
|
|
|
(171)
|
|
(171)
|
Income tax
expense
|
|
|
|
|
|
(154)
|
|
(154)
|
Net loss
|
|
|
|
|
|
|
|
(10,808)
|
|
|
|
|
|
|
|
|
|
Adjusted Segment
EBITDA1 (non-IFRS operating segment loss)1
reconciliation
|
|
|
|
|
|
|
|
|
Segment income (loss)
from operating activities before corporate expenses
|
|
2,376
|
|
(6,298)
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
562
|
|
1,571
|
|
|
|
|
Stock-based
compensation
|
|
369
|
|
802
|
|
|
|
|
Adjusted Segment
EBITDA1 (non-IFRS operating segment loss)1
|
|
3,307
|
|
(3,925)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS operating
loss1 reconciliation
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
|
|
|
|
(10,808)
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
2,291
|
Net finance
costs
|
|
|
|
|
|
|
|
171
|
Stock-based
compensation
|
|
|
|
|
|
|
|
2,785
|
Income tax
expense
|
|
|
|
|
|
|
|
154
|
Non-IFRS operating
loss1
|
|
|
|
|
|
|
|
(5,407)
|
|
|
|
|
|
|
|
|
|
Total
assets3
|
|
21,097
|
|
49,434
|
|
22,085
|
|
92,616
|
Cash, cash
equivalents, and restricted short-term investment
|
|
918
|
|
–
|
|
14,725
|
|
15,643
|
Working
capital2
|
|
2,069
|
|
(1,366)
|
|
13,721
|
|
14,424
|
|
|
|
|
|
1 See
"Caution Regarding Non-IFRS Financial Measures".
2 The working capital is presented for information
purposes only and represents a measurement of the Corporation's
short-term financial health mostly used in financial circles. The
working capital is calculated by subtracting current liabilities
from current assets. Because there is no standard method endorsed
by IFRS, the results may not be comparable to similar measurements
presented by other public companies.
3 The corporate reportable segment assets include the
investment in Acasti.
|
Reconciliation of Segment income (loss) from operating
activities before corporate expenses to Adjusted Segment
EBITDA1 (non-IFRS operating segment loss)1
and net income to non-IFRS operating loss1
(Expressed in thousands of dollars)
Nine-month period
ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
|
|
|
Nutraceutical
|
|
Cannabis
|
|
Cardiovascular
|
|
Corporate
|
|
eliminations
|
|
Total
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
Total
revenues
|
|
20,640
|
|
–
|
|
–
|
|
|
|
–
|
|
20,640
|
Gross
margin
|
|
4,866
|
|
–
|
|
–
|
|
|
|
–
|
|
4,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R&D expenses, net
of tax credits and grants
|
|
(780)
|
|
(1,441)
|
|
(9,592)
|
|
|
|
1,742
|
|
(10,071)
|
SG&A
expenses
|
|
(3,950)
|
|
(289)
|
|
(2,761)
|
|
|
|
–
|
|
(7,000)
|
Other income - net
gain on sale of assets
|
|
23,724
|
|
–
|
|
–
|
|
|
|
–
|
|
23,724
|
Segment income (loss)
from operating activities before corporate expenses
|
|
23,860
|
|
(1,730)
|
|
(12,353)
|
|
|
|
1,742
|
|
11,519
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on loss of
control of subsidiary
|
|
–
|
|
–
|
|
–
|
|
8,783
|
|
–
|
|
8,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and
administrative expenses
|
|
|
|
|
|
|
|
(4,324)
|
|
|
|
(4,324)
|
Net finance
costs
|
|
|
|
|
|
|
|
(1,847)
|
|
|
|
(1,847)
|
Income tax
expense
|
|
|
|
|
|
|
|
(40)
|
|
|
|
(40)
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
14,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment
EBITDA1 (non-IFRS operating segment
loss)1 reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment income (loss)
from operating activities before corporate expenses
|
|
23,860
|
|
(1,730)
|
|
(12,353)
|
|
|
|
1,742
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,630
|
|
524
|
|
2,005
|
|
|
|
(1,742)
|
|
|
Stock-based
compensation
|
|
157
|
|
66
|
|
661
|
|
|
|
–
|
|
|
Impairment loss on
inventories
|
|
1,719
|
|
–
|
|
–
|
|
|
|
–
|
|
|
Other income
– net gain on sale of assets
|
|
(23,724)
|
|
–
|
|
–
|
|
|
|
–
|
|
|
Legal fees related to
royalty settlements
|
|
91
|
|
–
|
|
–
|
|
|
|
–
|
|
|
Adjusted Segment
EBITDA1 (non-IFRS operating segment
loss)1
|
|
3,733
|
|
(1,140)
|
|
(9,687)
|
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS operating
loss1 reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
14,091
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
|
|
|
|
2,774
|
Net finance
costs
|
|
|
|
|
|
|
|
|
|
|
|
1,847
|
Stock-based
compensation
|
|
|
|
|
|
|
|
|
|
|
|
1,442
|
Impairment loss on
inventories
|
|
|
|
|
|
|
|
|
|
|
|
1,719
|
Other income - net
gain on sale of assets
|
|
|
|
|
|
|
|
|
|
|
|
(23,724)
|
Gain on loss of
control of subsidiary
|
|
|
|
|
|
|
|
|
|
|
|
(8,783)
|
Legal fees related to
royalty settlements
|
|
|
|
|
|
|
|
|
|
|
|
91
|
Income tax
expense
|
|
|
|
|
|
|
|
|
|
|
|
40
|
Non-IFRS operating
loss1
|
|
|
|
|
|
|
|
|
|
|
|
(10,503)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
24,636
|
|
41,381
|
|
6,079
|
|
27,661
|
|
–
|
|
99,757
|
Cash, cash
equivalents, short-term investment and restricted short-term investment
|
|
2,395
|
|
–
|
|
–
|
|
26,191
|
|
–
|
|
28,586
|
Working
capital2
|
|
4,363
|
|
379
|
|
–
|
|
25,202
|
|
–
|
|
29,944
|
|
|
|
|
|
1 See
"Caution Regarding Non-IFRS Financial Measures".
2 The working capital is presented for information
purposes only and represents a measurement of the Corporation's
short-term financial health mostly used in financial circles. The
working capital is calculated by subtracting current liabilities
from current assets. Because there is no standard method endorsed
by IFRS, the results may not be comparable to similar measurements
presented by other public companies.
|
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SOURCE Neptune Wellness Solutions Inc.