Q2 2017 versus Q2 2016 Financial Highlights: - Revenues increased 180% to $4,790,022 - Grams sold increased 127% to 480,340 grams - Registered clients increased by 253% to 15,330 First Six Months 2017 versus First Six Months 2016 Financial Highlights: - Revenues increased 203% to $8,960,536 - Grams sold increased 146% to 916,910 grams
TORONTO, ONTARIO--(Marketwired - Nov. 15, 2016) - Mettrum Health Corp. ("Mettrum" or the "Company") (TSX VENTURE:MT), a fully integrated provider of cannabis products, announced today its second quarter and year-to-date 2017 financial results for the period ended September 30, 2016.
Figures in CDN$ | For the three months ended Sept 30, 2016 | For the three months ended Sept 30, 2015 | For the six months ended Sept 30, 2016 | For the six months ended Sept 30, 2015 | ||||
Grams sold | 480,340 | 211,730 | 916,910 | 372,290 | ||||
Revenue | 4,790,022 | 1,711,072 | 8,960,536 | 2,960,243 | ||||
Gross profit | 2,855,178 | 971,237 | 6,176,006 | 1,657,361 | ||||
Adjusted EBITDA | (1,095,970 | ) | (1,622,121 | ) | (1,442,250 | ) | 5,696,800 | |
Loss from operations | (1,874,778 | ) | (2,093,072 | ) | (2,851,934 | ) | (3,233,982 | ) |
Net loss | (1,909,313 | ) | (2,081,362 | ) | (2,923,613 | ) | (3,995,310 | ) |
Net loss per share basic and diluted | (0.05 | ) | (0.06 | ) | (0.07 | ) | (0.12 | ) |
Note (1) Adjusted EBITDA is defined as earnings before interest, depreciation, amortization, share-based compensation and income taxes.
Recent Developments
Second Quarter and Year-to-Date 2017 Review
To view the Quarterly Sales and Quarterly Clients graphs, please visit the following link: http://media3.marketwire.com/docs/mt1115graphs.pdf.
"During the second quarter, we experienced solid growth in terms of sales and client acquisition. We focused on capacity expansion, transitioned most of our operations to our newest facility and significantly improved operational efficiencies, which, while not evident in our Q2 results, are already driving improved margins and accelerating sales," noted Michael Haines, CEO of Mettrum. "Looking ahead to the balance of the fiscal year and beyond, our capacity to service the needs of our growing client base, combined with our ongoing expansion of Bowmanville South, leaves us very well positioned for continuous and sustainable growth within this accelerating medical cannabis market and prepared for the impending recreational cannabis market."
About Mettrum Health Corp.
Mettrum Health Corp. is a Tier 1 Industry Issuer listed on TSX Venture Exchange. Mettrum Ltd., a wholly owned subsidiary of the Company, is a Toronto-based company and a licensed producer of medical cannabis under the MMPR, which came into effect on October 1, 2013. Mettrum received its first license from Health Canada under the MMPR on November 1, 2013 and began production of medical cannabis at its first production facility in Bowmanville, Ontario. Mettrum received its second license from Health Canada under the MMPR on December 11, 2014 for its Mettrum Creemore facility in Clearview, Ontario. Mettrum received its third license from Health Canada under the MMPR on December 17, 2015 for its new 60,000 square foot production and distribution facility in Bowmanville, Ontario. With the Company's three licenses, Mettrum is a leading producer and vendor of medical cannabis under the ACMPR system. In addition, through its wholly owned subsidiary Mettrum Hempworks, Mettrum also is a licensed producer and distribution of industrial cannabis (hemp) products, including Mettrum's functional food line, Mettrum Originals, under the Industrial Hemp Regulations (Canada) issued pursuant to the Controlled Drugs and Substances Act (Canada). For more information, visit www.mettrumoriginals.com and www.mettrum.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the results of operations. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company and Mettrum disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
Mettrum Health Corp.
Ali Mahdavi
Director, Investor Relations
416.962.3300
[email protected]
www.mettrumoriginals.com and www.mettrum.com