We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Organigram Holdings Inc | NASDAQ:OGI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.073 | 3.94% | 1.928 | 1.92 | 1.93 | 1.93 | 1.84 | 1.89 | 815,513 | 17:09:32 |
$30.4 million net revenue represents a record for the Company as it solidifies #4 market share position nationally among Canadian LPs
HIGHLIGHTS
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent company of Organigram Inc. (together, the “Company” or “Organigram”), a leading licensed producer of cannabis, announced its results for the first quarter ended November 30, 2021 (“Q1 Fiscal 2022”).
“Our record-breaking results in the first quarter of Fiscal 2022 are a testament to our successful strategy to create innovative, high-quality products that align with the evolving preferences of the various segments of cannabis consumers,” said Beena Goldenberg. “Our positive outlook for 2022 is further bolstered by the addition of Laurentian’s premium products to our portfolio, with an increased presence in Quebec and the resumption of international sales, which will continue through the year.”
“We are also pleased with our continued progress at improving economies of scale in our operations, thus reducing operating costs and driving significant improvements in adjusted gross margin and adjusted EBITDA,” added Goldenberg. “While we previously projected to achieve positive adjusted EBITDA in Q4, with the purchase of Laurentian that will be accelerated to Q3 Fiscal 2022."
Select Key Financial Metrics (in $000s unless otherwise indicated)
Q1-2022
Q1-2021
% Change
Gross revenue
44,345
25,280
75
%
Excise taxes
(13,967
)
(5,949
)
135
%
Net revenue
30,378
19,331
57
%
Cost of sales
27,924
23,173
21
%
Gross margin before fair value changes to biological assets & inventories sold
2,454
(3,842
)
nm
Realized fair value on inventories sold and other inventory charges
(12,313
)
(12,718
)
nm
Unrealized gain (loss) on changes in fair value of biological assets
10,469
(114
)
nm
Gross margin
610
(16,674
)
nm
Adjusted gross margin1
5,475
1,948
181
%
Adjusted gross margin %1
18
%
10
%
80
%
Selling (including marketing), general & administrative expenses2
12,644
10,474
21
%
Adjusted EBITDA1
(1,887
)
(5,741
)
nm
Net loss
(1,305
)
(34,336
)
nm
Net cash (used in) provided by operating activities
(9,341
)
294
nm
1 Adjusted gross margin, adjusted gross margin % and adjusted EBITDA are non-IFRS financial measures not defined by and do not have any standardized meaning under IFRS; please refer to the Company’s Q1 Fiscal 2022 MD&A for definitions and a reconciliation to IFRS.
2 Excluding non-cash share-based compensation.
nm - not meaningful
Select Balance Sheet Metrics (in $000s)
NOVEMBER 30, 2021
AUGUST 31, 2021
% Change
Cash & short-term investments
168,035
183,555
(8
)%
Biological assets & inventories
46,420
48,818
(5
)%
Other current assets
32,800
28,242
16
%
Accounts payable & accrued liabilities
27,003
23,436
15
%
Current portion of long-term debt
80
80
—
%
Working capital
217,834
234,349
(7
)%
Property, plant & equipment
239,537
235,939
2
%
Long-term debt
211
230
(8
)%
Total assets
545,365
554,017
(2
)%
Total liabilities
62,680
74,212
(16
)%
Shareholders’ equity
482,685
479,805
1
%
“Our strong balance sheet and cash position will ensure that we are well-positioned to execute on our key growth initiatives for fiscal 2022. These include the expansion of our growing facility in Moncton to an annual capacity of 75,000 kilograms of flower from its current capacity of 55,000 kilograms, and the build out of our Centre of Excellence in collaboration with BAT,” stated Derrick West, Chief Financial Officer. “These initiatives will further enhance our ability to drive innovation and solidify our position as a leading Canadian LP.”
Key Financial Results for the First Quarter Fiscal 2022
Canadian Recreational Market
Monjour CBD-forward wellness brand
Laurentian Organic Inc. ("Laurentian")
Research and Product Development
Product Development Collaboration ("PDC") and Centre of Excellence ("CoE")
Plant Science, Breeding and Genomics R&D in Moncton
Strategic Investment in Hyasynth Biologicals Inc. ("Hyasynth")
Outlook4
Net revenue
Adjusted gross margins
SG&A Expenses5
International
Liquidity and Capital Resources
Capital Structure
in $000s
NOVEMBER 30, 2021
AUGUST 31, 2021
Current and long-term debt
291
310
Shareholders’ equity
482,685
479,805
Total debt and shareholders’ equity
482,976
480,115
in 000s
Outstanding common shares
299,849
232,088
Options
8,106
7,797
Warrants
16,944
16,944
Top-up rights
6,695
2,508
Restricted share units
1,566
1,186
Performance share units
332
472
Total fully-diluted shares
333,492
260,995
Outstanding basic and fully diluted share count as at January 10, 2022 is as follows:
in 000s
JANUARY 10, 2022
Outstanding common shares
310,818
Options
8,058
Warrants
16,944
Top-up rights
6,670
Restricted share units
1,563
Performance share units
282
Total fully-diluted shares
344,335
First Quarter Fiscal 2022 Conference Call
The Company will host a conference call to discuss its results with details as follows: Date: January 11, 2022 Time: 8:00am Eastern Time To register for the conference call, please use this link: http://www.directeventreg.com/registration/event/7385048
To ensure you are connected for the full call, we suggest registering a day in advance or at minimum 10 minutes before the start of the call. After registering, a confirmation will be sent through email, including dial in details and unique conference call codes for entry. Registration is open through the live call.
To access the webcast: https://event.on24.com/wcc/r/3574376/4E62A1D28ADF780D54B2E4FE4F5760FD
A replay of the webcast will be available within 24 hours after the conclusion of the call at https://www.organigram.ca/investors and will be archived for a period of 90 days following the call.
Non-IFRS Financial Measures
This news release refers to certain financial performance measures (including adjusted gross margin and adjusted EBITDA) that are not defined by and do not have a standardized meaning under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. Non-IFRS financial measures are used by management to assess the financial and operational performance of the Company. The Company believes that these non-IFRS financial measures, in addition to conventional measures prepared in accordance with IFRS, enable investors to evaluate the Company’s operating results, underlying performance and prospects in a similar manner to the Company’s management. As there are no standardized methods of calculating these non-IFRS measures, the Company’s approaches may differ from those used by others, and accordingly, the use of these measures may not be directly comparable. Accordingly, these non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please refer to the Company’s Q1 Fiscal 2022 MD&A for definitions and, in the case of adjusted EBITDA, a reconciliation to IFRS amounts.
About Organigram Holdings Inc.
Organigram Holdings Inc. is a NASDAQ Global Select Market and TSX listed company whose wholly-owned subsidiaries include: Organigram Inc. and Laurentian Organic Inc. licensed producers of cannabis and cannabis-derived products in Canada, and The Edibles and Infusions Corporation, a licensed manufacturer of cannabis-infused soft chews and candy in Canada.
Organigram is focused on producing high-quality, indoor-grown cannabis for patients and adult recreational consumers in Canada, as well as developing international business partnerships to extend the Company’s global footprint. Organigram has also developed a portfolio of legal adult-use recreational cannabis brands, including The Edison Cannabis Company, Indi, Bag o’ Buds, SHRED and Trailblazer. Organigram operates facilities in Moncton, New Brunswick and Lac-Supérieur, Quebec, with a dedicated manufacturing facility in Winnipeg, Manitoba. The Company is regulated by the Cannabis Act and the Cannabis Regulations (Canada).
This news release contains forward-looking information. Forward-looking information, in general, can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “could”, “would”, “might”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “continue”, “budget”, “schedule” or “forecast” or similar expressions suggesting future outcomes or events. They include, but are not limited to, statements with respect to expectations, projections or other characterizations of future events or circumstances, and the Company’s objectives, goals, strategies, beliefs, intentions, plans, estimates, forecasts, projections and outlook, including statements relating to the Company’s future performance, the Company’s positioning to capture additional market share and sales, expectations for consumer demand, expected increase in SKUs, expected improvement to gross margins before fair value changes to biological assets and inventories, expectations regarding gross margins in Fiscal 2022, the Company’s plans and objectives including around the CoE, availability and sources of any future financing, expectations regarding the impact of COVID-19, availability of cost efficiency opportunities, the increase in the number of retail stores, the ability of the Company to fulfill demand for its revitalized product portfolio with increased staffing, expectations around lower product cultivation costs, the ability to achieve economies of scale and ramp up cultivation, expectations pertaining to the increase of automation and reduction in reliance on manual labour, expectations around the launch of higher margin dried flower strains, expectations around market and consumer demand and other patterns related to existing, new and planned product forms including by EIC and Laurentian; timing for launch of new product forms, ability of those new product forms to capture sales and market share, estimates around incremental sales and more generally estimates or predictions of actions of customers, suppliers, partners, distributors, competitors or regulatory authorities; continuation of shipments to Canndoc Ltd.; statements regarding the future of the Canadian and international cannabis markets and, statements regarding the Company’s future economic performance. These statements are not historical facts but instead represent management beliefs regarding future events, many of which, by their nature are inherently uncertain and beyond management control. Forward-looking information has been based on the Company’s current expectations about future events.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. Important factors - including the heightened uncertainty as a result of COVID-19 including any continued impact on production or operations, impact on demand for products, effect on third party suppliers, service providers or lenders; general economic factors; receipt of regulatory approvals or consents and any conditions imposed upon same and the timing thereof, ability to meet regulatory criteria which may be subject to change, change in regulation including restrictions on sale of new product forms, changing listing practices, ability to manage costs, timing to receive any required testing results and certifications, results of final testing of new products, timing of new retail store openings being inconsistent with preliminary expectations, changes in governmental plans including related to methods of distribution and timing and launch of retail stores, timing and nature of sales and product returns, customer buying patterns and consumer preferences not being as predicted given this is a new and emerging market, material weaknesses identified in the Company’s internal controls over financial reporting, the completion of regulatory processes and registrations including for new products and forms, market demand and acceptance of new products and forms, unforeseen construction or delivery delays including of equipment and commissioning, increases to expected costs, competitive and industry conditions, customer buying patterns and crop yields - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time under the Company’s issuer profile on the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com and reports and other information filed with or furnished to the United States Securities and Exchange Commission (“SEC”) from time to time on the SEC’s Electronic Document Gathering and Retrieval System (“EDGAR”) at www.sec.gov, including the Company’s most recent MD&A and AIF. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward looking information is subject to risks and uncertainties that are addressed in the “Risk Factors” section of the MD&A dated January 10, 2022 and there can be no assurance whatsoever that these events will occur.
______________________________1 HiFyre, January 3, 2022
2 Adjusted gross margin is a non-IFRS financial measure not defined by and does not have any standardized meaning under IFRS; please refer to the Company’s Q1 2022 MD&A for definitions and a reconciliation to IFRS.
3 Adjusted EBITDA is a non-IFRS financial measure not defined by and does not have any standardized meaning under IFRS; please refer to the Company’s Q1 2022 MD&A for definitions and a reconciliation to IFRS.
4 The disclosure in this section are subject to the risk factors referenced in the “Risk Factors” section of the Company’s Q1 Fiscal 2022 MD&A, which is available in the Company's profile at www.sedar.com. Without limiting the generality of the foregoing, the expectations concerning revenue, adjusted gross margins and SG&A are based on the following general assumptions: consistency of revenue experience with indications of first quarter performance to date, consistency of ordering and return patterns or other factors with prior periods and no material change in legal regulation, market factors or general economic conditions. The Company disclaims any obligation to update any of the forward-looking information except as required by applicable law. See cautionary statement in the “Introduction” section at the beginning of the Company’s Q1 Fiscal 2022 MD&A.
5 The forward-looking estimate of costs is based on a number of material factors and assumptions. Please see the cautionary statement in this press release and in the Company’s Q1 Fiscal 2022 MD&A.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220111005512/en/
For Investor Relations enquiries: investors@organigram.ca
For Media enquiries: Megan McCrae Senior Vice President, Marketing and Communications megan.mccrae@organigram.ca
1 Year Organigram Chart |
1 Month Organigram Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions