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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Khiron Life Sciences Corp | TSXV:KHRN | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.04 | 0.035 | 0.045 | 0 | 01:00:00 |
TORONTO, May 1, 2020 /CNW/ - Khiron Life Sciences Corp. ("Khiron" or the "Company") (TSXV: KHRN), (OTCQX: KHRNF), (Frankfurt: A2JMZC), a vertically integrated cannabis leader with core operations in Latin America, is pleased to report its financial results for the year ended December 31, 2019. Khiron has filed today its audited consolidated financial statements and related management's discussion and analysis (md&a), both of which are available on Khiron's profile at www.sedar.com. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
Summary of key financial results
(Canadian dollars) | Years ended December 31 | Quarters ended | ||||
2019 | 2018 | Q4 2019 | Q3 2019 | Q2 2019 | Q1 2019 | |
$ | $ | $ | $ | |||
Revenues ('000s) | 9,582 | 892 | 2,510 | 2,773 | 2,208 | 2,091 |
Gross profit ('000s) | 2,436 | 297 | 1,048 | 593 | 382 | 412 |
Net loss ('000s) | (36,378) | (19,807) | (7,107) | (10,621) | (10,646) | (8,004) |
Adjusted EBITDA (1) ('000s) | (24,504) | (13,969) | (6,342) | (5,438) | (7,056) | (5,668) |
Net loss per share (basic and diluted) | (0.36) | (0.42) | (0.06) | (0.09) | (0.11) | (0.12) |
Weighted average shares outstanding ('000s) | 101,966 | 48,519 | 115,399 | 113,997 | 95,973 | 75,895 |
1. | Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization or in this case loss) is a non-IFRS measure calculated as net loss as reported under International Financial Reporting Standards and adding back share-based compensation expense, transaction fees, depreciation and non-recurring items. Refer to the Company's md&a for a reconciliation. |
Financial Highlights Commentary
The Company recorded a net loss for the year ended December 31, 2019 of $36.4 million ($0.36 per share) compared to a net loss of $19.8 million for the same period in 2018. Adjusted EBITDA, which excludes mostly non-cash items and some non-recurring items, was $24.5 million for the year ended December 31, 2019. The Company ended the year with $36.9 million balance in cash and short-term investments and minimal current debt obligations of $1.0 million, most of which are related to lease payments for office and medical buildings.
Adjusted EBITDA was a loss of $24.5 million for 2019 compared to $14.0 million for 2018. In March 2020 the Company received its final certification required to manufacture medical cannabis. The year 2019 focused on moving the Company towards this objective specifically:
The Company has a strong financial position at December 31, 2019 but must prudently manage its cash and maintain its liquidity amidst the uncertainty of incoming cash flows during the COVID-19 pandemic. The Company's core focus will be on its medical businesses using a predominantly digital strategy to grow its patient network and sell its medical cannabis products both locally in Colombia and globally. Maintaining high quality harvests and extracts at its cultivation site will be critical to the Company's success. Cost reductions in salaries, marketing and other administrative functions have been initiated, and capital expenditure programs have been postponed, where possible.
The Colombian government has resolved to provide health care service companies with financial relief, which could result in the deferral of loan repayments and lease payments by ILANS. While the Company will avail itself of financial relief measures, management believes that the Company should be able to maintain a positive cash balance through 2020. Maintaining liquidity through the crisis and continuing with its core strategy should place the Company in a very strong competitive position once the crisis ends.
Management Commentary
"2019 was a building year for Khiron. Now the focus of the company turns to sales execution, and revenue generation. Khiron has achieved a significant competitive advantage, and in March 2020 Khiron became the first and only company authorized to sell low THC medical cannabis in Colombia. We have much work to do in the months ahead but are positioned to benefit from these significant achievements," commented Alvaro Torres, Khiron CEO and director.
"We recognize the unprecedented global health and economic pressures caused by the COVID-19 pandemic and have acted swiftly, aligning our expenditures, and leveraging our digital capabilities and staff medical teams to give patients access to telemedicine consultations and remote product delivery," added Mr. Torres.
COVID-19
Khiron has established contingency plans in place for all its facilities, including medical facilities which are essential to serving the community. Those plans were put into action and the Company's facilities and supply chain remain operating within strict government guidelines established as a result of the current pandemic.
Khiron's ILANS and Zerenia clinics have been deemed essential services by the government of Colombia and continue to operate without requirement of any further authorization. The Company's recently announced teleconsultation services ensure patients, including those from its ILANS and Zerenia network, have access to clinic services and doctors trained to prescribe medical cannabis and other treatments.
For the time being and until economies stabilize, Khiron has shifted its strategic approach to focus on our highest margin businesses, and revenue opportunities, alter marketing methods and conserve cash, but has maintained its overall strategic direction to improve the quality of life of patients and consumers. The Company continues to prioritize the physical and mental health of its employees, health professionals and partners during this pandemic.
Highlights
Brazil and Peru
Research and Development
Education and Awareness
Health Services
Wellbeing Products
Financing
Webcast and Q&A
Khiron invites individual and institutional investors, as well as advisors and analysts, to attend a webcast and Q&A to discuss the Company's 2019 year-end results and corporate update.
DATE: May 4, 2020
TIME: 10:00am ET/7:00am PT
PRESENTERS: Alvaro Torres, Khiron CEO and Director, and Chris Naprawa, Khiron President
FORMAT: Live 20 minutes presentation & Q&A session
REGISTER LINK: https://event.on24.com/wcc/r/2307088/CDF8CB87D88B5A9CC5D225E0634845EF
About Khiron Life Sciences Corp.
Khiron Life Sciences Corp. is the dominant integrated medical cannabis company in Latin America. Khiron has core operations in Latin America, along with activity in North America and Europe, and is licensed in Colombia for the cultivation, production, domestic distribution, and international export of both tetrahydrocannabinol (THC) and cannabidiol (CBD) medical cannabis. The Company delivers best in class regulatory compliance, has the first approved line of CBD cosmetic products on shelf in Colombia, and is fully authorized to manufacture high- and low-THC medical cannabis, and to fill prescriptions for low-THC medical cannabis in the country.
With a focused regional strategy and patient oriented approach, the Company combines global scientific expertise, agricultural advantages, branded product market entrance experience and education to drive prescription and brand loyalty to address priority medical conditions such as chronic pain, epilepsy, depression and anxiety in the Latin American market of over 620 million people. The Company is led by Co-founder and Chief Executive Officer, Alvaro Torres, together with an experienced executive team, and a knowledgeable Board of Directors that includes former President of Mexico, Vicente Fox.
Visit Khiron online at www.khiron.ca and on Instagram @khironlife
Cautionary Notes
Forward-Looking Statements
This press release may contain certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Khiron undertakes no obligation to comment analyses, expectations or statements made by third-parties in respect of Khiron, its securities, or financial or operating results (as applicable). Although Khiron believes that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statement has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond Khiron's control, including the risk factors discussed in Khiron's Annual Information Form which is available on Khiron's SEDAR profile at www.sedar.com. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and are made as of the date hereof. Khiron disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
United States Disclaimer
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
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SOURCE Khiron Life Sciences Corp.
Copyright 2020 Canada NewsWire
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