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Insight Enterprises, Inc. Reports Strong First Quarter 2019 Results

Published

5 years ago

on

Reading Time: 13 minutes

TEMPE, Ariz.–(BUSINESS WIRE)–Insight Enterprises, Inc. (NASDAQ: NSIT) (the “Company”) today
reported financial results for the quarter ended March 31, 2019 compared
to the quarter ended March 31, 2018.

  • Gross profit increased 3% to $248.5 million
  • Gross margin increased 90 basis points to 14.7%
  • Earnings from operations increased 13% to $57.0 million
  • Diluted earnings per share of $1.09 increased 20% year over year

In the first quarter of 2019, net sales decreased by 3%, year to year,
while gross profit increased 3%, year over year and gross margin
increased 90 basis points compared to the first quarter of 2018. The
increase in gross profit and gross margin reflects a higher mix of cloud
solutions reported net and higher margin Insight delivered services.
Earnings from operations grew 13%, year over year, with each of our
geographic segments generating growth.

“I am pleased to report we have started the new year with strong
earnings performance in the first quarter,” stated Ken Lamneck,
President and Chief Executive Officer. “Our top line results decreased
in the first quarter against a tough comparison last year, but we
focused on profitable business, growing our services sales and helping
our clients migrate to the cloud, which led to strong gross margin
expansion in the quarter. At the same time we controlled our expenses,
which allowed us to deliver another quarter of double digit earnings
growth year over year, with each of our operating segments contributing
to these results,” stated Lamneck.

KEY HIGHLIGHTS

  • Consolidated net sales for the first quarter of 2019 of $1.69 billion
    decreased 3% year to year when compared to the first quarter of 2018.

    • Net sales in North America decreased 3% year to year to $1.24
      billion;
    • Net sales in EMEA decreased 4% year to year to $390.2 million; and
    • Net sales in APAC decreased 7% year to year to $52.9 million.
  • Excluding the effects of fluctuating foreign currency exchange rates,
    consolidated net sales decreased 1% year to year, with a decline in
    net sales in North America of 3%, year to year, partially offset by
    growth in net sales in EMEA and APAC of 2% and 1%, respectively, year
    over year.
  • Consolidated gross profit increased 3% compared to the first quarter
    of 2018 to $248.5 million, with consolidated gross margin expanding 90
    basis points to 14.7% of net sales.

    • Gross profit in North America increased 4% year over year to
      $182.6 million (14.7% gross margin);
    • Gross profit in EMEA increased 2% year over year to $57.0 million
      (14.6% gross margin); and
    • Gross profit in APAC was relatively flat year over year,
      increasing less than 1% to $8.9 million (16.8% gross margin).
  • Excluding the effects of fluctuating foreign currency exchange rates,
    consolidated gross profit increased 6% year over year, with gross
    profit growth in North America, EMEA and APAC of 4%, 9% and 9%,
    respectively, year over year.
  • Consolidated earnings from operations increased 13% compared to the
    first quarter of 2018 to $57.0 million, or 3.4% of net sales.

    • Earnings from operations in North America increased 7% year over
      year to $45.3 million, or 3.6% of net sales;
    • Earnings from operations in EMEA increased 48% year over year to
      $9.9 million, or 2.5% of net sales; and
    • Earnings from operations in APAC increased 23% year over year to
      $1.8 million, or 3.4% of net sales.
  • Excluding the effects of fluctuating foreign currency exchange rates,
    consolidated earnings from operations increased 14% year over year,
    with earnings from operations growth in North America, EMEA and APAC
    of 8%, 53% and 31%, respectively, year over year.
  • Consolidated net earnings and diluted earnings per share for the first
    quarter of 2019 were $39.3 million and $1.09, respectively, at an
    effective tax rate of 23.5%.
  • Adjusted consolidated net earnings and Adjusted diluted earnings per
    share for the first quarter of 2019 were $39.6 million and $1.10,
    respectively.

In discussing financial results for the three months ended March 31,
2019 and 2018 in this press release, the Company refers to certain
financial measures that are not prepared in accordance with United
States generally accepted accounting principles (“GAAP”). When referring
to non-GAAP measures, the Company refers to such measures as “Adjusted.”
See “Use of Non-GAAP Financial Measures” for additional information. A
tabular reconciliation of financial measures prepared in accordance with
GAAP to the non-GAAP financial measures is included at the end of this
press release.

In some instances the Company refers to changes in net sales, gross
profit and earnings from operations on a consolidated basis and in North
America, EMEA and APAC excluding the effects of fluctuating foreign
currency exchange rates. In computing these changes and percentages, the
Company compares the current year amount as translated into U.S. dollars
under the applicable accounting standards to the prior year amount in
local currency translated into U.S. dollars utilizing the weighted
average translation rate for the current period.

The tax effect of Adjusted amounts referenced herein were computed using
the statutory tax rate for the taxing jurisdictions in the operating
segment in which the related expenses were recorded, adjusted for the
effects of valuation allowances on net operating losses in certain
jurisdictions.

GUIDANCE

For the full year 2019, the Company expects to deliver sales growth in
the low single digit range compared to 2018. The Company also expects
Adjusted diluted earnings per share for the full year of 2019 to be
between $4.75 and $4.85.

This outlook assumes:

  • an effective tax rate of 25% to 26% for the balance of 2019;
  • capital expenditures of $20 to $25 million for the full year; and
  • an average share count for the full year of approximately 36.2 million
    shares.

This outlook does not reflect the repurchase of any shares under the
Company’s currently authorized share repurchase program, assumes no
current year acquisition-related expenses and excludes severance and
restructuring expenses incurred during the first quarter of 2019 and
those that may be incurred during the balance of 2019. Due to the
inherent difficulty of forecasting these types of expenses, which impact
net earnings and diluted earnings per share, the Company is unable to
reasonably estimate the related impact of such expenses, if any, to net
earnings and diluted earnings per share. Accordingly, the Company is
unable to provide a reconciliation of GAAP to non-GAAP diluted earnings
per share for the full year 2019 forecast.

CONFERENCE CALL AND WEBCAST

The Company will host a conference call and live web cast today at 8:00
a.m. ET to discuss first quarter 2019 results of operations. A live web
cast of the conference call (in listen-only mode) will be available on
the Company’s web site at http://investor.insight.com/,
and a replay of the web cast will be available on the Company’s web site
for a limited time following the call. To listen to the live web cast by
telephone, call 1-877-524-8416 if located in the U.S., 412-902-1028 for
international callers, and enter the access code 13689759.

USE OF NON-GAAP FINANCIAL MEASURES

The non-GAAP financial measures are referred to as “Adjusted.” Adjusted
consolidated earnings from operations, Adjusted consolidated net
earnings and Adjusted diluted earnings per share exclude (i) severance
and restructuring expenses and (ii) the tax effects of severance and
restructuring expenses. The Company excludes these items when internally
evaluating earnings from operations, tax expense, net earnings and
diluted earnings per share for the Company and earnings from operations
for each of the Company’s operating segments. Adjusted free cash flow is
the Company’s net cash provided or used by operating activities adjusted
for (i) purchases of property and equipment and (ii) the net borrowings
or repayments under the inventory financing facility. Adjusted return on
invested capital (“ROIC”) excludes (i) severance and restructuring
expenses, (ii) acquisition related expenses, (iii) loss on sale of the
Company’s Russia business, and (iv) the tax effects of each of these
items, as applicable.

These non-GAAP measures are used to evaluate financial performance
against budgeted amounts, to calculate incentive compensation, to assist
in forecasting future performance and to compare the Company’s results
to those of the Company’s competitors. The Company believes that these
non-GAAP financial measures are useful to investors because they allow
for greater transparency, facilitate comparisons to prior periods and
the Company’s competitors’ results and assist in forecasting performance
for future periods. These non-GAAP financial measures are not prepared
in accordance with GAAP and may be different from non-GAAP financial
measures presented by other companies. Non-GAAP financial measures
should not be considered as a substitute for, or superior to, measures
of financial performance prepared in accordance with GAAP.

     

FINANCIAL SUMMARY TABLE

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)

(UNAUDITED)

 
Three Months Ended March 31,
2019       2018       change
Insight Enterprises, Inc.  
Net sales:
Products $ 1,466,672 $ 1,557,792 (6%)
Services $ 218,794 $ 184,702 18%
Total net sales $ 1,685,466 $ 1,742,494 (3%)
Gross profit $ 248,472 $ 240,263 3%
Gross margin 14.7 % 13.8 % 90 bps
Selling and administrative expenses $ 191,063 $ 188,180 2%
Severance and restructuring expenses $ 370 $ 1,644 (77%)
Earnings from operations $ 57,039 $ 50,439 13%
Net earnings $ 39,327 $ 33,003 19%
Diluted earnings per share $ 1.09 $ 0.91 20%
 
North America
Net sales:
Products $ 1,070,416 $ 1,134,401 (6%)
Services $ 172,025 $ 143,979 19%
Total net sales $ 1,242,441 $ 1,278,380 (3%)
Gross profit $ 182,607 $ 175,371 4%
Gross margin 14.7 % 13.7 % 100 bps
Selling and administrative expenses $ 136,950 $ 132,640 3%
Severance and restructuring expenses $ 331 $ 443 (25%)
Earnings from operations $ 45,326 $ 42,288 7%
 
Sales Mix **
Hardware 60 % 68 % (14%)
Software 26 % 21 % 23%
Services   14 %   11 % 19%
  100 %   100 % (3%)
 
EMEA
Net sales:
Products $ 354,673 $ 377,212 (6%)
Services $ 35,502 $ 29,922 19%
Total net sales $ 390,175 $ 407,134 (4%)
Gross profit $ 56,983 $ 56,050 2%
Gross margin 14.6 % 13.8 % 80 bps
Selling and administrative expenses $ 47,145 $ 48,283 (2%)
Severance and restructuring expenses $ (85 ) $ 1,074 > 100%
Earnings from operations $ 9,923 $ 6,693 48%
 
Sales Mix **
Hardware 44 % 46 % (8%)
Software 47 % 47 % (4%)
Services   9 %   7 % 19%
  100 %   100 % (4%)
 
APAC
Net sales:
Products $ 41,583 $ 46,179 (10%)
Services $ 11,267 $ 10,801 4%
Total net sales $ 52,850 $ 56,980 (7%)
Gross profit $ 8,882 $ 8,842 —
Gross margin 16.8 % 15.5 % 130 bps

Selling and administrative expenses

$ 6,968 $ 7,257 (4%)

Severance and restructuring expenses

$ 124 $ 127 (2%)
Earnings from operations $ 1,790 $ 1,458 23%
 
Sales Mix **
Hardware 12 % 13 % (9%)
Software 67 % 68 % (10%)
Services   21 %   19 % 4%
  100 %   100 % (7%)
 
**     Change in sales mix represents growth/decline in category net sales
on a U.S. dollar basis and does not exclude the effects of
fluctuating foreign currency exchange rates.
 

FORWARD-LOOKING INFORMATION

Certain statements in this release and the related conference call and
web cast are “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements, including the Company’s expected 2019 financial results,
sales growth and Adjusted diluted earnings per share for the full year
2019, and the assumptions relating thereto, as well as the Company’s
anticipated effective tax rate, capital expenditures and plans
concerning repurchases under the Company’s currently authorized share
repurchase program, and the Company’s expectations regarding cash flow,
are inherently subject to risks and uncertainties, some of which cannot
be predicted or quantified. Future events and actual results could
differ materially from those set forth in, contemplated by, or
underlying the forward-looking statements. There can be no assurances
that the results discussed by the forward-looking statements will be
achieved, and actual results may differ materially from those set forth
in the forward-looking statements. Some of the important factors that
could cause the Company’s actual results to differ materially from those
projected in any forward-looking statements, include, but are not
limited to, the following, which are discussed in “Risk Factors” in Part
I, Item 1A of the Company’s Annual Report on Form 10-K for the year
ended December 31, 2018 and in the Company’s subsequent filings with the
Securities and Exchange Commission:

  • actions of the Company’s competitors, including manufacturers and
    publishers of products the Company sells;
  • the Company’s reliance on partners for product availability,
    competitive products to sell and marketing funds and purchasing
    incentives, which can change significantly in the amounts made
    available and the requirements year over year;
  • changes in the information technology (“IT”) industry and/or rapid
    changes in technology;
  • risks associated with the integration and operation of acquired
    businesses;
  • possible significant fluctuations in the Company’s future operating
    results;
  • the risks associated with the Company’s international operations;
  • general economic conditions;
  • increased debt and interest expense and decreased availability of
    funds under the Company’s financing facilities;
  • the security of the Company’s electronic and other confidential
    information;
  • disruptions in the Company’s IT systems and voice and data networks;
  • failure to comply with the terms and conditions of the Company’s
    commercial and public sector contracts;
  • legal proceedings and the results of client and public sector audits
    and failure to comply with laws and regulations;
  • accounts receivable risks, including increased credit loss experience
    or extended payment terms with the Company’s clients;
  • the Company’s reliance on independent shipping companies;
  • the Company’s dependence on certain key personnel;
  • natural disasters or other adverse occurrences;
  • exposure to changes in, interpretations of, or enforcement trends
    related to tax rules and regulations; and
  • intellectual property infringement claims and challenges to the
    Company’s registered trademarks and trade names.

Additionally, there may be other risks that are otherwise described from
time to time in the reports that the Company files with the Securities
and Exchange Commission. Any forward-looking statements in this release
should be considered in light of various important factors, including
the risks and uncertainties listed above, as well as others. The Company
assumes no obligation to update, and, except as may be required by law,
does not intend to update, any forward-looking statements. The Company
does not endorse any projections regarding future performance that may
be made by third parties.

               

INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(IN THOUSANDS, EXCEPT PER SHARE DATA)

(UNAUDITED)

 
Three Months Ended

March 31,

2019         2018
Net sales:
Products $ 1,466,672 $ 1,557,792
Services   218,794   184,702
Total net sales   1,685,466   1,742,494
Costs of goods sold:
Products 1,337,308 1,414,986
Services   99,686   87,245
Total costs of goods sold   1,436,994   1,502,231
Gross profit 248,472 240,263
Operating expenses:
Selling and administrative expenses 191,063 188,180
Severance and restructuring expenses   370   1,644
Earnings from operations 57,039 50,439
Non-operating (income) expense:
Interest income (271 ) (153 )
Interest expense 4,823 6,015
Net foreign currency exchange loss (gain) 711 (245 )
Other expense, net   339   302
Earnings before income taxes 51,437 44,520
Income tax expense   12,110   11,517
Net earnings $ 39,327 $ 33,003
 
Net earnings per share:
Basic $ 1.10 $ 0.92
Diluted $ 1.09 $ 0.91
 
Shares used in per share calculations:
Basic   35,609   35,913
Diluted   36,103   36,263
 
 
                       

INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS)

(UNAUDITED)

 
March 31,

2019

December 31,

2018

ASSETS
Current assets:
Cash and cash equivalents $ 124,831 $ 142,655
Accounts receivable, net 1,723,817 1,931,736
Inventories 187,146 148,503
Other current assets   117,199   115,683
Total current assets 2,152,993 2,338,577
 
Property and equipment, net 74,038 72,954
Goodwill 166,073 166,841
Intangible assets, net 108,856 112,179
Deferred income taxes 7,345 7,967
Other assets   247,162   77,429
$ 2,756,467 $ 2,775,947
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable – trade $ 897,609 $ 978,104
Accounts payable – inventory financing facility 260,160 304,130
Accrued expenses and other current liabilities 183,678 190,733
Current portion of long-term debt 1,161 1,395
Deferred revenue   66,646   62,300
Total current liabilities 1,409,254 1,536,662
 
Long-term debt 113,227 195,525
Deferred income taxes 604 683
Other liabilities   207,164   56,088
  1,730,249   1,788,958
Stockholders’ equity:
Preferred stock — —
Common stock 358 355
Additional paid-in capital 321,606 323,622
Retained earnings 743,992 704,665

Accumulated other comprehensive loss – foreign currency
translation adjustments

  (39,738 )   (41,653 )
Total stockholders’ equity   1,026,218   986,989
$ 2,756,467 $ 2,775,947
 
 
               

INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

(UNAUDITED)

 
Three Months Ended

March 31,

2019         2018
Cash flows from operating activities:
Net earnings $ 39,327 $ 33,003

Adjustments to reconcile net earnings to net cash provided by
operating activities:

Depreciation and amortization of property and equipment 5,044 5,433
Amortization of intangible assets 3,823 3,611
Provision for losses on accounts receivable 1,413 346
Write-downs of inventories 1,408 629
Write-off of property and equipment — 303
Non-cash stock-based compensation 4,115 3,184
Deferred income taxes 547 979
Changes in assets and liabilities:
Decrease in accounts receivable 210,691 184,877
(Increase) decrease in inventories (39,658 ) 4,444
Increase in other assets (107,314 ) (25,514 )
Decrease in accounts payable (82,246 ) (97,104 )
Increase in deferred revenue 7,117 16,177
Increase in accrued expenses and other liabilities   77,646   20,377
Net cash provided by operating activities   121,913   150,745
Cash flows from investing activities:
Purchases of property and equipment (5,352 ) (5,044 )
Acquisitions, net of cash and cash equivalents acquired   (762 )   —
Net cash used in investing activities   (6,114 )   (5,044 )
Cash flows from financing activities:
Borrowings on senior revolving credit facility 49,936 276,684
Repayments on senior revolving credit facility (49,936 ) (392,184 )
Borrowings on accounts receivable securitization financing facility 1,010,500 1,024,000
Repayments on accounts receivable securitization financing facility (1,092,500 ) (955,000 )
Repayments under Term Loan A — (3,281 )
Repayments under other financing agreements — (1,234 )
Payments on finance lease obligations (542 ) (288 )
Net repayments under inventory financing facility (43,970 ) (91,366 )

Payment of payroll taxes on stock-based compensation through
shares withheld

(6,128 ) (2,884 )
Repurchases of common stock   —   (7,679 )
Net cash used in financing activities   (132,640 )   (153,232 )

Foreign currency exchange effect on cash, cash equivalents and
restricted cash balances

  (986 )   1,937
Decrease in cash, cash equivalents and restricted cash (17,827 ) (5,594 )
Cash, cash equivalents and restricted cash at beginning of period   144,293   107,445
Cash, cash equivalents and restricted cash at end of period $ 126,466 $ 101,851
 
 
               

INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(IN THOUSANDS, EXCEPT PER SHARE DATA)

(UNAUDITED)

 
Three Months Ended

March 31,

2019         2018

Adjusted Consolidated Earnings from Operations:

GAAP consolidated EFO $ 57,039 $ 50,439
Severance and restructuring expenses   370   1,644
Adjusted non-GAAP consolidated EFO $ 57,409 $ 52,083
 
Adjusted Consolidated Net Earnings:
GAAP consolidated net earnings $ 39,327 $ 33,003
Severance and restructuring expenses 370 1,644
Income taxes on non-GAAP adjustments   (100 )   (291 )
Adjusted non-GAAP consolidated net earnings $ 39,597 $ 34,356
 
Adjusted Diluted Earnings Per Share:
GAAP diluted EPS $ 1.09 $ 0.91
Severance and restructuring expenses 0.01 0.05
Income taxes on non-GAAP adjustments   —   (0.01 )
Adjusted non-GAAP diluted EPS $ 1.10 $ 0.95
 

Adjusted North America Earnings from Operations:

GAAP EFO from North America segment $ 45,326 $ 42,288
Severance and restructuring expenses   331   443

Adjusted non-GAAP EFO from North America segment

$ 45,657 $ 42,731
 
Adjusted EMEA Earnings from Operations:
GAAP EFO from EMEA segment $ 9,923 $ 6,693
Severance and restructuring expenses   (85 )   1,074
Adjusted non-GAAP EFO from EMEA segment $ 9,838 $ 7,767
 
Adjusted APAC Earnings from Operations:
GAAP EFO from APAC segment $ 1,790 $ 1,458
Severance and restructuring expenses   124   127
Adjusted non-GAAP EFO from APAC segment $ 1,914 $ 1,585
 
 
Three Months Ended

March 31,

2019 2018
Adjusted free cash flow:
Net cash provided by operating activities $ 121,913 $ 150,745
Purchases of property and equipment (5,352 ) (5,044 )
Net repayments under inventory financing facility   (43,970 )   (91,366 )
Adjusted non-GAAP free cash flow $ 72,591 $ 54,335
 
 
Twelve Months Ended

March 31,

2019 2018
Adjusted return on invested capital:
GAAP consolidated EFO $ 240,082

$

206,751

Severance and restructuring expenses 2,151

 

5,951

Loss on sale of foreign entity —

 

3,646

Acquisition-related expenses   282

 

382

Adjusted non-GAAP consolidated EFO 242,515

 

216,730

Income tax expense*   66,692

 

59,601

Adjusted non-GAAP consolidated EFO, net of tax $ 175,823

$

157,129

Average stockholders’ equity** $ 948,764

$

814,107

Average debt** 200,748

 

360,289

Average cash**   (145,380 )

 

(164,194

)
Invested Capital $ 1,004,132

$

1,010,202

 
Adjusted non-GAAP ROIC (from GAAP consolidated EFO) *** 17.33 %

 

14.84

%
Adjusted non-GAAP ROIC (from non-GAAP consolidated EFO) **** 17.51 %

 

15.55

%
 
*     Assumed tax rate of 27.5% for 2019 and 2018.
** Average of previous five quarters.
*** Computed as GAAP consolidated EFO, net of tax of $66,023 and $56,857
for the twelve months ended March 31, 2019 and 2018, respectively,
divided by invested capital.
**** Computed as Adjusted non-GAAP consolidated EFO, net of tax, divided
by invested capital.
 

Contacts

Glynis Bryan
Chief Financial Officer
480-333-3390
[email protected]

Helen Johnson
Senior VP, Finance
480-333-3234
[email protected]

Related Topics:
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Innocan

Innocan Pharma Reports Breakthrough in a Pre-Clinical Trial: Liposomal-CBD Injection Restores Mobility to an Amputee Female Donkey

Published

2 days ago

on

May 9, 2024

By

innocan-pharma-reports-breakthrough-in-a-pre-clinical-trial:-liposomal-cbd-injection-restores-mobility-to-an-amputee-female-donkey

HERZLIYA, Israel and ALGARY, AB, May 9, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce the successful pre-clinical treatment with a liposomal-CBD injection in a female donkey. Innocan’s innovative therapy provided immediate noticeable pain relief and improved mobility.

Miri, a 7-year-old female donkey, underwent amputation of her right front limb at a young age, resulting in a weight burden primarily borne by her left front limb. Consequently, she developed laminitis in her left front limb, an inflammatory disease affecting the soft tissue that connects the foot bone to the hoof, seemingly causing extreme pain and limited mobility. Over time, Miri’s condition worsened, culminating in the formation of a abscess in the affected hoof, which appeared to have intensified her pain. Despite receiving pain relief medications, Miri found no respite, was unable to move, and her caregivers were advised to euthanize her.

As an act of compassionate therapy, the female donkey was administered a liposomal-CBD injection. The effect was immediate, with Miri becoming active and roaming the farm. Following the liposomal-CBD injection, the abscess in her affected foot healed, and Miri regained her ability to walk and move as she did before her laminitis developed.

“Thanks to our innovative liposomal-CBD injection, we are thrilled to have brought relief to Miri, eliminating the need for euthanasia,” commented Iris Bincovich, CEO of Innocan. “Once again, Innocan has shown liposomal-CBD to be effectively active for pain relief and well-being. We see this pre-clinical treatment as strong evidence of liposomal-CBD’s potential to improve the lives of animal patients and potentially human patients.”

“Laminitis is a crippling condition well familiar and common in horses,” said Prof Chezy Barenholz, the Chief Scientific Officer of Innocan. “The disease results in severe pain condition, representing another big market for liposomal-CBD with great potential to treat horses. Innocan is dedicated to advancing the development of CBD-based therapeutics for various indications in both humans and animals.”

For further information and a supporting video, please see: https://youtu.be/Hgqh2WOlwJQ?si=oGgSYrGi3rkW-RC

About Innocan Pharma:

Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales. https://innocanpharma.com/

Contact Information:

For Innocan Pharma Corporation:

Iris Bincovich, CEO

+1 5162104025

+972-54-3012842

+442037699377

[email protected]

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Caution Regarding Forward-Looking Information

Certain information set forth in this news release, including, without limitation, the Company’s plans for human trials of its LPT-CBD platform, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. . The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of production and distribution arrangements.

Forward-looking information is subject to various risks and uncertainties that could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: global and local (national) economic, political, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and potential disruption of relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import/export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner). The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. A comprehensive discussion of other risks that impact Innocan can be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedarplus.ca.

Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.

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Mikra Announces Partnership with Virun NutraBiosciences Inc. and Releases CELLF 2.0

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IM Cannabis Reports First Quarter Financial Results

Published

4 days ago

on

May 8, 2024

By

im-cannabis-reports-first-quarter-financial-results

IMC prepares for accelerated growth after legalization in Germany and recovers from the impact of the Israel-Hamas war.

TORONTO and GLIL YAM, Israel, May 8, 2024 /PRNewswire/ — IM Cannabis Corp. (the “Company” or “IMC“) (NASDAQ: IMCC) (CSE: IMCC), an international medical cannabis company, announced its financial results today for the first quarter ended March 31, 2024. All amounts are reported in Canadian dollars and compared to the quarter ended March 31, 2023, unless otherwise stated.

Q1 2024 Financial Highlights

  • 13% Revenue increase vs. Q4 2023 of $12.1M vs. $10.7M and 4% decrease vs. Q1 2023 of $12.5M

 

  • 125% Gross profit increase vs. Q4 2023 of $1.8M vs. $0.8 and 39% Gross profit decrease vs. Q1 2023 of $2.9M

 

  • 29% decrease in operating expenses vs. Q1 2023 excluding the one-time Oranim revoke related losses of $4.6M vs. $6.5M and 14% increase including Oranim

 

  • 12% increase of Non-IFRS Adjusted EBITDA loss to $2.1M

Operational Highlights

The Company intends to complete a non-brokered private placement (the “Offering“) of secured convertible debentures of the Company (each, a “Debenture“) for aggregate proceeds of up to C$2,500,000. The Debentures will mature on the date that is 12 months from the date of issuance and will not incur interest except in the event of default. The Debentures are being issued to holders of short term loans and obligations owed by the Company or its wholly owned subsidiaries. The principal of the Debenture may be converted into common shares in the Company (each, a “Share“) at a conversion price of $1.08 per Share.

Management Commentary 

“With the April 1st cannabis legalization in Germany, we are augmenting our focus and resources on the German market, where we expect to see the biggest growth potential, and the best return on investment. While it is still too early to make any predictions, our sales in Germany almost doubled during the month of April,” said Oren Shuster, Chief Executive Officer of IMC. “Looking back on the first month post legalization in Germany, I see that we have the infrastructure and the supply agreements in place to continue delivering the accelerated growth we have already seen in April. We will also ensure that we have the necessary resources in place for success.”   

“In 2023 we completely restructured, becoming a very lean and agile company, leaning into active cost management. This process is reflected in the numbers, our G&A decreased 27% vs Q1 2023” said Uri Birenberg, Chief Financial Officer of IMC. “While our results have recovered from the impact of the Israel-Hamas war, our revenue was still effected by both an unfavorable exchange rate, as well as price reductions to sell off inventory.”

Q1 2024 Conference Call 

The Company will host a Zoom web conference call today at 9:00 a.m. ET to discuss the results, followed by a question-and-answer session for the investment community. Investors are invited to register by clicking here. All relevant information will be sent upon registration.

If you are unable to join us live, a recording of the call will be available on our website at https://investors.imcannabis.com/ within 24 hours after the call.

Q1 2024 Financial Results

  • Revenues for the first quarter of 2024 were $12.1 million compared to $12.5 million in the first quarter of 2023, a decrease of 3%. The decrease is mainly due an exchange rate effect of about $0.2 million and decrease in avg. price per sale due to increased competition.

 

  • Gross profit for the first quarter of 2024 was $1.8 million, compared to $2.9 million in Q1 2024, a decrease of 39%. The downside is attributed mainly to the slow-moving stock that was moved out at a lower price and an exchange rate difference totaling $0.4 million and $0.64 million cost of sales loss due to an inventory erase of the slow-moving stock. Company fair value adjustment was $0 and $0.4 million for the Q1 2024 and Q1 2023 respectively.

 

  • Total Dried Flower sold in Q1 2024 was approximately 1,873 kg with an average selling price of $5.68 per gram, compared to approximately 1,842kg in Q1 2023, with an average selling price of $6.59 per gram. This difference is mainly due to increased competition within the retail segment, and mid-range stock discounts to move out slow moving stock.

 

  • Total operating expenses in Q1 2024 were $7.4 million compared to $6.5 million in Q1 2023. The increase is due to the other operating expenses related to Oranim Deal revoke, with an expected losses of $2.8 million. Adjusting for this one-time losses, Q1 2024 operating expenses were $4.6 million compared to $6.5 million in Q1 2023, a decrease of 29%.

 

  • G&A Expenses in Q1 2024 were $2.3 million, compared to $3.2 million in Q1 2023, a decrease of 28%. The decrease in the G&A expense is attributable mainly to salaries and professional services of $0.64 million.

 

  • Selling and Marketing Expenses in Q1 2024 were $2.3 million, compared to $2.8 million in Q1 2023, a decrease of 18% mainly due to a decrease in Salaries and professional services of $0.5 million.

 

  • Net Loss from continuing operations in Q1 2024 was $6.0 million, compared to $0.9 million in Q12023.

 

  • Basic and diluted Loss per Share in Q1 2024 was $0.42, compared to a loss of $0.05 per Share in Q1 2023.

 

  • Non-IFRS Adjusted EBITDA loss in Q1 2024 was $2.1 million, compared to an Adjusted EBITDA loss of $1.9 million in Q1 2023 an increase of 10%.

 

  • Cash and Cash Equivalents as of March 31, 2024, were $1.0 million compared to $1.8 million in December 31, 2023.

 

  • Total assets as of March 31, 2024, were $41.1 million, compared to $48.8 million in December 31, 2023, a decrease of 16%. The decrease is mainly attributed to the goodwill reduction due to Oranim agreement cancelation of about $2.8M, a reduction in Inventory of $2.1 million, reduction of Cash and cash equivalents of $0.8M and reduction in Trade payables of $1.2 million.

 

  • Total Liabilities as of March 31, 2024, were $32.8 million, compared to $35.1 in December 31, 2023, a decrease of about 7%. The decrease was mainly due to the reduction in other accounts payables and accrued expenses of $1.8 million and reduction in the PUT option liability of $0.7 million.

 

The Company’s financial statements as of March 31, 2024 includes a note regarding the Company’s ability to continue as a going concern. The Company’s Q1 2024 financial results do not include any adjustments relating to the recoverability and classification of assets or liabilities that might be necessary should the Company be unable to continue as a going concern. For more information, please refer to the “Liquidity and Capital Resources” and “Risk Factors” sections in the Company’s management’s discussion and analysis for the quarter ended March 31, 2024.

Non-IFRS Measures

This press release makes reference to “Gross Margin” and “Adjusted EBITDA”, which are financial measures that are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are provided as complementary information to the Company’s IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should neither be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS.

For an explanation of how management defines Gross Margin and Adjusted EBITDA, see the Company’s management’s discussion and analysis for the period ended March 31, 2024, available under the Company’s SEDAR+ profile at www.sedarplus.ca on EDGAR at www.sec.gov/edgar.
We reconcile these non-IFRS financial measures to the most comparable IFRS measures as set out below.

 

 

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

Canadian Dollars in thousands

March 31,
2024

December 31,
2023

Note

(Unaudited)

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$           1,048

$           1,813

Trade receivables

6,506

7,651

Advances to suppliers

780

936

Other accounts receivable

3,732

3,889

Inventories

3

7,901

9,976

19,967

24,265

NON-CURRENT ASSETS:

Property, plant and equipment, net

4,939

5,058

Investments in affiliates

2,078

2,285

Right-of-use assets, net

1,243

1,307

Intangible assets, net

5,440

5,803

Goodwill

7,442

10,095

21,142

24,548

Total assets

$          41,109

$          48,813

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

 

 

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

Canadian Dollars in thousands

March 31,
2024

December 31,
2023

Note

(Unaudited)

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

 

Trade payables

$      9,511

$      9,223

Bank loans and credit facilities

11,941

12,119

Other accounts payable and accrued expenses

4,440

6,218

Accrued purchase consideration liabilities

2,165

2,097

PUT Option liability

1,967

2,697

Current maturities of operating lease liabilities

461

454

30,485

32,808

NON-CURRENT LIABILITIES:

 

Warrants measured at fair value

4

137

38

Operating lease liabilities

744

815

Long-term loans

401

394

Employee benefit liabilities, net

96

95

Deferred tax liability, net

902

963

2,280

2,305

Total liabilities

32,765

35,113

EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY:

5

Share capital and premium

253,887

253,882

Translation reserve

1,399

95

Reserve from share-based payment transactions

9,664

9,637

Accumulated deficit

(255,431)

(249,145)

Total equity attributable to equity holders of the Company

9,519

14,469

 Non-controlling interests

(1,175)

(769)

Total equity

8,344

13,700

Total liabilities and equity

$  41,109

$     48,813

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

 

 

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME (UNAUDITED)

Canadian Dollars in thousands, except per share data

Three months ended

March 31,

Note

2024

2023 (*)

Revenues

$      12,063

$      12,529

Cost of revenues

10,274

9,286

Gross profit before fair value adjustments

1,789

3,243

Fair value adjustments:

Realized fair value adjustments on inventory sold in the period

(10)

(339)

Total fair value adjustments

(10)

(339)

Gross profit

1,779

2,904

General and administrative expenses

2,332

3,175

Selling and marketing expenses

2,292

2,805

Restructuring expenses

–

283

Share-based compensation

32

258

Other operating expenses

9

2,753

–

Total operating expenses

7,409

6,521

Operating loss

5,630

3,617

Finance income

4

(14)

3,530

Finance expense

(487)

(795)

Finance income, net

(501)

2,735

Gain (loss) before income taxes

(6,131)

(882)

Income tax benefit

(111)

(16)

Net )loss( gain

(6,020)

(866)

Other comprehensive income that will not be reclassified to profit or loss in
 subsequent periods:

Total other comprehensive income that will not be reclassified to profit or loss
 in subsequent periods

67

36

Exchange differences on translation to presentation currency

1,330

(562)

Total other comprehensive income (loss) that will not be reclassified to profit
 or loss in subsequent periods

1,397

(526)

Other comprehensive income that will be reclassified to profit or loss in
 subsequent periods:

Adjustments arising from translating financial statements of foreign operation

(35)

155

Total other comprehensive income (loss) that will be reclassified to profit or loss
 in subsequent periods

(35)

155

Total other comprehensive income (loss)

1,362

(371)

Total comprehensive loss

$       (4,658)

$       (1,237)

 

 

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME (UNAUDITED)

Canadian Dollars in thousands, except per share data

Three months ended

March 31,

Note

2024

2023 (*)

Net income (loss) attributable to:

Equity holders of the Company

(5,623)

(600)

Non-controlling interests

(397)

(266)

$       (6,020)

$           (866)

Total comprehensive income (loss) attributable to:

Equity holders of the Company 

(4,252)

(959)

Non-controlling interests 

(406)

(278)

$       (4,658)

$       (1,237)

Net income (loss) per share attributable to equity holders of the Company: 

7

Basic and diluted (loss) gain per share (in CAD)

$           (0.42)

$           (0.05)

Earnings (loss) per share attributable to equity holders of the Company
 from continuing operations:

Basic and diluted (loss) gain per share (in CAD)

$         (0.42)

$          (0.05)

(*) See note 1 regarding figures disclosure.

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

 

 

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Canadian Dollars in thousands

Three months ended

March 31,

2024

2023 (*)

Cash provided by operating activities:

Net income (loss) for the period

$    (6,020)

$          43

Adjustments for non-cash items:

Fair value adjustment on sale of inventory

10

339

Fair value adjustment on Warrants, investments and accounts receivable

100

(3,636)

Depreciation of property, plant and equipment

147

174

Amortization of intangible assets

452

456

Depreciation of right-of-use assets

118

179

Impairment of goodwill

2,753

–

Finance expenses, net

401

635

Deferred tax liability, net

(69)

(150)

Share-based payment

32

258

Restructuring expense

–

283

3,944

(1,462)

Changes in working capital:

Decrease (increase) in trade receivables

1,332

1,937

Decrease (increase) in other accounts receivable and advances to suppliers

159

(940)

Decrease (increase) in inventories, net of fair value adjustments

2,159

90

Decrease (increase) in trade payables

663

(6,021)

Changes in employee benefit liabilities, net

–

(22)

Increase in other accounts payable and accrued expenses

(2,745)

(14)

1,568

(4,970)

Taxes (paid) received

(121)

328

Net cash used in operating activities

(629)

(6,061)

Cash flows from investing activities:

Purchase of property, plant and equipment

(2)

(411)

Payment of purchase consideration

–

(56)

Net cash used in investing activities

$            (2)

$        (467)

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

 

 

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Canadian Dollars in thousands

Three months ended

March 31,

2024

2023

Cash flow from financing activities:

   Proceeds from issuance of share capital, net of issuance costs

176

825

   Proceeds from issuance of warrants

(176)

7,027

   Repayment of lease liability

(118)

(175)

   Interest paid – lease liability

(15)

(18)

   Receipt (repayment) of bank loan and credit facilities

(2,856)

(1,046)

   Cash paid for interest

(444)

(56)

   Proceeds from discounted checks

2,581

Net cash (used in) provided by financing activities

(852)

6,557

Effect of foreign exchange on cash and cash equivalents

718

(1,059)

Decrease in cash and cash equivalents

(765)

(1,030)

Cash and cash equivalents at beginning of the period

1,813

2,449

Cash and cash equivalents at end of the period

$      1,048

$     1,419

Supplemental disclosure of non-cash activities:

Right-of-use asset recognized with corresponding lease liability

$           40

$          49

Issuance of shares in payment of debt settlement to a non-independent director of the company

$              –

$        222

(*) See note 1 regarding Figures disclosure.

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

 

About IM Cannabis Corp.

IMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has exited operations in Canada to pivot its focus and resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.

The IMC ecosystem operates in Israel through Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms and logistical hubs in Israel that enable the safe delivery and quality control of IMC products throughout the entire value chain. In Germany, the IMC ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients. The Company also  operated in Canada through Trichome Financial Corp and its wholly owned subsidiaries. The Company has exited operations in Canada and considers these operations as discontinued.

Disclaimer for Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements under applicable Canadian and United States securities laws (collectively, “forward-looking statements“). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements relating to: the impact of the Israel-Hamas war on the Company, including its operations and the medical cannabis industry in Israel; the timing and impact of the legalization of medicinal cannabis in Germany, including, the Company having it “all in house”; the Company being positioned to take advantage of the legalization; the Company’s growth in 2024; the market growth for medicinal cannabis in Germany;  the stated benefits of the Company’s EU-GMP processing facility and an EU-GDP logistics center; the Company to host a teleconference meeting as stated; and the Company’s stated goals, scope, and nature of operations in Germany, Israel, and other jurisdictions the Company may operate.

Forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to: the Company’s ability to focus and resources to achieve sustainable and profitable growth in its highest value markets; the Company’s ability to mitigate the impact of the Israel-Hamas war on the Company; the Company’s ability to take advantage of the legalization of medicinal cannabis in Germany; the Company’s ability to host a teleconference meeting as stated; and the Company’s ability to carry out its stated goals, scope, and nature of operations in Germany, Israel, and other jurisdictions the Company may operate.

The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the Company’s ability to continue to meet the listing requirements of the Canadian Securities Exchange and the NASDAQ Capital Market; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and its subsidiaries (collectively, the “Group“) to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group’s obligations; the Group’s possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group’s cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt; risks surrounding war, conflict and civil unrest in Eastern Europe and the Middle East, including the impact of the Israel-Hamas war on the Company, its operations and the medical cannabis industry in Israel; risks associated with the Company focusing on the Israel and Germany markets; the inability of the Company to achieve sustainable profitability and/or increase shareholder value; the inability of the Company to actively manage costs and/or improve margins; the inability of the company to grow and/or maintain sales; the inability of the Company to meet its goals and/or strategic plans; the inability of the Company to reduce costs and/or maintain revenues; the Company’s inability to take advantage of the legalization of medicinal cannabis in Germany; and the Company’s inability to host a teleconference meeting as stated.

Please see the other risks, uncertainties and factors set out under the heading “Risk Factors” in the Company’s annual report dated March 28, 2024, which is available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and Edgar at www.sec.gov/edgar. Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Company Contact: 

Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
[email protected]

Oren Shuster, CEO
IM Cannabis Corp.
+972-77-3603504

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