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Mr. Cooper Group Reports First Quarter 2019 Financial Results
-
Reported EPS of $(2.05) per share driven by $(293) million
mark-to-market - Grew servicing portfolio to $632 billion, up 15% quarter-over-quarter
-
Boarded 444,000 new customers or 13% of the servicing portfolio in 35
days -
Originations pretax income increased quarter-over-quarter from $11
million to $45 million -
Pacific Union and Assurant Mortgage Solutions (AMS) integrations on
track
DALLAS–(BUSINESS WIRE)–Mr. Cooper Group Inc. (NASDAQ: COOP) (the “Company”), which principally
operates under the Mr. Cooper® and Xome® brands, reported a first
quarter net loss of $(186) million, $(2.05) per diluted share driven
principally by a net fair value mark-to-market on the MSR portfolio of
$(293) million. Excluding the mark-to-market and other items, the
Company reported pretax operating income of $48 million and after-tax
operating income of $36 million equivalent to an after-tax ROTCE of
8.7%. Items excluded from operating income were $(293) million in
mark-to-market net of $25 million in fair value amortization that is
included in the full mark-to-market, $20 million in merger related
costs, $20 million in accounting items and $13 million in intangible
amortization.
Jay Bray, chairman and CEO, commented, “2019 is a year of integration
and investment for Mr. Cooper, designed to set the stage for sustained
growth and higher returns in the years to come. Notable achievements in
the quarter included boarding 440,000 new servicing customers from our
Pacific Union and Seterus acquisitions and making important progress in
the integration of Assurant Mortgage Solutions into Xome.”
Vice chairman and CFO Chris Marshall added, “The first quarter included
a mark-to-market that was in line with our expectations, while the
underlying profitability of the servicing segment was strong, and
originations enjoyed a strong rebound in profitability thanks to
improved capital markets conditions and two months’ contribution from
Pacific Union.”
Servicing
The Servicing segment is focused on providing a best-in-class home loan
experience for our 3.8 million customers while also strengthening asset
performance for investors. In the first quarter, Servicing recorded a
pretax loss of $(186) million principally driven by a net fair value
mark-to-market on the MSR portfolio of $(293) million. The change in
fair value mark-to-market revenue compared to the prior period was
primarily due to a lower interest rate environment. At the end of the
quarter, the carrying value of the MSR was approximately $3.5 billion,
equivalent to 115 bps of MSR UPB, and the original cost basis was 83
bps. Servicing earned pretax operating income excluding the full mark of
$98 million, equivalent to a servicing margin of 6.8 bps. Pretax
operating income improved 11% quarter-over-quarter driven by $20 million
benefit from a collapse of a securitization trust, lower amortization,
net of accretion due to a lower CPR, and lower income contribution from
the reverse portfolio in this quarter relative to the prior quarter.
Mr. Cooper ended the quarter with a servicing portfolio of $632 billion
UPB, achieving 15% growth quarter-over-quarter. The growth was primarily
driven by the Pacific Union and Seterus acquisitions.
| Quarter Ended | ||||||||||||||
| ($ in millions) | Q4’18 | Q1’19 | ||||||||||||
| $ | BPS | $ | BPS | |||||||||||
| Operational revenue | $ | 280 | 21.3 | $ | 324 | 22.5 | ||||||||
| Amortization, net of accretion | (39 | ) | (3.0 | ) | (23 | ) | (1.6 | ) | ||||||
| Mark-to-market | (188 | ) | (14.3 | ) | (293 | ) | (20.3 | ) | ||||||
| Total revenues | 53 | 4.0 | 8 | 0.6 | ||||||||||
| Expenses | (199 | ) | (15.1 | ) | (195 | ) | (13.6 | ) | ||||||
| Total other income (expenses), net | 46 | 3.5 | 1 | 0.1 | ||||||||||
| Loss before taxes | (100 | ) | (7.6 | ) | (186 | ) | (12.9 | ) | ||||||
| Mark-to-market | 188 | 14.3 | 293 | 20.3 | ||||||||||
| Accounting item | — | — | (9 | ) | (0.6 | ) | ||||||||
| Pretax operating income excluding mark-to-market and accounting items | $ | 88 | 6.7 | $ | 98 | 6.8 | ||||||||
| Quarter Ended | ||||||||||||||
| Q4’18 | Q1’19 | |||||||||||||
| Ending UPB ($B) | $ | 548 | $ | 632 | ||||||||||
| Average UPB ($B) | $ | 526 | $ | 576 | ||||||||||
| 60+ day delinquency rate |
2.2 |
% |
2.4 |
% |
||||||||||
| Annualized CPR |
9.1 |
% |
8.2 |
% |
||||||||||
| Modifications and workouts | 10,645 | 9,590 | ||||||||||||
Originations
The Originations segment focuses on creating servicing assets at
attractive margins through existing customer relationships and
correspondent originations. Originations earned pretax income of $45
million in the first quarter, up from $11 million in the prior quarter.
The strong results were driven by the lower interest rate environment,
resulting in higher locked volumes and favorable capital markets
conditions which led to recovery in gain-on-sale margins.
Mr. Cooper funded 27,294 loans in the first quarter, totaling
approximately $5.7 billion UPB with $2.2 billion from the
direct-to-consumer channel, $3.1 billion from the correspondent channel,
and $0.4 billion from the Wholesale channel. Funded volume improved 5%
quarter-over-quarter driven by two months of Pacific Union funded volume.
| Quarter Ended | ||||||
| ($ in millions) | Q4’18 | Q1’19 | ||||
| Income before taxes | $ | 11 | $ | 45 | ||
| Business shutdown costs | 5 | — | ||||
| Pretax operating income | $ | 16 | $ | 45 | ||
| Quarter Ended | ||||||||
| ($ in millions) | Q4’18 | Q1’19 | ||||||
| Total pull through adjusted volume | $ | 4,874 | $ | 5,960 | ||||
| Funded volume | $ | 5,425 | $ | 5,716 | ||||
| Refinance recapture percentage | 55 | % | 52 | % | ||||
| Recapture percentage | 26 | % | 28 | % | ||||
| Purchase volume as a percentage of funded volume | 58 | % | 52 | % | ||||
Xome
Xome provides real estate solutions including property disposition,
asset management, title, close, valuation, and field services to Mr.
Cooper and third-party clients. The Xome segment recorded pretax income
of $8 million or $0 million after excluding intangible amortization and
an $11 million change in fair value of the contingent consideration for
the acquisition of AMS. Excluding the contingent consideration,
profitability reflected the impact of the AMS acquisition, which is
moving forward according to plan.
| Quarter Ended | ||||||||
| ($ in millions) | Q4’18 | Q1’19 | ||||||
| (Loss) / Income before taxes | $ | (2 | ) | $ | 8 | |||
| Business shutdown costs | 1 | — | ||||||
| Asset sales | (1 | ) | — | |||||
| Accounting item | — | (11 | ) | |||||
| Intangible amortization | 3 | 3 | ||||||
|
Pretax operating income excluding intangible amortization and accounting item |
$ | 1 | $ | — | ||||
| Quarter Ended | |||||
| Q4’18 | Q1’19 | ||||
| Exchange property listings sold | 2,222 | 2,421 | |||
| Exchange property listings at period end | 6,177 | 6,634 | |||
| Services orders completed | 531,566 | 379,585 | |||
| Percentage of revenue earned from third-party customers | 57 | % | 53 | % | |
Conference Call Webcast and Investor
Presentation
The Company will host a conference call on May 1, 2019 at 9:00 A.M.
Eastern Time. The conference call may be accessed by dialing
855-874-2685, or 720-634-2923 internationally. Please use the
participant passcode 5458663 to access the conference call. A
simultaneous audio webcast of the conference call will be available in
the Investor section of www.mrcoopergroup.com.
A replay will also be available by dialing 855-859-2056, or 404-537-3406
internationally. Please use the passcode 5458663 to access the replay.
The replay will be accessible through May 15, 2019 at 12:00 P.M. Eastern
Time.
Non-GAAP Financial Measures
The Company utilizes non-GAAP financial measures as the measures provide
additional information to assist investors in understanding and
assessing the Company’s and our business segments’ ongoing performance
and financial results, as well as assessing our prospects for future
performance. The adjusted operating financial measures facilitate a
meaningful analysis and allow more accurate comparisons of our ongoing
business operations because they exclude items that may not be
indicative of or are unrelated to the Company’s and our business
segments’ core operating performance, and are better measures for
assessing trends in our underlying businesses. These notable items are
consistent with how management views our businesses. Management uses
these non-GAAP financial measures in making financial, operational and
planning decisions and evaluating the Company’s and our business
segment’s ongoing performance. Pretax operating income (loss) in the
servicing segment eliminates the effects of mark-to-market adjustments
which primarily reflects unrealized gains or losses based on the changes
in fair value measurements of MSRs and their related financing
liabilities for which a fair value accounting election was made. These
adjustments, which can be highly volatile and material due to changes in
credit markets, are not necessarily reflective of the gains and losses
that will ultimately be realized by the Company. Pretax operating income
(loss) in each segment also eliminates, as applicable, transition and
integration costs, gains (losses) on sales of fixed assets, certain
settlement costs that are not considered normal operational matters,
intangible amortization, and other adjustments based on the facts and
circumstances that would provide investors a supplemental means for
evaluating the Company’s core operating performance.
Forward Looking Statements
Any statements in this release that are not historical or current facts
are forward looking statements. Forward looking statements involve known
and unknown risks, uncertainties and other factors that may cause our
actual results, performance, or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward looking statements. Results for any specified
quarter are not necessarily indicative of the results that may be
expected for the full year or any future period. Certain of these risks
and uncertainties are described in the “Risk Factors” section of Mr.
Cooper Group’s most recent annual report and other required documents as
filed with the SEC which are available at the SEC’s website at http://www.sec.gov.
Mr. Cooper undertakes no obligation to publicly update or revise any
forward looking statement or any other financial information contained
herein, and the statements made in this press release are current as of
the date of this release only.
Financial Tables
|
MR. COOPER GROUP INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (millions of dollars, except for earnings per share data) |
||||||||
|
Three Months Ended |
Three Months Ended |
|||||||
| Revenues: | ||||||||
| Service related, net | $ | 347 | $ | 377 | ||||
| Mark-to-market | (188 | ) | (293 | ) | ||||
| Net gain on mortgage loans held for sale | 93 | 166 | ||||||
| Total revenues | 252 | 250 | ||||||
| Total expenses | 432 | 443 | ||||||
| Other income (expense): | ||||||||
| Interest income | 166 | 134 | ||||||
| Interest expense | (171 | ) | (189 | ) | ||||
| Other income (expenses) | 7 | 15 | ||||||
| Total other income (expenses), net | 2 | (40 | ) | |||||
| Income before income tax benefit | (178 | ) | (233 | ) | ||||
| Income tax benefit | (42 | ) | (47 | ) | ||||
| Net loss | (136 | ) | (186 | ) | ||||
| Undistributed earnings attributable to participating stockholders | — | — | ||||||
| Net loss attributable to Mr. Cooper Group | $ | (136 | ) | $ | (186 | ) | ||
| Loss per share attributable to common stockholders: | ||||||||
| Basic | $ | (1.50 | ) | $ | (2.05 | ) | ||
| Diluted | $ | (1.50 | ) | $ | (2.05 | ) | ||
| Weighted average shares of common stock outstanding (in thousands): | ||||||||
| Basic | 90,816 | 90,828 | ||||||
| Diluted | 90,816 | 90,828 | ||||||
|
MR. COOPER GROUP INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (millions of dollars) |
||||
| December 31, 2018 | March 31, 2019 | |||
|
Assets |
(unaudited) | |||
| Cash and cash equivalents | $242 | $181 | ||
| Restricted cash | 319 | 339 | ||
| Mortgage servicing rights | 3,676 | 3,488 | ||
| Advances and other receivables, net | 1,194 | 1,147 | ||
| Reverse mortgage interests, net | 7,934 | 7,489 | ||
| Mortgage loans held for sale at fair value | 1,631 | 2,170 | ||
| Mortgage loans held for investment | 119 | 118 | ||
| Property and equipment, net | 96 | 112 | ||
| Deferred tax asset | 967 | 1,024 | ||
| Other assets | 795 | 1,578 | ||
| Total assets | $16,973 | $17,646 | ||
|
Liabilities and Stockholders’ Equity |
||||
| Unsecured senior notes, net | $2,459 | $2,461 | ||
| Advance facilities, net | 595 | 578 | ||
| Warehouse facilities, net | 2,349 | 3,050 | ||
| Payables and accrued liabilities | 1,543 | 1,975 | ||
| MSR related liabilities – nonrecourse at fair value | 1,216 | 1,343 | ||
| Mortgage servicing liabilities | 71 | 90 | ||
| Other nonrecourse debt, net | 6,795 | 6,388 | ||
| Total liabilities | 15,028 | 15,885 | ||
| Total stockholders’ equity | 1,945 | 1,761 | ||
| Total liabilities and stockholders’ equity | $16,973 | $17,646 | ||
|
UNAUDITED SEGMENT STATEMENT OF OPERATIONS & EARNINGS RECONCILIATION (millions of dollars, except for earnings per share data) |
||||||||||||||||||||||||
| Three Months Ended for December 31, 2018 | ||||||||||||||||||||||||
| Servicing | Originations | Xome |
Corporate |
Elim. | Consolidated | |||||||||||||||||||
| Service related, net | $ | 53 | $ | 14 | $ | 104 | $ | — | $ | (12 | ) | $ | 159 | |||||||||||
| Net gain on mortgage loans held for sale | — | 81 | — | — | 12 | 93 | ||||||||||||||||||
| Total revenues | 53 | 95 | 104 | — | — | 252 | ||||||||||||||||||
| Total expenses | 199 | 89 | 107 | 37 | — | 432 | ||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||
| Interest income | 144 | 17 | — | 5 | — | 166 | ||||||||||||||||||
| Interest expense | (99 | ) | (16 | ) | — | (56 | ) | — | (171 | ) | ||||||||||||||
| Other expense | 1 | 4 | 1 | 1 | — | 7 | ||||||||||||||||||
| Total other income (expense) | 46 | 5 | 1 | (50 | ) | — | 2 | |||||||||||||||||
| Pretax (loss) income | $ | (100 | ) | $ | 11 | $ | (2 | ) | $ | (87 | ) | $ | — | $ | (178 | ) | ||||||||
| Income tax benefit | (42 | ) | ||||||||||||||||||||||
| Net loss attributable to common stockholders of Mr. Cooper Group | $ | (136 | ) | |||||||||||||||||||||
| Loss per share | ||||||||||||||||||||||||
| Basic | $ | (1.50 | ) | |||||||||||||||||||||
| Diluted | $ | (1.50 | ) | |||||||||||||||||||||
|
Non-GAAP Reconciliation: |
||||||||||||||||||||||||
| Pretax income (loss) | $ | (100 | ) | $ | 11 | $ | (2 | ) | $ | (87 | ) | $ | — | $ | (178 | ) | ||||||||
| Mark-to-market | 188 | — | — | — | — | 188 | ||||||||||||||||||
| Business shutdown costs | — | 5 | 1 | — | — | 6 | ||||||||||||||||||
| Merger related costs | — | — | — | 4 | — | 4 | ||||||||||||||||||
| Asset sales | — | — | (1 | ) | — | — | (1 | ) | ||||||||||||||||
| Intangible amortization | — | — | 3 | 11 | — | 14 | ||||||||||||||||||
| Pretax income (loss), net of notable items | 88 | 16 | 1 | (72 | ) | — | 33 | |||||||||||||||||
| Fair value amortization⁽¹⁾ | (35 | ) | — | — | — | — | (35 | ) | ||||||||||||||||
| Pretax operating income (loss) | $ | 53 | $ | 16 | $ | 1 | $ | (72 | ) | $ | — | $ | (2 | ) | ||||||||||
| Income tax expense | — | |||||||||||||||||||||||
| Operating loss | $ | (2 | ) | |||||||||||||||||||||
| ROTCE | (0.3 | )% | ||||||||||||||||||||||
|
⁽¹⁾ Amount represents additional amortization required under the fair value amortization method over the cost amortization method |
||||||||||||||||||||||||
|
UNAUDITED SEGMENT STATEMENT OF OPERATIONS & EARNINGS RECONCILIATION (millions of dollars, except for earnings per share data) |
||||||||||||||||||||||||
| Three Months Ended for March 31, 2019 | ||||||||||||||||||||||||
| Servicing | Originations | Xome |
Corporate |
Elim. | Consolidated | |||||||||||||||||||
|
|
||||||||||||||||||||||||
| Service related, net | $ | 8 | $ | 15 | $ | 96 | $ | — | $ | (35 | ) | $ | 84 | |||||||||||
| Net gain on mortgage loans held for sale | — | 131 | — | — | 35 | 166 | ||||||||||||||||||
| Total revenues | 8 | 146 | 96 | — | — | 250 | ||||||||||||||||||
| Total expenses | 195 | 104 | 99 | 45 | — | 443 | ||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||
| Interest income | 115 | 17 | — | 2 | — | 134 | ||||||||||||||||||
| Interest expense | (114 | ) | (18 | ) | — | (57 | ) | — | (189 | ) | ||||||||||||||
| Other expense | — | 4 | 11 | — | — | 15 | ||||||||||||||||||
| Total other income (expense) | 1 | 3 | 11 | (55 | ) | — | (40 | ) | ||||||||||||||||
| Pretax (loss) income | $ | (186 | ) | $ | 45 | $ | 8 | $ | (100 | ) | $ | — | $ | (233 | ) | |||||||||
| Income tax benefit | (47 | ) | ||||||||||||||||||||||
| Net loss attributable to common stockholders of Mr. Cooper Group | $ | (186 | ) | |||||||||||||||||||||
| Loss per share | ||||||||||||||||||||||||
| Basic | $ | (2.05 | ) | |||||||||||||||||||||
| Diluted | $ | (2.05 | ) | |||||||||||||||||||||
|
Non-GAAP Reconciliation: |
||||||||||||||||||||||||
| Pretax income (loss) | $ | (186 | ) | $ | 45 | $ | 8 | $ | (100 | ) | $ | — | $ | (233 | ) | |||||||||
| Mark-to-market | 293 | — | — | — | — | 293 | ||||||||||||||||||
| Accounting items | (9 | ) | — | (11 | ) | — | — | (20 | ) | |||||||||||||||
| Merger related costs | — | — | — | 20 | — | 20 | ||||||||||||||||||
| Intangible amortization | — | — | 3 | 10 | — | 13 | ||||||||||||||||||
| Pretax income (loss), net of notable items | $ | 98 | $ | 45 | $ | — | $ | (70 | ) | $ | — | $ | 73 | |||||||||||
| Fair value amortization⁽¹⁾ | (25 | ) | — | — | — | — | (25 | ) | ||||||||||||||||
| Pretax operating income (loss) | $ | 73 | $ | 45 | $ | — | $ | (70 | ) | $ | — | $ | 48 | |||||||||||
| Income tax expense | (12 | ) | ||||||||||||||||||||||
| Operating income | $ | 36 | ||||||||||||||||||||||
| ROTCE | 8.7 | % | ||||||||||||||||||||||
|
⁽¹⁾ Amount represents additional amortization required under the fair value amortization method over the cost amortization method |
||||||||||||||||||||||||
Contacts
Investor Contact:
Kenneth Posner, SVP Strategic Planning and
Investor Relations
(469) 426-3633
[email protected]
Media
Contact:
Christen Reyenga, VP Corporate Communications
[email protected]
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Innocan
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
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.
Logo: https://mma.prnewswire.com/media/2046271/3968398/Innocan_Pharma_Corporation_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/innocan-pharma-reports-breakthrough-in-a-pre-clinical-trial-liposomal-cbd-injection-restores-mobility-to-an-amputee-female-donkey-302141590.html
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, |
December 31, |
|||||
|
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, |
December 31, |
|||||
|
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 |
||||||
|
Total other comprehensive income that will not be reclassified to profit or loss |
67 |
36 |
||||
|
Exchange differences on translation to presentation currency |
1,330 |
(562) |
||||
|
Total other comprehensive income (loss) that will not be reclassified to profit |
1,397 |
(526) |
||||
|
Other comprehensive income that will be reclassified to profit or loss in |
||||||
|
Adjustments arising from translating financial statements of foreign operation |
(35) |
155 |
||||
|
Total other comprehensive income (loss) that will be reclassified to profit or loss |
(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 |
||||||
|
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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View original content:https://www.prnewswire.co.uk/news-releases/im-cannabis-reports-first-quarter-financial-results-302139688.html
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