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Cirrus Logic Reports Q4 FY19 Revenue of $240.4 Million
Progress on Strategic Initiatives in FY19 Positions Company for
Future Growth
AUSTIN, Texas–(BUSINESS WIRE)–Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-performance,
low-power ICs for audio and voice signal processing applications, today
posted on its website at http://investor.cirrus.com
the quarterly Shareholder Letter that contains the complete
financial results for the fourth quarter and full fiscal year 2019,
which ended March 30, 2019, as well as the company’s current business
outlook.
“In FY19 we significantly expanded our penetration of the handset
market, driven by strong demand for our boosted amplifiers,” said Jason
Rhode, president and chief executive officer. “Although smartphone
market headwinds brought challenges this past year, revenue for the
quarter was at the high end of guidance. We are pleased with our
progress in FY19 as we executed on key strategic initiatives and gained
momentum with new product lines, while expanding our customer base.”
Reported Financial Results – Fourth Quarter FY19
- Revenue of $240.4 million;
-
GAAP and non-GAAP gross margin of 51.8 percent and 52 percent,
respectively; -
GAAP operating expenses of $117.5 million and non-GAAP operating
expenses of $102.9 million; and -
GAAP earnings per share of $0.10 and non-GAAP earnings per share of
$0.37.
Reported Financial Results – Full Year FY19
- Revenue of $1.19 billion;
-
GAAP and non-GAAP gross margin of 50.4 percent and 50.5 percent,
respectively; -
GAAP operating expenses of $496.7 million and non-GAAP operating
expenses of $411.9 million; and -
GAAP earnings per share of $1.46 and non-GAAP earnings per share of
$2.64.
A reconciliation of the non-GAAP charges is included in the tables
accompanying this press release.
Business Outlook – First Quarter FY20
- Revenue is expected to range between $200 million and $240 million;
-
GAAP gross margin is expected to be between 49 percent and 51 percent;
and -
Combined GAAP R&D and SG&A expenses are expected to range between $120
million and $126 million, which includes approximately $14 million in
stock-based compensation and $7 million in amortization of acquired
intangibles.
Cirrus Logic will host a live Q&A session at 5 p.m. EDT today to answer
questions related to its financial results and business outlook.
Participants may listen to the conference call on the Cirrus
Logic website. Participants who would like to submit a question to
be addressed during the call are requested to email [email protected].
A replay of the webcast can be accessed on the Cirrus Logic website
approximately two hours following its completion, or by calling (416)
621-4642, or toll-free at (800) 585-8367 (Access Code: 6169247).
Cirrus Logic, Inc.
Cirrus Logic is a leader in high-performance, low-power ICs for audio
and voice signal processing applications. Cirrus Logic’s products span
the entire audio signal chain, from capture to playback, providing
innovative products for the world’s top smartphones, tablets, digital
headsets, wearables and emerging smart home applications. With
headquarters in Austin, Texas, Cirrus Logic is recognized globally for
its award-winning corporate culture. Check us out at www.cirrus.com.
Cirrus Logic and Cirrus are registered trademarks of Cirrus Logic, Inc.
All other company or product names noted herein may be trademarks of
their respective holders.
Use of non-GAAP Financial Information
To supplement Cirrus Logic’s financial statements presented on a GAAP
basis, Cirrus has provided non-GAAP financial information, including
non-GAAP net income, diluted earnings per share, operating income and
profit, operating expenses, gross margin and profit, tax expense and
effective tax rate impact on earnings per share, and effective tax rate.
A reconciliation of the adjustments to GAAP results is included in the
tables below. Non-GAAP financial information is not meant as a
substitute for GAAP results, but is included because management believes
such information is useful to our investors for informational and
comparative purposes. In addition, certain non-GAAP financial
information is used internally by management to evaluate and manage the
company. The non-GAAP financial information used by Cirrus Logic may
differ from that used by other companies. These non-GAAP measures
should be considered in addition to, and not as a substitute for, the
results prepared in accordance with GAAP.
Safe Harbor Statement
Except for historical information contained herein, the matters set
forth in this news release contain forward-looking statements including
our statements about our future growth opportunities, along with
estimates for the first quarter fiscal year 2020 revenue, gross margin,
combined research and development and selling, general and
administrative expense levels, stock compensation expense and
amortization of acquired intangibles. In some cases, forward-looking
statements are identified by words such as “expect,” “anticipate,”
“target,” “project,” “believe,” “goals,” “opportunity,” “estimates,”
“intend,” and variations of these types of words and similar expressions.
In addition, any statements that refer to our plans, expectations,
strategies or other characterizations of future events or circumstances
are forward-looking statements. These forward-looking statements
are based on our current expectations, estimates, and assumptions and
are subject to certain risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties include, but
are not limited to, the following: the level of orders and shipments
during the first quarter of fiscal year 2020, customer cancellations of
orders, or the failure to place orders consistent with forecasts, along
with the risk factors listed in our Form 10-K for the year ended March
31, 2018 and in our other filings with the Securities and Exchange
Commission, which are available at www.sec.gov.
The foregoing information concerning our business outlook represents our
outlook as of the date of this news release, and we undertake no
obligation to update or revise any forward-looking statements, whether
as a result of new developments or otherwise.
Summary financial data follows:
| CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
| Mar. 30, | Dec. 29, | Mar. 31, | Mar. 30, | Mar. 31, | ||||||||||||||||||||||
| 2019 | 2018 | 2018 | 2019 | 2018 | ||||||||||||||||||||||
| Q4’19 | Q3’19 | Q4’18 | Q4’19 | Q4’18 | ||||||||||||||||||||||
| Portable products | $ | 207,099 | $ | 288,640 | $ | 262,777 | $ | 1,032,049 | $ | 1,363,876 | ||||||||||||||||
| Non-portable and other products | 33,342 | 35,655 | 40,396 | 153,475 | 168,310 | |||||||||||||||||||||
| Net sales | 240,441 | 324,295 | 303,173 | 1,185,524 | 1,532,186 | |||||||||||||||||||||
| Cost of sales | 115,802 | 161,115 | 150,543 | 588,027 | 771,470 | |||||||||||||||||||||
| Gross profit | 124,639 | 163,180 | 152,630 | 597,497 | 760,716 | |||||||||||||||||||||
| Gross margin | 51.8 | % | 50.3 | % | 50.3 | % | 50.4 | % | 49.6 | % | ||||||||||||||||
| Research and development | 92,251 | 88,575 | 95,556 | 375,139 | 366,444 | |||||||||||||||||||||
| Selling, general and administrative | 30,194 | 30,364 | 36,307 | 126,502 | 131,811 | |||||||||||||||||||||
| Gain on sale of assets | (4,913 | ) | – | – | (4,913 | ) | – | |||||||||||||||||||
| Total operating expenses | 117,532 | 118,939 | 131,863 | 496,728 | 498,255 | |||||||||||||||||||||
| Income from operations | 7,107 | 44,241 | 20,767 | 100,769 | 262,461 | |||||||||||||||||||||
| Interest income | 2,248 | 1,740 | 1,378 | 6,960 | 3,609 | |||||||||||||||||||||
| U.K. pension settlement | – | (13,768 | ) | – | (13,768 | ) | – | |||||||||||||||||||
| Other expense | (150 | ) | 101 | (158 | ) | (217 | ) | (971 | ) | |||||||||||||||||
| Income before income taxes | 9,205 | 32,314 | 21,987 | 93,744 | 265,099 | |||||||||||||||||||||
| Provision for income taxes | 3,048 | 2,381 | 9,983 | 3,753 | 103,104 | |||||||||||||||||||||
| Net income | $ | 6,157 | $ | 29,933 | $ | 12,004 | $ | 89,991 | $ | 161,995 | ||||||||||||||||
| Basic earnings per share: | $ | 0.10 | $ | 0.50 | $ | 0.19 | $ | 1.50 | $ | 2.55 | ||||||||||||||||
| Diluted earnings per share: | $ | 0.10 | $ | 0.49 | $ | 0.19 | $ | 1.46 | $ | 2.46 | ||||||||||||||||
| Weighted average number of shares: | ||||||||||||||||||||||||||
| Basic | 59,031 | 59,511 | 62,654 | 60,116 | 63,407 | |||||||||||||||||||||
| Diluted | 60,199 | 60,783 | 64,572 | 61,583 | 65,951 | |||||||||||||||||||||
|
Prepared in accordance with Generally Accepted Accounting |
||||||||||||||||||||||||||
| RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION |
| (unaudited, in thousands, except per share data) |
| (not prepared in accordance with GAAP) |
Non-GAAP financial information is not meant as a substitute for GAAP
results, but is included because management believes such information is
useful to our investors for informational and comparative purposes. In
addition, certain non-GAAP financial information is used internally by
management to evaluate and manage the company. As a note, the non-GAAP
financial information used by Cirrus Logic may differ from that used by
other companies. These non-GAAP measures should be considered in
addition to, and not as a substitute for, the results prepared in
accordance with GAAP.
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
| Mar. 30, | Dec. 29, | Mar. 31, | Mar. 30, | Mar. 31, | ||||||||||||||||||||||
| 2019 | 2018 | 2018 | 2019 | 2018 | ||||||||||||||||||||||
| Net Income Reconciliation | Q4’19 | Q3’19 | Q4’18 | Q4’19 | Q4’18 | |||||||||||||||||||||
| GAAP Net Income | $ | 6,157 | $ | 29,933 | $ | 12,004 | $ | 89,991 | $ | 161,995 | ||||||||||||||||
| Amortization of acquisition intangibles | 7,228 | 7,630 | 13,266 | 40,991 | 48,066 | |||||||||||||||||||||
| Stock-based compensation expense | 12,583 | 11,181 | 12,533 | 49,689 | 48,740 | |||||||||||||||||||||
| U.K. pension settlement | – | 13,768 | – | 13,768 | – | |||||||||||||||||||||
| Gain on asset sale | (4,913 | ) | – | – | (4,913 | ) | – | |||||||||||||||||||
| Acquisition-related items | – | – | (279 | ) | – | (4,327 | ) | |||||||||||||||||||
| Adjustment to income taxes | 1,202 | (7,003 | ) | (4,502 | ) | (26,781 | ) | 27,254 | ||||||||||||||||||
| Non-GAAP Net Income | $ | 22,257 | $ | 55,509 | $ | 33,022 | $ | 162,745 | $ | 281,728 | ||||||||||||||||
| Earnings Per Share Reconciliation | ||||||||||||||||||||||||||
| GAAP Diluted earnings per share | $ | 0.10 | $ | 0.49 | $ | 0.19 | $ | 1.46 | $ | 2.46 | ||||||||||||||||
| Effect of Amortization of acquisition intangibles | 0.12 | 0.13 | 0.21 | 0.67 | 0.73 | |||||||||||||||||||||
| Effect of Stock-based compensation expense | 0.21 | 0.18 | 0.19 | 0.81 | 0.74 | |||||||||||||||||||||
| Effect of U.K. pension settlement | – | 0.23 | – | 0.22 | – | |||||||||||||||||||||
| Effect of Gain on asset sale | (0.08 | ) | – | – | (0.08 | ) | – | |||||||||||||||||||
| Effect of Acquisition-related items | – | – | – | – | (0.07 | ) | ||||||||||||||||||||
| Effect of Adjustment to income taxes | 0.02 | (0.12 | ) | (0.08 | ) | (0.44 | ) | 0.41 | ||||||||||||||||||
| Non-GAAP Diluted earnings per share | $ | 0.37 | $ | 0.91 | $ | 0.51 | $ | 2.64 | $ | 4.27 | ||||||||||||||||
| Operating Income Reconciliation | ||||||||||||||||||||||||||
| GAAP Operating Income | $ | 7,107 | $ | 44,241 | $ | 20,767 | $ | 100,769 | $ | 262,461 | ||||||||||||||||
| GAAP Operating Profit | 3 | % | 14 | % | 7 | % | 8 | % | 17 | % | ||||||||||||||||
| Amortization of acquisition intangibles | 7,228 | 7,630 | 13,266 | 40,991 | 48,066 | |||||||||||||||||||||
| Stock-based compensation expense – COGS | 288 | 220 | 422 | 877 | 1,474 | |||||||||||||||||||||
| Stock-based compensation expense – R&D | 8,270 | 6,761 | 6,847 | 29,115 | 26,136 | |||||||||||||||||||||
| Stock-based compensation expense – SG&A | 4,025 | 4,200 | 5,264 | 19,697 | 21,130 | |||||||||||||||||||||
| Gain on asset sale | (4,913 | ) | – | – | (4,913 | ) | – | |||||||||||||||||||
| Acquisition-related items | – | – | (279 | ) | – | (4,327 | ) | |||||||||||||||||||
| Non-GAAP Operating Income | $ | 22,005 | $ | 63,052 | $ | 46,287 | $ | 186,536 | $ | 354,940 | ||||||||||||||||
| Non-GAAP Operating Profit | 9 | % | 19 | % | 15 | % | 16 | % | 23 | % | ||||||||||||||||
| Operating Expense Reconciliation | ||||||||||||||||||||||||||
| GAAP Operating Expenses | $ | 117,532 | $ | 118,939 | $ | 131,863 | $ | 496,728 | $ | 498,255 | ||||||||||||||||
| Amortization of acquisition intangibles | (7,228 | ) | (7,630 | ) | (13,266 | ) | (40,991 | ) | (48,066 | ) | ||||||||||||||||
| Stock-based compensation expense – R&D | (8,270 | ) | (6,761 | ) | (6,847 | ) | (29,115 | ) | (26,136 | ) | ||||||||||||||||
| Stock-based compensation expense – SG&A | (4,025 | ) | (4,200 | ) | (5,264 | ) | (19,697 | ) | (21,130 | ) | ||||||||||||||||
| Gain on asset sale | 4,913 | – | – | 4,913 | – | |||||||||||||||||||||
| Acquisition-related items | – | – | 279 | – | 4,327 | |||||||||||||||||||||
| Non-GAAP Operating Expenses | $ | 102,922 | $ | 100,348 | $ | 106,765 | $ | 411,838 | $ | 407,250 | ||||||||||||||||
| Gross Margin/Profit Reconciliation | ||||||||||||||||||||||||||
| GAAP Gross Profit | $ | 124,639 | $ | 163,180 | $ | 152,630 | $ | 597,497 | $ | 760,716 | ||||||||||||||||
| GAAP Gross Margin | 51.8 | % | 50.3 | % | 50.3 | % | 50.4 | % | 49.6 | % | ||||||||||||||||
| Stock-based compensation expense – COGS | 288 | 220 | 422 | 877 | 1,474 | |||||||||||||||||||||
| Non-GAAP Gross Profit | $ | 124,927 | $ | 163,400 | $ | 153,052 | $ | 598,374 | $ | 762,190 | ||||||||||||||||
| Non-GAAP Gross Margin | 52.0 | % | 50.4 | % | 50.5 | % | 50.5 | % | 49.7 | % | ||||||||||||||||
| Effective Tax Rate Reconciliation | ||||||||||||||||||||||||||
| GAAP Tax Expense | $ | 3,048 | $ | 2,381 | $ | 9,983 | $ | 3,753 | $ | 103,104 | ||||||||||||||||
| GAAP Effective Tax Rate | 33.1 | % | 7.4 | % | 45.4 | % | 4.0 | % | 38.9 | % | ||||||||||||||||
| Adjustments to income taxes | (1,202 | ) | 7,003 | 4,502 | 26,781 | (27,254 | ) | |||||||||||||||||||
| Non-GAAP Tax Expense | $ | 1,846 | $ | 9,384 | $ | 14,485 | $ | 30,534 | $ | 75,850 | ||||||||||||||||
| Non-GAAP Effective Tax Rate | 7.7 | % | 14.5 | % | 30.5 | % | 15.8 | % | 21.2 | % | ||||||||||||||||
| Tax Impact to EPS Reconciliation | ||||||||||||||||||||||||||
| GAAP Tax Expense | $ | 0.05 | $ | 0.04 | $ | 0.15 | $ | 0.06 | $ | 1.56 | ||||||||||||||||
| Adjustments to income taxes | (0.02 | ) | 0.12 | 0.08 | 0.44 | (0.41 | ) | |||||||||||||||||||
| Non-GAAP Tax Expense | $ | 0.03 | $ | 0.16 | $ | 0.23 | $ | 0.50 | $ | 1.15 | ||||||||||||||||
| CONSOLIDATED CONDENSED BALANCE SHEET | ||||||||||||||||
| unaudited; in thousands | ||||||||||||||||
| Mar. 30, | Dec. 29, | Mar. 31, | ||||||||||||||
| 2019 | 2018 | 2018 | ||||||||||||||
| ASSETS | ||||||||||||||||
| Current assets | ||||||||||||||||
| Cash and cash equivalents | $ | 216,172 | $ | 219,319 | $ | 235,604 | ||||||||||
| Marketable securities | 70,183 | 59,793 | 26,397 | |||||||||||||
| Accounts receivable, net | 120,656 | 142,135 | 100,801 | |||||||||||||
| Inventories | 164,733 | 167,879 | 205,760 | |||||||||||||
| Other current assets | 53,239 | 51,151 | 45,112 | |||||||||||||
| Total current Assets | 624,983 | 640,277 | 613,674 | |||||||||||||
| Long-term marketable securities | 158,968 | 165,063 | 172,499 | |||||||||||||
| Property and equipment, net | 186,185 | 191,324 | 191,154 | |||||||||||||
| Intangibles, net | 67,847 | 76,389 | 111,547 | |||||||||||||
| Goodwill | 286,241 | 286,678 | 288,718 | |||||||||||||
| Deferred tax asset | 8,727 | 13,131 | 14,716 | |||||||||||||
| Other assets | 19,689 | 24,003 | 37,809 | |||||||||||||
| Total assets | $ | 1,352,640 | $ | 1,396,865 | $ | 1,430,117 | ||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
| Current liabilities | ||||||||||||||||
| Accounts payable | $ | 48,398 | $ | 108,022 | $ | 69,850 | ||||||||||
| Accrued salaries and benefits | 29,289 | 23,566 | 35,721 | |||||||||||||
| Other accrued liabilities | 37,853 | 38,175 | 34,638 | |||||||||||||
| Total current liabilities | 115,540 | 169,763 | 140,209 | |||||||||||||
| Non-current income taxes | 78,309 | 78,532 | 92,753 | |||||||||||||
| Other long-term liabilities | 18,551 | 18,769 | 35,427 | |||||||||||||
| Stockholders’ equity: | ||||||||||||||||
| Capital stock | 1,363,736 | 1,349,941 | 1,312,434 | |||||||||||||
| Accumulated deficit | (222,430 | ) | (217,871 | ) | (139,345 | ) | ||||||||||
| Accumulated other comprehensive income (loss) | (1,066 | ) | (2,269 | ) | (11,361 | ) | ||||||||||
| Total stockholders’ equity | 1,140,240 | 1,129,801 | 1,161,728 | |||||||||||||
| Total liabilities and stockholders’ equity | $ | 1,352,640 | $ | 1,396,865 | $ | 1,430,117 | ||||||||||
|
Prepared in accordance with Generally Accepted Accounting Principles |
||||||||||||||||
Contacts
Investor Contact:
Thurman K. Case
Chief Financial
Officer
Cirrus Logic, Inc.
(512) 851-4125
[email protected]
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Cannabis
Cannabis Capsule Global Analysis Report 2024: Market to Reach $79.2 Billion in 2028 – Forecast to 2033 Featuring GW Pharmaceuticals, Trulieve Cannabis, Green Thumb Industries, Tilray, Columbia Care
Innocan
Innocan Pharma Initiates FDA Approval Process for Liposome Injection Therapy for Chronic Pain
With its submission of a Pre-IND Meeting Request Letter, Innocan initiates the regulatory process with the U.S. Food and Drug Administration (FDA) for the approval of its prolonged CBD release technology for human use
HERZLIYA, Israel and CALGARY, AB, April 22, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), is pleased to announce that is has reached a key milestone: the Company submitted its letter of application for a Pre-IND meeting, the first phase in the FDA approval process in the United States for Innocan’s Liposome-Cannabidiol (LPT-CBD) injectable treatment of chronic pain.
With the global market for pain therapeutics widely expected to exceed US$100 billion by 2032[1], LPT therapy which requires only one single monthly subcutaneous injection, is positioned as a highly attractive alternative to opioid-based approaches. Opioids have and continue to take a significant human toll in recent years, with more than three-quarters of drug overdose deaths in the United States involving opioids, according to the United States Center for Disease Control and Prevention[2].
Innocan’s therapy has shown consistent efficacy in multiple pre-clinical trials in recent years of it’s LPT-CBD injectable treatment through prolonged and controlled release of CBD in animals with chronic pain conditions. Innocan’s Pre-IND Meeting Request Letter to the FDA is a key milestone and important first step in seeking approval of its LPT-CBD therapy for use in humans. At the Pre-IND meeting, the objective will be to obtain guidance from the FDA on the preclinical and clinical development plan, enabling the initiation of an Investigational New Drug (IND) program in the United States.
Iris Bincovich, CEO of Innocan, commented: “We are extremely excited to embark on this next stage in the development of LPT-CBD injectables, this is a major Milestone for Innocan Pharma. We have invested significant effort and many thousands of person-hours in its research and development, accumulating a wealth of preclinical data that will serve as the foundation for our participation in the FDA process. This is a key milestone for Innocan and marks our first step towards the FDA’s recognition of our technology. We see significant potential for our therapy, with an addressable market for pain management therapeutics expected to exceed US $100 billion by 2032, and we look forward to tapping that.“
Dr. Joseph Pergolizzi, Innocan’s FDA Advisory Board Member, added:
“We have worked hard to catalogue the data collected as part of our animal LPT therapy testing program and prepare it for the FDA. We look forward to working under FDA guidance, with the goal of completing the review process as quickly and efficiently as possible. We believe that Innocan’s unique treatment method, if and when it should become FDA-approved has the potential of being a highly valuable non-opioid addition in the medical arsenal of the management of chronic pain.”
About Innocan
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 based on advanced 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: 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 on advanced targeted online sales. https://innocanpharma.com/
For further information, please contact:
For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1-516-210-4025
+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.
Cautionary note regarding forward-looking information
Certain information set forth in this news release, including, without limitation, information regarding research and development, collaborations, the filing of potential applications with the FDA and other regulatory authorities, the potential achievement of future regulatory milestones, the potential for treatment of conditions and other therapeutic effects resulting from research activities and/or the Company’s products, requisite regulatory approvals and the timing for market entry, 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 requisite production and distribution arrangements.
Forward-looking information is subject to various risks and uncertainties which 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: general global and local (national) economic, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and 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) and availability in each market of product inputs and finished products. 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 concerning the timing of launch of product distribution. A comprehensive discussion of other risks that impact Innocan can also be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedar.com.
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.
[1] https://www.gminsights.com/industry-analysis/pain-management-drugs-market
[2] https://www.cdc.gov/opioids/data/index.html
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-initiates-fda-approval-process-for-liposome-injection-therapy-for-chronic-pain-302122779.html
Bolsters Company’s Advantage in Several Key Emerging Markets, including Australia, New Zealand, Germany, Poland and the United Kingdom
NEW YORK, April 22, 2024 /PRNewswire/ — Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international provider of consumer cannabis products, announced today the closing of its acquisition of Northern Green Canada (“NGC”), a vertically integrated Canadian licensed cannabis producer focused primarily on expanding in the international market through its EU-GMP certification. The accretive acquisition amplifies the Company’s strategic advantage in established European markets including Germany, Poland and the United Kingdom and provides a foothold in the emerging markets of Australia and New Zealand.
Integrating NGC’s international operation will equip Curaleaf with a secure and consistent high quality, non-irradiated, indoor EU-GMP flower supply, essential to maintaining its leading positions in Germany, the United Kingdom and Poland.
“We are thrilled to welcome NGC formally to the Curaleaf family of global brands,” said Boris Jordan, Founder and Executive Chairman of Curaleaf. “This is an incredibly important deal for our international expansion strategy, as we’ll be able to bolster our supply of high quality EU-GMP certified flower immediately to key European markets as well as enter the fast-growing markets of Australia and New Zealand.”
The global cannabis market is projected to generate $55 billion in sales by 2027. Emerging markets beyond the United States and Canada, including Germany, Australia and New Zealand are expected to contribute $6.3 billion of the $55 billion projection.
Terms of the acquisition of NGC include an initial payment at closing of the Company’s Subordinate Voting Shares valued at approximately US $16 million, subject to a typical post-closing adjustment. An earnout may also be paid in 2025 based upon 2024 performance of NGC’s operations, up to 50% of which will be cash and the rest paid in additional Subordinate Voting Shares. The issuance of Subordinate Voting Shares in connection with the acquisition of NGC has been conditionally approved by the Toronto Stock Exchange, subject to fulfilling customary listing conditions.
About Curaleaf Holdings
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading international provider of consumer products in cannabis with a mission to enhance lives by cultivating, sharing and celebrating the power of the plant. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select, Grassroots, JAMS, Find and Zero Proof provide industry-leading service, product selection and accessibility across the medical and adult use markets. Curaleaf International is the largest vertically integrated cannabis company in Europe with a unique supply and distribution network throughout the European market, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Toronto Stock Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit https://ir.curaleaf.com.
Forward Looking Statements
This media advisory contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward–looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans”, “expects” or, “proposed”, “is expected”, “intends”, “anticipates”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information concerning the expected benefits of the acquisition of NGC, and the Company’s planned expansion on internal markets, the Company’s anticipated strategic advantages in European markets and emerging markets, the integration of NGC’s internal operations, the anticipated global cannabis market, and the listing of shares issuable in connection with the acquisition on the Toronto Stock Exchange. Such forward-looking statements and information reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company with respect to the matters described in this new release, including the Company’s ability to successfully realize the expected benefits of the acquisition, and the Company’s ability to fulfil the listing conditions imposed by the Toronto Stock Exchange. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including the failure to realize the expected benefits of the acquisition, or the Company’s failure to fulfil the listing conditions imposed by the Toronto Stock Exchange. Additional information about these assumptions and risks and uncertainties is contained under “Risk Factors and Uncertainties” in the Company’s latest annual information form filed on March 6, 2024, which is available under the Company’s SEDAR profile at http://www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. The Toronto Stock Exchange has not reviewed, approved or disapproved the content of this news release.
INVESTOR CONTACT
Curaleaf Holdings, Inc.
Camilo Lyon, Chief Investment Officer
[email protected]
MEDIA CONTACT
Curaleaf Holdings, Inc.
Tracy Brady, SVP Corporate Communications
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/curaleaf-completes-acquisition-of-northern-green-canada-302123010.html
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