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Charles River Associates (CRA) Reports Financial Results for the First Quarter of 2019
Reading Time: 11 minutes
CRA Reports Highest Q1 Revenue in Its History;
Broad-based Contributions Across Service Portfolio Drive Revenue
Growth of 6.4% Year-over-Year
BOSTON–(BUSINESS WIRE)–Charles
River Associates (NASDAQ: CRAI), a worldwide leader in providing economic,
financial and management consulting services, today announced
financial results for the fiscal first quarter ended March 30, 2019.
Key First-Quarter Fiscal 2019 Highlights
-
Revenue grew 6.4% year over year to $105.8 million. On a constant
currency basis relative to the first quarter of fiscal 2018 (“constant
currency basis”), revenue would have been higher by $1.5 million,
resulting in year-over-year revenue growth of 7.9%. -
Utilization was 75%, as quarter-end headcount increased by 40, or
6.2%, year over year. -
Net income was $4.7 million, or 4.4% of revenue, compared with $4.9
million, or 4.9% of revenue, in the first quarter of fiscal 2018;
non-GAAP net income was $4.5 million, or 4.3% of revenue, compared
with $5.3 million, or 5.3% of revenue, in the first quarter of fiscal
2018. On a constant currency basis, GAAP and non-GAAP net income would
have been lower by $0.1 million. -
Earnings per diluted share were $0.56, compared with $0.57 in the
first quarter of fiscal 2018; non-GAAP earnings per diluted share were
$0.54, compared with $0.61 in the first quarter of fiscal 2018. On a
constant currency basis, GAAP and non-GAAP earnings per diluted share
would have been lower by $0.01 per diluted share. -
Non-GAAP EBITDA was $8.5 million, or 8.0% of revenue, compared with
$8.6 million, or 8.7% of revenue, in the first quarter of fiscal 2018.
On a constant currency basis, non-GAAP EBITDA would have been lower by
$0.1 million. -
Net income, earnings per diluted share, and non-GAAP EBITDA for the
current period reflect a foreign currency loss of approximately
$750,000 related to the revaluation and realized gains and losses on
working capital balances. -
CRA returned $6.0 million of capital to its shareholders, consisting
of $1.7 million of dividend payments and $4.3 million for share
repurchases of approximately 87,000 shares.
Management Commentary
“I am pleased to report the highest first quarter revenue in CRA’s
history,” said Paul
Maleh, CRA’s President and Chief Executive Officer. “We completed
the quarter with strong performances across our portfolio of practices,
once again demonstrating the continued dedication and hard work of our
entire team. We delivered 75% company-wide utilization while headcount
increased by 6.2%, translating into 7.9% year-over-year revenue growth
on a constant currency basis. On the bottom line, we delivered non-GAAP
net income of $4.5 million, or $0.54 per diluted share. These results
were affected by a foreign currency loss, which reduced our non-GAAP net
income and earnings per diluted share by approximately $0.6 million and
$0.07, respectively.
“Looking more closely at the first quarter, we exhibited strength across
our geographic footprint,” Maleh said. “Our North American operations
grew 6.0%, and our European operations, led by the Antitrust &
Competition Economics practice, grew 7.9% year over year. We also
continued to enjoy broad-based contributions across our service
portfolio with particularly strong performances in our Auctions &
Competitive Bidding, Finance, Financial Economics, Forensic Services,
Intellectual Property, and Life Sciences practices.”
Outlook and Financial Guidance
“As these first quarter results demonstrate, we continue to see strong
demand for our portfolio of services. First quarter lead flow and new
project originations were up more than 5% and 10%, respectively, year
over year. For the full-year fiscal 2019, on a constant currency basis
relative to fiscal 2018, we are reaffirming our previous guidance of
revenue in the range of $430 million to $445 million, and non-GAAP
EBITDA margin in the range of 9.2% to 10.2%. While we are pleased with
our operational performance in the first quarter of fiscal 2019, we
remain mindful that uncertainties around global economic and political
conditions can affect our business,” Maleh concluded.
CRA does not provide reconciliations of its annual non-GAAP EBITDA
margin guidance to GAAP net income margin because CRA is unable to
estimate with reasonable certainty the revaluation of contingent
consideration liabilities, unusual gains or charges, foreign currency
exchange rates, and the resulting effect of these items, and of equity
awards, on CRA’s taxes without unreasonable effort. These items are
uncertain, depend on various factors, and may have a material effect on
CRA’s results computed in accordance with GAAP. A reconciliation between
the historical GAAP and non-GAAP financial measures presented in this
release is provided in the financial tables at the end of this release.
Quarterly Dividend
On May 2, 2019, CRA’s Board of Directors declared a quarterly cash
dividend of $0.20 per common share, payable on June 14, 2019 to
shareholders of record as of May 28, 2019. CRA expects to continue
paying quarterly dividends, the declaration, timing and amounts of which
remain subject to the discretion of CRA’s Board of Directors.
Conference Call Information and Prepared CFO Remarks
CRA will host a conference call today at 10:00 a.m. ET to discuss its
first-quarter 2019 financial results. To listen to the live call, please
visit the “Investor
Relations” section of CRA’s website at http://www.crai.com,
or dial (877) 709-8155 or (201) 689-8881. An archived
version of the webcast will be available on CRA’s website for one year.
In combination with this press release, CRA has posted prepared remarks
by its CFO Chad Holmes under “Conference
Call Materials” in the “Investor
Relations” section on CRA’s website at http://www.crai.com.
These remarks are offered to provide the investment community with
additional background on CRA’s financial results prior to the start of
the conference call.
About Charles River Associates (CRA)
Charles River Associates® is a leading global consulting firm
specializing in economic,
financial, and management consulting services. CRA advises clients
on economic and financial matters pertaining to litigation and
regulatory proceedings, and guides corporations through critical
business strategy and performance-related issues. Since 1965, clients
have engaged CRA for its unique combination of functional expertise and
industry knowledge, and for its objective solutions to complex problems.
Headquartered in Boston, CRA has offices throughout the world. Detailed
information about Charles River Associates, a registered trade name of
CRA International, Inc., is available at www.crai.com.
Follow us on LinkedIn,
Twitter,
and Facebook.
NON-GAAP FINANCIAL MEASURES
In this release, CRA has supplemented the presentation of its financial
results calculated in accordance with U.S. generally accepted accounting
principles or “GAAP” with financial measures that were not calculated in
accordance with GAAP. CRA believes that the non-GAAP financial measures
described in this press release are important to management and
investors because these measures supplement the understanding of CRA’s
ongoing operating results and financial condition. In addition, these
non-GAAP measures are used by CRA in its budgeting process, and the
non-GAAP adjustments described below are made to the performance
measures for some of CRA’s performance-based compensation.
The adjustments made to the financial measures identified in this
release as “non-GAAP” are as follows: for the first quarter of fiscal
2019, the adjustments exclude non-cash amounts relating principally to
valuation changes in contingent consideration; for the first quarter of
fiscal 2018, the adjustments exclude non-cash amounts relating
principally to valuation changes in contingent consideration, and net
costs related to lease recapture. This release also presents certain
current fiscal period financial measures on a “constant currency” basis
in order to isolate the effect that foreign currency exchange rate
fluctuations can have on CRA’s financial results. These constant
currency measures are determined by recalculating the current fiscal
period local currency financial measure using the specified
corresponding prior fiscal period’s foreign exchange rates. Finally,
this release also presents the non-GAAP financial metric EBITDA.
All of the non-GAAP financial measures referred to above should be
considered in conjunction with, and not as a substitute for, the GAAP
financial information presented in this release. EBITDA and the
financial measures identified in this release as “non-GAAP” are
reconciled to their GAAP comparable measures in the financial tables
appended to the end of this press release. In evaluating these non-GAAP
financial measures, note that the non-GAAP financial measures used by
CRA may be calculated differently from, and therefore may not be
comparable to, similarly titled measures used by other companies.
SAFE HARBOR STATEMENT
Statements in this press release concerning our future business,
operating results and financial condition, including those concerning
guidance on future revenue and non-GAAP EBITDA margin, the impact of
exchange rate fluctuations on our financial results, the continuation of
or building on any trend or momentum, our expectations regarding the
payment of any future quarterly dividends, and statements using the
terms “outlook,” “expect,” or similar expressions, are “forward-looking”
statements as defined in Section 21 of the Exchange Act. These
statements are based upon our current expectations and various
underlying assumptions. Although we believe there is a reasonable basis
for these statements and assumptions, and these statements are expressed
in good faith, these statements are subject to a number of additional
factors and uncertainties. Our actual revenue and non-GAAP EBITDA margin
in fiscal 2019 on a constant currency basis relative to fiscal 2018
could differ materially from the guidance presented herein, and our
actual performance and results may differ materially from the
performance and results contained in or implied by the other
forward-looking statements made herein, due to many important factors.
These factors include, but are not limited to, the possibility that the
demand for our services may decline as a result of changes in general
and industry specific economic conditions; the timing of engagements for
our services; the effects of competitive services and pricing; our
ability to attract and retain key employee or non-employee experts; the
inability to integrate and utilize existing consultants and personnel;
the decline or reduction in project work or activity; global economic
conditions including less stable political and economic environments;
foreign currency exchange rate fluctuations; unanticipated expenses and
liabilities; risks inherent in international operations; changes in tax
law or accounting standards, rules, and regulations; our ability to
collect on forgivable loans should any become due; and professional and
other legal liability or settlements. Additional risks and uncertainties
are discussed in our periodic filings with the Securities and Exchange
Commission under the heading “Risk Factors.” The inclusion of such
forward-looking information should not be regarded as our representation
that the future events, plans, or expectations contemplated will be
achieved. We undertake no obligation to update any forward-looking
statements after the date of this press release, and we do not intend to
do so.
| CRA INTERNATIONAL, INC. | ||||||||||||||||||||||||||||||||||||||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS INCLUDING A RECONCILIATION TO NON-GAAP RESULTS |
||||||||||||||||||||||||||||||||||||||
|
FOR THE QUARTER ENDED MARCH 30, 2019 COMPARED TO THE QUARTER ENDED MARCH 31, 2018 |
||||||||||||||||||||||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||
| Quarter Ended March 30, 2019 | Quarter Ended March 31, 2018 | |||||||||||||||||||||||||||||||||||||
| GAAP | Non-GAAP | GAAP | Non-GAAP | |||||||||||||||||||||||||||||||||||
| GAAP | % of | Adjustments to | Non-GAAP | % of | GAAP | % of | Adjustments to | Non-GAAP | % of | |||||||||||||||||||||||||||||
| Results | Revenues | GAAP Results (1) | Results | Revenues | Results | Revenues | GAAP Results (2) | Results | Revenues | |||||||||||||||||||||||||||||
| Revenues | $ | 105,849 | 100.0 | % | $ | – | $ | 105,849 | 100.0 | % | $ | 99,476 | 100.0 | % | $ | – | $ | 99,476 | 100.0 | % | ||||||||||||||||||
| Cost of services (exclusive of depreciation and amortization) | 73,635 | 69.6 | % | (217 | ) | 73,852 | 69.8 | % | 69,391 | 69.8 | % | (107 | ) | 69,498 | 69.9 | % | ||||||||||||||||||||||
| Selling, general and administrative expenses | 22,743 | 21.5 | % | – | 22,743 | 21.5 | % | 21,650 | 21.8 | % | 555 | 21,095 | 21.2 | % | ||||||||||||||||||||||||
| Depreciation and amortization | 2,616 | 2.5 | % | – | 2,616 | 2.5 | % | 2,231 | 2.2 | % | – | 2,231 | 2.2 | % | ||||||||||||||||||||||||
| Income (loss) from operations | 6,855 | 6.5 | % | 217 | 6,638 | 6.3 | % | 6,204 | 6.2 | % | (448 | ) | 6,652 | 6.7 | % | |||||||||||||||||||||||
| Interest and other income (expense), net | (755 | ) | -0.7 | % | – | (755 | ) | -0.7 | % | (278 | ) | -0.3 | % | – | (278 | ) | -0.3 | % | ||||||||||||||||||||
| Income (loss) before provision for income taxes and | ||||||||||||||||||||||||||||||||||||||
| noncontrolling interest | 6,100 | 5.8 | % | 217 | 5,883 | 5.6 | % | 5,926 | 6.0 | % | (448 | ) | 6,374 | 6.4 | % | |||||||||||||||||||||||
| Provision for income taxes | 1,435 | 1.4 | % | 58 | 1,377 | 1.3 | % | 1,040 | 1.0 | % | (68 | ) | 1,108 | 1.1 | % | |||||||||||||||||||||||
| Net income (loss) | 4,665 | 4.4 | % | 159 | 4,506 | 4.3 | % | 4,886 | 4.9 | % | (380 | ) | 5,266 | 5.3 | % | |||||||||||||||||||||||
|
Net (income) loss attributable to noncontrolling interests, net of tax |
– | 0.0 | % | – | – | 0.0 | % | – | 0.0 | % | – | – | 0.0 | % | ||||||||||||||||||||||||
| Net income (loss) attributable to CRA International, Inc. | $ | 4,665 | 4.4 | % | $ | 159 | $ | 4,506 | 4.3 | % | $ | 4,886 | 4.9 | % | $ | (380 | ) | $ | 5,266 | 5.3 | % | |||||||||||||||||
| Net Income (loss) per share attributable to CRA International, Inc.: | ||||||||||||||||||||||||||||||||||||||
| Basic | $ | 0.58 | $ | 0.56 | $ | 0.59 | $ | 0.63 | ||||||||||||||||||||||||||||||
| Diluted | $ | 0.56 | $ | 0.54 | $ | 0.57 | $ | 0.61 | ||||||||||||||||||||||||||||||
| Weighted average number of shares outstanding: | ||||||||||||||||||||||||||||||||||||||
| Basic | 8,015 | 8,015 | 8,285 | 8,285 | ||||||||||||||||||||||||||||||||||
| Diluted | 8,346 | 8,346 | 8,580 | 8,580 | ||||||||||||||||||||||||||||||||||
|
(1) These adjustments relate principally to non-cash valuation changes in contingent consideration. |
||||||||||||||||||||||||||||||||||||||
|
(2) These adjustments relate principally to non-cash valuation changes in contingent consideration and net costs related to a lease recapture. |
||||||||||||||||||||||||||||||||||||||
| CRA INTERNATIONAL, INC. | |||||||||||||||||||||||||||||||||
| UNAUDITED NON-GAAP EBITDA AND RECONCILIATION TO NET INCOME | |||||||||||||||||||||||||||||||||
|
FOR THE FISCAL QUARTER ENDED MARCH 30, 2019 COMPARED TO THE FISCAL QUARTER ENDED MARCH 31, 2018 |
|||||||||||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||||||||
| Quarter Ended March 30, 2019 | Quarter Ended March 31, 2018 | ||||||||||||||||||||||||||||||||
| GAAP | Non-GAAP | GAAP | Non-GAAP | ||||||||||||||||||||||||||||||
| GAAP | % of | Adjustments to | Non-GAAP | % of | GAAP | % of | Adjustments to | Non-GAAP | % of | ||||||||||||||||||||||||
| Results | Revenues | GAAP Results (1) | Results | Revenues | Results | Revenues | GAAP Results (2) | Results | Revenues | ||||||||||||||||||||||||
| Revenues | $ | 105,849 | 100.0 | % | $ | – | $ | 105,849 | 100.0 | % | $ | 99,476 | 100.0 | % | $ | – | $ | 99,476 | 100.0 | % | |||||||||||||
| Net income (loss) attributable to CRA International, Inc. | $ | 4,665 | 4.4 | % | $ | 159 | $ | 4,506 | 4.3 | % | $ | 4,886 | 4.9 | % | $ | (380 | ) | $ | 5,266 | 5.3 | % | ||||||||||||
|
Net income (loss) attributable to noncontrolling interests, net of tax |
– | 0.0 | % | – | – | 0.0 | % | – | 0.0 | % | – | – | 0.0 | % | |||||||||||||||||||
| Net income (loss) | 4,665 | 4.4 | % | 159 | 4,506 | 4.3 | % | 4,886 | 4.9 | % | (380 | ) | 5,266 | 5.3 | % | ||||||||||||||||||
| Interest expense, net | 11 | 0.0 | % | – | 11 | 0.0 | % | 37 | 0.0 | % | – | 37 | 0.0 | % | |||||||||||||||||||
| Provision for income taxes | 1,435 | 1.4 | % | 58 | 1,377 | 1.3 | % | 1,040 | 1.0 | % | (68 | ) | 1,108 | 1.1 | % | ||||||||||||||||||
| Depreciation and amortization | 2,616 | 2.5 | % | – | 2,616 | 2.5 | % | 2,231 | 2.2 | % | – | 2,231 | 2.2 | % | |||||||||||||||||||
| EBITDA | $ | 8,727 | 8.2 | % | $ | 217 | $ | 8,510 | 8.0 | % | $ | 8,194 | 8.2 | % | $ | (448 | ) | $ | 8,642 | 8.7 | % | ||||||||||||
|
(1) These adjustments relate principally to non-cash valuation changes in contingent consideration. |
|||||||||||||||||||||||||||||||||
|
(2) These adjustments relate principally to non-cash valuation changes in contingent consideration and net costs related to a lease recapture. |
|||||||||||||||||||||||||||||||||
| CRA INTERNATIONAL, INC. | |||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (In thousands) | |||||||
| March 30, | December 29, | ||||||
| 2019 | 2018 | ||||||
| Assets | |||||||
| Cash and cash equivalents | $ | 14,958 | $ | 38,028 | |||
| Accounts receivable and unbilled services, net | 134,231 | 130,585 | |||||
| Other current assets | 17,584 | 12,527 | |||||
| Total current assets | 166,773 | 181,140 | |||||
| Property and equipment, net | 48,409 | 48,088 | |||||
| Goodwill and intangible assets, net | 96,011 | 96,054 | |||||
| Right-of-Use Assets | 81,480 | – | |||||
| Other assets | 59,102 | 45,564 | |||||
| Total assets | $ | 451,775 | $ | 370,846 | |||
| Liabilities and shareholders’ equity | |||||||
| Accounts payable | $ | 22,530 | $ | 21,938 | |||
| Accrued expenses | 72,280 | 108,233 | |||||
| Revolving line of credit | 39,000 | – | |||||
| Current portion of lease liabilities | 9,558 | – | |||||
| Other current liabilities | 6,056 | 12,326 | |||||
| Total current liabilities | 149,424 | 142,497 | |||||
| Non-current portion of lease liabilities | 94,939 | – | |||||
| Other non-current liabilities | 9,522 | 31,877 | |||||
| Total liabilities | 253,885 | 174,374 | |||||
| Total shareholders’ equity | 197,890 | 196,472 | |||||
| Total liabilities and shareholders’ equity | $ | 451,775 | $ | 370,846 | |||
|
CRA INTERNATIONAL, INC. |
|||||||||
| Quarter Ended | Quarter Ended | ||||||||
| March 30, | March 31, | ||||||||
| 2019 | 2018 | ||||||||
| Operating activities: | |||||||||
| Net income | $ | 4,665 | $ | 4,886 | |||||
| Adjustments to reconcile net income to net cash | |||||||||
| used in operating activities: | |||||||||
| Non-cash items, net | 5,840 | 5,517 | |||||||
| Accounts receivable and unbilled services | (2,924 | ) | (5,436 | ) | |||||
| Working capital items, net | (64,148 | ) | (45,506 | ) | |||||
| Net cash used in operating activities | (56,567 | ) | (40,539 | ) | |||||
| Investing activities: | |||||||||
| Purchases of property and equipment | (774 | ) | (3,248 | ) | |||||
| Net cash used in investing activities | (774 | ) | (3,248 | ) | |||||
| Financing activities: | |||||||||
| Issuance of common stock, principally stock option exercises | 1,526 | 535 | |||||||
| Borrowings under revolving line of credit | 39,000 | 10,000 | |||||||
| Tax withholding payments reimbursed by shares | (388 | ) | (1,783 | ) | |||||
| Cash paid on dividend equivalents | (35 | ) | (98 | ) | |||||
| Cash dividend paid to shareholders | (1,616 | ) | (1,423 | ) | |||||
| Repurchases of common stock | (4,349 | ) | (7,230 | ) | |||||
| Net cash provided by financing activities | 34,138 | 1 | |||||||
| Effect of foreign exchange rates on cash and cash equivalents | 133 | 603 | |||||||
| Net decrease in cash and cash equivalents | (23,070 | ) | (43,183 | ) | |||||
| Cash and cash equivalents at beginning of period | 38,028 | 54,035 | |||||||
| Cash and cash equivalents at end of period | $ | 14,958 | $ | 10,852 | |||||
| Noncash investing and financing activities: | |||||||||
| Repurchases of common stock payable | $ | – | $ | 1,095 | |||||
| Purchases of property and equipment not yet paid for | $ | 1,906 | $ | 3,923 | |||||
| Asset retirement obligations | $ | – | $ | 223 | |||||
| Right-of-use assets obtained in exchange for lease obligations | $ | 713 | $ | – | |||||
| Right-of-use assets related to the adoption of ASC 842 | $ | 82,329 | $ | – | |||||
| Supplemental cash flow information: | |||||||||
| Cash paid for taxes | $ | 298 | $ | 212 | |||||
| Cash paid for interest | $ | 59 | $ | 60 | |||||
Contacts
Chad Holmes
Chief Financial Officer
Charles River Associates
312-377-2322
Jamie
Bernard, IRC
Senior Associate
Sharon Merrill Associates, Inc.
617-542-5300
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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
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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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