/home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 153
">
Warning: Undefined array key 0 in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 153
Warning: Attempt to read property "cat_name" on null in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 153
Henry Schein Reports Record First Quarter 2019 Financial Results from Continuing Operations
-
Q1 GAAP net income per diluted share from continuing operations of
$0.78 versus prior-year GAAP net income per diluted share from
continuing operations of $0.72 -
Q1 non-GAAP diluted EPS from continuing operations of $0.80 versus
prior-year non-GAAP diluted EPS from continuing operations of $0.74 -
Raises top end of guidance range for 2019 non-GAAP diluted EPS from
continuing operations
MELVILLE, N.Y.–(BUSINESS WIRE)–Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of
health care solutions to office-based dental and medical practitioners,
today reported record first quarter financial results from continuing
operations. Note that results from continuing operations exclude
contributions from Henry Schein’s former Animal Health business, which
was spun off in February 2019 to form a new publicly traded company,
Covetrus.
Net sales from continuing operations for the quarter ended March 30,
2019, were $2.4 billion, an increase of 3.8% compared with the first
quarter of 2018. The 3.8% increase consisted of 6.6% growth in local
currencies and a 2.8% decline related to foreign currency exchange. In
local currencies, internally generated sales increased 4.3% and
acquisition growth was 2.3%. Excluding approximately $15.0 million in
corporate revenues from product sales to Covetrus under the transition
services agreement entered into in connection with the Animal Health
spin-off, normalized internal sales growth in local currencies was 3.7%
(see Exhibit A for details of sales growth and a reconciliation of this
non-GAAP measure to GAAP sales).
Net income attributable to Henry Schein, Inc. from continuing operations
for the first quarter of 2019 was $118.4 million, or $0.78 per diluted
share, compared with prior-year net income from continuing operations of
$111.5 million, or $0.72 per diluted share. Non-GAAP net income from
continuing operations for the first quarter of 2019 was $120.6 million,
or $0.80 per diluted share, compared with non-GAAP net income from
continuing operations of $113.6 million, or $0.74 per diluted share, for
the first quarter of 2018. Non-GAAP results for the first quarter of
2019 and 2018 exclude certain items noted in Exhibit B, which provides a
reconciliation of GAAP net income from continuing operations and diluted
EPS from continuing operations to non-GAAP net income and diluted EPS
from continuing operations.
“We are pleased with our performance to date as we execute on our 2018
to 2020 strategic plan. We have completed the first quarter of what we
have characterized as a transition year as we continue to separate
operations of our former Animal Health business. Throughout this
transition, we believe we gained market share in both of our global
Dental and Medical businesses, and are confident that Henry Schein is
well-positioned for operational success over the long-term,” said
Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of
Henry Schein.
“We will continue to focus on supporting our customers around the world
with the broadest array of products and services, along with innovative
technology that expands our value-added solutions offering while
pursuing new investment opportunities,” Mr. Bergman continued.
Dental sales of $1.5 billion decreased 0.1%, consisting of 3.8% growth
in local currencies and a 3.9% decline related to foreign currency
exchange. In local currencies, internally generated sales increased 3.2%
and acquisition growth was 0.6%. The 3.2% internal growth in local
currencies included 2.7% growth in North America and 4.0% growth
internationally.
“First quarter dental consumables internal sales growth in North America
was 2.5%, reflecting modest market-share gains in a stable end market.
Dental equipment internal sales growth of 3.3% in local currencies
improved sequentially, driven by double-digit growth in CAD/CAM
equipment sales,” commented Mr. Bergman. “Internationally, dental
consumables internal sales in local currencies had robust growth of
5.5%. Dental equipment internal sales in local currencies declined by
1.2%, due largely to the timing of the International Dental Show (IDS)
in Cologne, Germany, in March, which customarily results in lower
international equipment sales in the first quarter that typically
accelerate in the second quarter.”
Medical sales of $683.7 million increased 6.8%, consisting of 7.0%
growth in local currencies and a 0.2% decline related to foreign
currency exchange. In local currencies, internally generated sales
increased 5.1% and acquisition growth was 1.9%.
“We were pleased with Medical internal sales growth of 5.1% in local
currencies during the first quarter, despite a fairly light influenza
season that adversely impacted patient office visits,” remarked Mr.
Bergman. “We are well-positioned in our partnerships with large group
practices, independent physician offices, and alternate sites of care,
which are driving our continued market-share gains.”
Technology and Value-Added Services sales from continuing operations of
$115.5 million increased 35.1%, consisting of 36.8% growth in local
currencies and a 1.7% decline related to foreign currency exchange. In
local currencies, internally generated sales increased 2.1% and
acquisition growth was 34.7%.
“Technology and Value-Added Services growth in the first quarter was
primarily driven by the formation of Henry Schein One. North America
internal sales growth in local currencies was 0.9%. Internal sales
increased by 7.0% in local currencies in our international business.
With a single connected platform in Henry Schein One, we are helping our
customers leverage technology solutions to automate tasks, share data,
and better communicate with their patients. We expect these solutions
will drive long-term growth in our technology, as well as our
distribution businesses,” said Mr. Bergman.
Stock Repurchase Plan
The Company repurchased approximately 2.5 million shares of its common
stock during the first quarter at an average price of $59.45 per share,
or a total of approximately $150 million. The impact of the repurchase
of shares on first quarter 2019 diluted EPS was immaterial. At the end
of the first quarter of 2019, Henry Schein had approximately $250
million authorized and available for future stock repurchases.
Restructuring Program
Henry Schein previously disclosed a comprehensive restructuring
initiative designed to increase profitability by improving business
efficiencies, reducing redundancies and maximizing the Company’s
infrastructure. The Company recorded a pretax restructuring charge in
the first quarter of 2019 of $4.6 million, or $0.02 per diluted share.
These charges primarily include severance pay, facility closing costs,
and outside professional and consulting fees directly related to the
restructuring.
2019 EPS Guidance
Henry Schein today raises 2019 non-GAAP financial guidance. At this time
the Company is not providing GAAP guidance as it is unable to provide an
accurate estimate of costs related to its restructuring initiative on
full-year 2019 financial results. Guidance is as follows:
-
2019 non-GAAP diluted EPS from continuing operations attributable to
Henry Schein, Inc. is expected to be $3.38 to $3.50, reflecting growth
of 7% to 10% compared with 2018 non-GAAP diluted EPS from continuing
operations of $3.17. This compares to prior guidance of $3.38 to
$3.46, reflecting growth of 7% to 9%. The Company’s Animal Health
business was spun off to shareholders as of February 7, 2019, and that
business is classified as a discontinued operation for all current and
prior periods presented. -
Guidance for 2019 non-GAAP diluted EPS attributable to Henry Schein,
Inc. is for current continuing operations as well as completed or
previously announced acquisitions, and does not include the impact of
potential future acquisitions, if any. Guidance also assumes foreign
exchange rates that are generally consistent with current levels.
The Company has provided guidance for 2019 diluted EPS on a non-GAAP
basis as noted above. A reconciliation to the Company’s projected 2019
diluted EPS prepared on a GAAP basis is not provided because the Company
is unable to provide such reconciliation for an estimate of
restructuring costs without unreasonable effort. The inability to
provide a reconciliation is due to the uncertainty and inherent
difficulty predicting the occurrence, the financial impact, and the
periods in which the non-GAAP adjustments may be recognized.
The Company’s 2019 diluted EPS prepared on a GAAP basis will include the
impact of such items as restructuring charges and any litigation
settlement expenses and the tax effect of all such items. Management
does not believe these items are representative of the Company’s
underlying business performance. For the same reasons, the Company is
unable to address the probable significance of the unavailable
information, which could be material to future results.
First Quarter 2019 Conference Call Webcast
The Company will hold a conference call to discuss first quarter 2019
financial results today, beginning at 10:00 a.m. Eastern time.
Individual investors are invited to listen to the conference call
through Henry Schein’s website at www.henryschein.com.
In addition, a replay will be available beginning shortly after the call
has ended.
About Henry Schein, Inc.
Henry Schein, Inc. (Nasdaq: HSIC) is a solutions company for health care
professionals powered by a network of people and technology. With more
than 19,000 Team Schein
Members worldwide, the Company’s network of trusted advisors
provides more than 1 million customers globally with more than 300
valued solutions that improve operational success and clinical outcomes.
Our Business, Clinical, Technology, and Supply Chain solutions help
office-based dental and medical practitioners
work more efficiently so they can provide quality care more effectively.
These solutions also support dental
laboratories, government
and institutional health care clinics, as well as other alternate
care sites.
Henry Schein operates through a centralized and automated distribution
network, with a selection of more than 120,000 branded products and
Henry Schein private-brand products in stock, as well as more than
180,000 additional products available as special-order items.
A FORTUNE 500 Company and a member of the S&P 500® and the Nasdaq 100®
indexes, Henry Schein is headquartered in Melville, N.Y., and has
operations or affiliates in 31 countries. The Company’s sales from
continuing operations reached $9.4 billion in 2018, and have grown at a
compound annual rate of approximately 13 percent since Henry Schein
became a public company in 1995.
For more information, visit Henry Schein at www.henryschein.com,
Facebook.com/HenrySchein,
and @HenrySchein
on Twitter.
Cautionary Note Regarding Forward-Looking Statements and Use of
Non-GAAP Financial Information
In accordance with the “Safe Harbor” provisions of the Private
Securities Litigation Reform Act of 1995, we provide the following
cautionary remarks regarding important factors that, among others, could
cause future results to differ materially from the forward-looking
statements, expectations and assumptions expressed or implied herein.
All forward-looking statements made by us are subject to risks and
uncertainties and are not guarantees of future performance. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance and achievements or industry results to be materially
different from any future results, performance or achievements expressed
or implied by such forward-looking statements. These statements are
identified by the use of such terms as “may,” “could,” “expect,”
“intend,” “believe,” “plan,” “estimate,” “forecast,” “project,”
“anticipate” or other comparable terms. A full discussion of our
operations and financial condition, including factors that may affect
our business and future prospects, is contained in documents we have
filed with the United States Securities and Exchange Commission, or SEC,
and will be contained in all subsequent periodic filings we make with
the SEC. These documents identify in detail important risk factors that
could cause our actual performance to differ materially from current
expectations.
Risk factors and uncertainties that could cause actual results to differ
materially from current and historical results include, but are not
limited to: effects of a highly competitive and consolidating market;
our dependence on third parties for the manufacture and supply of our
products; our dependence upon sales personnel, customers, suppliers and
manufacturers; our dependence on our senior management; fluctuations in
quarterly earnings; risks from expansion of customer purchasing power
and multi-tiered costing structures; increases in shipping costs for our
products or other service issues with our third-party shippers; general
global macro-economic conditions; risks associated with currency
fluctuations; risks associated with political and economic uncertainty;
disruptions in financial markets; volatility of the market price of our
common stock; changes in the health care industry; implementation of
health care laws; failure to comply with regulatory requirements and
data privacy laws; risks associated with our global operations;
transitional challenges associated with acquisitions, dispositions and
joint ventures, including the failure to achieve anticipated
synergies/benefits; financial and tax risks associated with
acquisitions, dispositions and joint ventures; litigation risks; new or
unanticipated litigation developments; the dependence on our continued
product development, technical support and successful marketing in the
technology segment; our dependence on third parties for certain
technologically advanced components; increased competition by third
party online commerce sites; risks from disruption to our information
systems; cyberattacks or other privacy or data security breaches;
certain provisions in our governing documents that may discourage
third-party acquisitions of us; and changes in tax legislation. The
order in which these factors appear should not be construed to indicate
their relative importance or priority.
We caution that these factors may not be exhaustive and that many of
these factors are beyond our ability to control or predict. Accordingly,
any forward-looking statements contained herein should not be relied
upon as a prediction of actual results. We undertake no duty and have no
obligation to update forward-looking statements.
Included within the press release are non-GAAP financial measures that
supplement the Company’s Consolidated Statements of Income prepared
under generally accepted accounting principles (GAAP). These non-GAAP
financial measures adjust the Company’s actual results prepared under
GAAP to exclude certain items. In the schedules attached to this press
release, the non-GAAP measures have been reconciled to and should be
considered together with the Consolidated Statements of Income.
Management believes that non-GAAP financial measures provide investors
with useful supplemental information about the financial performance of
our business, enable comparison of financial results between periods
where certain items may vary independent of business performance and
allow for greater transparency with respect to key metrics used by
management in operating our business. These non-GAAP financial measures
are presented solely for informational and comparative purposes and
should not be regarded as a replacement for corresponding, similarly
captioned, GAAP measures.
(TABLES TO FOLLOW)
HENRY SCHEIN, INC. | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 30, | March 31, | |||||||||||||||
2019 | 2018 | |||||||||||||||
Net sales | $ | 2,360,268 | $ | 2,273,450 | ||||||||||||
Cost of sales | 1,608,578 | 1,554,321 | ||||||||||||||
Gross profit | 751,690 | 719,129 | ||||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 574,608 | 554,214 | ||||||||||||||
Restructuring costs | 4,641 | 2,675 | ||||||||||||||
Operating income | 172,441 | 162,240 | ||||||||||||||
Other income (expense): | ||||||||||||||||
Interest income | 4,771 | 3,453 | ||||||||||||||
Interest expense | (16,301) | (16,904) | ||||||||||||||
Other, net | (419) | (750) | ||||||||||||||
Income from continuing operations before taxes, | ||||||||||||||||
equity in earnings of affiliates and noncontrolling interests | 160,492 | 148,039 | ||||||||||||||
Income taxes | (39,482) | (36,142) | ||||||||||||||
Equity in earnings of affiliates | 2,630 | 2,820 | ||||||||||||||
Net income from continuing operations | 123,640 | 114,717 | ||||||||||||||
Income (loss) from discontinued operations | (8,996) | 33,914 | ||||||||||||||
Net Income | 114,644 | 148,631 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | (5,227) | (3,183) | ||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests from discontinued operations |
366 | (5,230) | ||||||||||||||
Net income attributable to Henry Schein, Inc. | $ | 109,783 | $ |
140,218 |
||||||||||||
Amounts attributable to Henry Schein, Inc: | ||||||||||||||||
Continuing operations | $ | 118,413 | $ | 111,534 | ||||||||||||
Discontinued operations | (8,630) | 28,684 | ||||||||||||||
Net income attributable to Henry Schein, Inc. | $ | 109,783 | $ | 140,218 | ||||||||||||
Earnings per share from continuing operations attributable to Henry Schein, Inc.: |
||||||||||||||||
Basic | $ | 0.79 | $ | 0.73 | ||||||||||||
Diluted | $ | 0.78 | $ | 0.72 | ||||||||||||
Earnings (loss) per share from discontinued operations attributable to Henry Schein, Inc.: |
||||||||||||||||
Basic | $ | (0.06) | $ | 0.19 | ||||||||||||
Diluted | $ | (0.06) | $ | 0.19 | ||||||||||||
Earnings per share attributable to Henry Schein, Inc.: | ||||||||||||||||
Basic | $ | 0.73 | 0.92 | |||||||||||||
Diluted | $ | 0.73 | 0.91 | |||||||||||||
Weighted-average common shares outstanding: | ||||||||||||||||
Basic | 150,257 | 153,106 | ||||||||||||||
Diluted | 151,156 | 154,130 | ||||||||||||||
Note: Certain prior period amounts have been reclassified to conform to the current period presentation. |
||||||||||||||||
HENRY SCHEIN, INC. | ||||||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||
March 30, | December 29, | |||||||||||||||
2019 | 2018 | |||||||||||||||
(unaudited) | ||||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 88,115 | $ | 56,885 | ||||||||||||
Accounts receivable, net of reserves of $52,205 and $53,121 | 1,193,054 | 1,168,776 | ||||||||||||||
Inventories, net | 1,370,376 | 1,415,512 | ||||||||||||||
Prepaid expenses and other | 457,566 | 451,033 | ||||||||||||||
Assets of discontinued operations | – | 1,083,014 | ||||||||||||||
Total current assets | 3,109,111 | 4,175,220 | ||||||||||||||
Property and equipment, net | 315,393 | 314,221 | ||||||||||||||
Operating lease right-of-use asset, net | 248,122 | – | ||||||||||||||
Goodwill | 2,413,566 | 2,081,029 | ||||||||||||||
Other intangibles, net | 654,668 | 376,031 | ||||||||||||||
Investments and other | 404,004 | 420,367 | ||||||||||||||
Assets of discontinued operations | – | 1,133,659 | ||||||||||||||
Total assets | $ | 7,144,864 | $ |
8,500,527 |
||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 695,204 | $ | 785,756 | ||||||||||||
Bank credit lines | 299,914 | 951,458 | ||||||||||||||
Current maturities of long-term debt | 9,117 | 8,280 | ||||||||||||||
Operating lease liabilities | 68,460 | – | ||||||||||||||
Liabilities of discontinued operations | – | 577,607 | ||||||||||||||
Accrued expenses: | ||||||||||||||||
Payroll and related | 210,016 | 242,876 | ||||||||||||||
Taxes | 162,483 | 154,613 | ||||||||||||||
Other | 433,582 | 498,237 | ||||||||||||||
Total current liabilities | 1,878,776 | 3,218,827 | ||||||||||||||
Long-term debt | 973,500 | 980,344 | ||||||||||||||
Deferred income taxes | 76,850 | 27,218 | ||||||||||||||
Operating lease liabilities | 187,308 | – | ||||||||||||||
Other liabilities | 327,057 | 357,741 | ||||||||||||||
Liabilities of discontinued operations | – | 62,453 | ||||||||||||||
Total liabilities | 3,443,491 | 4,646,583 | ||||||||||||||
Redeemable noncontrolling interests | 286,700 | 219,724 | ||||||||||||||
Redeemable noncontrolling interests of discontinued operations | – | 92,432 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders’ equity: | ||||||||||||||||
Preferred stock, $.01 par value, 1,000,000 shares authorized, | ||||||||||||||||
none outstanding | – | – | ||||||||||||||
Common stock, $.01 par value, 480,000,000 shares authorized, | ||||||||||||||||
148,996,092 outstanding on March 30, 2019 and | ||||||||||||||||
151,401,668 outstanding on December 29, 2018 | 1,490 | 1,514 | ||||||||||||||
Additional paid-in capital | 86,128 | – | ||||||||||||||
Retained earnings | 2,859,182 | 3,208,589 | ||||||||||||||
Accumulated other comprehensive loss | (149,878) | (248,771) | ||||||||||||||
Total Henry Schein, Inc. stockholders’ equity | 2,796,922 | 2,961,332 | ||||||||||||||
Noncontrolling interests | 617,751 | 580,456 | ||||||||||||||
Total stockholders’ equity | 3,414,673 | 3,541,788 | ||||||||||||||
Total liabilities, redeemable noncontrolling interests and stockholders’ equity |
$ | 7,144,864 | $ | 8,500,527 | ||||||||||||
Note: Certain prior period amounts have been reclassified to conform to the current period presentation. |
||||||||||||||||
HENRY SCHEIN, INC. | ||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
(in thousands, unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
March 30, | March 31, | |||||||||||
2019 | 2018 | |||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 114,644 | $ | 148,631 | ||||||||
Income (loss) from discontinued operations | (8,996) | 33,914 | ||||||||||
Income from continuing operations | 123,640 | 114,717 | ||||||||||
Adjustments to reconcile net income to net cash provided by (used in) | ||||||||||||
operating activities: | ||||||||||||
Depreciation and amortization | 40,300 | 35,706 | ||||||||||
Stock-based compensation expense | 7,110 | 7,699 | ||||||||||
Provision for losses on trade and other accounts receivable | 1,784 | 2,783 | ||||||||||
Provision for deferred income taxes | 7,932 | 4,666 | ||||||||||
Equity in earnings of affiliates | (2,630) | (2,820) | ||||||||||
Distributions from equity affiliates | 52,301 | 3,548 | ||||||||||
Changes in unrecognized tax benefits | 3,214 | 2,413 | ||||||||||
Other | 1,239 | (5,087) | ||||||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||
Accounts receivable | (11,580) | (11,688) | ||||||||||
Inventories | 77,881 | (61,210) | ||||||||||
Other current assets | (17,782) | 9,688 | ||||||||||
Accounts payable and accrued expenses | (150,075) | (165,023) | ||||||||||
Net cash provided by (used in) operating activities from continuing operations |
133,334 | (64,608) | ||||||||||
Net cash used in operating activities from discontinued operations | (167,073) | (6,336) | ||||||||||
Net cash used in operating activities | (33,739) | (70,944) | ||||||||||
Cash flows from investing activities: | ||||||||||||
Purchases of fixed assets | (15,918) | (13,643) | ||||||||||
Payments for equity investments and business | ||||||||||||
acquisitions, net of cash acquired | (603,973) | (364) | ||||||||||
Proceeds from sale of equity investment | 10,500 | – | ||||||||||
Proceeds/(payments) for loan to affiliate | 15,940 | (4,500) | ||||||||||
Other | (3,076) | (3,421) | ||||||||||
Net cash used in investing activities from continuing operations | (596,527) | (21,928) | ||||||||||
Net cash used in investing activities from discontinued operations | (2,064) | (13,238) | ||||||||||
Net cash used in investing activities | (598,591) | (35,166) | ||||||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from (repayments of) bank borrowings | (652,117) | 212,055 | ||||||||||
Proceeds from issuance of debt | 741 | 100,000 | ||||||||||
Principal payments for long-term debt | (7,376) | (7,341) | ||||||||||
Debt issuance costs | – | (30) | ||||||||||
Proceeds from issuance of stock upon exercise of stock options | 34 | 3,022 | ||||||||||
Payments for repurchases of common stock | (150,000) | – | ||||||||||
Payments for taxes related to shares withheld for employee taxes | (9,671) | (15,012) | ||||||||||
Distribution received related to Animal Health Spin-off | 1,120,000 | – | ||||||||||
Proceeds related to Animal Health Share Sale | 361,090 | – | ||||||||||
Proceeds from (distributions to) noncontrolling stockholders | 52,205 | (549) | ||||||||||
Acquisitions of noncontrolling interests in subsidiaries | (6,057) | (261,433) | ||||||||||
Payments to Henry Schein Animal Health Business | (224,773) | (23,503) | ||||||||||
Net cash provided by financing activities from continuing operations | 484,076 | 7,209 | ||||||||||
Net cash provided by financing activities from discontinued operations |
148,053 | 20,550 | ||||||||||
Net cash provided by financing activities | 632,129 | 27,759 | ||||||||||
Effect of exchange rate changes on cash & cash equivalents-continuing operations |
10,347 | 1,572 | ||||||||||
Effect of exchange rate changes on cash & cash equivalents-discontinued operations |
(2,240) | 1,356 | ||||||||||
Net change in cash and cash equivalents from continuing operations | 31,230 | (77,755) | ||||||||||
Net change in cash and cash equivalents from discontinued operations | (23,324) | 2,332 | ||||||||||
Cash and cash equivalents, beginning of period | 56,885 | 158,002 | ||||||||||
Cash and cash equivalents, end of period | $ | 88,115 | $ |
80,247 |
||||||||
Exhibit A – QTD Sales | |||||||||||||||||
Henry Schein, Inc. | |||||||||||||||||
2019 First Quarter | |||||||||||||||||
Sales Summary | |||||||||||||||||
(in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Q1 2019 over Q1 2018 |
|||||||||||||||||
Global |
Q1 2019 | Q1 2018 | Total Sales Growth | Foreign Exchange Growth | Local Currency Growth | Acquisition Growth | Local Internal Growth | ||||||||||
Dental | $ | 1,546,468 | $ | 1,547,558 | -0.1% | -3.9% | 3.8% | 0.6% | 3.2% | ||||||||
Medical | 683,660 | 640,400 | 6.8% | -0.2% | 7.0% | 1.9% | 5.1% | ||||||||||
Total Health Care Distribution | 2,230,128 | 2,187,958 | 1.9% | -2.9% | 4.8% | 1.0% | 3.8% | ||||||||||
Technology and value-added services | 115,510 | 85,492 | 35.1% | -1.7% | 36.8% | 34.7% | 2.1% | ||||||||||
Total excluding Corporate TSA Revenue | 2,345,638 | 2,273,450 | 3.2% | -2.8% | 6.0% | 2.3% | 3.7% | ||||||||||
Corporate TSA Revenue (1) | 14,630 | – | n/a | n/a | n/a | n/a | n/a | ||||||||||
Total Global | $ | 2,360,268 |
$ |
2,273,450 |
3.8% | -2.8% | 6.6% | 2.3% | 4.3% | ||||||||
North America |
Q1 2019 | Q1 2018 | Total Sales Growth | Foreign Exchange Growth | Local Currency Growth | Acquisition Growth | Local Internal Growth | ||||||||||
Dental | $ | 923,594 | $ | 904,041 | 2.2% | -0.5% | 2.7% | 0.0% | 2.7% | ||||||||
Medical | 662,295 | 619,393 | 6.9% | 0.0% | 6.9% | 2.0% | 4.9% | ||||||||||
Total Health Care Distribution | 1,585,889 | 1,523,434 | 4.1% | -0.3% | 4.4% | 0.8% | 3.6% | ||||||||||
Technology and value-added services | 98,917 | 69,241 | 42.9% | -0.1% | 43.0% | 42.1% | 0.9% | ||||||||||
Total excluding Corporate TSA Revenue | 1,684,806 | 1,592,675 | 5.8% | -0.3% | 6.1% | 2.7% | 3.4% | ||||||||||
Corporate TSA Revenue (1) | 1,261 | – | n/a | n/a | n/a | n/a | n/a | ||||||||||
Total North America | $ | 1,686,067 |
$ |
1,592,675 |
5.9% | -0.2% | 6.1% | 2.6% | 3.5% | ||||||||
International |
Q1 2019 | Q1 2018 | Total Sales Growth | Foreign Exchange Growth | Local Currency Growth | Acquisition Growth | Local Internal Growth | ||||||||||
Dental | $ | 622,874 | $ | 643,517 | -3.2% | -8.7% | 5.5% | 1.5% | 4.0% | ||||||||
Medical | 21,365 | 21,007 | 1.7% | -8.2% | 9.9% | 0.0% | 9.9% | ||||||||||
Total Health Care Distribution | 644,239 | 664,524 | -3.1% | -8.7% | 5.6% | 1.4% | 4.2% | ||||||||||
Technology and value-added services | 16,593 | 16,251 | 2.1% | -8.0% | 10.1% | 3.1% | 7.0% | ||||||||||
Total excluding Corporate TSA Revenue | 660,832 | 680,775 | -2.9% | -8.6% | 5.7% | 1.4% | 4.3% | ||||||||||
Corporate TSA Revenue (1) | 13,369 | – | n/a | n/a | n/a | n/a | n/a | ||||||||||
Total International | $ | 674,201 |
$ |
680,775 |
-1.0% | -8.7% | 7.7% | 1.5% | 6.2% | ||||||||
Contacts
Investors
Steven Paladino
Executive
Vice President and Chief Financial Officer
[email protected]
(631)
843-5500
Carolynne Borders
Vice President, Investor Relations
[email protected]
(631)
390-8105
Media
Ann Marie Gothard
Vice
President, Corporate Media Relations
[email protected]
(631)
390-8169
Warning: Undefined array key 0 in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 493
Warning: Attempt to read property "cat_ID" on null in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 493
Cannabis
Rubicon Organics Reports Q1 2024 Financial Results
SCHWAZZE
Schwazze Announces First Quarter 2024 Financial Results
Schwazze Management to Host Conference Call Today at 5:00 p.m. Eastern Time
DENVER, May 15, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (Cboe CA: SHWZ) (“Schwazze” or the “Company”), today announced financial and operational results for the first quarter ended March 31, 2024.
“We delivered another period of revenue growth in Q1 as we further refined our retail strategy while contending with the prolonged competitive challenges in Colorado and New Mexico,” said Forrest Hoffmaster, Interim CEO of Schwazze. “Throughout the quarter, we continued to sharpen our pricing and promotional efforts while enhancing the in-store experience, widening assortment, improving in-stock position, and advancing our loyalty program to attract and retain new customers. We also strengthened our wholesale business with quarter-over-quarter growth, while surpassing 30% total door penetration across both states.”
“The Colorado market remains highly competitive with more than 680 active recreational licenses, underscoring the importance of delivering an exceptional customer experience and fully integrated retail support program. Although retail pricing has recently stabilized, Colorado sales in Q1 were down 10% year-over-year due to lower volumes. Nonetheless, we significantly outpaced the market as our sales were up 9%, demonstrating the effectiveness of our operating playbook to compete in challenging environments. We expect to continue driving improvements in customer acquisition, retention, and loyalty as we further increase market share in the state.”
“In New Mexico, the proliferation of new licenses continued to outpace state cannabis sales as store count in Q1 increased 31% year-over-year while the market grew only 13%. In addition to pricing and promotional efforts, we’ve focused on driving traffic into our stores by expanding assortment with high quality flower and delivering an elevated customer experience. The New Mexico regulatory body has also increased its license enforcement efforts in recent months, contributing to more than 70 store closures and a 33% sequential decrease in net new store openings in the first quarter. We will continue to support the New Mexico Cannabis Control Division as it develops its regulatory framework.”
“Over the past four years we have rapidly scaled our footprint through 13 acquisitions, building a leading retail presence in both Colorado and New Mexico. We are beginning to see positive momentum from our pricing and promotional strategy and will remain focused on driving operating efficiencies while further optimizing our assets as we consolidate cultivation facilities and eliminate underperforming stores that do not meet our high-margin thresholds. We believe these initiatives, coupled with our operating playbook and strict cost controls, will enable us to return to stronger levels of profitability moving forward.”
First Quarter 2024 Financial Summary
$ in Thousands USD |
Q1 2024 |
Q4 2023 |
Q1 2023 |
Total Revenue |
$41,601 |
$43,325 |
$40,001 |
Gross Profit |
$17,934 |
$7,034[1] |
$21,849 |
Operating Expenses |
$20,643 |
$23,276 |
$16,199 |
Income (Loss) from Operations |
$(2,709) |
$(16,242) |
$5,650 |
Adjusted EBITDA[2] |
$7,341 |
$10,953 |
$14,525 |
Operating Cash Flow |
$(3,700) |
$3,452 |
$(880) |
Recent Highlights
- Announced the grand opening of a medical and recreational dispensary in March under the Everest Apothecary banner in Las Cruces, New Mexico, increasing the Company’s retail footprint to 34 stores across the state.
- Increased wholesale penetration in the first quarter to more than 30% of total doors in Colorado and New Mexico.
- Lowell Herb Co. pre-roll sales increased more than 3x quarter-over-quarter in Colorado, where it continues to be the #1 pre-roll in the state.
- Wana gummy sales up more than 2x quarter-over-quarter in New Mexico.
First Quarter 2024 Financial Results
Total revenue in the first quarter of 2024 increased 4% to $41.6 million compared to $40.0 million for the same quarter last year. The increase was primarily due to growth from new stores compared to the prior year period, partially offset by continued pricing pressure and the proliferation of new licenses in New Mexico.
Gross profit for the first quarter of 2024 was $17.9 million or 43.1% of total revenue, compared to $21.8 million or 54.6% of total revenue for the same quarter last year. The decrease in gross margin was primarily driven by the aforementioned pricing pressure in New Mexico, as well as higher medical sales mix in Colorado.
____________________________ |
1 Q4 2023 Gross Profit includes one-time, non-cash inventory adjustments of approximately $13.1 million comprised of $3.1 million of product consolidation, obsolescence, and shrinkage expenses, $4.3 million of net realizable value adjustments, and $5.8 million of fair value adjustments on acquired inventory in New Mexico in 2023. |
Operating expenses for the first quarter of 2024 were $20.6 million compared to $16.2 million for the same quarter last year. The year-ago period benefitted from a payroll tax credit of $3.9M. The remaining increase was primarily driven by personnel expenses and four-wall SG&A costs associated with 21 additional stores in Colorado and New Mexico that are still ramping.
Loss from operations for the first quarter of 2024 was $2.7 million compared to income from operations of $5.6 million in the same quarter last year. Net loss was $16.1 million for the first quarter of 2024 compared to net income of $1.7 million for the same quarter last year.
Adjusted EBITDA for the first quarter of 2024 was $7.3 million compared to $14.5 million for the same quarter last year. The decrease in Adjusted EBITDA was primarily driven by lower gross margin and higher operating expenses associated with the 21 additional stores that are still ramping.
As of March 31, 2024, cash and cash equivalents were $13.2 million compared to $19.2 million on December 31, 2023. Total debt as of March 31, 2024, was $159.7 million compared to $156.8 million on December 31, 2023.
Conference Call
The Company will conduct a conference call today, May 15, 2024, at 5:00 p.m. Eastern time to discuss its results for the first quarter ended March 31, 2024.
Schwazze management will host the conference call, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing [email protected].
Date: Wednesday, May 15, 2024
Time: 5:00 p.m. Eastern time
Toll-free dial-in: (888) 664-6383
International dial-in: (416) 764-8650
Conference ID: 84167910
Webcast: SHWZ Q1 2024 Earnings Call
The conference call will also be broadcast live and available for replay on the investor relations section of the Company’s website at https://ir.schwazze.com.
Toll-free replay number: (888) 390-0541
International replay number: (416) 764-8677
Replay ID: 167910
If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.
About Schwazze
Schwazze (OTCQX: SHWZ) (Cboe CA: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to explore taking its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.
Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.
Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc. Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth. To learn more about Schwazze, visit https://schwazze.com/.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include financial outlooks; any projections of net sales, earnings, or other financial items; any statements of the strategies, plans and objectives of our management team for future operations; expectations in connection with the Company’s previously announced business plans; any statements regarding future economic conditions or performance; and statements regarding the intent, belief or current expectations of our management team. Such statements may be preceded by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intends,” “plans,” “strategy,” “prospects,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other words of similar meaning in connection with a discussion of future events or future operating or financial performance, although the absence of these words does not necessarily mean that a statement is not forward-looking. We have based our forward-looking statements on management’s current expectations and assumptions about future events and trends affecting our business and industry. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Therefore, forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) regulatory limitations on our products and services and the uncertainty in the application of federal, state, and local laws to our business, and any changes in such laws; (ii) our ability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (iii) our ability to identify, consummate, and integrate anticipated acquisitions; (iv) general industry and economic conditions; (v) our ability to access adequate capital upon terms and conditions that are acceptable to us; (vi) our ability to pay interest and principal on outstanding debt when due; (vii) volatility in credit and market conditions; (viii) the loss of one or more key executives or other key employees; and (ix) other risks and uncertainties related to the cannabis market and our business strategy. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.
Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
[email protected]
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
For the Periods Ended March 31, 2024 and December 31, 2023
Expressed in U.S. Dollars
March 31, |
December 31, |
||||
2024 |
2023 |
||||
ASSETS
|
|||||
Current Assets |
|||||
Cash & Cash Equivalents |
$ |
13,151,317 |
$ |
19,248,932 |
|
Accounts Receivable, net of Allowance for Doubtful Accounts |
3,356,032 |
4,261,159 |
|||
Inventory |
26,382,184 |
25,787,793 |
|||
Marketable Securities, net of Unrealized Loss of $347,516 and Loss of $1,816, respectively |
108,583 |
456,099 |
|||
Prepaid Expenses & Other Current Assets |
3,502,310 |
3,914,064 |
|||
Total Current Assets |
46,500,426 |
53,668,047 |
|||
Non-Current Assets |
|||||
Fixed Assets, net Accumulated Depreciation of $10,061,700 and $8,741,782, respectively |
31,326,000 |
31,113,630 |
|||
Investments |
2,000,000 |
2,000,000 |
|||
Investments Held for Sale |
– |
202,111 |
|||
Goodwill |
67,492,705 |
67,499,199 |
|||
Intangible Assets, net Accumulated Amortization of $36,483,160 and $32,706,765, respectively |
162,391,482 |
166,167,877 |
|||
Other Non-Current Assets |
1,328,187 |
1,263,837 |
|||
Operating Lease Right of Use Assets |
34,575,832 |
34,233,142 |
|||
Deferred Tax Assets, net |
992,144 |
1,996,489 |
|||
Total Non-Current Assets |
300,106,350 |
304,476,285 |
|||
Total Assets |
$ |
346,606,776 |
$ |
358,144,332 |
|
LIABILITIES & STOCKHOLDERS’ EQUITY
|
|||||
Current Liabilities |
|||||
Accounts Payable |
$ |
9,443,233 |
$ |
13,341,561 |
|
Accrued Expenses |
8,106,618 |
7,774,691 |
|||
Derivative Liabilities |
1,319,845 |
638,020 |
|||
Lease Liabilities – Current |
5,186,316 |
4,922,724 |
|||
Current Portion of Long Term Debt |
29,579,713 |
3,547,011 |
|||
Income Taxes Payable |
28,235,039 |
25,232,782 |
|||
Total Current Liabilities |
81,870,764 |
55,456,789 |
|||
Non-Current Liabilities |
|||||
Long Term Debt, net of Debt Discount & Issuance Costs |
130,120,753 |
153,262,203 |
|||
Lease Liabilities – Non-Current |
30,735,072 |
30,133,452 |
|||
Total Non-Current Liabilities |
160,855,825 |
183,395,655 |
|||
Total Liabilities |
$ |
242,726,589 |
$ |
238,852,444 |
|
Stockholders’ Equity |
|||||
Preferred Stock, $0.001 Par Value. 10,000,000 Shares Authorized; 82,185 Shares Issued and |
|||||
82,185 Outstanding as of March 31, 2024 and 85,534 Shares Issued and 85,534 Outstanding as of |
|||||
December 31, 2023. |
82 |
86 |
|||
Common Stock, $0.001 Par Value. 250,000,000 Shares Authorized; 79,168,539 Shares Issued |
|||||
and 78,248,389 Shares Outstanding as of March 31, 2024 and 74,888,392 Shares Issued |
|||||
and 73,968,242 Shares Outstanding as of December 31, 2023. |
79,169 |
74,888 |
|||
Additional Paid-In Capital |
202,677,665 |
202,040,968 |
|||
Accumulated Deficit |
(96,843,602) |
(80,790,927) |
|||
Common Stock Held in Treasury, at Cost, 920,150 Shares Held as of March 31, 2024 and |
|||||
920,150 Shares Held as of December 31, 2023. |
(2,033,127) |
(2,033,127) |
|||
Total Stockholders’ Equity |
103,880,187 |
119,291,888 |
|||
Total Liabilities & Stockholders’ Equity |
$ |
346,606,776 |
$ |
358,144,332 |
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME AND (LOSS)
For the Periods Ended March 31, 2024 and 2023
Expressed in U.S. Dollars
For the Three Months Ended |
|||||
March 31, |
|||||
2024 |
2023 |
||||
(Unaudited) |
(Unaudited) |
||||
Operating Revenues |
|||||
Retail |
$ |
37,633,252 |
$ |
35,820,111 |
|
Wholesale |
3,898,320 |
4,058,925 |
|||
Other |
69,421 |
121,900 |
|||
Total Revenue |
41,600,993 |
40,000,936 |
|||
Total Cost of Goods & Services |
23,667,319 |
18,152,163 |
|||
Gross Profit |
17,933,674 |
21,848,773 |
|||
Operating Expenses |
|||||
Selling, General and Administrative Expenses |
11,835,818 |
10,100,934 |
|||
Professional Services |
1,671,881 |
1,187,364 |
|||
Salaries |
6,880,988 |
4,695,971 |
|||
Stock Based Compensation |
253,916 |
214,544 |
|||
Total Operating Expenses |
20,642,603 |
16,198,813 |
|||
Income from Operations |
(2,708,929) |
5,649,960 |
|||
Other Income (Expense) |
|||||
Interest Expense, net |
(8,307,369) |
(7,745,854) |
|||
Unrealized Gain (Loss) on Derivative Liabilities |
(681,825) |
8,501,685 |
|||
Other Loss |
10,500 |
– |
|||
Loss on Investment |
(33,382) |
– |
|||
Unrealized Gain on Investment |
(347,516) |
1,816 |
|||
Total Other Income (Expense) |
(9,359,592) |
757,647 |
|||
Pre-Tax Net Income (Loss) |
(12,068,521) |
6,407,607 |
|||
Provision for Income Taxes |
3,984,154 |
4,662,178 |
|||
Net Income (Loss) |
$ |
(16,052,675) |
$ |
1,745,429 |
|
Less: Accumulated Preferred Stock Dividends for the Period |
(2,155,259) |
(2,029,394) |
|||
Net Income (Loss) Attributable to Common Stockholders |
$ |
(18,207,934) |
$ |
(283,965) |
|
Earnings (Loss) per Share Attributable to Common Stockholders |
|||||
Basic Earnings (Loss) per Share |
$ |
(0.24) |
$ |
(0.01) |
|
Diluted Earnings (Loss) per Share |
$ |
(0.24) |
$ |
(0.06) |
|
Weighted Average Number of Shares Outstanding – Basic |
76,006,932 |
55,835,501 |
|||
Weighted Average Number of Shares Outstanding – Diluted |
76,006,932 |
101,608,278 |
|||
Comprehensive Income (Loss) |
$ |
(16,052,675) |
$ |
1,745,429 |
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Periods Ended March 31, 2024 and 2023
Expressed in U.S. Dollars
For the Three Months Ended |
|||||
March 31, |
|||||
2024 |
2023 |
||||
(Unaudited) |
(Unaudited) |
||||
Cash Flows from Operating Activities: |
|||||
Net Income (Loss) for the Period |
$ |
(16,052,675) |
$ |
1,745,429 |
|
Adjustments to Reconcile Net Income (Loss) to Cash for Operating Activities |
|||||
Depreciation & Amortization |
5,096,314 |
6,151,395 |
|||
Non-Cash Interest Expense |
1,031,431 |
991,184 |
|||
Non-Cash Lease Expense |
2,871,226 |
2,251,459 |
|||
Deferred Taxes |
1,004,345 |
(637,225) |
|||
Loss on Investment |
202,111 |
– |
|||
Change in Derivative Liabilities |
681,825 |
(8,501,685) |
|||
Amortization of Debt Issuance Costs |
421,512 |
421,513 |
|||
Amortization of Debt Discount |
2,303,246 |
1,999,933 |
|||
(Gain) Loss on Investments, net |
347,516 |
(1,816) |
|||
Stock Based Compensation |
640,974 |
214,544 |
|||
Changes in Operating Assets & Liabilities (net of Acquired Amounts): |
|||||
Accounts Receivable |
905,127 |
(118,181) |
|||
Inventory |
(587,900) |
(3,023,251) |
|||
Prepaid Expenses & Other Current Assets |
411,754 |
(3,036,801) |
|||
Other Assets |
(64,350) |
360,674 |
|||
Change in Operating Lease Liabilities |
(2,348,703) |
(1,531,765) |
|||
Accounts Payable & Other Liabilities |
(3,566,401) |
(3,464,671) |
|||
Income Taxes Payable |
3,002,257 |
5,299,403 |
|||
Net Cash Provided by (Used in) Operating Activities |
(3,700,390) |
(879,861) |
|||
Cash Flows from Investing Activities: |
|||||
Collection of Notes Receivable |
– |
10,631 |
|||
Purchase of Fixed Assets |
(1,532,287) |
(2,913,394) |
|||
Net Cash Provided by (Used in) Investing Activities |
(1,532,287) |
(2,902,763) |
|||
Cash Flows from Financing Activities: |
|||||
Payment on Notes Payable |
(864,938) |
– |
|||
Net Cash Provided by (Used in) Financing Activities |
(864,938) |
– |
|||
Net (Decrease) in Cash & Cash Equivalents |
(6,097,615) |
(3,782,624) |
|||
Cash & Cash Equivalents at Beginning of Period |
19,248,932 |
38,949,253 |
|||
Cash & Cash Equivalents at End of Period |
$ |
13,151,317 |
$ |
35,166,628 |
|
Supplemental Disclosure of Cash Flow Information: |
|||||
Cash Paid for Interest |
$ |
4,515,205 |
$ |
6,540,748 |
MEDICINE MAN TECHNOLOGIES, INC.
ADJUSTED EBITDA RECONCILIATION (NON-GAAP)
For the Periods Ended March 31, 2024 and 2023
Expressed in U.S. Dollars
For the Three Months Ended |
|||||
March 31, |
|||||
2024 |
2023 |
||||
Net Income (Loss) |
$ |
(16,052,675) |
$ |
1,745,429 |
|
Interest Expense, net |
8,307,369 |
7,745,854 |
|||
Provision for Income Taxes |
3,984,154 |
4,662,178 |
|||
Other (Income) Expense, net of Interest Expense |
1,052,223 |
(8,503,501) |
|||
Depreciation & Amortization |
5,618,834 |
6,612,814 |
|||
Earnings Before Interest, Taxes, Depreciation and |
|||||
Amortization (EBITDA) (non-GAAP) |
$ |
2,909,905 |
$ |
12,262,774 |
|
Non-Cash Stock Compensation |
253,916 |
214,544 |
|||
Deal Related Expenses |
637,761 |
1,195,802 |
|||
Capital Raise Related Expenses |
20,760 |
35,068 |
|||
Severance |
484,561 |
118,436 |
|||
Retention Program Expenses |
807,500 |
280,632 |
|||
Pre-Operating & Dark Carry Expenses |
1,053,837 |
391,917 |
|||
One-Time Legal Settlements |
417,653 |
– |
|||
Other Non-Recurring Items |
754,751 |
25,707 |
|||
Adjusted EBITDA (non-GAAP) |
$ |
7,340,644 |
$ |
14,524,880 |
|
Revenue |
41,600,993 |
40,000,936 |
|||
Adjusted EBITDA Percent |
17.6 % |
36.3 % |
View original content:https://www.prnewswire.co.uk/news-releases/schwazze-announces-first-quarter-2024-financial-results-302146858.html
Cannabis
Polyethylene Films Packaging Market Size to Worth USD 139.98 Bn by 2032
-
Cannabis2 weeks ago
Sannabis, Inc. (OTC: USPS) Announces First Shipment of Cannabis Essential Oil from Colombia to U.S. to Fill First Order, as the DEA Re-Classifies Marijuana from Schedule I to Schedule III
-
Cannabis1 week ago
Mikra Announces Partnership with Virun NutraBiosciences Inc. and Releases CELLF 2.0
-
Cannabis1 week ago
IM Cannabis Reports First Quarter Financial Results
-
Innocan1 week ago
Innocan Pharma Reports Breakthrough in a Pre-Clinical Trial: Liposomal-CBD Injection Restores Mobility to an Amputee Female Donkey
-
Cannabis4 days ago
Global Legal Marijuana Strategic Business Report 2024: A $125+ Billion Market by 2030 Featuring Aphria, Aurora Cannabis, Beacon Medical, Canopy Growth, Cronos, OrganiGram, Tikun Olam, Tilray, Wayland
-
Cannabis4 days ago
Avicanna Announces Results of Study in Patients with Epidermolysis Bullosa
-
Cannabis3 days ago
North America Legal Cannabis Industry Report 2024: Market to Grow at a CAGR of 26.65% During 2023-2032, Bank Loans Boosting Business Growth
-
Cannabis2 days ago
Polyethylene Films Packaging Market Size to Worth USD 139.98 Bn by 2032