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Lattice Biologics Ltd. Reports Second Quarter 2019 Results
BELGRADE, Mont.–(BUSINESS WIRE)–Lattice Biologics Ltd. (TSX-V:
LBL) (OTCBB: LBLTF) (“Lattice Biologics” or the “Company”)
announces financial results for Q2 2019.
Sales and Product Offerings
-
Completion of the relocated processing facility to Belgrade, Montana
and expanding reach into dental markets. -
Gross profit margin was 77.0% for the three months ended March 31,
2019, compared to 68.2% for the same period in the previous year.
Gross profit margin was 73.9% for the six months ended March 31, 2019,
compared to 66.9% for the same period in the previous year. -
For the three months ended March 31, 2018, sales increased over 100%
year over year, while gross profit also increased over 100% year over
year. For the six months ended March 31, 2018, sales increased 78%
year over year, while gross profit increased 96% year over year. - Launched new products into a higher margin dental market.
-
Cash from operations was $134,890 for the six months ended March 31,
2019 compared to $58,902 for the six months ended March 31, 2018.
Finance
-
Relocated operations to Belgrade, Montana from Scottsdale, Arizona,
resulting in operational efficiencies. -
Gross profit of $0.6 million on sales of $0.8 million for the three
months ended March 31, 2019 compared to the same period in the
previous year of $0.2 million on $0.3 million of sales. Gross profit
of $0.9 million on sales of $1.2 million for the six months ended
March 31, 2019 compared to the same period in the previous year of
$0.5 million on $0.7 million of sales. -
Recognized net income of $0.1 million ($0.00 per share) for the three
months ended March 31, 2019 compared to a net loss of $0.2 million
($0.00 per share) for the same period in the previous year. Incurred a
net loss of $0.1 million ($0.00 per share) for the six months ended
March 31, 2019 compared to $0.4 million ($0.00 per share) for the same
period in the previous year.
Total liabilities increased to $8.6 million at March 31, 2019 from $8.4
million at September 30, 2018. Current liabilities increased to $7.2
million at March 31, 2019 from $7.0 million at September 30, 2018.
Q2 2019 Business Update:
“I am pleased to announce that the Company has had three quarters of
successive growth culminating in the second quarter 2019 sales of $
751,084,” said Guy Cook, CEO of Lattice Biologics Ltd. We are restating
guidance of revenues to be $ 2.2-2.4 million for 2019.
With strong distribution partners and an enhanced product line intended
for dental indications, we expect sales to continue to grow throughout
2019. Operationally, the company is much more efficient and has lowered
its operating and overhead costs to effectively compete in the dental
market space.
As we continue to focus to higher margin product line, and to
re-position the Amnioboost line for dental indications, we are confident
we have turned the corner and positioned the company for profitable and
continued growth.
The Company continues to make significant improvements on the PnL, and
is working with creditors to convert certain debt balances to equity for
working capital purposes.
Lattice Biologics maintains its commitment to honoring the gift of
donation by implementing a strong quality control environment for the
recovery and processing of donors. The Company has significantly
increased its processing efficiencies, and has substantial inventory
reserves to meet customer demand.
As indicated below, the Company continues efforts to diversify the sales
mix across the new higher margin product lines added in prior years.
Second Quarter 2019 Financial Results (all figures denoted in USD):
The product launches have been well received by our clients and the
Company continues to replace unprofitable legacy contracts and focus on
the newer higher margin products. Lattice Biologics’ total revenue was
$751,084 in the three months ended March 31, 2019 compared to $323,921
for the three months ended March 31, 2018, an increase of 132%, as shown
in the following quarter sales table:
Mar-31 | Dec-31 | Sep-30 | Jun-30 | Mar-31 | Dec-31 | Sep-30 | Jun-30 | |||||||||||||||||||||||||||||||||
2019 | 2018 | 2018 | 2018 | 2018 | 2017 | 2017 | 2017 | |||||||||||||||||||||||||||||||||
Revenue | $ | 751,084 | $ | 467,311 | $ | 278,459 | $ | 190,524 | $ | 323,921 | $ | 362,137 | $ | 398,542 | $ | 684,026 | ||||||||||||||||||||||||
Cost of sales | 172,788 | 144,849 | 271,398 | 115,588 | 102,963 | 123,938 | 554,717 | 514,761 | ||||||||||||||||||||||||||||||||
Gross profit | 578,296 | 322,462 | 7,061 | 74,936 | 220,958 | 238,199 | (156,175 | ) | 169,265 | |||||||||||||||||||||||||||||||
Operating costs (i) | 344,397 | 283,062 | 567,058 | 434,925 | 382,764 | 336,332 | 536,590 | 605,968 | ||||||||||||||||||||||||||||||||
EBITDA (ii) | 246,648 | 52,149 | (546,873 | ) | (346,865 | ) | (148,682 | ) | (85,509 | ) | (678,425 | ) | (416,922 | ) | ||||||||||||||||||||||||||
Gross margin percent | 77.0 | % | 69.0 | % | 2.5 | % | 39.3 | % | 68.2 | % | 65.8 | % | -39.2 | % | 24.7 | % | ||||||||||||||||||||||||
The following table sets out selected unaudited financial information,
prepared in accordance with IFRS. The information contained herein is
drawn from interim financial statements of the Company for each of the
following quarterly periods ending:
Mar-31 | Dec-31 | Sep-30 | Jun-30 | Mar-31 | Dec-31 | Sep-30 | Jun-30 | |||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2018 | 2018 | 2018 | 2017 | 2017 | 2017 | |||||||||||||||||||||||||||||||||||||||||
ADM dermis | $ | – | 0 | % | $ | – | 0 | % | $ | – | 0 | % | $ | 18,500 | 10 | % | $ | 68,600 | 21 | % | $ | 73,399 | 20 | % | $ | 54,700 | 14 | % | $ | 72,370 | 11 | % | ||||||||||||||||
DBM putty | – | 0 | % | – | 0 | % | – | 0 | % | 8,300 | 4 | % | 10,650 | 3 | % | 18,749 | 5 | % | – | 0 | % | 17,941 | 3 | % | ||||||||||||||||||||||||
Bone scaffold | 751,084 | 100 | % | 467,311 | 100 | % | 222,333 | 80 | % | 119,935 | 63 | % | 204,028 | 63 | % | 212,972 | 59 | % | 315,152 | 79 | % | 454,132 | 66 | % | ||||||||||||||||||||||||
Other | – | 0 | % | – | 0 | % | 56,126 | 20 | % | 43,789 | 23 | % | 40,643 | 13 | % | 57,017 | 16 | % | 28,690 | 7 | % | 139,583 | 20 | % | ||||||||||||||||||||||||
Total revenue | $ | 751,084 | 100 | % | $ | 467,311 | 100 | % | $ | 278,459 | 100 | % | $ | 190,524 | 100 | % | $ | 323,921 | 100 | % | $ | 362,137 | 100 | % | $ | 398,542 | 100 | % | $ | 684,026 | 100 | % | ||||||||||||||||
Certain adjustments have been made to the quarterly information for the
first three quarters of the fiscal year ended September 30, 2016, as
compared to data contained in the quarterly filings for such quarters.
These changes relate to certain adjustments for cost of sales and
operating costs that were not recognized until the fourth quarter of
such fiscal year.
(i) Operating costs are defined as all general and administrative costs,
professional fees, rent, salaries and benefits, sales and marketing, and
utilities expenses.
(ii) EBITDA is defined as gross profit less operating costs (as defined
above).
About Lattice Biologics Ltd.:
Lattice Biologics is traded on the TSX-V under the symbol: LBL. The
Company is an emerging leader in the field of cellular therapies and
tissue engineering, with a focus on bone, skin, and cartilage
regeneration.
Lattice Biologics develops and manufactures biologic products to
domestic and international markets. The Company’s products are used in a
variety of surgical applications.
Lattice Biologics maintains its headquarters, laboratory and
manufacturing facilities in Belgrade, Montana as well as offices in
Phoenix, Arizona. The facility includes ISO Class 1000 and ISO Class 100
clean rooms, and specialized equipment capable of crafting traditional
allografts and precision specialty allografts for various clinical
applications. The Lattice Biologics team includes highly trained tissue
bank specialists, surgical technicians, certified sterile processing and
distribution technicians, and CNC operators who maintain the highest
standards of aseptic technique throughout each step of the manufacturing
process. From donor acceptance to the final packaging and distribution
of finished allografts, Lattice is committed to maintaining the highest
standards of allograft quality, innovation, and customer satisfaction.
Lattice Biologics maintains all necessary licensures to process and sell
its tissue engineered products within the U.S. and internationally. This
includes Certificates to Foreign Governments from the U.S. Food and Drug
Administration (FDA) and registrations for 29 countries, which allow the
export of bone, tendon, meniscus, ligament, soft tissue, and cartilage
products outside of the U.S.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information:
Certain information contained in this news release constitutes
“forward-looking statements” within the meaning of the ‘safe harbour’
provisions of Canadian securities laws. All statements herein, other
than statements of historical fact, are to be considered forward looking.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as “planned”, “potential”, “future”,
“expected”, “could”, “possible”, “goal”, “intends”, “will” or similar
expressions. Forward-looking statements in this news release include,
without limitation: information pertaining to the Company’s strategy,
plans, or future financial performance, such as statements with respect
to the Transaction, and other statements that express management’s
expectations or estimates of future performance. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity,
performance or achievements of Lattice to be materially different from
those expressed or implied by such forward-looking statements.
Forward-looking statements are necessarily based upon a number of
factors and assumptions that, while considered reasonable by management
as of the date such statements are made, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. The factors and assumptions that could prove to be
incorrect, include, but are not limited to: that market prices will be
consistent with expectations, the continued availability of capital and
financing, and that general economic, market and business conditions
will be consistent with expectations. The forward-looking
statements are not guarantees of future performance. We disclaim
any obligation to update or revise any forward-looking statements,
except as required by law. Readers are cautioned not to put undue
reliance on these forward-looking statements.
United States Advisory: The securities referred to herein have not
been and will not be registered under the United States Securities Act
of 1933, as amended (the “U.S. Securities Act”), and may not be offered,
sold, or resold in the United States or to, or for the account of or
benefit of, a U.S. Person (as such term is defined in Regulation S under
the U.S. Securities Act) unless an exemption from the registration
requirements of the U.S. Securities Act is available. This press
release shall not constitute an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of securities
in the state in the United States in which such offer, solicitation or
sale would be unlawful.
Subscribe
to Lattice News Updates
Follow us on Twitter: @LatticeBio
Contacts
Guy Cook, CEO
Lattice Biologics Ltd.
480-563-0800 Office
[email protected]
www.LatticeBiologics.com
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Humboldt
Humboldt Seed Company partners with Apollo Green to bring California cannabis genetics to the global marketplace
Apollo Green to distribute Humboldt Seed Company clonal cannabis genetics to Germany, Portugal and Australia
SAN FRANCISCO, April 30, 2024 /PRNewswire/ — Humboldt Seed Company (HSC), California’s leading cannabis seed producer, has announced a partnership with Canadian-based Apollo Green to make eight breeder cuts available to researchers, licensed commercial cultivators and home growers in legal markets worldwide. This first-to-market clonal genetics release is a significant milestone and will expand access to distinctive, high-quality cannabis genetics in both established and emerging global markets including Germany, Portugal and Australia.
The curated, breeder-verified selection includes pioneering triploid genetics, such as OG Triploid and Donutz Triploid alongside the legendary cult classic Blueberry Muffin. Also available are All Gas OG with a THC content of 21% and four high-THC strains in the 30-35% range: Golden Sands, Guzzlerz, Jelly Donutz and Orange Creampop. These selections represent the top .01% from HSC’s extensive California pheno-hunting program.
Exports will begin in May under Apollo Green’s Canadian federal cannabis license. All shipments have Canadian phytosanitary certification, ensuring plants have been inspected, and are clean and free of pests.
“Access for all to quality genetics has been our core focus since the beginning,” said HSC Co-founder and Chief Science Officer, Benjamin Lind. “Our science-based approach to breeding aligns perfectly with Apollo Green’s high standards and we are excited to be able to extend these hand-selected cuts to a wider audience, especially at this pivotal time where we’re seeing positive regulatory changes globally.”
Oisin Tierney, Apollo Green Director of Business Development, said, “California has long been recognized for setting industry standards, and we are proud to play a role in bringing these esteemed genetics to cultivators worldwide. The triploids are especially noteworthy in terms of the unprecedented potential for enhanced plant vigor, higher yields, shorter flowering times and superior returns for solventless extraction.”
About Humboldt Seed Company
Established in 2001, Humboldt Seed Company is a Northern California heritage brand providing quality cannabis genetics to commercial cultivators and home growers in legalized states across the U.S. and international markets including Spain, Canada, Jamaica, South Africa, Colombia, France, Portugal, Greece, the UK, Malta and Thailand. With a focus on environmental and social justice, they combine traditional breeding and modern scientific practices in their strain development program. They have served the cannabis community for over two decades.
For more information visit https://humboldtseedcompany.com/.
About Apollo Green
Licensed since 2019, Apollo Green is Canada’s leader in cannabis genetics. The company’s mission is to provide an ever-growing bank of seeds and clones to medical patients and recreational consumers. Apollo Green provides clean, trusted cannabis seeds and clones, which are backed by the foremost tissue culture technology to reduce risks, costs and time-to-market for licensed producers around the world. Apollo Green is passionate about cannabis genetics.
For more information visit https://apollogreen.com/.
Media contact
Jaana Prall
[email protected]
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