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VIVO Cannabis Stock Up On First Big Returns From Australian Business & 32% YoY 2020 Revenue Increase
VIVO Cannabis Stock Up On First Big Returns From Australian Business & 32% YoY 2020 Revenue Increase
VIVO Cannabis Inc. (TSX:VIVO) (OTCQX:VVCIF) released its fourth-quarter 2020 financial and operating results.
"While 2020 presented its share of challenges, we did a lot to better position VIVO for the future, and we are beginning to see the early results of these efforts," Richard Fitzgerald, interim CEO of VIVO said. "We have already had some noteworthy achievements in 2021.
Q4 And FY 2020 Financial Highlights
- Net revenue was $6.2 million, which represents a 23% decrease quarter-over-quarter as compared to Q3 2020.
- Net revenue for 2020 was $32.8 million, an increase of over 32% compared with the same period last year.
- Net average selling price (net of excise) of $6.01 per gram in the fourth quarter of 2020 up 11% from the third quarter of 2020 due to product mix.
- Sales, general and administrative expenses were $5.1 million in the fourth quarter of 2020, compared to $4.3 million in the third quarter of 2020, an increase of 19% driven by restructuring costs.
- Adjusted EBITDA came in negative at $4.8 million for the quarter, compared to a $2.6 million loss in Q3 2020, the difference primarily due to inventory write-downs, price protection accruals, and restructuring.
- An annual goodwill impairment test was performed and the company determined an impairment charge of $33.5 million was required as the Canna Farms CGU carrying value was found to exceed its recoverable amount.
- As of December 31, 2020 the company had $6.6 million 6% convertible debt remaining, due to mature on September 15, 2022.
- As of December 31, 2020 (not including the financing subsequent to year-end), VIVO had a cash balance of $5.7 million at the end of the quarter with another $7 million held in equity investments.
2020 Business Update
- Recorded first significant revenues from VIVO's Australian business in 2020.
- Restructured its $38 million convertible debenture liability through cash repurchase, equity conversion, and maturity date extension.
- Subsequent to year-end the Company closed an $8 million public offering to help fund the company's growth plans.
- In October 2020, began streamlining its Napanee, Ontario operations and integrating the operations of its Napanee and Hope LPs to achieve production cost and efficiency improvements.
- In November 2020, VIVO announced the planned retirements of both its chair and the company's CEO.
- Richard Fitzgerald assumed the role of VIVO's chair and interim CEO of VIVO. The company's search for a permanent CEO is ongoing.
- Released brick hash as part of VIVO's Cannabis 2.0 product lineup and expected to release a new line of topicals in Q2 2021, VIVO's 9th and 10th product formats, respectively.
- Vanluven facility received EU-GMP certification allowing VIVO to export cannabis products for sale in Europe and Beacon Medical Germany GmbH received an import license to allow imports of medical cannabis flowers
- Pharmascience Inc., VIVO's strategic partner for specific medical cannabis formulations, received its Cannabis Standard Processing License for its Quebec-based facility to formulate and process cannabis and derivative products into finished products.
Price Action
VIVO's shares traded 8% higher at $0.0648 per share at the time of writing Thursday morning.
Photo: Courtesy of Markus Winkler on Unsplash
VIVO Cannabis Inc. (TSX:VIVO) (OTCQX:VVCIF) released its fourth-quarter 2020 financial and operating results.
VIVO大麻公司(多伦多证券交易所:vivo)(OTCQX:VVCIF)发布2020年第四季度财务和经营业绩。
"While 2020 presented its share of challenges, we did a lot to better position VIVO for the future, and we are beginning to see the early results of these efforts," Richard Fitzgerald, interim CEO of VIVO said. "We have already had some noteworthy achievements in 2021.
尽管2020年面临着挑战,但我们为更好地定位vivo面向未来做了很多工作,我们开始看到这些努力的初步成果。VIVO临时首席执行官理查德·菲茨杰拉德说。我们在2021年已经取得了一些值得注意的成就。
Q4 And FY 2020 Financial Highlights
2020财年第四季度和财务亮点
- Net revenue was $6.2 million, which represents a 23% decrease quarter-over-quarter as compared to Q3 2020.
- Net revenue for 2020 was $32.8 million, an increase of over 32% compared with the same period last year.
- Net average selling price (net of excise) of $6.01 per gram in the fourth quarter of 2020 up 11% from the third quarter of 2020 due to product mix.
- Sales, general and administrative expenses were $5.1 million in the fourth quarter of 2020, compared to $4.3 million in the third quarter of 2020, an increase of 19% driven by restructuring costs.
- Adjusted EBITDA came in negative at $4.8 million for the quarter, compared to a $2.6 million loss in Q3 2020, the difference primarily due to inventory write-downs, price protection accruals, and restructuring.
- An annual goodwill impairment test was performed and the company determined an impairment charge of $33.5 million was required as the Canna Farms CGU carrying value was found to exceed its recoverable amount.
- As of December 31, 2020 the company had $6.6 million 6% convertible debt remaining, due to mature on September 15, 2022.
- As of December 31, 2020 (not including the financing subsequent to year-end), VIVO had a cash balance of $5.7 million at the end of the quarter with another $7 million held in equity investments.
- 净收入为620万美元,这意味着与2020年第三季度相比,季度环比下降了23%。
- 2020年的净收入为3280万美元与去年同期相比增长了32%以上。
- 由于产品组合的原因,2020年第四季度的净平均售价(扣除消费税)为每克6.01美元,比2020年第三季度上涨了11%。
- 销售、一般和行政费用为510万美元2020年第四季度,与2020年第三季度的430万美元相比,在重组成本的推动下增长了19%。
- 调整后的EBITDA为负,为480万美元本季度,与2020年第三季度260万美元的亏损相比,差异主要是由于库存减记、价格保护应计项目和重组。
- 公司进行了年度商誉减值测试,并确定需要计提3,350万美元的减值费用,因为美人鱼农场CGU的账面价值超过了其可收回金额。
- 截至2020年12月31日,该公司剩下660万美元6%的可转换债务,将于2022年9月15日到期。
- 截至2020年12月31日(不包括年终后的融资),vivo现金余额570万美元在季度末与另一位700万美元的股权投资。
2020 Business Update
2020年商业更新
- Recorded first significant revenues from VIVO's Australian business in 2020.
- Restructured its $38 million convertible debenture liability through cash repurchase, equity conversion, and maturity date extension.
- Subsequent to year-end the Company closed an $8 million public offering to help fund the company's growth plans.
- In October 2020, began streamlining its Napanee, Ontario operations and integrating the operations of its Napanee and Hope LPs to achieve production cost and efficiency improvements.
- In November 2020, VIVO announced the planned retirements of both its chair and the company's CEO.
- Richard Fitzgerald assumed the role of VIVO's chair and interim CEO of VIVO. The company's search for a permanent CEO is ongoing.
- Released brick hash as part of VIVO's Cannabis 2.0 product lineup and expected to release a new line of topicals in Q2 2021, VIVO's 9th and 10th product formats, respectively.
- Vanluven facility received EU-GMP certification allowing VIVO to export cannabis products for sale in Europe and Beacon Medical Germany GmbH received an import license to allow imports of medical cannabis flowers
- Pharmascience Inc., VIVO's strategic partner for specific medical cannabis formulations, received its Cannabis Standard Processing License for its Quebec-based facility to formulate and process cannabis and derivative products into finished products.
- 最先录制Vivo在澳大利亚的可观收入2020年的商业活动。
- 重组了其3800万美元的可转换债券债务通过现金回购、股权转换、延长到期日等方式。
- 年底后,该公司完成了800万美元的公开募股,以帮助为公司的增长计划提供资金。
- 2020年10月,开始精简其位于安大略省纳帕尼的业务,并整合其纳帕尼和希望有限责任公司的业务,以实现生产成本和效率的改善。
- 2020年11月,vivo宣布了董事长和首席执行官的退休计划。
- 理查德·菲茨杰拉德担当起了维奥韦(氏)椅和临时首席执行官活体的。该公司正在寻找一位永久首席执行官。
- 发布了砖块散列作为vivo大麻2.0产品阵容的一部分,并预计将在2021年第二季度发布新的主题药系列,分别是vivo的第9和第10产品格式。
- Vanluven工厂获得了EU-GMP认证,允许vivo出口大麻产品在欧洲销售,Beacon Medical德国有限公司获得了允许进口医用大麻花的进口许可证
- VIVO公司在特定医用大麻配方方面的战略合作伙伴Pharmascience Inc.因其位于魁北克的工厂获得了大麻标准加工许可证,该工厂将大麻及其衍生产品配制和加工成成品。
Price Action
价格行动
VIVO's shares traded 8% higher at $0.0648 per share at the time of writing Thursday morning.
VIVO的股价上涨8%,至每股0.0648美元。在我写这篇文章的时候,周四上午。
Photo: Courtesy of Markus Winkler on Unsplash
图片:由Markus Winkler在UnSplash上提供
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