Crescita Therapeutics™ Reports 2018 First Quarter Results

Q1-F2018 Financial Results 

Note: All figures are in Canadian dollars. The first quarter 2018 MD&A, condensed consolidated interim financial statements and accompanying notes can be found on www.crescitatherapeutics.com/investors and have been filed with SEDAR.

Cash and Cash Equivalents
Cash and cash equivalents were $9.5 million as at March 31, 2018 compared to $5.2 million at March 31, 2017. In the prior year's quarter, the Company had $8.6 million of restricted short-term investments held as collateral for the Company's letter of credit. The restriction on these funds was lifted as part of the Knight Loan amendment in the third quarter of 2017. The current quarter includes $3.5 million in net proceeds from the Company's Rights Offering. By adjusting each quarter's cash balance for these non-recurring items, the respective total cash balances, on a comparable basis, would have been $5.9 million in Q1-18 and $13.8 million in Q1-17.  For the three months ended March 31, 2018, the Company significantly reduced its cash utilization from $4.6 million in Q1-17 to $1.1 million.   

Revenue
Total revenue, consisting of product sales, out-licensing and services revenue, was $3.6 million for the quarter ended March 31, 2018, compared to $2.1 million for the three months end March 31, 2017, representing an increase of $1.5 million.  During the quarter, the Company recognized $1.4 million (US$1.0 million) in royalty revenue from the launch of Pliaglis in the U.S. market by its licensing partner.  Q1-18 revenue also includes the incremental revenue of $0.2 million from the acquisition of the Alyria product line from Sanofi Consumer Health Inc., concluded on August 8, 2017.

Operating Expenses
Total operating expenses for the three months ended March 31, 2018 were $4.1 million, compared to $5.2 million for the three months ended March 31, 2017, representing a decrease of $1.1 million or 21%. The decrease was mainly due to savings in SG&A of $1.3 million, and to a lesser extent savings in R&D expenses of $0.2 million. The improvement in SG&A was mainly driven by a reduction in headcount-related costs following the reorganization of various corporate functions in connection with the centralization of the Company's operations to its Laval facility; a reduction in professional and accounting fees in connection with regulatory matters involving the INTEGA Acquisition; as well as savings in logistics costs.

Net Loss from Continuing Operations
Loss from continuing operations for the quarter ended March 31, 2018 was $0.4 million, compared to $3.1 million in the prior year's quarter.  The year-over-year improvement of $2.7 million was primarily driven by the recognition in the quarter of net royalty revenues from the U.S. launch of Pliaglis in the amount of $1.2 million, the net contribution from the incremental sales of Alyria for $0.1 million as well a combined reduction of $1.5 million in SG&A and R&D expenses as a result of the Company's sustained efforts at rationalizing its cost structure. 

Non-IFRS Financial Measures
The Company reports its financial results in accordance with IFRS. However, we use certain non-IFRS financial measures to assess our Company's performance. We believe these to be useful to management, investors and other financial stakeholders in assessing Crescita's performance from both a financial and operational standpoint. The non-IFRS measures used in this press release do not have any standardized meaning prescribed by IFRS and are therefore not comparable to similar measures presented by other issuers. These measures should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with IFRS.

Adjusted EBITDA is a non-IFRS measure. This term is defined as earnings (loss) from continuing operations before interest, income taxes (recovery), depreciation and amortization, gain on debt renegotiations, equity-settled stock-based compensation (SBC), goodwill and intangible assets impairment, accretion on the fair value of inventory, and foreign currency (gains) and losses, applicable.  Management believes that Adjusted EBITDA is an important measure of operating performance and cash flow and provides useful information to investors as it highlights trends in the underlying business that may not otherwise be apparent when relying solely on IFRS measures. A reconciliation of the adjusted EBITDA to its closest IFRS measure can be found below.

Adjusted EBITDA Reconciliation

In thousands of CAD dollars	Three months ended March 31,
	2018	2017	Change
Net loss from continuing operations	(424)	(3,130)	2,706 Werbung Mehr Nachrichten zur Crescita Therapeutics Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 07:10 - PR Newswire Invesco Select Trust Plc - Dividend Declaration 03:55 - PR Newswire TwentyFour Income Fund - Factsheet & Commentary - March 2024 02:00 - PR Newswire BlackRock Income and Growth Investment Trust Plc - Total Voting Rights Gefragter denn je...:    Explosive Nachfrage und Schockierendes Defizit! Auf den Schwingen des Silbers jetzt abheben! weiterlesen» Anzeige wo-site-teaser-box-16670_site-teaser-box_2024-04-16_08%253A00%253A00_2024-04-17_09%253A00%253A59