Organigram Reports First Quarter Fiscal 2020 Results

Organgram 报告2020财年第一季度业绩

2020-01-20 13:00:22 CFN Media Group

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MONCTON, New Brunswick––Organigram Holdings Inc. , the parent company of Organigram Inc. , a leading licensed producer of cannabis, is pleased to announce its results for the first quarter ended November 30, 2019 . “Despite ongoing industry challenges, we are pleased with solid Q1 2020 results and our return to positive adjusted EBITDA during the quarter, said Greg Engel, CEO. Our team was also successful in shipping the first of our Rec 2.0 products as planned and on schedule in December of 2019. We also look forward to the launch of the remainder of our vape pen portfolio followed soon after by our premium cannabis-infused chocolate products. In addition to an exciting line-up of 2.0 products, we are rolling out a couple of new core strains, such as our high THC Edison Limelight, across the country following their success as limited-time-offers in smaller markets.” Key Financial Results for the First Quarter Fiscal 2020 Net Revenue: Q1 2020 net revenue grew 102% to $25.2 million from $12.4 million in Q1 2019 wherein Q1 2019 adult-use recreational cannabis was only legalized on October 17, 2018 Q1 2020 net revenue grew 102% to $25.2 million from $12.4 million in Q1 2019 wherein Q1 2019 adult-use recreational cannabis was only legalized on October 17, 2018 Gross Margin before fair value changes to biological assets and inventories sold: Q1 2020 gross margin before fair value changes to biological assets and inventories of $9.3 million or 37% of net revenue compared to $8.8 million in Q1 2019 or 71% of net revenue Higher absolute gross margin in Q1 2020 was due to higher net revenue. Lower Q1 2020 gross margin as a percentage of net revenue was largely due to higher cost of sales from increased staffing for more cultivation and post-harvest capacity without experiencing the benefit of full economies of scale as the Company believes consumer demand continues to be impacted by an inadequate retail store network in Canada Q1 2020 gross margin before fair value changes to biological assets and inventories of $9.3 million or 37% of net revenue compared to $8.8 million in Q1 2019 or 71% of net revenue Higher absolute gross margin in Q1 2020 was due to higher net revenue. Lower Q1 2020 gross margin as a percentage of net revenue was largely due to higher cost of sales from increased staffing for more cultivation and post-harvest capacity without experiencing the benefit of full economies of scale as the Company believes consumer demand continues to be impacted by an inadequate retail store network in Canada Gross Margin: Q1 2020 gross margin of $11.2 million compared to Q1 2019 gross margin of $51.7 million, largely due to a net non-cash fair value gain on biological assets and inventories sold of $1.9 million in the current quarter versus $42.9 million in Q1 2019 Q1 2020 gross margin of $11.2 million compared to Q1 2019 gross margin of $51.7 million, largely due to a net non-cash fair value gain on biological assets and inventories sold of $1.9 million in the current quarter versus $42.9 million in Q1 2019 Adjusted EBITDA3: Q1 2020 adjusted EBITDA of $4.9 million compared to Q1 2019 adjusted EBITDA of $6.8 million Q1 2020 adjusted EBITDA was impacted by higher SG&A compared to Q1 2019 as the Company increased staffing and sales and marketing efforts in response to the first year of legalized adult-use recreational cannabis including edibles and derivative products Q1 2020 adjusted EBITDA of $4.9 million compared to Q1 2019 adjusted EBITDA of $6.8 million Q1 2020 adjusted EBITDA was impacted by higher SG&A compared to Q1 2019 as the Company increased staffing and sales and marketing efforts in response to the first year of legalized adult-use recreational cannabis including edibles and derivative products Sales and Marketing and General and Administrative Expenses (“SG&A”): Q1 2020 SG&A of $9.4 million compared to $4.5 million in Q1 2019 as the Company had scaled up staffing and marketing activities for legalization of adult-use recreational cannabis sales Q1 2020 SG&A represented 37% of net revenue compared to 36% in Q1 2019, which reflected higher net revenue in Q1 2020 and management’s disciplined approach to spending despite being in a high growth period Q1 2020 SG&A of $9.4 million compared to $4.5 million in Q1 2019 as the Company had scaled up staffing and marketing activities for legalization of adult-use recreational cannabis sales Q1 2020 SG&A represented 37% of net revenue compared to 36% in Q1 2019, which reflected higher net revenue in Q1 2020 and management’s disciplined approach to spending despite being in a high growth period Net Income (Loss) from Continuing Operations: Q1 2020 net loss of $0.9 million or $(0.006) per share on a diluted basis compared to Q1 2019 net income of $29.5 million or $0.195 per share largely due to non-cash fair value changes to biological assets and inventories sold Q1 2020 net loss of $0.9 million or $(0.006) per share on a diluted basis compared to Q1 2019 net income of $29.5 million or $0.195 per share largely due to non-cash fair value changes to biological assets and inventories sold Key Commentary on Q1 2020 Results vs Q4 2019 Q1 2020 net revenue of $25.2 million was largely comprised of about $16.7 million of sales to the adult-use recreational and medical markets and about $9.5 million to the wholesale and international markets with the negligible balance coming from other sources, partly offset by about $1.1 million in a provision for product returns and price adjustments. This compared to Q4 2019 net revenue of $16.3 million comprised of about $20.0 million of sales and about $3.7 million in a provision for product returns and pricing adjustments. The majority of the Q1 2020 provision was related to THC oils which have seen less than anticipated demand in the adult-use recreational market. The majority of the Q4 2019 provision was related to two slower selling stock-keeping units (“SKUs”) sold to the Ontario Cannabis Store (OCS), comprised of a bespoke order of lower THC dried flower intended to fulfill a supply gap in the market earlier in calendar 2019 and THC oils. Q1 2020 cash and “all-in” costs of cultivation of $0.61 and $0.87 per gram of dried flower harvested4, respectively, decreased from $0.66 and $0.94 per gram in Q4 2019 as yield per plant increased from 148 grams in Q4 2019 to 152 grams in Q1 2020. Q1 2020 cost of sales remained relatively stable at $15.8 million from $15.5 million in Q4 2019. Q1 2020 cost of sales benefited from lower inventory write-offs than in Q4 2019 and lower post harvest costs for product sales to another LP for which product is packaged in bulk without any specific labeling and excise stamps. Q1 2020 gross margin before fair value changes to biological assets and inventory increased to $9.3 million or 37% of net revenue from Q4 2019 gross margin before fair value changes to biological assets and inventories of $0.7 million or 5% largely due to higher net revenue and relatively stable cost of sales and indirect production costs as described above. Q1 2020 gross margin of $11.2 million compared to Q4 2019 gross margin of negative $11.1 million, largely due to negative non-cash fair value changes in biological assets and inventories in the prior year quarter. Q1 2020 positive adjusted EBITDA5 of $4.9 million compared to Q4 2019 negative adjusted EBITDA of $7.9 million. Q4 2019 negative adjusted EBITDA was impacted by lower gross margin before fair value changes to biological assets and inventories (described above) and higher SG&A compared to Q1 2020. Q1 2020 SG&A of $9.4 million decreased 32% from $13.9 million in Q4 2019. As expected, Q1 2020 SG&A as a percentage of net revenue decreased to 37% from 85% in Q4 2019 as the Company had previously indicated Q4 2019 was an anomaly. Adult-Use Recreational Launch 2.0 (“Rec 2.0”) – Derivative and Edible Products The Company has chosen to initially focus on the two most popular product forms based on US state sales data: vaporizer pens and edible products6. To date, Organigram has submitted new product notifications to Health Canada in October 2019 for a comprehensive vape pen portfolio and cannabis infused chocolates. As planned, the Company began shipping the first of its 2.0 products, Trailblazer Torch vape cartridges, on December 17, 2019. The cartridges are custom engineered with borosilicate glass and stainless-steel components, designed to accommodate a standard 510-thead battery. Launches of Edison + Feather ready-to-go distillate pens and Edison + PAX ERA® distillate cartridges are expected in January 2020 and Q2 calendar 2020, respectively. The Company’s next-generation product portfolio includes high-quality cannabis infused chocolate and a dissolvable powder product, designed using nanotechnology for faster absorption of cannabinoids (when compared to traditional edible products). Planned launches of Organigram’s chocolate and dissolvable powder products are anticipated in Q1 and Q2 calendar 2020, respectively. As expected, the Company took delivery of its high speed, high capacity, fully automated chocolate production line in October 2019. Installation of the production line has been completed, licensing approval for the chocolate operations area has been received and the Company expects commissioning in time for initial sales in Q1 calendar 2020. As previously announced, Organigram has developed a proprietary nano-emulsification technology that is anticipated to provide an initial absorption of cannabinoids within 10 to 15 minutes. The emulsion process developed by the Organigram team generates micro-particles that are very small and uniform, which it expects will translate to an absorption and onset of effect that is rapid, reliable and controlled. The Company anticipates the nano-emulsion technology will have stability to temperature variations, mechanical disturbance, salinity, pH and sweeteners. The Company’s researchers have also recently developed a way to transform this emulsification into a solid form, turning it into a dissolvable powder. This shelf stable, water-compatible, unflavored nano-emulsion formulation is also expected to begin to be absorbed within 10 to 15 minutes when ingested after being added to a liquid. The powdered formulation will offer consumers a measured dose of cannabinoids which they can then add to liquid, such as a beverage of their choice, while also offering the discretion, portability and shelf life expected of a dry powder formulation. The Company expects to launch the dissolvable powder product in Q2 calendar 2020. Phase 4 Expansion In December 2019, the Company received Health Canada licensing approval for the remaining 16 grow rooms for incremental target production capacity of about 13,000 kg per year of dried flower and sweet leaf. This brings the Company’s total licensed target production capacity to 89,000 kg per year7. Management has decided to fill these newly licensed rooms in Phase 4B at a slower pace in response to lower than anticipated consumer demand at this time which the Company believes is largely due to the lack of an inadequate retail store network at this time, particularly in Ontario. As previously reported with the release of Organigram’s Fiscal 2019 results on November 25, 2019, the Company’s management made a strategic decision to delay the completion of Phase 4C (the final stage of the Phase 4 expansion), previously targeted for the end of calendar 2019, largely due to less than anticipated consumer demand noted above and to more effectively manage and prioritize cash flow as well as potentially use the space in 4C for other opportunities (if strategic and/or market factors dictate). In December 2019, the Ontario government announced it is taking steps to move to an open market for retail cannabis stores beginning in January 2020. Store authorizations from this open application process are expected to be issued beginning in April, at an initial rate of approximately 20 per month. Management will assess its decision to delay the completion of Phase 4C on an ongoing basis based on the progress and extent of store openings and the impact on consumer demand. To date, the Company has completed a significant portion of Phase 4C, such that the Company’s management believes the remaining construction can be completed in a relatively short timeframe to be ready to respond to an increase in consumer demand which may result from additional store openings. The estimate to complete all of Phase 4 (including the remainder of Phase 4C) was approximately $16 million as of quarter-end. If and when the Company decides to complete 100% of Phase 4C for cultivation as currently designed, the Moncton Campus facility is expected to have a target production capacity of 113,000 kg per year7 of dried flower and sweet leaf. Phase 5 Under Refurbishment The Company is taking an already constructed 56,000 square foot footprint within its existing facility and turning it into a multi-functional space (“Phase 5”) with design specifications to European Union GMP standards. Phase 5, once fully licensed and operational, is expected to add significant functionality to the Moncton Campus including additional post-harvesting rooms (including drying rooms), additional extraction capacity, and a dedicated derivatives and edibles facility. The estimated total capital cost of Phase 5 is expected to be approximately $65 million8 and the estimate to complete was approximately $20 million as at quarter-end. In addition to the chocolate production line now installed and licensed, Phase 5 plans also include a powdered drink mixing and packaging line, expanded vaporizer pen filling and automated packaging, additional extraction by both CO2 and hydrocarbon as well as additional areas for formulation including short path distillation for edibles and vaporizer pen formulas. Outlook The Company believes that the Canadian market is positioned for growth with additional retail store openings planned in the largest markets of Ontario and Quebec collectively representing over 60% of the Canadian population. Legalization of edible and derivative products is also expected to significantly expand the legal market from its current state. Certain provinces have announced delays or other restrictions on the launch of vaporizable products in their markets including Newfoundland & Labrador, Quebec and Alberta. The Company is adjusting its distribution schedules and revenue expectations accordingly. Organigram has and continues to build excised finished product across a variety of SKUs and is ready to onboard the addition of Ontario retailers. The first few of Ontario’s new stores opened in December 2019. That same month, Ontario announced it is taking steps to move to an open market for retail cannabis stores beginning in January 2020. Store authorizations from this open application process are expected to be issued beginning in April, at an initial rate of approximately 20 per month. This is expected to set the stage for further growth for Organigram and the industry. The Société québécoise du cannabis also previously announced plans to double its number of stores and Alberta’s robust network of about 375 stores has continued to grow to meet consumer demand. Liquidity and Capital Organigram had $34.1 million in cash and short-term investments at quarter-end. The Company also generated positive adjusted EBITDA9 of $4.9 million in Q1 2020. The Company reported approximately $84.5 million in current and long-term debt as at quarter-end, which primarily represents the carrying value of its term loan in its credit facility with BMO and a syndicate of lenders. As of the date of this press release, there is $30.0 million in available capacity on the term loan in its credit facility. The Company also has a revolver of up to $25 million available to be drawn against specified receivables. On November 15, 2019, the Company amended its credit facility with BMO to: i) extend the final draw deadline of the term loan from November 30, 2019 to March 31, 2020; ii) postpone the commencement of principal repayments on the term loan to May 31, 2020; and iii) realign the financial covenants structure, effective November 30, 2019, to be more consistent with industry norms up to and including May 31, 2020, which will also provide the Company with greater flexibility around the timing and quantum of incremental draws. The financial covenants will revert to the original structure on August 31, 2020. Included in the facility is an uncommitted option to increase the term loan and/or revolving debt by an incremental $35 million to a total of $175 million, subject to agreement by BMO and the syndicate of lenders and satisfaction of certain legal and business conditions. On November 22, 2019, the Company filed a base shelf prospectus for an amount up to $175 million through the issuance of common shares, preferred shares, debt securities, subscription receipts, warrants or units. The purpose of filing the base shelf prospectus is to shorten the timeline to raise funds for growth opportunities and working capital. On December 4, 2019, Organigram announced it had established an ATM program pursuant to a prospectus supplement to the base shelf prospectus that allows the Company to issue up to $55 million (or its U.S. dollar equivalent) of common shares from treasury, the volume and timing of which is at its discretion. The ATM program will be effective until the earlier of December 25, 2021 and the issuance and sale of all the common shares issuable pursuant to the ATM program, unless terminated prior to such date by the Company or the agents under the ATM program. The Company has used, and continues to intend to use, the net proceeds to fund capital projects, for general corporate purposes and to repay indebtedness. As of the date of this press release, the Company had issued 7,302,600 common shares for gross proceeds of approximately $22.9 million at a weighted average price of $3.14 per common share, leaving about $32.1 million available for common share issuance under the ATM program. Capital Structure Outstanding basic and fully diluted share count as at January 12, 2020 is as follows: First Quarter Fiscal 2020 Conference Call The Company is scheduled to report its first quarter fiscal 2020 results on Tuesday, January 14, 2020 after market close. The Company will host a conference call to discuss its results: Date: January 14, 2019 Time: 5:00 p.m. Eastern Time Toll Free (North America) Dial-In Number: 1-866-211-4093 International Dial-In Number: 647-689-6727 Webcast: https://event.on24.com/wcc/r/2152232/54B24C07755D838D71560C08FF6CC73E A replay of the webcast will be available within 24 hours after the conclusion of the call at https://www.organigram.ca/investors and will be archived for a period of 90 days following the call. Non-IFRS Financial Measures This news release refers to certain financial performance measures (including adjusted EBITDA, adjusted EBITDA as a percentage of net revenue and cash and “all-in” cost of cultivation) that are not defined by and do not have a standardized meaning under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. These non-IFRS financial performance measures are defined below. Non-IFRS financial measures are used by management to assess the financial and operational performance of the Company. The Company believes that these non-IFRS financial measures, in addition to conventional measures prepared in accordance with IFRS, enable investors to evaluate the Company’s operating results, underlying performance and prospects in a similar manner to the Company’s management. As there are no standardized methods of calculating these non-IFRS measures, the Company’s approaches may differ from those used by others, and accordingly, the use of these measures may not be directly comparable. Accordingly, these non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please refer to the Company’s Q1 2020 MD&A for definitions and reconciliations to IFRS amounts. About Organigram Holdings Inc. Organigram Holdings Inc. is a NASDAQ Global Select Market and a Toronto Stock Exchange (“TSX”) listed company whose wholly owned subsidiary, Organigram Inc., is a licensed producer of cannabis and cannabis-derived products in Canada. Organigram is focused on producing high-quality, indoor-grown cannabis for patients and adult recreational consumers in Canada, as well as developing international business partnerships to extend the Company’s global footprint. Organigram has also developed a portfolio of adult use recreational cannabis brands including The Edison Cannabis Company, Ankr Organics and Trailblazer. Organigram’s primary facility is located in Moncton, New Brunswick and the Company is regulated by Health Canada under the Cannabis Act (Canada) and the Cannabis Regulations (Canada). This news release contains forward-looking information. Forward-looking information, in general, can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “could”, “would”, “might”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “continue”, “budget”, “schedule” or “forecast” or similar expressions suggesting future outcomes or events. They include, but are not limited to, statements with respect to expectations, projections or other characterizations of future events or circumstances, and the Company’s objectives, goals, strategies, beliefs, intentions, plans, estimates, forecasts, projections and outlook, including statements relating to the Company’s plans and objectives including around timing for launch of new product forms, or estimates or predictions of actions of customers, suppliers, partners, distributors, competitors or regulatory authorities ;statements regarding the market future of the Canadian cannabis market and, statements regarding the Company’s future economic performance. These statements are not historical facts but instead represent management beliefs regarding future events, many of which, by their nature are inherently uncertain and beyond management control. Forward-looking information has been based on the Company’s current expectations about future events. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. Important factors – including the receipt of regulatory approvals or consents and conditions imposed upon and the timing thereof, ability to meet regulatory criteria which may be subject to change, change in regulation including restrictions on sale of new product forms, timing to receive any required testing results and certifications, results of final testing of new products, timing of new retail store openings, being inconsistent with preliminary expectations, changes in governmental plans including related to methods of distribution and timing and launch of retail stores, timing and nature of sales and product returns, customer buying patters and consumer preferences not being as predicated given this is a new and emerging market, material weaknesses identified in the Company’s internal controls over financial reporting, the completion of regulatory processes and registrations including for new product forms, market demand and acceptance of new product forms, unforeseen construction or delivery delays including of equipment, increases to expected costs, competitive and industry conditions, customer buying patterns and crop yields – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time under the Company’s issuer profile on the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com and reports and other information filed with or furnished to the United States Securities and Exchange Commission (“SEC”) and available on the SEC’s Electronic Document Gathering and Retrieval System (“EDGAR”) at www.sec.gov including the Company’s most recent MD&A and AIF available from time to time. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 1 Adjusted EBITDA is a non-IFRS financial measure not defined by and does not have any standardized meaning under IFRS; please refer to the Company’s Q1 2020 MD&A for definitions and a reconciliation to IFRS. 2 Adjusted EBITDA and adjusted EBITDA as a percentage of net revenue are non-IFRS financial measures not defined by and do not have any standardized meaning under IFRS; please refer to the Company’s Q1 2020 MD&A for definitions and a reconciliation to IFRS. 3 Adjusted EBITDA is a non-IFRS financial measure not defined by and does not have any standardized meaning under IFRS; please refer to the Company’s Q1 2020 MD&A for definitions and a reconciliation to IFRS. 4 Cash and “all-in” costs of cultivation per gram of dried flower harvested are non-IFRS measures that are not defined by and do not have any standardized meaning under IFRS. “Cost of cultivation” per gram harvested includes “cash” costs such as direct labour, direct materials and manufacturing overhead (e.g. maintenance) as well as “non-cash” expenses such as employee share-based compensation for cultivation employees and depreciation related to buildings and equipment of the production facility. Cost of cultivation does not include packaging costs, which are added to arrive at the cost for inventory, nor distribution costs (shipping), both of which are included in the cost of sales. Thus, readers are cautioned against comparing cost of cultivation per gram harvested with cost of sales for the same period(s) for at least two reasons: (1) Cost of sales includes packaging costs and distribution (shipping) costs which “Cost of cultivation” does not, and (2) there is a delay between when product is harvested and when it is sold. Sometimes that delay is one or two quarters (and longer with extraction material). Cost of cultivation also does not include indirect production costs, which are expensed directly against gross margin. 5 Adjusted EBITDA is a non-IFRS financial measure not defined by and does not have any standardized meaning under IFRS; please refer to the Company’s Q1 2020 MD&A for definitions and a reconciliation to IFRS amounts. 6 QUICK TAKE – Cannabis – Cowen’s THC Tracker: U.S. Brands – Cowen and Company, March 29, 2019 7 Target production capacity once licensed and fully operational; several factors can cause actual capacity and cost to differ from estimates. See “Risk Factors” in the Company’s Q1 2020 MD&A. 8 Target production capacity once licensed and fully operational; several factors can cause actual capacity and cost to differ from estimates. See “Risk Factors” in the Company’s Q1 2020 MD&A. 9 Adjusted EBITDA is a non-IFRS financial measure not defined by and does not have any standardized meaning under IFRS; please refer to the Company’s Q1 2020 MD&A for definitions and a reconciliation to IFRS.
新不伦瑞克州 MONTCTON —— Organigram Holdings Inc .,一家领先的大麻特许生产商 Organigram Inc .的母公司,高兴地宣布其截至2019年11月30日的第一季度业绩。 首席执行官格雷格•恩格尔( Greg Engel )表示:“尽管行业面临持续挑战,但我们对2020年第一季度的强劲业绩以及本季度调整后的息税折旧摊销前利润( EBITDA )恢复正值感到满意。”我们的团队也成功地按照计划和计划在2019年12月交付了我们的 ReC 2.0产品中的第一个。我们还期待着推出剩余的 vape 笔类产品,紧随其后的是我们的优质大麻注入巧克力产品。除了令人兴奋的2.0系列产品外,我们还在全国各地推出了几种新的核心产品,例如我们的高 THC Edison Limeright ,他们成功地在较小的市场上提供了有限的时间。” 2020年第一季度主要财务业绩 净收入: 2020年第一季度的净收入增长102%,从2019年第一季度的1240万美元增至2520万美元,其中2019年第一季度的成人娱乐大麻仅在2018年10月17日合法化 2020年第一季度的净收入增长102%,从2019年第一季度的1240万美元增至2520万美元,其中2019年第一季度的成人娱乐大麻仅在2018年10月17日合法化 出售生物资产和存货的公允价值变动前毛利率: 2020年第一季度生物资产和存货公允价值变动前的毛利率为930万美元,占净收入的37%,而2019年第一季度为880万美元,占净收入的71 2020年第一季度的绝对毛利率较高是由于净收入较高。2020年第一季度毛利率较低占净收入的百分比,主要是由于销售成本较高,因为员工增加可用于更多种植和收获后产能,而无需体验全面规模经济的好处,因为本公司认为加拿大零售商店网络不足继续影响消费者需求 2020年第一季度生物资产和存货公允价值变动前的毛利率为930万美元,占净收入的37%,而2019年第一季度为880万美元,占净收入的71 2020年第一季度的绝对毛利率较高是由于净收入较高。2020年第一季度毛利率较低占净收入的百分比,主要是由于销售成本较高,因为员工增加可用于更多种植和收获后产能,而无需体验全面规模经济的好处,因为本公司认为加拿大零售商店网络不足继续影响消费者需求 毛利率: 2020年第一季度毛利率为11.2百万美元,而2019年第一季度毛利率为51.7百万美元,主要由于销售的 本季度为190万美元,而2019年第一季度为4290万美元 2020年第一季度毛利率为11.2百万美元,而2019年第一季度毛利率为51.7百万美元,主要由于销售的 本季度为190万美元,而2019年第一季度为4290万美元 调整后 EBITDA 3: 2020年第一季度调整 EBITDA 为490万美元,而2019年第一季度调整 EBITDA 为680万美元 与2019年第一季度相比,2020年第一季度调整后的 EBITDA 受到更高的销售成本、综合开销及行政管理费用(SG&A)& A 的影响,原因是公司为应对包括食用和衍生产品在内的合法成人用途休闲大麻第一年增加了人员配备和销售和营销工作 2020年第一季度调整 EBITDA 为490万美元,而2019年第一季度调整 EBITDA 为680万美元 与2019年第一季度相比,2020年第一季度调整后的 EBITDA 受到更高的销售成本、综合开销及行政管理费用(SG&A)& A 的影响,原因是公司为应对包括食用和衍生产品在内的合法成人用途休闲大麻第一年增加了人员配备和销售和营销工作 销售和营销以及一般和行政费用(“销售成本、综合开销及行政管理费用(SG&A)& A ”): 2020年第一季度销售成本、综合开销及行政管理费用(SG&A)& A 为940万美元,而2019年第一季度为450万美元 2020年第一季度,销售成本、综合开销及行政管理费用(SG&A)& A 占净收入的37%,而2019年第一季度为36%。这反映出2020年第一季度的净收入较高,管理层尽管处于高增长期,但仍采取了严格的支出方法 2020年第一季度销售成本、综合开销及行政管理费用(SG&A)& A 为940万美元,而2019年第一季度为450万美元 2020年第一季度,销售成本、综合开销及行政管理费用(SG&A)& A 占净收入的37%,而2019年第一季度为36%。这反映出2020年第一季度的净收入较高,管理层尽管处于高增长期,但仍采取了严格的支出方法 持续经营净收益(亏损): 与2019年第一季度的净收入2950万美元或每股0.195美元相比,2020年第一季度摊薄后的净亏损为90万美元或每股0.006美元,这主要是由于出售的生物资产和库存的非现金公允价值变动 与2019年第一季度的净收入2950万美元或每股0.195美元相比,2020年第一季度摊薄后的净亏损为90万美元或每股0.006美元,这主要是由于出售的生物资产和库存的非现金公允价值变动 2020年第一季度与2019年第四季度比较的主要评论 2020年第一季度的净收入为2,520万美元,主要包括成人娱乐和医疗市场的销售额约1,670万美元,批发和国际市场的销售额约950万美元,其余微不足道的部分来自其他来源。产品退货和价格调整准备金约110万美元,部分抵消了上述增加额。相比之下,2019年第四季度的净收入为1630万美元,包括约2000万美元的销售额和约370万美元的产品退货和定价调整准备金。2020年第一季度的大部分拨备与 THC 油有关,而后者在成人用途康乐市场的需求低于预期。2019年第四季度的大部分准备金与向安大略大麻商店( OCS )销售的两个较慢的库存单位(“ SKU ”)有关,包括预定的较低 THC 干花的订单,该订单旨在填补2019年日历早些时候市场上的供应缺口和 THC 油。 2020年第一季度种植每克干花0.61美元和0.87美元的现金和“全能化”成本分别从2019年第四季度的每克0.66美元和0.94美元下降,因为每株植物的产量从2019年第四季度的148克增加到2020年第一季度的152克。 2020年第一季度的销售成本相对稳定,从2019年第四季度的1550万美元降至1580万美元。2020年第一季度的销售成本受益于较低的库存注销在2019年第四季度和较低的收获后成本的产品销售到另一个 LP 的产品是批量包装没有任何具体标签和消费税邮票。 2020年第一季度生物资产和存货公允价值变动前的毛利率由2019年第四季度的毛利率增加至930万美元或37%的净收入,公允价值变动前的毛利率为70万美元或5%,主要由于如上所述的净收入较高,销售成本和间接生产成本相对稳定。 2020年第一季度毛利率为11.2百万美元,而2019年第四季度毛利率为负11.1百万美元,主要由于上一季度生物资产及存货的非现金公允价值变动为负。 2020年第一季度经正调整 EBITDA 为490万美元,而2019年第四季度经负调整 EBITDA 为790万美元。2019年第四季度经负调整 EBITDA 受生物资产及存货(上文所述)公允价值变动前毛利率下降及销售成本、综合开销及行政管理费用(SG&A)& A 较2020年第一季度上升的影响。 2020年第一季度940万美元的 SG & A 较2019年第四季度的1390万美元减少了32%。如预期,由于本公司先前表示二零一九年第四季为反常现象,二零一零二零年第一季销售成本、综合开销及行政管理费用(SG&A)& A 占净收入的百分比由二零一九年第四季的85%下降至37%。 成人使用的娱乐产品2.0(“ Rec 2.0”)–衍生产品和可编辑产品 公司根据美国国家销售数据,选择了两种最流行的产品形式:汽化笔和食用产品。 到目前为止, Organigram 已于2019年10月向加拿大卫生部提交了一份新产品通知,内容涉及全面的 vape 笔产品组合和注入巧克力的大麻。 按计划,本公司于2019年12月17日开始首批2.0种产品 TraillamerTorchvape 墨盒的发货。这些墨盒是用硼硅玻璃和不锈钢部件定制的,设计用于容纳标准510-ead 电池。 Edison + Fether 即用蒸馏笔和 Edison + PAX ERA ®蒸馏盒预计分别于2020年1月和2020年第2季度推出。 该公司的下一代产品组合包括高质量的注射巧克力的大麻和可溶解的粉末产品,设计使用纳米技术更快地吸收大麻(与传统食用产品相比)。预计 Organigram 巧克力和可溶性粉末产品的计划上市时间分别为2020年第一季度和第二季度。 如预期,本公司于二零一九年十月交付其高速、高容量、全自动化巧克力生产线。生产线的安装已经完成,巧克力经营区域的许可批准已经收到,公司预计在2020年第一季度开始销售时将及时投产。 如前所述, Organigram 已开发出一种专有的纳米乳化技术,预计将在10至15分钟内初步吸收大麻素。由 Organigram 团队开发的乳化过程产生的微粒子非常小且均匀,预计将转化为快速、可靠和可控的吸收和起效。本公司预计纳米乳液技术对温度变化、机械干扰、盐度、 pH 值和甜味剂具有稳定性。该公司的研究人员最近也开发了一种方法,将这种乳化转变成固体形式,把它变成可溶解的粉末。这种货架稳定,水兼容,无熔岩纳米乳剂配方也预计开始吸收10至15分钟时,摄入后加入液体。粉剂配方将为消费者提供一剂量量大的大麻素,然后他们可以添加到液体中,例如他们选择的饮料,同时还提供了预计干粉剂配方的自由裁量权、便携性和保质期。本公司预期于2020年第二季度推出可溶解粉末产品。 第四期扩建工程 2019年12月,本公司收到加拿大卫生部关于剩余16间种植房的许可批准,用于增加每年约13,000公斤干花和甜叶的目标产能。这使公司的总许可目标生产能力达到每年89,000公斤。管理层已决定以较慢的速度填补第4B 期的该等新持牌客房,以应付目前低于预期的消费者需求,而本公司认为,这主要是由于目前缺乏足够的零售店铺网络,尤其是安大略省。 正如先前随着 Organigram 于2019年11月25日发布的2019财年业绩报告所述,本公司管理层作出战略决定,延迟完成先前计划于2019年年底完成的第4C 期(第4期扩建的最后阶段)。主要原因是上述消费者需求低于预期,以及更有效地管理和优先安排现金流,以及可能将4C 中的空间用于其他机会(如果战略和/或市场因素决定)。 2019年12月,安大略政府宣布,将采取措施,从2020年1月开始进入大麻零售商店的公开市场。此开放应用程序的存储授权预计将于4月开始发布,初始费率约为每月20次。管理层将根据开设店铺的进度及范围以及对消费者需求的影响,评估其持续延迟完成第4C 期的决定。 到目前为止,公司已经完成了第4C 阶段的大部分工作,因此公司管理层认为,剩余的建设可以在相对较短的时间内完成,以准备应对可能因额外开店而增加的消费者需求。 截至季度末,完成第4阶段(包括第4阶段 C 的剩余部分)的估计费用约为1600万美元。 如本公司决定按目前设计完成第4C 期100%的种植, Moncton Campus 设施预计每年可达113,000公斤干花及甜叶的目标产能。 第五期翻新工程 该公司正在其现有设施内建造56,000平方英尺的占地面积,并将其转化为多功能空间(“第5阶段”),设计规范符合欧盟 GMP 标准。 一旦获得完全许可并投入使用,第5阶段预计将为 Moncton Campus 增加重要功能,包括额外的收获后房间(包括干燥室)、额外的提取能力以及专用的衍生物和食用设施。 第五阶段的估计总资本成本预计约为6500万美元,到季度末完成的估计约为2000万美元。 除了现在安装和许可的巧克力生产线外,第5阶段计划还包括粉状饮料混合和包装生产线、扩大的汽化笔灌装和自动包装,二氧化碳和碳氢化合物的额外提取,以及用于配方的额外区域,包括用于食用和汽化笔配方的短程蒸馏。 展望 该公司认为,加拿大市场处于增长的位置,计划在安大略和魁北克的最大市场开设更多的零售店,合计占加拿大人口的60%以上。 预计食用及其衍生产品的合法化也将从目前的状况显著扩大合法市场。某些省份已宣布推迟或其他限制在其市场上推出可蒸发产品,包括纽芬兰和拉布拉多,魁北克和艾伯塔省。本公司正相应调整其分销时间表及收入预期。 Organigram 已经并将继续在各种 SKU 上生产附加成品,并准备加入安大略零售商。安大略的几家新店于2019年12月开业。同月,安大略宣布将采取措施,从2020年1月开始进入零售大麻商店的开放市场。此开放应用程序的存储授权预计将于4月开始发布,初始费率约为每月20次。预计这将为器官和工业的进一步发展奠定基础。大麻协会( Soci é t é qu é b é cosse du canabis )此前还宣布,计划将门店数量增加一倍,艾伯塔拥有约375家门店的强大网络继续增长,以满足消费者需求。 流动性和资本 在季末, Organigram 拥有现金和短期投资3,410万美元。本公司亦于二零二零年第一季录得经正面调整 EBITDA 9,490万元。 本公司于季末报告约84,500,000美元之流动及长期债务,主要指其于 BMO 及一间银团信贷融资之长期贷款之账面值。截至本新闻稿发布之日,其信贷安排的定期贷款有3000万美元的可用能力。该公司还可从指定的应收款项中提取最多2500万美元的循环资金。 于二零一九年十一月十五日,本公司与 BMO 修订其信贷安排,以: i )将定期贷款之最后提取期限由二零一九年十一月三十日延长至二零二零年三月三十一日; ii )将定期贷款之本金还款延期至二零二零年五月三十一日;及 iii )调整财务契约结构,由二零一九年十一月三十日起生效。更符合截至2020年5月31日(含2020年5月31日)的行业规范,这也将使公司在增加提取的时间和数量方面拥有更大的灵活性。该等财务契诺将于2020年8月31日恢复原状。 贷款中包括一项未承诺的选择,将定期贷款和/或循环债务增加3500万美元至1.75亿美元,前提是 BMO 和银团同意并满足某些法律和商业条件。 2019年11月22日,本公司通过发行普通股、优先股、债务证券、认购收据、认股权证或单位等方式,提交了不超过1.75亿美元的基本货架招股说明书。提交基本货架招股书的目的是缩短为增长机会和周转资金筹集资金的时间。 2019年12月4日, Organigram 宣布根据基本货架招股书的招股说明书补充文件建立了 ATM 程序,允许公司从库藏处发行不超过5500万美元(或等值美元)的普通股,其数量和时间由公司自行决定。自动柜员机计划将于2021年12月25日之前生效,并根据自动柜员机计划发行和出售所有可发行的普通股,除非本公司或自动柜员机计划下的代理商在此日期之前终止。本公司已使用及继续拟使用所得款项净额为资本项目、一般公司用途及偿还债务提供资金。截至本新闻稿发布之日,本公司已发行7,302,600股普通股,总收益约为22,900,000美元,加权平均价格为每股普通股3.14美元,约32,100,000美元可根据自动柜员机计划发行普通股。 资本结构 截至2020年1月12日,发行在外的基本及全面摊薄的股份数量如下: 第一季度财政2020会议 本公司定于2020年1月14日(星期二)收市后,于2020年第一季度财政2020年度业绩报告。本公司将举行电话会议,讨论其业绩: 日期:2019年1月14日 时间:东部时间(Eastern Time)下午5时 免费(北美)电话号码:1-866-211-4093 国际电话号码:647-689-6727 网络广播: https://event 。月24日。com / wcc / r /215232/54B24C07755D838D71560C08FF6CC73E 在电话结束后24小时内,将在 https://www.organigram.ca/investors 上提供网络广播的重播,并在电话结束后90天内存档。 非国际财务报告准则财务措施 本新闻稿指若干财务表现指标(包括经调整 EBITDA 、根据国际会计准则理事会发布的《国际财务报告准则》(《国际财务报告准则》),调整后的 EBITDA 占净收入和现金以及“全部”种植成本的百分比,这些收入和现金和“全部”种植成本不是由国际会计准则理事会定义的,也不具有标准含义。下文界定了这些非国际财务报告准则财务业绩计量。管理层采用非国际财务报告准则财务计量,以评估本公司之财务及营运表现。本公司认为,除按照国际财务报告准则编制的常规措施外,这些非国际财务报告准则财务措施使投资者能够以与本公司管理层类似的方式评价本公司的经营业绩、基本业绩和前景。由于没有计算这些非 IFRS 措施的标准方法,公司的方法可能与其他公司使用的方法不同,因此,这些措施的使用可能不具有直接可比性。因此,这些非《国际财务报告准则》措施的目的是提供补充资料,不应单独考虑或代替根据《国际财务报告准则》编制的业绩计量。有关 IFRS 金额的定义和对账,请参见公司2020年第1季度 MD & A 。 关于 Organigram Holdings Inc 。 Organigram Holdings Inc .是纳斯达克全球精选市场和多伦多证券交易所(“ TSX ”)上市公司,其全资子公司 Organigram Inc .是加拿大大麻和大麻衍生产品的特许生产商。 Organigram 专注于为加拿大的患者和成人娱乐消费者生产高质量的室内种植大麻,并发展国际商业伙伴关系,以扩大公司的全球足迹。Organigram 还开发了一系列成人休闲大麻品牌,包括爱迪生大麻公司、 Ankr Organics 和 Traillayer 。Organigram 的主要设施位于新不伦瑞克 Moncton ,公司由加拿大卫生部根据 Cannabis 法案(加拿大)和 Cannabis 法规(加拿大)进行监管。 本新闻稿包含前瞻性信息。前瞻性信息一般可以通过使用“展望”、“目标”、“可能”、“将”、“能够”、“将”、“可能”、“预期”、“打算”、“估计”、“预期”、“相信”、“计划”、“继续”、“预算”、“计划”或“预测”等前瞻性术语或暗示未来结果或事件的类似表述来识别。它们包括但不限于关于未来事件或情况的预期、预测或其他特征的声明,以及公司的目标、目标、战略、信念、意图、计划、估计、预测、预测和展望。包括与公司计划和目标相关的声明,包括关于推出新产品的时间安排,或客户、供应商、合作伙伴、分销商、竞争对手或监管机构的行动估计或预测;关于加拿大大麻市场的市场前景的声明,以及关于公司未来经济表现的声明。这些陈述并非历史事实,而是代表管理层对未来事件的信念,其中许多事件本质上是不确定的,超出了管理层的控制。前瞻性信息基于公司目前对未来事件的预期。 前瞻性信息涉及已知和未知的风险、不确定性和其他可能导致实际事件与当前预期存在重大差异的因素。重要因素——包括收到监管机构的批准或同意书及其施加的条件及其时间、满足可能发生变化的监管标准的能力、监管的变化,包括对新产品表单销售的限制、接收任何所需测试结果和认证的时间安排;新产品的最终测试结果、开设新零售店的时间安排、与初步预期不一致、政府计划的变化,包括与零售商店的分销方法、时间安排和推出有关的计划、销售的时间安排和性质以及产品退货、考虑到这是一个新兴市场、公司财务报告内部控制中发现的重大缺陷、完成监管流程和注册(包括新产品表单)、市场需求和接受新产品表单、包括设备在内的不可预见的施工或交付延迟、预期成本的增加,客户购买模式和消费者偏好不是如预期的那样。竞争和产业条件,客户购买模式和作物产量-可能导致实际结果与公司预期有重大差异的,在公司不时提交的文件中披露,这些文件是根据公司在加拿大证券管理局电子文件分析和检索系统(“ SEDAR ”)上的发行人概况( www.carder.com )提交给或提供给美国证券交易委员会(“ SEC ”)的,并可在 SEC 的电子文件收集和检索系统(“ EDGAR ”) www.sec.gov 上查阅,包括公司最新的 MD & A 和 AIF ,可随时查阅。读者应注意不要过度依赖这些前瞻性的声明,这些声明仅在本新闻稿发布之日发表。除法律要求的范围外,本公司不承担任何更新或修订任何前瞻性陈述(无论是由于新信息、未来事件或其他原因)的意图或义务。 1经调整 EBITDA 为非国际财务报告准则财务指标,并无国际财务报告准则下的任何标准化涵义;有关定义及与国际财务报告准则的对账,请参阅本公司2020年第一季度 MD & A 。 2经调整 EBITDA 及经调整 EBITDA 占净收入的百分比为非国际财务报告准则财务指标,并无国际财务报告准则下的任何标准化含义;有关定义及与国际财务报告准则的对账,请参阅本公司2020年第一季度 MD & A 。 3经调整 EBITDA 为非国际财务报告准则财务指标,并无国际财务报告准则下的任何标准化涵义;有关定义及与国际财务报告准则的对账,请参阅本公司2020年第一季度 MD & A 。 4.每克收获的干花种植的现金和“全部”种植成本是 IFRS 以外的衡量标准, IFRS 没有定义,也没有任何标准含义。每克收获的“种植成本”包括直接人工、直接材料和制造费用(例如维修)等“现金”成本,以及“非现金”支出,例如雇员基于份额的种植雇员补偿和生产设施建筑物和设备折旧。栽培成本不包括包装成本,增加包装成本以达到存货成本,也不包括配送成本(运费),两者均计入销售成本。因此,读者应避免将同一时期内每克收获的种植成本与销售成本进行比较,至少有两个原因:(1)销售成本包括“种植成本”不包括的包装成本和分销(运输)成本;(2)产品收获时与销售时之间存在延迟。有时,延迟是一个或两个季度(与提取材料更长)。种植成本也不包括间接生产成本,间接生产成本与毛利率直接相关。 5经调整 EBITDA 为非国际财务报告准则财务指标,并无国际财务报告准则下的任何标准化涵义;有关定义及与国际财务报告准则金额的对账,请参阅本公司2020年第一季度 MD & A 。 6 QUICK TAKE – Cannabis – Cowen 的 THC Tracker : U.S . Brands – Cowen and Company ,2019年3月29日 7目标产能一旦获得许可并完全投入运营,几个因素可能导致实际产能和成本与估计存在差异。参见公司2020年第一季度 MD & A 中的“风险因素”。 8目标产能一旦获得许可并完全投入运营,几个因素可能导致实际产能和成本与估计存在差异。参见公司2020年第一季度 MD & A 中的“风险因素”。 9经调整 EBITDA 为非国际财务报告准则财务指标,并无国际财务报告准则下的任何标准化涵义;有关定义及与国际财务报告准则的对账,请参阅本公司2020年第一季度 MD & A 。

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