Columbia Care Expects Record Q4 Earnings, Will Finalize Green Leaf Medical Deal Soon
Columbia Care Inc. (NEO: CCHW) (OTCQX:CCHWF) released preliminary financial results for the fourth quarter and full-year 2020.
The New York-based company expects combined quarterly revenue to hover $81.8 million. That's up by 234% year-over-year.
Columbia Care says it achieved a positive adjusted EBITDA of $9.47 million in the quarter, which compares to an adjusted EBITDA loss of $14.33 million in the same period of 2019.
For the full year 2020, Columbia Care disclosed combined revenue of $197.91 million, up by 151% from $78.81 million in 2019.
In 2020 the company reported a combined adjusted EBITDA loss of $905,000, compared to a loss of $47.36 million in the prior year.
Columbia Care CEO Nicholas Vita credited the performance to "continued revenue growth and margin expansion."
"We effectively navigated the challenges of the COVID-19 pandemic and, in spite of those headwinds, delivered an exceptional year as we exceeded every milestone target set forth in our 2020 outlook," he added.
Columbia Care also recently completed acquisitions of both The Green Solution and Project Cannabis. The recently announced purchase of Green Leaf Medical should be finalized during the third quarter.
There are no other M&A plans at the moment.
Columbia Care's projected pro-forma combined revenue for 2021 is expected to be between $500 and $530 million. Combined adjusted EBITDA is slated to be between $95 million and $105 million.
Columbia’s shares opened Wednesday at $7.21 each, and dipped about 2.9% to $6.99 by 1:00 p.m. EST.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.