Vertically integrated cannabis company Khiron Life Sciences Corp. KHRN KHRNF announced its latest financial results Monday, revealing a 68% year-over-year jump in revenue to CA$2.8 million (CA$2.18 million) in the second quarter of 2021. Shares traded up 1.96% at $ 0.2499 per share in Friday's after-hours session.
The uptick in revenue during the quarter ended June 30 can be mainly attributed to normalized clinic operations and the growth of medical cannabis sales in Colombia, Germany, the UK
and Peru contributing to the gross medical cannabis profit margin of 88%.
Q2 2021 Financial Highlights
- Health Services revenues declined 13%, while medical cannabis revenues hit $825,500, up 47% sequentially.
- Medical cannabis products contributed 29% of total revenues and 70% of gross profits.
- European medical cannabis sales growth of 280% sequentially representing over 25% of total medical cannabis revenues.
- Gross profit, before fair value adjustments, totaled roughly CA$1.05 million, up from 319 000 from the prior year's period.
- General and administrative costs were CA$4.43 million, down from $4.53 million in the same quarter of 2020 and from CA$5.6 million in the prior period.
- Net loss totaled approximately CA$4.8 million, representing an improvement from a CA$5.71 million loss in the second quarter of last year and a CA$5.5 million loss in the previous quarter.
- Adjusted EBITDA came in negative at CA$3.85 million, versus a CA$4.02 million loss in the first quarter of fiscal 2021.
- As of June 30, the company had CA$9.4 million in cash and a proforma cash balance of CA$20.6 million.
"With revenues increasing across all markets, our medical cannabis segment contributed 29% of revenues and 70% of gross profits, showcasing how our medical cannabis business can fundamentally shift margin profiles as revenues increase," Alvaro Torres, Khiron's CEO and director commented. "In Q2 and subsequently, we achieved a number of very significant milestones."
More news from Khiron Life Sciences:
Cannabis Co. Khiron: Shares Plunge On Heels Of $12.4M Offering Of Company's Units
Khiron Cannabis Co To Debut South Of The Border, Obtains High-THC Extract Export Quotas For Mexico
Khiron Sets A Milestone As First Colombian Medical Cannabis Company To Export To Europe
Khiron Life Sciences Confirms First Cannabis Shipment From Colombia To Europe
Photo: Courtesy of Kimzy Nanney on Unsplash
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