VIVO Cannabis FY22 Revenue Stagnates, What About Net Loss?

VIVO Cannabis Inc. VVCIF VIVO FY 2022 net revenue was CA$25.5 million ($18.7 million), an increase of 2% compared CA$25 million in 2021.

Q4 & FY 2022 Financial Highlights

• Net revenue for the fourth quarter of 2022 was CA$7.1 million, which was a 3% increase compared to the same period for 2021, and an increase of 15% compared to Q3 2022 sales.

• The company had a net income of CA$400,000 for the three months ended December 31, 2022, compared to a net loss of CA$3.9 million for the three months ended September 30, 2022.

• Net loss was CA$48.4 million in 2022, a 30% decrease from the prior year.

• The company's adjusted EBITDA increased by CA$3.2 million during the year ended December 31, 2022, compared to the prior year driven by continued efforts to streamline operations and an enhanced focus on the domestic and international medical markets.

Other Highlights

• The company signed a definitive agreement with MediPharm Labs Inc. MEDIF whereby MediPharm has agreed to acquire VIVO Cannabis Inc. in an all-equity business combination transaction.

• Shareholders of the company held a special meeting during which the arrangement agreement between the company and MediPharm was approved and the transaction is expected to close within weeks.

Business Update

In January 2019, the company and Auxly CBWTF entered into an arbitration process as detailed in its financial statements. In November 2022, the parties signed a full and final release and an order was signed dismissing the arbitration process on consent of the parties, at which time the liability for CA$8.8 million was recognized in other income and the statement of loss and comprehensive loss.

Benzinga's Cannabis Capital Conference Is Back

The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference, returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don’t miss out. Secure your tickets now. Prices will surge very soon.

Photo by Esteban López on Unsplash