Khiron Life Sciences Corp. (TSXV:KHRN) (OTCQX:KHRNF) (Frankfurt: A2JMZC) announced its financial results on Monday for the quarter ended September 30, 2021 reporting revenues of CA$3.52 million ($2.78 million), compared to CA$1.93 million in the same period year ago.
Q3 Financial Highlights
- Net loss amounted to CA$3.34 million, versus a loss of CA$6.72 million in the prior-year quarter;
- Net loss per share amounted to CA$0.02, compared to a net loss of CA$0.06 per share in the third quarter of 2020;
- Adjusted EBITDA was a loss of CA$3.78 million, compared to a loss of CA$4.71 million in the same quarter of last year;
- Medical cannabis revenue of CA$1.2 million, represents 34% of total revenue, while Europe represents 31% of medical cannabis revenue;
- Increased gross margin for clinic services segment of 26%, compared to 12% in Q3 2020 and 15% in Q2 2021;
- At the end of the reporting period on Sep. 30, the company held CA$15.4 million in cash.
“In Q3, we achieved strong results and broke revenue and profitability milestones, surpassing our first million dollars in medical cannabis revenues and gross profits,” ” Alvaro Torres, CEO and director of the Company stated. “Prescription growth was driven by our patient-focused operations in Colombia and Germany. In the first 9 months of 2021, we have already exceeded 2020 medical cannabis sales by more than 600% while maintaining medical cannabis margins of over 89%.”
Khiron’s shares traded 0.94% higher at 19 cents per share at the time of writing Monday morning.