2021/Q2 revenue +340% YOY and +155% over
2021/Q1, driven by the addition of Health and Wellness
Innovations consumer products and growth of Cannabis related
product revenue
Appoints Dr. Toni
Rinow as Global Operating Officer
LAVAL, QC, Nov. 16, 2020 /CNW Telbec/ - Neptune
Wellness Solutions Inc. ("Neptune" or the "Company") (NASDAQ: NEPT)
(TSX: NEPT), a diversified and fully integrated health and wellness
company focused on plant-based, sustainable and purpose-driven
lifestyle brands, today announced its financial and operating
results for the three-month and six-month periods that ended
September 30, 2020.
All amounts are in thousands of Canadian dollars except if
specified otherwise.
Second Quarter 2021 Financial Highlights
- Total revenues for the three-month period ended September 30, 2020 amounted to $28,686 representing a sequential increase of
$17,439 or 155%, over the restated
revenues of the first quarter ended June 30,
2020 of $11,247, and an
increase of $22,174 or 340%, compared
to $6,512 for the three-month period
ended September 30, 2019.
- Gross profits for the three-month period ended September 30, 2020 decreased to a loss of
$4,552 compared to profit of
$3,256 in the first quarter ended
June 30, 2020 and profit of
$9 for the three-month period ended
September 30, 2019. Gross margin
declined to a loss of 15.9% as a result of strategic investments to
position the Company for further distribution growth.
- Investments of approximately $1.9
million in capex related to the Sherbrooke facility, to adapt it from low
margin B2B offering to high margins B2C offerings, such as our Mood
Ring™ offerings.
- Adjusted EBITDA1 declined by $8,339 for the second quarter of fiscal year 2021
to a loss of $12,920 compared to the
second quarter of fiscal year 2020. The decline in Adjusted
EBITDA1 is mainly attributable to the change in net
loss, the decrease in acquisition costs, in stock-based
compensation , in excluded net finance costs and in income tax
recovery, partly offset by the increase in non-employees
compensation related to warrants ($2.5
million), in depreciation and amortization and by the costs
related to a one-time cybersecurity incident, which was resolved by
Neptune with no expected material effect on our operations going
forward.
________________________________________________________________
|
1 See
"Caution Regarding Non-IFRS Financial Measures" and "Adjusted
EBITDA" which follow.
|
- Net loss for the three-month period ended September 30, 2020 increased at $21,840 compared to a net loss of $20,775 for the three-month period ended
September 30, 2019, up by
$1,065 or 5%. Included in the net
loss for the quarter ended
September 30, 2020, there was
$5.5 million in non-cash transactions
that were adjusted out of EBITDA, and a little less than
$2.0 million for the cybersecurity
incident previously mentioned.
- The Company restated its previously filed condensed
consolidated interim financial statements as at and for the
three-month period ended June 30,
2020 with respect to recognition of revenue relating to one
transaction that was initially recognized at the gross amount and
was restated to present the net amount of the transaction. There is
no impact on the net loss in the condensed consolidated interim
statement of loss and comprehensive loss resulting form this
restatement. The restatement of the June 30,
2020 interim statements includes management's conclusion
that Company's internal control over financial reporting ("ICFR")
was not effective as at June 30,
2020, due to the existence of a material weakness in its
design and the Company's plans to remediate such weakness.
Recent Corporate Highlights
- September 17,
2020: Neptune announced "Wonders of Africa" essential oil kit is made with
sustainable ingredients and eco-friendly packaging. This marks the
first of its product lines made in collaboration with legendary
animal behavior expert and conservationist, Dr. Jane Goodall, under its Forest Remedies™
brand.
- September 22,
2020: Neptune announced an import and stocking
distribution partnership with one of the world's leading consumer
goods companies, making and selling around 400 brands in more than
190 countries, for professional beauty, personal care and hygiene
product lines generating potential sales revenue from as much as
USD $65 million up to USD
$137 million over the next 18 months
based on the consumer product company's and Neptune's
projections.
- September 24,
2020: Neptune announced it had entered into an
agreement with the British Columbia Liquor Distribution Branch
("BCLDB"), the wholesaler and public retailer of nonmedical
cannabis throughout the province, for the sale and distribution of
Neptune's new proprietary M Mood Ring™ product line.
- October 23,
2020: Neptune announced it had closed a private
placement with certain US healthcare focused institutional
investors for gross proceeds of approximately US$35 million.
- October 27,
2020: Neptune announced a supply agreement with the
Ontario Cannabis Store (OCS), the wholesaler and sole online
retailer for recreational cannabis, for the sale and distribution
of Neptune's new proprietary recreational product line, Mood
Ring™. Together with the BCLDB announcement, this represents
at least 515 retailers.
- October 30,
2020: Neptune announced that its Innovations
business unit has entered into a letter of credit facility with
Perceptive Advisors to provide the Company with up to US$45 million to support the fulfillment of large
purchase orders placed by a customer.
- November 16,
2020: Neptune today announced it received over
US$100 million in purchase orders for
its Biodroga and Innovations divisions. The purchase
orders come from six different Neptune clients and the booked sales
of about $100 million are scheduled
to ship in the next 2 quarters.
- November 16,
2020: Neptune today announced the appointment of
Dr. Toni Rinow as Global Operating
Officer in addition to her current role as Chief Financial Officer,
effective immediately. Dr. Rinow has been instrumental in
increasing efficiencies and future profitability across Neptune's
business units, reducing its headcount by 25% to focus on
forward-thinking initiatives and to accelerate growth with less
focus on long-term, asset heavy investments. David Myers, who was previously Chief Operating
Officer, recently left the Company for personal reasons.
Management Commentary
Michael Cammarata, Chief
Executive Officer of Neptune, stated: "I am pleased with our strong
top line growth and the successful strategic investments we made
during the second quarter of fiscal 2021. We are
transforming Neptune into a leading consumer-packaged goods ("CPG")
company by making the appropriate investments into our distribution
reach in both business-to-business ("B2B") and business-to-consumer
("B2C") channels.
We continue to focus on innovation, expanding our broad
portfolio of natural, plant-based, and sustainable brands in key
health and wellness markets, including hemp, nutraceuticals,
personal care, and home care. We are on track for our CPG products
to exceed 70% of our revenues in the third quarter of fiscal 2021
and expect this segment of our business to continue to generate
very strong growth. The investments and operating efficiencies we
implemented in the first and second quarters of fiscal 2021 and
will continue to make in the third quarter of 2021, have us well
positioned to begin realizing the tremendous revenue from our
purchase orders to come. These orders combined with the
growth of our other areas will drive profitable accretive growth
with limited incremental capital investment, ultimately driving
higher margins and higher returns."
Dr. Toni Rinow, Chief Financial
Officer and Global Operating Officer of Neptune, added: "During the
second quarter we saw continued growth to our top line while we
made additional strategic investments in the future of the Company
and in our distribution channels. These investments were an
important steppingstone into the next phase of growth. Moving into
the back half of fiscal 2021 we are sufficiently capitalized and
well positioned to deliver on growth in purchase orders in
the fourth fiscal quarter of 2021 and as we move into the first
half of fiscal 2022. We remain focused on innovation that will
continue to help customers, from the time they wake up to when they
go to sleep."
Operational Update
During the quarter, Neptune executed on a dual go-to market B2B
and B2C strategy focused on dramatically expanding its global
distribution reach. Neptune is greatly accelerating its global
distribution network and expects CPG distribution to exceed 70% of
the Company's revenues in the third quarter of fiscal 2021; this
compares to zero for the same period in the previous year.
Additionally, Neptune continues to build a broad portfolio of
natural, plant-based, and sustainable brands and CPG products in
key health and wellness markets, including hemp, nutraceuticals,
personal care, and home care.
Conference Call Details
Date:
|
Monday, November 16,
2020
|
|
|
Time:
|
4:30 PM Eastern
Daylight Time
|
|
|
Call:
|
1 (888) 231-8191
(Canada and U.S.)
|
|
1 (647) 427-7450
(International)
|
|
Conference ID:
9196032
|
There will also be a simultaneous, live webcast available on the
Investors section of Neptune's website under Investor Events and
Presentations at www.neptunecorp.com or directly
at https://produceredition.webcasts.com/starthere.jsp?ei=1388592&tp_key=4b8fec85a6.
The webcast will be archived for approximately 30 days.
About Neptune Wellness Solutions Inc.
Neptune Wellness Solutions is a unique global health and
wellness company that is changing consumer habits through the
creation and distribution of environmentally friendly, ethical and
innovative consumer product goods. Neptune's simultaneous focus on
B2C and B2B customer-oriented brand development provides the
Company with international reach and scale from its owned and
operated facilities that extract and create product formulation,
all the way to the sales floor at top global retailers.
Underpinned by a disruptive spirit, Neptune's diversified, and
fully integrated business model focuses on natural, plant-based,
sustainable and purpose-driven lifestyle brands and the use of
cannabinoids in household products to make them safer, healthier
and more effective. Its portfolio includes emerging brands such as
Forest Remedies™, Ocean Remedies™, Neptune Wellness™, Mood Ring™,
and OCEANO3™, which are poised for rapid growth and expansion.
Backed with a cost-efficient manufacturing and supply chain
infrastructure that can be scaled up and down or into adjacent
product categories to identify new innovation opportunities,
Neptune quickly adapts to consumer preferences and demand, and is
bringing its products as well as other Fortune 100 brands to market
through strategic distribution partnerships, mass retail partners
and e-commerce channels. Neptune is committed to its core mission
of redefining health and wellness and helping humanity thrive by
providing sustainable consumer focused solutions. For additional
information, please visit: www.neptunecorp.com
Caution Regarding Non-IFRS Financial Measures
The Corporation uses one adjusted financial measure, Adjusted
Earnings Before Interest, Taxes, Depreciation and Amortization
(Adjusted EBITDA) to assess its operating performance. This
non-IFRS financial measure is comprised of adjustments that are
derived from the Corporation's financial statements and are
presented in a consistent manner. The Corporation uses this measure
for the purposes of evaluating its historical and prospective
financial performance, as well as its performance relative to
competitors. This measure also helps the Corporation to plan and
forecast for future periods as well as to make operational and
strategic decisions. The Corporation believes that providing this
information to investors, in addition to IFRS measures, allows them
to see the Corporation's results through the eyes of management,
and to better understand its historical and future financial
performance.
Securities regulations require that companies caution readers
that earnings and other measures adjusted to a basis other than
IFRS do not have standardized meanings and are unlikely to be
comparable to similar measures used by other companies.
Accordingly, they should not be considered in isolation. The
Corporation uses Adjusted EBITDA to measure its performance from
one period to the next without the variation caused by certain
adjustments that could potentially distort the analysis of trends
in our operating performance, and because the Corporation believes
it provides meaningful information on the Corporation's financial
condition and operating results. Neptune's method for calculating
Adjusted EBITDA may differ from that used by other
corporations.
Neptune obtains its Adjusted EBITDA measurement by adding to
net income (loss), net finance costs and depreciation and
amortization and by subtracting income tax recovery. Other items
such as stock-based compensation, non-employees compensation
related to warrants, litigation provisions, acquisition costs,
signing bonuses, severances and related costs of the Corporation
are also added back as they may vary significantly from one period
to another. Adjusting for these items does not imply they are
non-recurring.
Forward Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute "forward-looking statements"
within the meaning of the U.S. securities laws and Canadian
securities laws. Such forward-looking statements involve known and
unknown risks, uncertainties, and other unknown factors that could
cause the actual results of Neptune to be materially different from
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements which
explicitly describe such risks and uncertainties, readers are urged
to consider statements labeled with the terms "believes", "belief",
"expects", "intends", "projects", "anticipates", "will", "should"
or "plans" to be uncertain and forward-looking. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press
release.
The forward looking statements contained in this press
release are expressly qualified in their entirety by this
cautionary statement and the "Cautionary Note Regarding
Forward-Looking Information" section contained in Neptune's latest
Annual Information Form (the "AIF"), which also forms part of
Neptune's latest annual report on Form 40-F, and which is available
on SEDAR at www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml and
on the investor section of Neptune's website at
www.neptunecorp.com. All forward-looking statements in this press
release are made as of the date of this press release. Neptune does
not undertake to update any such forward-looking statements whether
as a result of new information, future events or otherwise, except
as required by law. The forward-looking statements contained herein
include, without limitation, statements about the fulfillment of
purchase orders, the availability of products from Neptune's
supplier, and the anticipated use of proceeds of the financing and
other risks and uncertainties that are described from time to time
in Neptune public securities filings with the Securities and
Exchange Commission and the Canadian securities commissions.
Additional information about these assumptions and risks and
uncertainties is contained in the AIF under "Risk Factors".
Neither NASDAQ nor the Toronto Stock Exchange accepts
responsibility for the adequacy or accuracy of this
release.
NEPTUNE WELLNESS SOLUTIONS INC.
Condensed
Consolidated Interim Statements of Loss and Comprehensive Loss
(Unaudited)
For the three-month and six-month periods ended September 30, 2020 and 2019
|
|
|
Three-month periods
ended
|
|
Six-month periods
ended
|
|
|
|
|
September
30,
2020
|
|
|
September
30,
2019
|
|
|
September
30,
2020
(1)
|
|
|
September
30,
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from sales
and services
|
|
$
|
28,308,364
|
|
|
$
|
6,021,177
|
|
|
$
|
39,214,637
|
|
|
$
|
10,010,675
|
|
Royalty
revenues
|
|
|
378,119
|
|
|
|
348,306
|
|
|
|
694,647
|
|
|
|
690,169
|
|
Other
revenues
|
|
|
—
|
|
|
|
142,798
|
|
|
|
24,236
|
|
|
|
172,445
|
|
Total revenues (note
12)
|
|
|
28,686,483
|
|
|
|
6,512,281
|
|
|
|
39,933,520
|
|
|
|
10,873,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
|
(33,238,654)
|
|
|
|
(6,503,606)
|
|
|
|
(41,229,266)
|
|
|
|
(11,576,789)
|
|
Gross profit
(loss)
|
|
|
(4,552,171)
|
|
|
|
8,675
|
|
|
|
(1,295,746)
|
|
|
|
(703,500)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses, net of tax credits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and grants of ($2,273)
and $16,227 (2019 - ($53,999) and ($33,947))
|
|
|
(566,117)
|
|
|
|
(540,950)
|
|
|
|
(1,001,069)
|
|
|
|
(883,286)
|
|
Selling, general and
administrative expenses (note 11 (b)(iv))
|
|
|
(18,433,852)
|
|
|
|
(16,781,456)
|
|
|
|
(31,288,734)
|
|
|
|
(22,111,321)
|
|
Loss from operating
activities
|
|
|
(23,552,140)
|
|
|
|
(17,313,731)
|
|
|
|
(33,585,549)
|
|
|
|
(23,698,107)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
income
|
|
|
13,416
|
|
|
|
63,966
|
|
|
|
31,059
|
|
|
|
82,803
|
|
Finance
costs
|
|
|
(154,716)
|
|
|
|
(4,320,136)
|
|
|
|
(290,359)
|
|
|
|
(4,434,196)
|
|
Foreign exchange gain
(loss)
|
|
|
(944,601)
|
|
|
|
767,685
|
|
|
|
(2,283,793)
|
|
|
|
744,188
|
|
|
|
|
|
(1,085,901)
|
|
|
|
(3,488,485)
|
|
|
|
(2,543,093)
|
|
|
|
(3,607,205)
|
|
Loss before income
taxes
|
|
|
(24,638,041)
|
|
|
|
(20,802,216)
|
|
|
|
(36,128,642)
|
|
|
|
(27,305,312)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
recovery
|
|
|
2,797,920
|
|
|
|
27,409
|
|
|
|
2,861,110
|
|
|
|
78,356
|
|
Net loss
|
|
|
(21,840,121)
|
|
|
|
(20,774,807)
|
|
|
|
(33,267,532)
|
|
|
|
(27,226,956)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains
(losses) on investment (note 10)
|
|
|
(370,001)
|
|
|
|
2,994,340
|
|
|
|
(260,000)
|
|
|
|
2,795,458
|
|
Net change in
unrealized foreign currency losses on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
translation of net
investments in foreign operations
|
|
|
(1,055,154)
|
|
|
|
(705,451)
|
|
|
|
(2,606,633)
|
|
|
|
(705,451)
|
Total other
comprehensive income (loss)
|
|
|
(1,425,155)
|
|
|
|
2,288,889
|
|
|
|
(2,866,633)
|
|
|
|
2,090,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
loss
|
|
$
|
(23,265,276)
|
|
|
$
|
(18,485,918)
|
|
|
$
|
(36,134,165)
|
|
|
$
|
(25,136,949)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
loss per share
|
|
$
|
(0.20)
|
|
|
$
|
(0.23)
|
|
|
$
|
(0.31)
|
|
|
$
|
(0.32)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
weighted average number of common shares
|
|
|
111,044,790
|
|
|
|
90,278,908
|
|
|
|
106,796,307
|
|
|
|
85,542,521
|
|
(1)
|
Refer to note 14 -
Restatement of prior period figures.
|
See accompanying notes to unaudited condensed consolidated
interim financial statements.
NEPTUNE WELLNESS SOLUTIONS INC.
Condensed
Consolidated Interim Statements of Financial Position
(Unaudited)
As at September 30, 2020 and
March 31, 2020
|
|
September
30,
|
|
|
March 31,
|
|
|
|
2020
|
|
|
2020
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
9,089,029
|
|
|
$
|
16,577,076
|
|
Short-term
investment
|
|
|
24,032
|
|
|
|
36,000
|
|
Trade and other
receivables
|
|
|
22,400,059
|
|
|
|
10,793,571
|
|
Prepaid
expenses
|
|
|
3,561,634
|
|
|
|
2,296,003
|
|
Inventories (note
5)
|
|
|
21,609,305
|
|
|
|
9,092,538
|
|
|
|
|
56,684,059
|
|
|
|
38,795,188
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
|
63,659,677
|
|
|
|
60,028,574
|
|
Right-of-use
assets
|
|
|
1,151,263
|
|
|
|
1,386,254
|
|
Intangible
assets
|
|
|
21,034,519
|
|
|
|
25,518,287
|
|
Goodwill (note
4)
|
|
|
40,269,896
|
|
|
|
42,333,174
|
|
Tax credits
recoverable
|
|
|
184,470
|
|
|
|
184,470
|
|
Deferred tax
assets
|
|
|
172,339
|
|
|
|
—
|
|
Other asset (note
10)
|
|
|
270,000
|
|
|
|
530,000
|
|
Total
assets
|
|
$
|
183,426,223
|
|
|
$
|
168,775,947
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Trade and other
payables
|
|
$
|
16,175,786
|
|
|
$
|
12,451,669
|
|
Lease
liabilities
|
|
|
460,408
|
|
|
|
450,125
|
|
Loans and borrowings
(note 6)
|
|
|
3,232,732
|
|
|
|
3,180,927
|
|
Deferred
revenues
|
|
|
250,909
|
|
|
|
17,601
|
|
Provisions (note
7)
|
|
|
1,596,273
|
|
|
|
1,115,703
|
|
|
|
|
21,716,108
|
|
|
|
17,216,025
|
|
|
|
|
|
|
|
|
|
|
Lease
liabilities
|
|
|
888,823
|
|
|
|
1,141,314
|
|
Long-term
payables
|
|
|
278,202
|
|
|
|
555,440
|
|
Deferred tax
liabilities
|
|
|
2,058,878
|
|
|
|
5,015,106
|
|
Other liability (note
13)
|
|
|
2,450,696
|
|
|
|
1,217,769
|
|
Total
liabilities
|
|
|
27,392,707
|
|
|
|
25,145,654
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
Share capital (note
8)
|
|
|
257,528,865
|
|
|
|
213,876,454
|
|
Warrants (note 8
(e))
|
|
|
22,014,403
|
|
|
|
18,597,776
|
|
Contributed
surplus
|
|
|
70,641,663
|
|
|
|
69,173,313
|
|
Accumulated other
comprehensive income
|
|
|
2,650,743
|
|
|
|
5,517,376
|
|
Deficit
|
|
|
(196,802,158)
|
|
|
|
(163,534,626)
|
|
Total
equity
|
|
|
156,033,516
|
|
|
|
143,630,293
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies (note 11)
|
|
|
|
|
|
|
|
|
Subsequent events
(note 15)
|
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
|
$
|
183,426,223
|
|
|
$
|
168,775,947
|
|
See accompanying notes to unaudited condensed consolidated
interim financial statements.
ADJUSTED EBIDTA
Although the concept of Adjusted EBIDTA is not a financial or
accounting measure defined under IFRS and it may not be comparable
to other issuers, it is widely used by companies. Neptune
obtains its Adjusted EBITDA measurement by adding to net income
(loss), net finance costs and depreciation and amortization, and by
subtracting income tax recovery. Other items such as stock-based
compensation, non-employees compensation related to warrants,
litigation provisions, acquisition costs, signing bonuses,
severances and related costs of the Corporation are also added back
as they may vary significantly from one period to another.
Adjusting for these items does not imply they are
non-recurring.
Adjusted EBITDA1 reconciliation, in thousands of
dollars
|
|
Three-month periods
ended
|
|
|
Six-month periods
ended
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss for the
period
|
|
$
|
(21,840)
|
|
|
$
|
(20,775)
|
|
|
$
|
(33,268)
|
|
|
$
|
(27,227)
|
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
2,792
|
|
|
|
2,133
|
|
|
|
5,550
|
|
|
|
3,216
|
|
Net finance
costs
|
|
|
1,086
|
|
|
|
3,488
|
|
|
|
2,543
|
|
|
|
3,607
|
|
Stock-based
compensation
|
|
|
2,654
|
|
|
|
7,879
|
|
|
|
6,152
|
|
|
|
8,736
|
|
Non-employees
compensation related to warrants
|
|
|
2,542
|
|
|
|
—
|
|
|
|
3,417
|
|
|
|
—
|
|
Provisions
|
|
|
267
|
|
|
|
79
|
|
|
|
481
|
|
|
|
160
|
|
Acquisition
costs
|
|
|
—
|
|
|
|
1,792
|
|
|
|
—
|
|
|
|
2,159
|
|
Signing bonuses,
severances and related costs
|
|
|
394
|
|
|
|
850
|
|
|
|
601
|
|
|
|
1,263
|
|
Cybersecurity
incident
|
|
|
1,983
|
|
|
|
—
|
|
|
|
1,983
|
|
|
|
—
|
|
Income tax
recovery
|
|
|
(2,798)
|
|
|
|
(27)
|
|
|
|
(2,861)
|
|
|
|
(78)
|
|
Adjusted
EBITDA1
|
|
$
|
(12,920)
|
|
|
$
|
(4,581)
|
|
|
$
|
(15,402)
|
|
|
$
|
(8,164)
|
|
Please note that non-employees compensation related to warrants
and signing bonuses are new additions to the Company's calculation
methodology for the quarter ended September
30, 2020. Signing bonuses did not occur previously, so
no restatement of the previous periods was needed, but there were
non-employees compensation expenses related to warrants in previous
quarters; consequently, the amount for the six-month period ended
September 30, 2020 reflects the sum
of those expenses for the first ($875) and second ($2,542) quarters of FY2021, and no corrections
were needed for the three-month and six-month periods ended
September 30, 2019.
_______________________________________________________
|
1 The
Adjusted EBITDA is not a standard measure endorsed by IFRS
requirements.
|
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SOURCE Neptune Wellness Solutions Inc.