Khiron Q3 Revenue Declines 24% Sequentially To $2.5M

Khiron Life Sciences Corp. KHRNF KHRN A released its financial results for the quarter ended September 30, 2022, revealing revenue of CA$3.4 million ($2.5 million), a 4% decrease compared to CA$3.6 million in the Q3 2021.

Q3 2022 Financial Highlights

• Gross profit before fair value adjustments was CA$1.4 million, compared to CA$1.7 million in Q3 2021.

• Net loss was CA$3.6 million, compared to CA$3.3 million in the Q3 2021.

• Adjusted EBITDA was a loss of CA$2.8 million compared to loss of CA$3.8 million in Q3 2021.

Alvaro Torres, Khiron CEO and director, stated, "This quarter presented transitional challenges in Colombia and Germany, impacting top line sales and our short-term goals on profitability. In Colombia, insurance coverage has always been a priority for the company, and as we have witnessed in the past year and a half, it's an importance in serving patients from all communities. The new Government has been very supportive of the industry and the efforts of companies such as Khiron to ensure access to medical cannabis.”

“We want to thank our patient base, who was instrumental in advocating for the need of insurance coverage, and the Government of Colombia who will create a more robust long-term framework, so that medical cannabis continues reach patients who depend on our services. In Germany, we are pleased to have finished all regulatory approvals for the acquisition of Pharmadrug as well as obtaining import permits for our product portfolio. This has allowed us, in Q4 2022, to increase our presence in this country and to look at different growth opportunities through our Pharmadrug distribution platform, such as our new exports into Switzerland. Meanwhile, we continue to reduce expenses, while growing our high gross margin medical cannabis business in Europe and the rest of Latin America. The company continues to evaluate all strategic opportunities and financing options," concluded Torres.

Price Action

Khiron Life Sciences shares were trading 5.22% lower at $0.0636 per share at the time of writing Wednesday morning.

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Photo by Esteban Lopez on Unsplash

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