Crescita Therapeutics Touts Record Revenue, EBITDA For Fiscal 2019

Crescita Therapeutics Inc. CTX CRRTF, a Canadian dermatology company that researches and develops cannabis ;disclosed Wednesday its fourth quarter and fiscal 2019 financial results.

The Mississauga-based company reported annual record revenue of CA$22.34 million ($15.52 million), up by 34.3% from the previous year. Quarterly revenue of CA$3.82 million was down by 38.4% from the same period in the prior year.

In fiscal 2019, Crescita reached a record positive EBITDA of CA$6.98 million, compared to CA$1.45 million in fiscal 2018, while for the quarter, its adjusted EBITDA was of CA$6,000, compared to CA$1.78 million in the same period of 2018.

Crescita also posted a quarterly net loss of CA$483,000, or a loss of CA$0.02 per share, versus a net income of CA$3.11 million or earnings of CA$0.15 per share in the Q4 of fiscal 2018.

"I am proud of the results the Crescita team delivered in fiscal 2019 with record revenues and Adjusted EBITDA,” Serge Verreault, President and CEO of Crescita, said in a statement. “We had some tailwinds during the year which added significantly to our top and bottom line growth, and we also proved that we could deliver organic growth through geographic expansion when we launched our first brand in China.”

Over the last year, Crescita was successful in "laying the groundwork for growth platforms," Verreault added.

Photo courtesy of Crescita Therapeutics.