Business
Alternate Health Corp. Reports First Quarter 2017 Financial Results
Alternate Health Corp. Reports First Quarter 2017 Financial Results.
About this update from Alternate Health Corp
[{"type":"text","content":"\n \n Alternate Health Corp. (Alternate \n Health) (CSE: AHG, OTC: AHGIF), an international medical cannabis \n company that uses best in class technology, research, education, \n production and laboratories to increase the awareness, regulatory \n compliance, and appropriate usage of cannabinoids in modern medical \n practices, today announced its results for the first quarter ending \n March 31, 2017. All dollar references in Canadian dollars unless \n otherwise noted.\n \n \n First Quarter 2017 Financial Highlights\n \n \n \n Revenue of $3.9 million compared to Nil in Q1 of last year\n \n \n Adjusted EBITDA of $1.4 million compared to Nil in Q1 2016\n \n \n Net loss of $0.6 million, up from a loss of $0.1 million in Q1 of last \n year\n \n \n Working capital of $10.5 million, up from $0.5 million at year end 2016\n \n \n Total assets of $30.9 million, up $28.6 million from year end 2016\n \n \n The company ended the quarter with $11 million in cash on hand and \n $0.5 million in debt\n \n \n \n Revenue for the quarter was driven by strong performance from Alternate \n Health Labs, a clinical laboratory acquired in January of this year. The \n net loss of $0.6 million was in part due to $1.6 million of \n non-recurring, non-cash expense. We raised $11.1 million in new capital \n during the first quarter and generated $0.2 million cash from operating \n activities. We also placed $1.0 million in strategic partner investments.\n \n \n For the first quarter 2017, Net loss per share (Per International \n Financial Reporting Standards or “IFRS”) was $0.02 and non-IFRS fully \n diluted earnings per share was a positive $0.03. Adjusted net income was \n $1.1 million compared to negative $0.1 million for the same period last \n year.\n \n \n Note – Alternate Health Corp (“the Company”) was formed in January \n 2017 from a reverse take-over of a privately held operating company, \n Alternate Health Inc. (“AHI”). Per the accounting guidance, the \n Company’s first quarter operating statement ending March 31, 2017 is \n compared to the first quarter 2016 of AHI. Similarly, the \n Company’s balance sheet at March 31, 2017 is compared to the December \n 31, 2016 balance sheet for AHI.\n \n \n Management Commentary\n \n \n “We are very pleased with the financial and operational per...