Business
PharmaCielo Announces Q1 2023 Financial Results
The Company has products in various stages of testing and sales with more than 40 customers in 11...
About this update from Pharmacielo Ltd.
[{"type":"text","content":"PharmaCielo Announces Q1 2023 Financial ResultsThe Company has products in various stages of testing and sales with more than 40 customers in 11 countries, with continued growth expected for the year.Q1 2023 revenue of $786,498; Adjusted EBITDA loss of $1.9 million.PharmaCielo continues to focus on operating efficiently, with overhead expensesi down 20% from Q1 of 2022, and a recently initiated plan, which it expects will result in a reduction of the Company's annualized fixed costs by approximately 25% compared to 2022.All figures in Canadian dollars ($) unless otherwise specifiedToronto, Ontario and Rionegro, Colombia--(Newsfile Corp. - May 29, 2023) - PharmaCielo Ltd. (TSXV: PCLO) (OTCQX: PCLOF) (\"PharmaCielo\" or the \"Company\"), the Canadian parent of Colombia's premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., today announced financial results for the first quarter ended March 31, 2023. Management Commentary Bill Petron, Chairman and CEO of PharmaCielo commented, \"Despite lower revenue in the first quarter of the year, we fully expect 2023 to be a period of growth following a fiscal 2022 where our sales team drove revenue of almost three-times the prior year. Results will fluctuate quarter-to-quarter due to the size of the business currently, however we are steadily making progress toward the achievement of our strategic objectives. Our global sales team has a robust pipeline of opportunities both in existing and new markets, and we expect higher margin dried flower to progressively become a larger proportion of our sales over the next several quarters. Our ongoing efficiency program is generating results with discretionary expenses down significantly over the past two years, and with no remaining capital expenditures required, we are positioned to quickly turn to profitability and cash flow generation as the revenue line grows.\"Summary FinancialsThree months ended(000's)Mar 31 2023Mar 31 2022Revenue $ 786$   1,201Adjusted EBITDA (Loss)$ (1,876)$   (1,647)Net Loss$ (3,559)$   (2,912)Net Loss per Share $  (0.02) $  (0.02) PharmaCielo had cash equivalents of $0.5 million at March 31, 2023, compared to $0.2 million at December 31, 2022. On August 30, 2022, the Company announced that its previously disclosed n...