Business
CB2 Insights Announces FY2018 Financial Results After Transformative Year
CB2 Insights Announces FY2018 Financial Results After Transformative Year.
About this update from Skylight Health Group Inc.
[{"type":"text","content":"\nTORONTO, April 30, 2019 (GLOBE NEWSWIRE) -- CB2 Insights (CSE:CBII; OTCQB:CBTOF) (“CB2” or the “Company”), a leading data-analytics company focused on bringing real-world evidence driven from the point-of-care to the medical cannabis community, today reported its results for the fiscal year ending December 31, 2018.  Additional information concerning the Company, including its unaudited condensed consolidated interim financial statements and related management’s discussion and analysis (“MD&A”) for the year ended December 31, 2018, can be found at www.sedar.com and on the Company’s website. All amounts are expressed in Canadian dollars unless otherwise noted. \n FY2018 Financial Highlights Total revenue for FY2018 was $10.8 million, up from $280 thousand from the prior year; the increase was driven primarily from the December 2017 acquisition of Canna Care Docs and when normalized, including 2017 full year of revenue from Canna Care Docs, would illustrate a 2018 revenue increase of 23.0% YoY;Gross profit of $7.9 million in FY2018 compared to $218 thousand from the year prior; andAdjusted EBITDA1 loss of $1.1 million in FY2018* versus adjusted EBITDA loss of $718 thousand in FY2017. *Note: 2018 Adjusted EBITDA1 from US clinical operations resulted in $1.7 million, which was an increase of 122% from 2017. CB2 uses this surplus in cash flow to fuel its Data and Analytics business which includes but is not limited to software development, product development, analytical and commercialization teams. “Fiscal 2018 was a pivotal year for our company, as we executed on our strategy to build the world’s most comprehensive source of clinically-validated Real-World Data focused on medical cannabis,” said Prad Sekar, CEO, CB2 Insights.  “Through our growing portfolio of 34 medical clinics, we are now providing services to 85,000 medical cannabis patients across the US on an annual basis.  We believe that the future direction of medical cannabis will be driven by reliable data sets that provide the basis for understanding real patient outcomes.  At CB2 Insights, our business model is to profitably operate a large portfolio of medical clinics, which will in turn feed our data asset.  That data asset, we believe, will be a critical resour...