Financial Results
- Delivered record revenues of $95,573, an increase of $5,668 or 6% over the same period in prior year driven by growth of our key promoted products partly offset by our mature products.
- Gross margin of $47,337 or 50% of revenues compared to $37,493 or 42% of revenues in the same period in prior year.
- Adjusted EBITDA 1 was $15,744, an increase of $1,475 or 10% over the same period in prior year.
- Adjusted EBITDA per share 1 of $0.16, an increase of $0.03 or 23% over the same period in prior year.
- Net loss was $1,942, compared to net income of $1,840 in the same period in the prior year.
- Cash outflow from operations was $1,086, compared to $1,486 in the same period in prior year.
Corporate Developments
- Completed the NCIB launched in July 2023 with a total purchase of 5,999,524 shares at an average price of $4.87 for aggregate cash consideration of $29,231.
- Shareholders re-elected Jonathan Ross Goodman, Samira Sakhia, James C. Gale, Robert N. Lande, Michael J. Tremblay, Nicolás Sujoy and Janice Murray on the Board of Directors.
Products
- Entered into an exclusive supply and distribution agreement for Jornay PM™ (methylphenidate HCI extended-release capsules) for Canada and Latin America.
Subsequent to quarter- end
- Launched a NCIB in July to purchase up to 5,312,846 common shares of the Company over the next year.
“I am excited to report that for the six months ended June 30, 2024, we delivered record revenues of over $180 million and adjusted EBITDA of over $29 million. This strong performance is the result of the growth of our key promoted products and of our commercial execution across Canada and Latin America. In addition, we have expanded and strengthened our pipeline and will be leveraging our existing neurology infrastructure with the in-licensing of Jornay PM TM , our third neurology product added in the last nine months,” said Samira Sakhia, President and Chief Executive Officer of Knight Therapeutics Inc.
1 Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP measures. Refer to section Non-GAAP measures for additional details.
| SELECTED FINANCIAL RESULTS REPORTED UNDER IFRS [In thousands of Canadian dollars] |
||||||||||
| Change | Change | |||||||||
| Q2-24 | Q2-23 | $ 1 | % 2 | YTD- 24 | YTD-23 | $ 1 | % 2 | |||
| Revenues | 95,573 | 89,905 | 5,668 | 6 % | 182,177 | 172,502 | 9,675 | 6% | ||
| Gross margin | 47,337 | 37,493 | 9,844 | 26% | 89,036 | 78,255 | 10,781 | 14% | ||
| Gross margin % | 50 % | 42 % | 49 % | 45 % | ||||||
| Selling and marketing | 13,264 | 12,874 | (390 | ) | 3% | 25,913 | 23,539 | (2,374 | ) | 10% |
| General and administrative | 12,099 | 9,119 | (2,980 | ) | 33% | 22,637 | 18,225 | (4,412 | ) | 24% |
| Research and development | 5,806 | 4,336 | (1,470 | ) | 34% | 10,786 | 8,523 | (2,263 | ) | 27% |
| Amortization of intangible assets | 11,674 | 11,274 | (400 | ) | 4% | 22,546 | 22,445 | (101 | ) | —% |
| Operating expenses | 42,843 | 37,603 | (5,240 | ) | 14% | 81,882 | 72,732 | (9,150 | ) | 13% |
| Operating income (loss) | 4,494 | (110) | 4,604 | 4185% | 7,154 | 5,523 | 1,631 | … | ||
Read More: Artrya on Track for FDA Application Submission Following Second