BetterLife Announces Engagement of Bloom Burton Securities Inc. and Provides Summary of 2022 Accomplishments

BetterLife Pharma Inc. ("BetterLife" or the "Company") (CSE: BETR OTCQB: BETRF FRA: NPAU ), an emerging biotech company focused on the development and commercialization of cutting-edge treatments for mental disorders, is pleased to announce the engagement of Bloom Burton Securities Inc. ("Bloom Burton") for strategic advisory services to support BetterLife's growth and development initiatives towards clinical trials.

"We are very excited to be working with Bloom Burton, Canada's leading healthcare investment banking firm," said Ahmad Doroudian, CEO of BetterLife. "Bloom Burton has extensive understanding of the overall biotechnology and healthcare landscape and the emerging psychedelics space specifically, which will help advance our clinical trial initiatives and accomplish our financing needs."

BetterLife is also pleased to highlight the 2022 accomplishments for the advancement of its non-hallucinogenic therapeutics to treat a wide range of mental health conditions and neurological disorders as well as accomplishments of its wholly owned subsidiary MedMelior's proprietary interferon alpha2b formulations to treat HPV and respiratory viral infections.

Manufacturing

Development of scaled-up (kg batch size) manufacturing of BetterLife's proprietary form of 2-bromo-LSD ("BETR-001") using BetterLife's proprietary synthetic pathway. The starting material and whole synthetic pathway do not involve any controlled substance and, therefore, are not bound by controlled substance regulations. Both the synthetic route and the end-product are proprietary (BetterLife's provisional patents).
Initiation of GMP manufacturing of BETR-001.

Preclinical

A comprehensive preclinical in-vitro and in-vivo characterization of BETR-001 conducted in collaboration with three leading investigators in this field: Dr. Adam L. Halberstadt (University of California San Diego, USA), Dr. Argel Aguilar-Valles (Carleton University, Canada), and Dr. John D. McCorvy (Medical College of Wisconsin, USA).
The studies include an in vitro pharmacological profiling of BETR-001 over 30 key neuroreceptors in parallel with its parent compound LSD, as well as in-vivo studies in mouse models, showing the non-hallucinogenic profile of BETR-001 as well as its effective structural neuroplasticity and anti-depressant profile. Furthermore, the research provides insight into the mechanism for the non-hallucinogenic activity of BETR-001, as well as other key pharmacological differences between BETR-001 and LSD which could potentially translate into significant therapeutic benefits of BETR-001.
At the end of 2022, the manuscript on the BETR-001 preclinical data was submitted to a high impact peer-reviewed scientific journal for publication and is currently awaiting review outcome.

Regulatory

Initiation of IND-enabling GLP toxicology studies. Studies are ongoing.
IND-enabling studies are based on guidance from the BETR-001 pre-IND FDA meeting held in 2021.

Intellectual Property

Filing of a PCT patent application along with a U.S. application for LSD derivatives, including 2-bromo-LSD. The applications cover compositions of these derivatives; their synthesis without involving controlled substances; and their use in the treatment of a range of neuropsychiatric and neurological conditions, including depression, anxiety, PTSD, and neuropathic pain.

Scientific Publications

Scientific presentations on BETR-001 preclinical data were made at the following conferences:

Canadian Association for Neuroscience (CAN) / May 12-15, 2022 / Toronto, Canada.
Federation of European Neuroscience Societies (FENS) / July 9-13, 2022 / Paris, France.
61 ^st Annual Meeting of the American College of Neuropsychopharmacology (ACNP) / December 4-7, 2022 / Phoenix, Arizona.
Abstract submitted and accepted for presentation at the Annual Conference of Society of Biological Psychiatry (SOBP) / April 27-29, 2023 / San Diego, California.

MedMelior

MedMelior's interferon alpha 2b ("IFNa2b") provisional patent (manufacturing, cell bank, formulation, and use) was entered into national filing phase in different countries.
A Phase 1 trial in healthy subjects was completed with MM-003 (IFNa2b in MedMelior's proprietary inhalation formulation). Trial was an independent investigator study conducted in Chile by the Pontificia Universidad Católica de Chile. Data showed inhaled MM-003 was safe and well tolerated.
A Phase 2 trial of treatment with MM-003, with twice daily inhalation, in early stage COVID-19 patients was conducted in Chile. The trial was an independent investigator study conducted in Chile by the Pontificia Universidad Católica de Chile. Patient treatments were completed and data analysis is ongoing.
MedMelior continues to pursue strategic options for funding and partnership to develop its MM-001 and MM-003 programs.

About BetterLife Pharma

BetterLife Pharma Inc. is an emerging biotechnology company primarily focused on developing and commercializing two compounds, BETR-001 and BETR-002, to treat neuro-psychiatric and neurological disorders.

BETR-001, which is in preclinical and IND-enabling studies, is a non-hallucinogenic and non-controlled LSD derivative in development and it is unique in that it is unregulated and therefore can be self-administered. BetterLife's synthesis patent for BETR-001 eliminates regulatory hurdles and its pending patent for composition and method of use covers treatment of depression, cluster headaches, post-traumatic stress disorder and other neuro-psychiatric and neurological disorders.

BETR-002, which is in preclinical and IND-enabling studies, is based on honokiol, the active anxiolytic ingredient of magnolia bark. BetterLife's pending method of use and formulations patent covers treatment of anxiety related disorders including benzodiazepine dependency.

BetterLife also owns a drug candidate for the treatment of viral infections such as COVID-19 and is in the process of seeking strategic alternatives for further development.

For further information, please visit BetterLife Pharma .

Contact Information

David Melles, Investor Relations Manager
Email: David.Melles@blifepharma.com
Phone: 1-778-887-1928

Cautionary Note Regarding Forward-Looking Statements

No securities exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release. This news release contains forward-looking statements relating to product development, licensing, commercialization and regulatory compliance issues and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.

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BetterLife's Non-hallucinogenic LSD For Treating Mood Disorders Highlighted in Drug Discovery & Development Article

BetterLife Pharma Inc. ("BetterLife" or the "Company") (CSE: BETR OTCQB: BETRF FRA: NPAU ), an emerging biotech company focused on the development and commercialization of cutting-edge treatments for mental disorders, is pleased to announce that, an article titled "Non-hallucinogenic LSD derivative reduces depression symptoms in preclinical studies," based on BetterLife's lead candidate BETR-001 (2-bromo-LSD) was published by Drug Discovery & Development on March 22, 2023.

The Drug Discovery & Development article describes and adds further comments to the positive data and extensive pharmacological characterization of BETR-001 which were published recently in the peer-reviewed journal Cell Report s. These studies were performed by BetterLife in collaboration with several leading scientists in this field: Dr. Adam L. Halberstadt (University of California San Diego, USA), Dr. Argel Aguilar-Valles (Carleton University, Canada), and Dr. John D. McCorvy (Medical College of Wisconsin, USA).

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Betterlife Publishes Promising Results from a Study Titled "A Non-Hallucinogenic LSD Analog With Therapeutic Potential For Mood Disorders"

BetterLife Pharma Inc. ("BetterLife" or the "Company") (CSE: BETR OTCQB: BETRF FRA: NPAU ), an emerging biotech company focused on the development and commercialization of cutting-edge treatments for mental disorders, is pleased to announce that findings from a study on its lead candidate BETR-001 (2-bromo-LSD) titled "A Non-Hallucinogenic LSD Analog With Therapeutic Potential For Mood Disorders" has been published in the peer-reviewed journal of Cell Report .

The study expands on previously reported positive data by performing an extensive pharmacological characterization of BETR-001 in comparison with LSD. The results show distinct central nervous system aminergic receptors pharmacological differences between BETR-001 versus LSD. These include 5-HT2A receptor partial agonism and lack of psychedelic-like effects in vivo for BETR-001 in contrast to LSD. Further, the study demonstrates lack of 5-HT2B agonism for BETR-001 in contrast to the 5-HTB agonism caused by LSD, and therefore a projected safer cardiovascular profile for BETR-001. Finally, the study shows BETR-001 induces neuroplasticity both in vitro and in vivo while promoting active coping behavior in mouse models of depression and anxiety.

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BetterLife Announces Pricing of Proposed Offering of Units

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

BetterLife Pharma Inc. ("BetterLife" or the "Company") (CSE: BETR OTCQB : BETRF FRA: NPAU ) an emerging biotech company focused on the development and commercialization of cutting-edge treatments for mental disorders, is pleased to announce that it has priced its previously announced private placement offering (the "Offering") of units of the Company ("Units"). Pursuant to the Offering, the Company will issue Units at a price of $0.10 per Unit for total minimum aggregate gross proceeds of $1,500,000 and maximum gross proceeds of $5,000,000. Each Unit is comprised of one common share of the Company (a "Common Share") and one Common Share purchase warrant of the Company (each whole Common Share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Common Share for a period of 60 months from the date of issuance of such Warrant, at an exercise price of $0.15, subject to and in accordance with the terms and conditions of the warrant indenture to be entered into between the Company and Endeavor Trust Corporation (the "Warrant Indenture").

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BetterLife Announces Offering of Units

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

BetterLife Pharma Inc. ("BetterLife" or the "Company") (CSE: BETR OTCQB : BETRF FRA: NPAU ) an emerging biotech company focused on the development and commercialization of cutting-edge treatments for mental disorders, is pleased to announce a private placement offering (the "Offering") of units of the Company ("Units"), comprising of one common share of the Company and one common share purchase warrant of the Company. Bloom Burton Securities Inc. ("Bloom Burton" or the "Agent") is acting as the sole placement agent for the Offering. The number of Units to be distributed, the price of each Unit and the exercise price of each common share purchase warrant will be determined by negotiation between the Company and Bloom Burton in the context of the market with final terms to be determined at the time of pricing.

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BetterLife Announces Closing of Private Placement

BetterLife Pharma Inc. ("BetterLife" or the "Company") (CSE: BETR OTCQB : BETRF FRA: NPAU ) is pleased to announce that it has closed a non-brokered private placement (the "Offering") by issuing 3,160,000 common shares at a price of USD$0.15 per common share for gross proceeds of USD$474,000. The common shares issued pursuant to the Offering are subject to a hold period under applicable securities laws, which hold period expires four months and a day following the date of issuance. BetterLife will use the proceeds for working capital purposes and for advancement of pre-clinical and clinical programs. Negev Capital and certain European-based investors participated in the Offering.

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Arvinas Enters into a Transaction with Novartis, including a Global License Agreement for the Development and Commercialization of PROTAC® Androgen Receptor Protein Degrader ARV-766 for the Treatment of Prostate Cancer

Arvinas to receive a $150 million upfront payment for the license of ARV-766 and the sale of Arvinas' preclinical AR-V7 program, with the potential under the License Agreement for up to $1.01 billion in development, regulatory, and commercial milestones, as well as tiered royalties –

– Novartis to be responsible for worldwide clinical development and commercialization of ARV-766 –

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New Novartis data show early addition of twice-yearly* Leqvio® following maximally tolerated statin therapy significantly reduces LDL-C in ASCVD patients in real-world setting

V- INITIATE trial demonstrates that early initiation with Leqvio, prior to guideline-recommended ezetimibe, for ASCVD patients unable to achieve LDL-C goal on statin therapy alone led to significant LDL-C reduction vs. clinician-determined usual care (60% vs. 7% respectively) ¹
A significantly greater proportion of the ASCVD patients receiving Leqvio achieved guideline-recommended LDL-C goal vs. the usual care arm while maintaining adherence to statin treatment ¹
Results from usual care arm reinforce the urgent need for more aggressive LDL-C lowering in ASCVD patients, 92% of whom did not reach their LDL-C goal with statins alone ¹
The Leqvio safety profile was consistent with the Phase III clinical studies and long-term open-label extension trials for up to 6 years of treatment ^1-4

Novartis today announced new data demonstrating the early addition of twice-yearly* Leqvio ® (inclisiran) to maximally tolerated statin therapy, prior to guideline-recommended ezetimibe, in a real-world setting significantly reduced low-density lipoprotein cholesterol (LDL-C) in patients with atherosclerotic cardiovascular disease (ASCVD), including those with a history of an ASCVD-related event, who could not reach their goal on statin therapy alone 1 . The late-breaking data were presented at the 2024 American College of Cardiology's Annual Scientific Session & Expo and simultaneously published in the Journal of the American College of Cardiology .

"V-INITIATE evaluated a solution to the important challenge seen in clinical practice of too many patients with ASCVD not achieving guideline-recommended LDL-C goal on statins alone and effective non-statin therapies being markedly underutilized," said Michael Koren , M.D., Medical Director and CEO of Jacksonville Center for Clinical Research, and the primary investigator of the study. "Given the urgent need to more aggressively manage LDL-C, the results from V-INITIATE show that when added earlier in the treatment continuum, the structured use of effective non-statin therapies like Leqvio can significantly reduce LDL-C for ASCVD patients who are struggling to reach or maintain their LDL-C goal."

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Jamieson Wellness Publishes Inaugural Sustainability Impact Report

From values to action, the Company details progress towards its sustainability commitments in its "Inspiring Better Lives Every Day: 2023 Sustainability Impact Report"

Jamieson Wellness Inc. ("Jamieson Wellness" or the "Company") (TSX: JWEL) today announces the release of its "Inspiring Better Lives Every Day: 2023 Sustainability Impact Report". The comprehensive report underscores the Company's commitment to creating a sustainable future while aligning with its core values of Respect, Excellence, Accountability, and Agility. The Company's new purpose, "Inspiring Better Lives Every Day," serves as its guiding light as it navigates the path toward positive impact.

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Jamieson Wellness Inc. Reports Strong Fourth Quarter and Full Year 2023 Results

Profitable revenue growth of 23.5% in 2023 demonstrates successful execution of global strategy;
Canadian consumer consumption reaches record levels in Q4

Jamieson Wellness Inc. ("Jamieson Wellness" or the "Company") (TSX: JWEL) today reported financial results for its fourth quarter and full year results for the period ended December 31, 2023. All amounts are expressed in Canadian dollars. Certain metrics, including those expressed on an adjusted basis, are non-IFRS and other financial measures. See "Non-IFRS and Other Financial Measures" below.

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Novartis Media Relations E-mail: media.relations@novartis.com

North America
Michael Meo	+1 862 274 5414
Marlena Abdinoor	+1 617 335 9525

Novartis Investor Relations E-mail: investor.relations@novartis.com

North America
Sloan Simpson	+1 862 345 4440
Jonathan Graham	+1 201 602 9921
Parag Mahanti	+1 973 876 4912

Jamieson Wellness Inc. Selected Consolidated Financial Information In thousands of Canadian dollars, except share and per share amounts

	Three months ended				Twelve months ended
	December 31				December 31
	2023		2022		2023		2022

Revenue	220,365		192,775		676,172		547,369
Cost of sales	141,338		121,586		442,613		349,031
Gross profit	79,027		71,189		233,559		198,338

Gross profit margin	35.9	%	36.9	%	34.5	%	36.2	%

Selling, general and administrative expenses	42,300		32,768		140,304		110,239
Acquisition related adjustments	(7,863	)	-		(7,863	)	-
Share-based compensation	1,534		1,317		5,868		4,910
Earnings from operations	43,056		37,104		95,250		83,189

Operating margin	19.5	%	19.2	%	14.1	%	15.2	%

Foreign exchange loss	1,676		978		1,962		269
Interest expense and other financing costs	4,885		5,757		22,784		12,417
Accretion on preferred shares	1,965		-		4,833		-
Earnings before income taxes	34,530		30,369		65,671		70,503
Provision for income taxes	10,530		8,278		19,631		17,695
Net earnings	24,000		22,091		46,040		52,808

Net earnings attributable to:
Shareholders	24,407		22,091		47,882		52,808
Non-controlling interests	(407	)	-		(1,842	)	-
	24,000		22,091		46,040		52,808
Adjusted net earnings	28,615		26,759		66,084		65,149

EBITDA	46,516		41,201		113,611		100,168
Adjusted EBITDA	50,628		48,871		138,063		123,761

Adjusted EBITDA margin	23.0	%	25.4	%	20.4	%	22.6	%

Weighted average number of shares
Basic	42,062,117		41,683,753		41,960,516		40,998,065
Diluted	42,766,299		42,817,044		42,650,501		42,116,350

Earnings per share attributable to common shareholders:
Basic, earnings per share	0.57		0.53		1.10		1.29
Diluted, earnings per share	0.56		0.52		1.08		1.25
Adjusted diluted, earnings per share	0.67		0.62		1.55		1.55

Jamieson Wellness Inc. Consolidated Statements of Financial Position In thousands of Canadian dollars

	December 31, 2023	December 31, 2022
Assets
Current assets
Cash	36,863	26,240
Accounts receivable	164,499	160,798
Inventories	182,456	154,488
Derivatives	3,707	6,580
Prepaid expenses and other current assets	5,335	4,298
	392,860	352,404
Non-current assets
Property, plant and equipment	106,903	111,709
Goodwill	274,411	272,916
Intangible assets	366,521	367,205
Deferred income tax	2,879	3,029
Total assets	1,143,574	1,107,263

Liabilities
Current liabilities
Accounts payable and accrued liabilities	135,520	142,566
Income taxes payable	2,263	7,387
Current portion of other long-term liabilities	7,546	4,852
	145,329	154,805
Long-term liabilities
Long-term debt	325,000	400,000
Post-retirement benefits	1,078	929
Deferred income tax	60,532	58,007
Redeemable preferred shares	89,409	-
Other long-term liabilities	41,031	61,931
Total liabilities	662,379	675,672

Equity
Share capital	312,593	307,200
Warrants	14,705	-
Contributed surplus	19,089	17,115
Retained earnings	80,654	85,483
Accumulated other comprehensive income	11,892	21,793
Total shareholders' equity	438,933	431,591
Non-controlling interests	42,262	-
Total equity	481,195	431,591
Total liabilities and equity	1,143,574	1,107,263

Jamieson Wellness Inc. Segment Information In thousands of Canadian dollars, except as otherwise noted

Jamieson Brands

		Three months ended December 31
		2023		2022		$ Change		% Change

	Revenue	181,007		155,996		25,011		16.0	%

	Gross profit	73,082		65,345		7,737		11.8	%
	Amortization of fair value adjustments	2,621		793		1,828		230.5	%
	Normalized gross profit	75,703		66,138		9,565		14.5	%

	Gross profit margin	40.4	%	41.9	%	-		(1.5	%)
	Normalized gross profit margin	41.8	%	42.4	%	-		(0.6	%)

	Share-based compensation ⁽¹⁾	1,534		1,317		217		16.5	%

	Selling, general and administrative expenses	40,751		31,165		9,586		30.8	%
	Acquisition and divestiture related costs ⁽²⁾	(2,846	)	(3,165	)	319		10.1	%
	IT system implementation ⁽³⁾	(3,274	)	(1,417	)	(1,857	)	(131.1	%)
	Normalized selling, general and administrative expenses	34,631		26,583		8,048		30.3	%

	Earnings from operations	38,660		32,863		5,797		17.6	%
	Acquisition and divestiture related costs ⁽²⁾	2,846		3,165		(319	)	(10.1	%)
	IT system implementation ⁽³⁾	3,274		1,417		1,857		131.1	%
	Amortization of fair value adjustments ⁽⁴⁾	2,621		793		1,828		230.5	%
	Acquisition related purchase consideration and post-closing adjustments ⁽⁵⁾	(7,863	)	-		(7,863	)	(100.0	%)
	Normalized earnings from operations	39,538		38,238		1,300		3.4	%

	Operating margin	21.4	%	21.1	%	-		0.3	%
	Normalized operating margin	21.8	%	24.5	%	-		(2.7	%)

	Adjusted EBITDA	45,404		43,832		1,572		3.6	%
	Adjusted EBITDA margin	25.1	%	28.1	%	-		(3.0	%)


Strategic Partners

		Three months ended December 31
		2023		2022		$ Change		% Change

	Revenue	39,358		36,779		2,579		7.0	%

	Gross profit	5,945		5,844		101		1.7	%
	Gross profit margin	15.1	%	15.9	%	-		(0.8	%)

	Selling, general and administrative expenses	1,549		1,603		(54	)	(3.4	%)
	Other	(24	)	-		(24	)	-
	Normalized selling, general and administrative expenses	1,525		1,603		(78	)	(4.9	%)

	Earnings from operations	4,396		4,241		155		3.7	%
	Other	24		-		24		-
	Normalized earnings from operations	4,420		4,241		179		4.2	%

	Operating margin	11.2	%	11.5	%	-		(0.3	%)
	Normalized operating margin	11.2	%	11.5	%	-		(0.3	%)

	Adjusted EBITDA	5,224		5,039		185		3.7	%
	Adjusted EBITDA margin	13.3	%	13.7	%	-		(0.4	%)

Jamieson Wellness Inc. Segment Information (continued) In thousands of Canadian dollars, except as otherwise noted

Jamieson Brands

		Twelve months ended December 31
		2023		2022		$ Change		% Change

	Revenue	551,171		439,147		112,024		25.5	%

	Gross profit	214,293		184,039		30,254		16.4	%
	Amortization of fair value adjustments ⁽⁴⁾	8,440		793		7,647		964.3	%
	Normalized gross profit	222,733		184,832		37,901		20.5	%

	Gross profit margin	38.9	%	41.9	%	-		(3.0	%)
	Normalized gross profit margin	40.4	%	42.1	%	-		(1.7	%)

	Share-based compensation ⁽¹⁾	5,868		4,910		958		19.5	%

	Selling, general and administrative expenses	133,951		103,996		29,955		28.8	%
	Acquisition and divestiture related costs ⁽²⁾	(8,385	)	(12,919	)	4,534		35.1	%
	IT system implementation ⁽³⁾	(7,743	)	(4,527	)	(3,216	)	(71.0	%)
	Other	179		(127	)	306		240.9	%
	Normalized selling, general and administrative expenses	118,002		86,423		31,579		36.5	%

	Earnings from operations	82,337		75,133		7,204		9.6	%
	Acquisition and divestiture related costs ⁽²⁾	8,385		12,919		(4,534	)	(35.1	%)
	IT system implementation ⁽³⁾	7,743		4,527		3,216		71.0	%
	Amortization of fair value adjustments ⁽⁴⁾	8,440		793		7,647		964.3	%
	Acquisition related purchase consideration and post-closing adjustments ⁽⁵⁾	(7,863	)	-		(7,863	)	(100.0	%)
	Other	(179	)	127		(306	)	(240.9	%)
	Normalized earnings from operations	98,863		93,499		5,364		5.7	%

	Operating margin	14.9	%	17.1	%	-		(2.2	%)
	Normalized operating margin	17.9	%	21.3	%	-		(3.4	%)

	Adjusted EBITDA	121,836		113,088		8,748		7.7	%
	Adjusted EBITDA margin	22.1	%	25.8	%	-		(3.7	%)


Strategic Partners

		Twelve months ended December 31
		2023		2022		$ Change		% Change

	Revenue	125,001		108,222		16,779		15.5	%

	Gross profit	19,266		14,299		4,967		34.7	%
	Gross profit margin	15.4	%	13.2	%	-		2.2	%

	Selling, general and administrative expenses	6,353		6,243		110		1.8	%
	Other	(96	)	(48	)	(48	)	(100.0	%)
	Normalized selling, general and administrative expenses	6,257		6,195		62		1.0	%

	Earnings from operations	12,913		8,056		4,857		60.3	%
	Other	96		48		48		100.0	%
	Normalized earnings from operations	13,009		8,104		4,905		60.5	%

	Operating margin	10.3	%	7.4	%	-		2.9	%
	Normalized operating margin	10.4	%	7.5	%	-		2.9	%

	Adjusted EBITDA	16,227		10,673		5,554		52.0	%
	Adjusted EBITDA margin	13.0	%	9.9	%	-		3.1	%

Reconciliation of Non-IFRS Financial Measures In thousands of Canadian dollars

	Three months ended				Twelve months ended
	December 31				December 31
	2023		2022		2023		2022


Net earnings:	24,000		22,091		46,040		52,808
Add:
Provision for income taxes	10,530		8,278		19,631		17,695
Interest expense and other financing costs	4,885		5,757		22,784		12,417
Accretion on preferred shares	1,965		-		4,833		-
Depreciation of property, plant, and equipment	3,589		3,579		14,410		12,153
Amortization of intangible assets	1,547		1,496		5,913		5,095

Earnings before interest, taxes, depreciation, and amortization (EBITDA)	46,516		41,201		113,611		100,168
Share-based compensation ⁽¹⁾	1,534		1,317		5,868		4,910
Foreign exchange loss	1,676		978		1,962		269
Acquisition and divestiture related costs ⁽²⁾	2,846		3,165		8,385		12,919
IT system implementation ⁽³⁾	3,274		1,417		7,743		4,527
Amortization of fair value adjustments ⁽⁴⁾	2,621		793		8,440		793
Acquisition related purchase consideration and post-closing adjustments ⁽⁵⁾	(7,863	)	-		(7,863	)	-
Other	24		-		(83	)	175
Adjusted EBITDA	50,628		48,871		138,063		123,761

Provision for income taxes	(10,530	)	(8,278	)	(19,631	)	(17,695	)
Interest expense and other financing costs	(4,885	)	(5,757	)	(22,784	)	(12,417	)
Depreciation of property, plant, and equipment	(3,589	)	(3,579	)	(14,410	)	(12,153	)
Amortization of intangible assets	(1,547	)	(1,496	)	(5,913	)	(5,095	)
Share-based compensation ⁽⁶⁾	(1,411	)	(1,317	)	(5,458	)	(4,910	)
Tax deduction from vesting of certain share-based awards ⁽⁷⁾	-		-		(1,022	)	(1,399	)
Tax effect of normalization adjustments	(51	)	(1,685	)	(2,761	)	(4,943	)
Adjusted net earnings	28,615		26,759		66,084		65,149


	Three months ended				Twelve months ended
	December 31				December 31
	2023		2022		2023		2022

Gross profit	79,027		71,189		233,559		198,338
Amortization of fair value adjustments	2,621		793		8,440		793
Normalized gross profit	81,648		71,982		241,999		199,131
Normalized gross profit margin	37.1	%	37.3	%	35.8	%	36.4	%

Selling, general and administrative expenses	42,300		32,768		140,304		110,239
Acquisition and divestiture related costs	(2,846	)	(3,165	)	(8,385	)	(12,919	)
IT system implementation	(3,274	)	(1,417	)	(7,743	)	(4,527	)
Other	(24	)	-		83		(175	)
Normalized selling, general and administrative expenses	36,156		28,186		124,259		92,618

Earnings from operations	43,056		37,104		95,250		83,189
Acquisition and divestiture related cost	2,846		3,165		8,385		12,919
IT system implementation	3,274		1,417		7,743		4,527
Amortization of fair value adjustments	2,621		793		8,440		793
Acquisition related purchase consideration and post-closing adjustments ⁽⁵⁾	(7,863	)	-		(7,863	)	-
Other	24		-		(83	)	175
Normalized earnings from operations	43,958		42,479		111,872		101,603
Normalized operating margin	19.9	%	22.0	%	16.5	%	18.6	%

(1)		The Company's share-based compensation expense pertains to its long-term incentive plan ("LTIP" (refer to " Share-based compensation" ), with stock options, performance-based share unit ("PSU"), time-based restricted share unit ("RSU"), and deferred share unit ("DSU") expenses, along with associated payroll taxes.
(2)		Current period expense mainly pertains to legal, consulting and integration costs associated with the acquisition and integration of a former distributor partner in China on April 28, 2023, and the acquisition of youtheory in the U.S. on July 19, 2022.
(3)		Current period expense mainly pertains to development costs associated with IT system implementation to augment the Company's system infrastructure. Unlike other system improvement projects with costs capitalized, due to its cloud-based nature, these system implementation costs are expensed accordingly.
(4)		This cost represents the post-closing amortization of the fair value increase of acquired inventories related to the April 28, 2023 transaction with a former distribution partner in China.
(5)		To adjust for the fair value of purchase consideration accounted for as compensation on the 2022 youtheory acquisition, net of post-acquisition working capital adjustments to reflect acquired liabilities.
(6)		Costs pertaining to LTIP, excluding PSUs granted to certain employees relating to business combinations.
(7)		The vesting of share-based compensation provides a tax benefit during the period in which the awards are settled.

Reconciliation of Net Debt In thousands of Canadian dollars

($ in 000's)	As at December 31,		As at December 31,
	2023		2022

Long-term debt	325,000		400,000
Cash	(36,863	)	(26,240	)
Net debt	288,137		373,760

BetterLife Announces Engagement of Bloom Burton Securities Inc. and Provides Summary of 2022 Accomplishments

1. Eli Lilly and Company (NYSE:LLY)

2. Novo Nordisk (NYSE:NVO)

3. Johnson & Johnson (NYSE:JNJ)

4. Merck & Company (NYSE:MRK)

5. AbbVie (NYSE:ABBV)

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