Alternate Health (CSE:AHG; OTC:AHGIF) shared a corporate update alongside some financials for their first quarter of operation, as they managed to get a “positive cash flow milestone.”
As quoted in the press release:
“The pace of growth in this company is very promising and I am truly impressed at how far we all have come in less than three months of operations,” says Dr. Feramisco. “We are proud to be a profitable medical cannabis company, building shareholder value on real revenues and strategic investments – not just speculation. We are eager to demonstrate continued growth for the rest of 2017 and beyond.”
Alternate Health is a fully integrated medical cannabis company, with operations divided among three key business pillars: laboratory services; medical software and regulatory compliance technology, cannabinoid therapy research education; production and delivery systems. In the first quarter, the majority of revenue came from Alternate Health’s clinical laboratory testing, through its subsidiary Alternate Health Labs.
The Company generated $3.87 million in revenue in Q1, with operating expenses totalling $5.04 million. A considerable portion of these expenses were non-recurring, share-based sales incentives targeted at its rapidly growing laboratory business. To better reflect the financial results of the Company in its Q1 earnings release, Alternate Health reported Non IFRS measures including Adjusted (normalized) Net Income of $1.1 million or $0.03 per share and Non IFRS Adjusted EBITDA of $1.4 million as defined in its May 30thpress release.