Crescita Therapeutics Reports 2019 First Quarter Results

Crescita Therapeutics (TSX:CTX) has reported its financial results for the quarter ended March 31, 2019.

As quoted in the press release:

Q1-F2019 Year-over-Year Financial Highlights

• Revenue of $4.2 million, an increase of $0.6 million or 16.4% vs Q1-2018;
• Received a $1.3 million (US$1.0 million) sales milestone from Taro on the achievement of the 3^rd cumulative sales target (included in revenue above);
• Operating expenses of $3.8 million, down $0.2 million or 4.0% versus Q1-2018;
• Adjusted EBITDA¹ of $1.0 million, an improvement of $0.9 million versus Q1-2018;
• Generated $2.3 million in cash during the quarter, resulting in an ending cash and cash equivalents balance of $10.9 million as at March 31, 2019, compared to $8.6 million at the end of Q4-2018;
• Launched Dermazulene™ in China, a product specifically designed and created for the Chinese market, which is distributed through the leading cross-border e-commerce platform in China.
• Entered into an agreement with Tetra Natural Health (“Tetra”) on February 4, 2019, to develop an enhanced version of Tetra’s dermatology portfolio using Crescita’s patented transdermal delivery technologies: MMPE™ and DuraPeel™.

“I am pleased with the positive momentum our team has generated in the first quarter of fiscal 2019, as demonstrated by our revenue and Adjusted EBITDA growth, as well as our strong cash position,” said Serge Verreault President and Chief Executive Officer of Crescita. “Our results underscore the strength of our four-pillar growth strategy. We will remain focused on the fundamentals of our business to drive sustainable profitable growth in 2019.”

Click here to read the full press release.