Narrows Fiscal 2021 Guidance and Declares Third Quarter Dividend Jamieson Wellness Inc. today reported financial results for its third quarter ended September 30, 2021. All amounts are expressed in Canadian dollars. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures. See “Non-IFRS Financial Measures” below. Highlights of Third Quarter 2021 Results versus Third Quarter 2020 ...

Narrows Fiscal 2021 Guidance and Declares Third Quarter Dividend

Jamieson Wellness Inc. ("Jamieson Wellness" or the "Company") (TSX: JWEL) today reported financial results for its third quarter ended September 30, 2021. All amounts are expressed in Canadian dollars. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures. See "Non-IFRS Financial Measures" below.

Highlights of Third Quarter 2021 Results versus Third Quarter 2020 Results

  • Revenue increased 6.4% to $112.4 million;
  • Jamieson Brands revenue increased by 3.1%, or 4.8% normalized for the impact of foreign exchange;
  • Adjusted EBITDA increased 11.0% to $25.5 million;
  • Net earnings was $14.3 million and adjusted net earnings increased 11.0% to $14.1 million; and
  • Earnings per diluted share and adjusted earnings per diluted share were $0.34.

"Consumers' continued focus on health and wellness has become a permanent fixture in their daily lives," said Mike Pilato, President and CEO of Jamieson Wellness. "This new consumer baseline reflects the extended duration of the COVID-19 pandemic, and a long-term commitment to using vitamins, minerals, and supplements to maximize vitality and well-being. We continue to adapt, invest in, and focus on meeting this rising demand across this growing base of global consumers. While we diligently manage supply chain risks and transportation cost pressures, we are very pleased with our solid third quarter results, including a 6.4% revenue increase, an 11% increase in Adjusted EBITDA and Adjusted Net Earnings, and a 100 basis point improvement in Adjusted EBITDA margin. Based on our positive year-to-date results and our favourable demand outlook, we are increasing our revenue guidance and narrowing our adjusted EBITDA expectations to the top of our previous range. We remain confident in our outlook and ability to drive significant value for all stakeholders as we approach our 100th anniversary as a leader in health and wellness."

Third Quarter 2021 Results

Revenue increased 6.4% to $112.4 million in the third quarter of 2021 compared with $105.6 million in the third quarter of 2020 driven by 3.1% growth in Jamieson Brands and 18.4% growth in Strategic Partners.

Revenue in the Jamieson Brands segment increased by 3.1% or $2.6 million to $85.2 million. The Company's domestic branded sales increased by 4.3% in the third quarter of 2021, with strong point of purchase sales on an expanded consumer base outpacing shipments in the quarter, supported by significant customer and distributor inventory replenishments in the second quarter. The Company's international branded business increased by 7.0% on a constant currency basis compared with the third quarter of 2020 led by continued growth in China, partially offset by strong replenishments earlier in the year to other regions. On a reported basis, the Company's international branded business decreased by 2.6% due to the strengthening of the Canadian dollar.

Revenue in the Strategic Partners segment increased 18.4%, or $4.2 million to $27.2 million in the third quarter of 2021 mainly due to expanded programs with new and existing customers.

Gross profit increased by $2.8 million to $40.8 million in the third quarter of 2021 mainly driven by revenue growth. Gross profit margin increased by 30 basis points to 36.3%, reflecting margin improvements in both segments from pricing and volume driven efficiencies, partially offset by the mix impact of proportionally higher sales in the Strategic Partners segment. Gross profit margin in the Jamieson Brands segment increased by 130 basis points to 44.3% due to volume driven efficiencies, favourable product mix, and pricing, partially offset by ongoing operating costs of using a third-party logistics provider, elevated costs reflecting ongoing global supply chain challenges, and sustained safety and business continuity costs while operating under a COVID-19 environment. Gross profit margin in Strategic Partners increased by 40 basis points to 11.5% mainly due to volume driven efficiencies, partially offset by an expected reduction from customer mix.

Selling, general and administrative ("SG&A") expenses increased by $0.2 million to $19.2 million in the third quarter of 2021. On a normalized basis, SG&A expenses increased $0.8 million to $19.0 million in the third quarter of 2021 due to additional resources to support strategic initiatives, while marketing remained relatively flat.

Earnings from operations increased by $2.8 million, or 15.7%, to $20.6 million in the third quarter of 2021 and operating margin increased by 140 basis points to 18.3% as a result of higher revenue and gross profit margins. On a normalized basis, earnings from operations increased by $2.3 million, or 12.2% in the third quarter of 2021 and operating margin was 18.5% compared with 17.6% in third quarter of 2020.

Adjusted EBITDA increased by 11.0% to $25.5 million in the third quarter of 2021 and adjusted EBITDA margin was 22.7% compared with 21.7% in the third quarter of 2020.

Interest expense and other financing costs increased by $0.2 million to $1.5 million compared with the third quarter of 2020 due to higher average borrowings in the quarter and interest on lease liabilities.

Net earnings for the third quarter of 2021 was $14.3 million compared with $12.1 million in the third quarter of 2020. Adjusted net earnings, which excludes all non-operating expenses and foreign exchange, increased by $1.4 million, or 11.0%, to $14.1 million in the third quarter of 2021.

Adjusted net earnings excludes costs associated with share-based compensation relating to one-time grants to certain employees, foreign exchange gain, business integration, COVID-19 related costs, other non-recurring earnings or expenses net of related tax effects. A detailed reconciliation of reported net earnings to non-IFRS adjusted net earnings is included in the tables accompanying this release under the heading "Non-IFRS Financial Measures".

Balance Sheet & Cash Flow

The Company generated $10.1 million in cash from operations during the third quarter of 2021 compared with $4.6 million in the third quarter of 2020. Cash from operating activities before working capital considerations of $19.2 million was $3.0 million higher due to increased earnings in the current quarter. Cash invested in working capital decreased by $2.5 million driven by favourable timing on the collection of receivables, partially offset by increases in inventories to secure raw material supply reflecting ongoing global supply chain challenges. The Company's cash as at September 30, 2021 was $9.1 million compared with $1.2 million on December 31, 2020 and $3.1 million at the end of the third quarter of 2020. The Company ended the quarter with approximately $109.8 million in cash and available operating lines and net debt of $165.2 million.

Three months ended
September 30
($ in 000's, except as otherwise noted)

2021

2020

$ Change % Change
Cash, beginning of period

4,636

6,796

(2,160

)

(31.8

%)

Cash flows from (used in):
Operating activities

10,081

4,553

5,528

121.4

%

Investing activities

(6,615

)

(1,799

)

(4,816

)

(267.7

%)

Financing activities

1,048

(6,406

)

7,454

116.4

%

Cash, end of period

9,150

3,144

6,006

191.0

%

Fiscal 2021 Outlook

The Company is increasing its outlook for fiscal 2021 and anticipates revenue in a range of $442.0 to $447.0 million, compared with $435.0 to $445.0 million previously, which represents annual growth of 9.5% to 10.7%. The Company anticipates adjusted EBITDA in a range of $98.0 to $100.0 million, narrowed from a previous range of $97.0 to $100.0 million, and now anticipates adjusted diluted earnings per share in a range of $1.29 to $1.32 compared with $1.27 to $1.32 previously. The increase in the Company's outlook reflects strong growth in domestic branded sales as consumer demand continues to exceed pandemic baseline levels, and expanded programs with new and existing customers. Adjusted EBITDA reflects higher volumes partially offset by increased operating costs as global supply chain challenges continue to impact freight premiums, logistics and supply related operating efficiencies.

This outlook reflects the following assumptions:

  • Jamieson Brands segment growth of 6.2% to 7.4%, including the impact of a strengthened Canadian dollar on international sales and reflecting the following:
    • 5.5% to 6.5% domestic growth, and
    • Approximately 22.5% international growth in U.S. dollars, while reported revenues in Canadian dollars will be impacted by a strengthened currency compared to the prior year and foreign exchange volatility on the conversion of U.S. dollars to Canadian dollars.
  • Strategic Partners segment growth of approximately 22.5%
  • Normalized SG&A expense increases of 8.5% to 9.5%, lowered from our previous range of between 8% to 12% due to reduced travel and entertainment combined with lower spend and improved efficiencies on domestic marketing investments.

For additional details on the Company's fiscal 2021 outlook, including guidance for the fourth quarter of 2021, refer to the "Outlook" section in the management's discussion and analysis of financial condition and results of operations ("MD&A") for the three and nine months ended September 30, 2021.

Declaration of Third Quarter Dividend

On November 3, 2021, the board of directors of the Company declared a cash dividend for the third quarter of 2021 of $0.15 per common share, or approximately $6.1 million in the aggregate. The dividend will be paid on December 15, 2021 to all common shareholders of record at the close of business on December 1, 2021. The Company has designated this dividend as an "eligible dividend" for the purposes of the Income Tax Act (Canada).

Consolidated Financial Statements and Management's Discussion and Analysis

The Company's unaudited condensed consolidated interim financial statements and accompanying notes as at and for the three and nine months ended September 30, 2021 and related MD&A are available under the Company's profile on SEDAR at www.sedar.com and on the Investor Relations section of the Company's website at https://investors.jamiesonwellness.com .

Conference Call

Management will host a conference call to discuss the Company's third quarter 2021 results at 5:00 p.m. ET today, November 4, 2021. The call can be accessed live over the telephone by dialing 1-888-204-4368 from Canada and the U.S. or 1-323-994-2093 from international locations. A replay will be available shortly after the call and can be accessed by dialing 1-844-512-2921 from Canada and the U.S. or 1-412-317-6671 from international locations. The passcode for the replay is 9535726 and it will be available until Thursday, November 18, 2021.

Interested parties may listen to a simultaneous webcast of the conference call by logging on via the Investor Relations section of the Company's website at https://www.jamiesonwellness.com/English/investors/home/default.aspx or directly at https://viavid.webcasts.com/starthere.jsp?ei=1503430&tp_key=2d2fd1645b . A replay of the webcast will be available for approximately 30 days following the call.

About Jamieson Wellness

Jamieson Wellness is dedicated to improving the world's health and wellness with its portfolio of innovative natural health brands. Established in 1922, Jamieson is the Company's heritage brand and Canada's #1 consumer health brand. Jamieson Wellness manufactures and markets sports nutrition products and specialty supplements under its Progressive, Precision and Iron Vegan brands. The Company also markets Smart Solutions, the #1 women's natural health focused brand in Canada. For more information, please visit jamiesonwellness.com.

Jamieson Wellness' head office is located at 1 Adelaide Street East Suite 2200, Toronto, Ontario, Canada.

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes, but is not limited to, statements related to the Company's anticipated results and its outlook for its 2021 revenue, adjusted EBITDA and adjusted diluted earnings per share. Words such as "expect", "anticipate", "intend", "may", "will", "estimate" and variations of such words and similar expressions are intended to identify such forward-looking information. This information reflects the Company's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 30, 2021 and under the "Risk Factors" section in the Company's MD&A filed today, November 4, 2021. This information is based on the Company's reasonable assumptions and beliefs in light of the information currently available to it and the statements are made as of the date of this press release. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law or regulatory authority.

The Company cautions that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect the Company's results. Readers are urged to consider the risks, uncertainties and assumptions associated with these statements carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. See "Forward-looking Information" and "Risk Factors" within the Company's MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements.

Jamieson Wellness Inc.

Consolidated Statements of Operations

In thousands of Canadian dollars, except share and per share amounts

Three months ended Nine months ended
September 30 September 30

2021

2020

2021

2020

Revenue

112,368

105,565

321,194

283,292

Cost of sales

71,555

67,520

208,169

181,050

Gross profit

40,813

38,045

113,025

102,242

Gross profit margin

36.3

%

36.0

%

35.2

%

36.1

%

Selling, general and administrative expenses

19,228

19,010

61,218

57,635

Share-based compensation

992

1,231

4,651

3,769

Earnings from operations

20,593

17,804

47,156

40,838

Operating margin

18.3

%

16.9

%

14.7

%

14.4

%

Foreign exchange gain

(577

)

(271

)

(444

)

(172

)

Other expenses

-

3

-

3

Interest expense and other financing costs

1,505

1,315

4,291

4,633

Income before income taxes

19,665

16,757

43,309

36,374

Provision for income taxes

5,381

4,613

11,417

10,181

Net earnings

14,284

12,144

31,892

26,193

Adjusted net earnings

14,051

12,655

35,312

30,336

EBITDA

24,794

21,202

58,171

49,882

Adjusted EBITDA

25,456

22,933

66,325

58,603

Adjusted EBITDA margin

22.7

%

21.7

%

20.6

%

20.7

%

Weighted average number of shares
Basic

40,256,983

39,741,698

40,076,485

39,430,417

Diluted

41,698,267

41,574,340

41,500,445

41,261,833

Earnings per share attributable to common shareholders:
Basic, earnings per share

0.35

0.31

0.80

0.66

Diluted, earnings per share

0.34

0.29

0.77

0.63

Adjusted diluted, earnings per share

0.34

0.30

0.85

0.74

Jamieson Wellness Inc.

Consolidated Statements of Financial Position

In thousands of Canadian dollars

September 30,
2021
December 31,
2020
Assets
Current assets
Cash

9,150

1,166

Accounts receivable

105,636

97,951

Inventories

130,442

102,645

Derivatives

986

-

Prepaid expenses and other current assets

5,689

2,389

251,903

204,151

Non-current assets
Property, plant and equipment

94,320

83,796

Goodwill

122,975

122,975

Intangible assets

193,524

196,158

Deferred income tax

2,523

2,261

Total assets

665,245

609,341

Liabilities
Current liabilities
Accounts payable and accrued liabilities

80,395

73,084

Income taxes payable

913

6,580

Derivatives

4,544

8,231

Current portion of other long-term liabilities

2,884

3,115

88,736

91,010

Long-term liabilities
Long-term debt

174,378

149,058

Deferred income tax

3,692

3,538

Other long-term liabilities

53,060

51,479

Total liabilities

21,384

21,854

Total liabilities

341,250

316,939

Shareholders' equity
Share capital

266,943

255,795

Contributed surplus

14,211

12,986

Retained earnings

44,874

29,023

Accumulated other comprehensive loss

(2,033

)

(5,402

)

Total shareholders' equity

323,995

292,402

Total liabilities and shareholders' equity

665,245

609,341

Jamieson Wellness Inc.

Segment Information

In thousands of Canadian dollars, except as otherwise noted

Jamieson Brands

Three months ended
September 30

2021

2020

$ Change % Change
Revenue

85,175

82,604

2,571

3.1%

-

Gross profit

37,690

35,489

2,201

6.2%

Gross profit margin

44.3%

43.0%

-

1.3%

Selling, general and administrative expenses

17,645

17,322

323

1.9%

Share-based compensation

992

1,231

(239)

(19.4%)

Earnings from operations

19,053

16,936

2,117

12.5%

Operating margin

22.4%

20.5%

-

1.9%

Adjusted EBITDA

23,363

21,467

1,896

8.8%

Adjusted EBITDA margin

27.4%

26.0%

-

1.4%

Strategic Partners

Three months ended
September 30

2021

2020

$ Change % Change
Revenue

27,193

22,961

4,232

18.4%

Gross profit

3,123

2,556

567

22.2%

Gross profit margin

11.5%

11.1%

-

0.4%

Selling, general and administrative expenses

1,583

1,688

(105)

(6.2%)

Earnings from operations

1,540

868

672

77.4%

Operating margin

5.7%

3.8%

-

1.9%

Adjusted EBITDA

2,093

1,466

627

42.8%

Adjusted EBITDA margin

7.7%

6.4%

-

1.3%

Jamieson Brands

Nine months ended
September 30

2021

2020

$ Change % Change
Revenue

243,461

226,690

16,771

7.4%

Gross profit

103,214

95,295

7,919

8.3%

Gross profit margin

42.4%

42.0%

-

0.4%

Selling, general and administrative expenses

56,151

50,263

5,888

11.7%

Share-based compensation

4,651

3,769

882

23.4%

Earnings from operations

42,412

41,263

1,149

2.8%

Operating margin

17.4%

18.2%

-

(0.8%)

Adjusted EBITDA

59,833

54,878

4,955

9.0%

Adjusted EBITDA margin

24.6%

24.2%

-

0.4%

Strategic Partners

Nine months ended
September 30

2021

2020

$ Change % Change
Revenue

77,733

56,602

21,131

37.3%

Gross profit

9,811

6,947

2,864

41.2%

Gross profit margin

12.6%

12.3%

-

0.3%

Selling, general and administrative expenses

5,067

7,372

(2,305)

(31.3%)

Earnings (loss) from operations

4,744

(425)

5,169

1216.2%

Operating margin

6.1%

(0.8%)

-

6.9%

Adjusted EBITDA

6,492

3,725

2,767

74.3%

Adjusted EBITDA margin

8.4%

6.6%

-

1.8%

Non-IFRS Financial Measures

This press release makes reference to certain non‑IFRS measures. Management uses these non‑IFRS financial measures for purposes of comparison to prior periods and development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of ongoing operations and in analyzing the Company's business performance and trends. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. We use non‑IFRS measures, including "gross profit", "gross profit margin", "operating margin", "EBITDA", "adjusted EBITDA", "adjusted EBITDA margin", "adjusted net earnings" and "adjusted diluted earnings per share" to provide supplemental measures of the Company's operating performance and thus highlight trends in the Company's core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also uses non‑IFRS measures in order to prepare annual operating budgets and to determine components of management compensation. Definitions of non-IFRS measures can be found in the Company's MD&A.

Reconciliation of Adjusted Net Earnings

In thousands of Canadian dollars

Three months ended Nine months ended
September 30 September 30

2021

2020

2021

2020

Net earnings

14,284

12,144

31,892

0

26,193

Adjustments to net earnings:
Share-based compensation

10

144

846

432

Foreign exchange gain

(577)

(271)

(444)

(172)

International market expansion

-

-

-

13

Business integration

88

121

1,789

541

COVID-19 related costs

159

645

2,337

4,663

Other

-

5

(179)

5

Related tax effects

87

(133)

(929)

(1,339)

Adjusted net earnings

14,051

12,655

35,312

30,336

Reconciliation of EBITDA and Adjusted EBITDA

In thousands of Canadian dollars

Three months ended Nine months ended
September 30 September 30

2021

2020

2021

2020

Net earnings

14,284

12,144

31,892

26,193

Add:
Provision for income taxes

5,381

4,613

11,417

10,181

Interest expense and other financing costs

1,505

1,315

4,291

4,633

Depreciation of property, plant, and equipment

2,543

2,071

7,377

5,924

Amortization of intangible assets

1,081

1,059

3,194

2,951

Earnings before interest, taxes, depreciation, and amortization (EBITDA)

24,794

21,202

58,171

49,882

Add EBITDA adjustments:
Share-based compensation

992

1,231

4,651

3,769

Foreign exchange gain

(577)

(271)

(444)

(172)

International market expansion

-

-

-

13

Business integration

88

121

1,789

443

COVID-19 related costs

159

645

2,337

4,663

Other

-

5

(179)

5

Adjusted EBITDA

25,456

22,933

66,325

58,603

Source: Jamieson Wellness Inc.

Investor and Media Contact Information:

Jamieson Wellness
Ruth Winker
416-705-5437
rwinker@jamiesonlabs.com

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