Knight Therapeutics Reports First Quarter 2021 Results

 

Knight Therapeutics Inc. (TSX: GUD) ("Knight" or "the Company"), a leading pan-American (ex-US) specialty pharmaceutical company, today reported financial results for its first quarter ended March 31, 2021. All currency amounts are in thousands except for share and per share amounts. All currencies are Canadian unless otherwise specified.

 

  Q1 2021 Highlights  

 

Financials

 
  • Revenues were $46,069, an increase of $230 or 1% over prior year.
  •  
  • Gross margin generated of $20,580 or 45% compared to $19,860 or 43% in prior year.
  •  
  • Adjusted EBITDA 1 was $5,580, an increase of $2,383 or 75% over prior year.
  •  
  • Interest income generated of $1,998 a decrease of $2,651 or 57% over prior year.
  •  
  • Net income was $3,558 compared to net loss of $9,477 in prior year.
  •  
  • Cash inflow from operations was $17,207 compared to cash outflow of $21,167 in prior year.
  •  

Corporate Developments

 
  • Promoted Amal Khouri to Chief Business Officer.
  •  
  • Purchased 3,557,340 common shares through a Normal Course Issuer Bid ("NCIB") for an average cost of $18,592.
  •  

Products

 
  • Launched Ibsrela™ in Canada for the treatment of Irritable Bowel Syndrome with Constipation ("IBS-C").
  •  

Strategic Investments

 
  • Disposed of 315,600 common shares of Medexus for total proceeds of $2,624.
  •  
  • Received distributions of $4,336 from strategic fund investments and realized a gain of $3,031.
  •  

Key Subsequent Events

 
  • Entered into a definitive agreement with Novartis to acquire the exclusive rights to manufacture, market and sell Exelon® in Canada and LATAM for an upfront payment of USD 168,000 ($211,260 2 ) and a milestone payment of up to USD 12,000 ($15,090 2 ).
  •  
  • Shareholders re-elected James C. Gale, Jonathan Ross Goodman, Samira Sakhia, Robert N. Lande, Michael J. Tremblay, Nicolás Sujoy and Janice Murray on the Board of Directors.
  •  
  • Announced leadership change with Samira Sakhia assuming role of CEO and Jonathan Goodman assuming role of Executive Chairman effective September 1, 2021.
  •  
  • Purchased 512,271 common shares through its NCIB for an aggregate cost of $2,695.
  •  

"We are continuing to execute on multiple fronts. I am excited to report that our key launch brands in Latin America, including Cresemba®, Halaven®, Lenvima®, Trelstar® and Nerlynx® in Canada grew 116% compared to the prior year quarter.   We continue to progress on our integration activities and have commenced implementation of our ERP, CRM and HR and learning management systems. On the business development front, we executed on another transformational transaction with the acquisition of Exelon® from Novartis for Canada and Latin America, said Samira Sakhia, President and Chief Operating Officer of Knight Therapeutics Inc. "I am humbled and honored to be leading talented Knights in Canada and across Latin America as we continue to execute on our strategy of acquiring, in-licensing and developing innovative medicines and high quality treatments for Latin America and Canada."
 
1
 
A   djusted EBITDA   is   not defined term   s   under IFRS, refer to   the definition   s   below for additional details   .
  2   Converted   to CAD using the closing   foreign exchange rate, actual amount in CAD will vary depending on the exchange rate on the close of the transaction  

 

 
SELECT FINANCIAL RESULTS & BALANCE SHEET ITEMS  

 

[In thousands of Canadian dollars]

 
                                                                                                                                           
     Change  
   Q1-21    Q1-20    $   1    %   2  
     
Revenues   46,069    45,839   230   1 %
Gross margin   20,580    19,860   720   4 %
Selling and marketing   7,613    10,114   2,501   25 %
General and administrative   7,082    8,418   1,336   16 %
Research and development   2,818    2,749   (69 ) 3 %
Amortization of intangible assets   5,302    6,039   737   12 %
  Operating loss    (2,235    )   (7,460 ) 5,225   70 %
Interest income   (1,998    )   (4,649 ) (2,651 ) 57 %
Interest expense   660    1,147   487   42 %
Foreign exchange loss   4,201    4,907   706   14 %
  Net income (loss)    3,558    (9,477 ) 13,035   N/A
Basic net earnings (loss) per share   0.028    (0.013 ) 0.041   N/A
  Adjusted EBITDA   3    5,580    3,197   2,383   75 %
     
   1 A positive variance represents a positive impact to net income (loss) and a negative variance represents a negative impact to net income (loss)  
   2 Percentage change is presented in absolute values  
   3 Adjusted EBITDA is a non-IFRS measure, refer to section "Non-IFRS measure: EBITDA and Adjusted EBITDA" for additional details  
 

 

 
                                                         
     Change  
   03-31-21    12-31-20    $    %   1  
     
Cash, cash equivalents and marketable securities   382,381   392,225 (9,844 ) 3 %
Trade and other receivables   104,310   116,510 (12,200 ) 10 %
Inventory   55,044   56,505 (1,461 ) 3 %
Financial assets   193,922   193,955 (33 ) 0 %
Accounts payable and accrued liabilities   45,693   44,828 865   2 %
Bank loans   38,192   51,770 (13,578 ) 26 %
   1 Percentage change is presented in absolute values  
 

  Revenue: For the quarter ended March 31, 2021, revenues increased by $230 or 1% as a result of an increase in sales from new product launches, partially offset by the depreciation in the LATAM currencies. Excluding the impact of hyperinflation and under constant currency, revenues would have increased by $4,123, which is mainly attributable to the launch of Cresemba®, Lenvima®, Halaven®, Nerlynx® and certain BGx products as well as Trelstar®, which Knight began commercializing in April 2020.

 

  Gross margin: For the quarter ended March 31, 2021, the gross margin increased from 43% to 45% compared to the same period in the prior year due to lower inventory provision and product mix, partially offset by re-negotiation of certain license agreements and the depreciation of the LATAM currencies. The gross margin would have been 47%, an increase of 2%, from 45% after excluding the adjustment of hyperinflation accounting in accordance with IAS 29.

 

  Selling and marketing: The decrease of $2,501 or 25% for the quarter ended March 31, 2021 compared to the same period in the prior year is due to $1,133 of expected credit loss that was recorded in Q1 20 compared to none in Q1 21 and $783 due to the depreciation of the LATAM currencies.

 

  General and administrative: For the quarter ended March 31, 2021, the general and administrative expenses decreased by $1,336 or 16% as compared to the same period in prior year driven by $671 in savings due to restructuring activities and $789 due to the depreciation of the LATAM currencies.

 

  Amortization of intangible assets: For the quarter ended March 31, 2021, amortization of intangible assets decreased by $737, or 12%, mainly explained by the depreciation in the LATAM currencies partially offset by the amortization of intangible assets acquired during 2020.

 

  Interest income: Interest income is the sum of interest income on financial instruments measured at amortized cost and other interest income. For the quarter, interest income was $1,998, a decrease of 57% or $2,651 compared to the same prior year period due to a decrease in interest rates, the average cash and marketable securities balances and a lower average loan balance.

 

  Interest expense: The interest expense relates to interest incurred on bank loans. For the quarter ended March 31, 2021 interest expenses was $660, a decrease of $487 or 42% compared to the same period in the prior year due to decrease in the average loan balance outstanding.

 

  Adjusted EBITDA : For the three-month period ended March 31, 2021, adjusted EBITDA was $5,580, an increase of $2,383 or 75% compared to the same period last year. The variance is explained by the above mentioned increase in gross margin and decrease in operating expenses.

 

  Net income or loss: For the quarter ended March 31, 2021, net income was $3,558 compared to a net loss of $9,477 for the same period last year. The variance mainly resulted from the above-mentioned items as well as a net gain on the revaluation of financial assets measured at fair value through profit or loss of $9,473 in the first quarter of 2021 versus a loss of $6,730 in the prior year period.

 

  Cash, cash equivalents and marketable securities : As at March 31, 2021, Knight had $382,381 in cash, cash equivalents and marketable securities, a decrease of $9,844 or 3% as compared to December 31, 2020. The variance is primarily due to cash outflows related to the shares repurchased through NCIB, the bank loans repaid by Knight offset by cash generated from operating activities.

 

  Financial assets: There is no significant variance for financial assets. However, given the nature of the fund investments there could be significant fluctuations in the fair value of the underlying assets. More specifically, an investment held within Sectoral Asset Management ("Sectoral") fund, Atea Pharmaceutics Inc ("Atea"), announced in October 2020, the closing of its initial public offering at a public offering price of USD 24 per share. The shares held by Sectoral are subject to a 180-day lockup period. As at March 31, 2021, Atea's share price closed at USD 61.75 compared to USD 41.78 as at December 31, 2020. As at May 12, 2021, Atea's share price closed at USD 19.74 Should the share price of Atea remain at this level, the Company would record a loss of approximately $15.2M.

 

  Bank Loans: As at March 31, 2021, bank loans were at $38,192, a decrease of $13,578 as compared to the prior period, mainly due to loan repayment of $8,848 and a further decrease of $4,854 due to the foreign exchange revaluation.

 

  Product Updates  

 

On March 1, 2021 the Company launched Ibsrela™ (tenapenor) for the treatment of IBS-C. The Company entered into an exclusive licensing agreement with Ardelyx to commercialize Ibsrela™ in Canada in March 2018. Ibsrela™ is a first-in-class small molecule treatment for IBS-C. Ardelyx received regulatory approval for Ibsrela™ from the US FDA in September 2019. On April 17, 2020, the Company announced that Ibsrela™ was approved by Health Canada.

 

On April 23, 2021, the Company announced that it has entered into a definitive agreement to acquire the exclusive rights to manufacture, market and sell Exelon®, indicated for the symptomatic treatment of mild to moderately severe dementia in people with Alzheimer's disease, in Canada and Latin America ("Territory"). In addition, the Company obtained an exclusive license to use the intellectual property and the Exelon trademark in the Territory. At closing, Knight will pay USD 168,000 ($211,260 1 ) in cash and may pay up to USD 12,000 ($15,090 1 ) upon the achievement of certain conditions. For the year ended December 31, 2020, Exelon® sales in the Territory were approximately USD 47,000.

 

The closing of this transaction is subject to the completion of the anti-trust clearance process in Brazil. In conjunction with closing, Knight will enter into a transition service agreement until transfer of marketing authorization, on a country by country basis during which Knight will receive a net profit transfer. Knight will begin distributing Exelon upon transfer of marketing authorization, on a country by country basis.

 

  NCIB  

 

On July 10, 2020, the Company announced that the Toronto Stock Exchange approved its notice of intention to launch an additional NCIB (‘2020 NCIB"). Under the terms of the 2020 NCIB, Knight may purchase for cancellation up to 10,856,710 common shares of the Company which represented 10% of its public float as at July 6, 2020. The 2020 NCIB commenced on July 14, 2020 and will end on the earlier of July 13, 2021 or when the Company completes its maximum purchases under the 2020 NCIB. Furthermore, Knight entered into an agreement with a broker to facilitate purchases of its common shares under the 2020 NCIB. Under Knight's automatic share purchase plan, the broker may purchase common shares which would ordinarily not be permitted due to regulatory restrictions or self-imposed blackout periods. During the three-month period ended March 31, 2021, the Company purchased 3,557,340 common shares, for an aggregate cash consideration of $18,592, of which $44 remains to be settled as at March 31, 2021. Subsequent to the quarter, the Company purchased an additional 512,271 common shares, for an aggregate cash consideration of $2,695.

 

  1   Converted using the March 31, 2021 closing foreign exchange rate, actual amount in CAD will vary depending on the exchange rate on the close of the transaction.
 
 
Conference Call Notice
 

 

Knight will host a conference call and audio webcast to discuss its first quarter results today at 8:30 am ET. Knight cordially invites all interested parties to participate in this call.

 

  Date: Friday, May 14, 2021
Time: 8:30 a.m. ET
Telephone: : Toll Free 888-506-0062 or International 973-528-001
Webcast:   www.gud-knight.com or Webcast  
This is a listen-only audio webcast. Media Player is required to listen to the broadcast.

 

  Replay: An archived replay will be available for 30 days at www.gud-knight.com  

 

  
About Knight Therapeutics Inc.
 

 

Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing and commercializing innovative pharmaceutical products for Canada and Latin America. Knight owns Biotoscana Investments S.A., a pan-Latin American specialty pharmaceutical company. Knight Therapeutics Inc.'s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's web site at www.gud-knight.com or www.sedar.com .

 

  Forward-Looking Statement  

 

This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.'s Annual Report and in Knight Therapeutics Inc.'s Annual Information Form for the year ended December 31, 2020 as filed on www.sedar.com . Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events, except as required by law.

 

  CONTACT INFORMATION:  

 
                
  Investor Contact:   
Knight Therapeutics Inc.  
Samira Sakhia Arvind Utchanah
President & Chief Operating Officer Chief Financial Officer
T: 514.484.4483 ext.122 T. 514.484.4483 ext. 115
F: 514.481.4116 F. 514.481.4116
Email: info@knighttx.com   Email: info@knighttx.com  
Website: www.gud-knight.com   Website: www.gud-knight.com  
 

  

IMPACT OF HYPERINFLATION
 

 

[In thousands of Canadian dollars]

 

The Company applies IAS 29, Financial Reporting in Hyperinflation Economies, as the Company's Argentine subsidiaries used the Argentine Peso as their functional currency. IAS 29 requires that the financial statements of an entity whose functional currency is the currency of a hyperinflationary economy be adjusted based on an appropriate general price index to express the effects of inflation. If the Company did not apply IAS 29, the effect on the Company's operating income would be as follows:

 

   Q1-21   

 
                                                                                                         
   Reported
under IFRS
 
   Excluding impact
of IAS 29
 
   Variance  
  $   1     %   2  
     
Revenues   46,069     46,082     (13    )    0    %  
Cost of goods sold   25,489     24,376     (1,113    )    5    %  
  Gross margin    20,580     21,706     (1,126    )    5    %  
  Gross margin (%)    45   %     47   %     
     
  Expenses      
Selling and marketing   7,613     7,614     1     0    %  
General and administrative   7,082     6,874     (208    )    3    %  
Research and development   2,818     2,770     (48    )    2    %  
Amortization of intangible assets   5,302     5,086     (216    )    4    %  
  Operating loss    (2,235    )    (638    )    (1,597    )    250    %  
   1 A positive variance represents a positive impact to net income due to the application of IAS 29 and a negative variance represents a negative impact to net income due to the application of IAS 29  
   2 Percentage change is presented in absolute values  
 

  

CONSTANT CURRENCY
 
[In thousands of Canadian dollars]

 

Financial results at constant currency allow results to be viewed without the impact of fluctuations in foreign currency exchange rates thereby facilitating the comparison of results period over period. The presentation of results under constant currency is considered to be a non-GAPP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

 

Financial results at constant currency are obtained by translating the prior period results at the average foreign exchange rates in effect during the current period. Furthermore, with respect to Argentina, for both Q1-20 and Q1-21, the Company excludes the impact of hyperinflation and translates the results at the average exchange rate in effect for each of the periods.

 
                                                                                                                                                                                                            
   Q1-21    Q1-20    Variance    Q1-20    Impact of FX on 2020  
  Excluding impact of IAS 29  
   Constant
Currency
 
   $   1  
   %   2     $   1     %   2  
        
Revenues   46,082     41,959    4,123   10 % 45,488   (3,529 ) 8 %
Cost of goods sold   24,376     22,045    (2,331 ) 11 % 25,015   2,970   12 %
  Gross margin    21,706     19,914    1,792   9 % 20,473   (559 ) 3 %
  Gross margin (%)    47   %     47   %      45%    
        
  Expenses         
Selling and marketing   7,614     9,250    1,636   18 % 9,988   738   7 %
General and administrative   6,874     7,545    671   9 % 8,334   789   9 %
Research and development   2,770     2,632    (138 ) 5 % 2,721   89   3 %
Amortization of intangible assets   5,086     5,112    26   1 % 5,559   447   8 %
  Operating loss    (638    )    (4,625    )   3,987   86 % (6,129 ) 1,504   25 %
  EBITDA    5,160     1,018    4,142   407 % 1,217   (199 ) 16 %
  Adjusted EBITDA    5,580     2,395    3,185   133 % 3,197   (802 ) 25 %
   1 A positive variance represents a positive impact to net income and a negative variance represents a negative impact to net income  
   2 Percentage change is presented in absolute values  
 

 

 

  RECONCILIATION TO ADJUSTED EBITDA  
[In thousands of Canadian dollars]

 

  Non-IFRS measures: EBITDA and Adjusted EBITDA  

 

The Company discloses non-IFRS measures that do not have standardized meanings prescribed by IFRS. The Company believes that shareholders, investment analysts and other readers find such measures helpful in understanding the Company's financial performance and in interpreting the effect of the GBT Transaction on the Company. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and may not have been calculated in the same way as similarly named financial measures presented by other companies.

 

  The Company uses the following non-IFRS measures:  

 

  EBITDA: Operating loss adjusted to exclude amortization and impairment of intangible assets, depreciation, PPA accounting adjustments, and the impact of IAS 29 (accounting under hyperinflation) but to include costs related to leases. In addition, EBITDA does not reflect the portion of GBT's results attributable to the non-controlling interests.

 

  Adjusted EBITDA: EBITDA adjusted for acquisition costs and non-recurring expenses.

 

Adjustments include the following:

 
  • With the adoption of IFRS 16, the lease payments of Knight are not reflected in operating expenses. The IFRS 16 adjustment approximates the cash outflow related to leases of Knight.
  •  
  • Acquisition costs relate to costs incurred on legal, consulting and advisory fees for the acquisition of GBT and products.
  •  
  • Other non-recurring expenses relate to expenses incurred by Knight that are not due to, and are not expected to occur in, the ordinary course of business. For the quarter ended March 31, 2021, Knight recorded one-time costs of $70 related to restructuring activities including severance to certain employees as part of restructuring and integration of GBT.

  •  

For the three-month period ended March 31, the Company calculated EBITDA and adjusted EBITDA as follows:

 
                                                          
   Q1-21    Q1-20  
  Operating loss    (2,235    )   (7,460 )
Adjustments to operating loss:   
Amortization of intangible assets   5,302    6,039  
Depreciation of property, plant and equipment and ROU assets   1,406    1,724  
Lease costs (IFRS 16 adjustment)   (694    )   (834 )
Impact of PPA accounting   632  
Impact of IAS 29   1,381    1,116  
  EBITDA    5,160    1,217  
Acquisition and transaction costs   350    216  
Other non-recurring expenses   70    1,764  
  Adjusted EBITDA    5,580    3,197  
 

  

INTERIM CONSOLIDATED BALANCE SHEETS
 
[In thousands of Canadian dollars]
[Unaudited]

 
                                                                                   
 

As at  
  
  March 31, 2021   December 31, 2020
   
  ASSETS    
  Current    
Cash and cash equivalents   271,218   229,592
Marketable securities   111,163   147,316
Trade receivables   52,682   62,515
Other receivables   10,046   12,413
Inventories   55,044   56,505
Prepaids and deposits   2,007   2,214
Other current financial assets   40,069   34,431
Income taxes receivable   7,855   7,115
  Total current assets    550,084   552,101
   
Marketable securities 15,317
Prepaids and deposits   2,875   4,208
Right-of-use assets   3,623   4,035
Property, plant and equipment   22,476   22,127
Investment properties   1,414   1,539
Intangible assets   146,227   156,547
Goodwill   74,091   77,725
Other financial assets   153,853   159,524
Deferred income tax assets   2,137   2,432
Other long-term receivables   41,582   41,582
   448,278   485,036
Assets held for sale   2,433   2,539
  Total assets    1,000,795   1,039,676
 

 

 

  

INTERIM CONSOLIDATED BALANCE SHEETS (continued)
 
[In thousands of Canadian dollars]
[Unaudited]

 
                                                                                                                           
   March 31, 2021    December 31, 2020  
   
  LIABILITIES AND EQUITY    
  Current    
Accounts payable and accrued liabilities   45,385    44,512  
Lease liabilities   1,530    1,875  
Other liabilities   1,768    1,291  
Automatic share purchase plan liability   31,272    
Bank loans   38,192    51,770  
Income taxes payable   14,390    13,559  
Other balances payable   3,408    1,053  
  Total current liabilities    135,945    114,060  
   
Accounts payable and accrued liabilities   308    316  
Lease liabilities   2,174    2,543  
Other balances payable   12,687    14,900  
Deferred income tax liabilities   20,206    21,616  
  Total liabilities    171,320    153,435  
   
  Shareholders' Equity    
Share capital   641,461    694,351  
Warrants   117    117  
Contributed surplus   19,242    18,731  
Accumulated other comprehensive loss   (12,552    )   (1,503 )
Retained earnings   181,207    174,545  
  Total shareholders' equity    829,475    886,241  
  Total liabilities and   shareholders'   equity    1,000,795    1,039,676  
 

  

INTERIM CONSOLIDATED STATEMENTS OF INCOME (LOSS)
 
[In thousands of Canadian dollars, except for share and per share amounts]
[Unaudited]

 
                                                                                                                                                                                             
   Three months ended March 31,   
 
 
   2021    2020  
   
Revenues   46,069    45,839  
Cost of goods sold   25,489    25,979  
  Gross margin    20,580    19,860  
   
  Expenses    
Selling and marketing   7,613    10,114  
General and administrative   7,082    8,418  
Research and development   2,818    2,749  
Amortization of intangible assets   5,302    6,039  
  Operating loss    (2,235    )   (7,460 )
   
Interest income on financial instruments measured at amortized cost   (886    )   (3,383 )
Other interest income   (1,112    )   (1,266 )
Interest expense   660    1,147  
Other income   (112    )   (25 )
Net (gain) loss on financial instruments measured at fair value through profit or loss   (9,473    )   6,730  
Net loss on mandatory tender offer liability   487  
Realized gain on sale of asset held for sale   (2,948 )
Realized gain on automatic share purchase plan   (2,869 )
Foreign exchange loss   4,201    4,907  
Loss on hyperinflation   60    277  
  Income (loss) before income taxes    4,427    (10,517 )
   
  Income tax    
Current   648    3,001  
Deferred   221    (4,041 )
  Income tax expense (recovery)    869    (1,040 )
  Net income (loss) for the period    3,558    (9,477 )
   
  Attributable to:    
Shareholders of the Company   3,558    (1,709 )
Non-controlling interests   (7,768 )
   
  Attributable to shareholders of the Company    
Basic earnings (loss) per share   0.03    (0.01 )
Diluted earnings (loss) per share   0.03    (0.01 )
   
  Weighted average number of common shares outstanding    
Basic   128,841,383    135,144,152  
Diluted   128,843,728    135,436,500  
 

  


INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
 
[In thousands of Canadian dollars]
[Unaudited]

 
                                                                                                                                                                  
   Three months ended March 31,   
 
 
   2021    2020  
  OPERATING ACTIVITIES    
  Net income (loss) for the period    3,558    (9,477 )
Adjustments reconciling net income to operating cash flows:   
Depreciation and amortization   6,708    7,763  
Net (gain) loss on financial instruments   (9,473    )   6,730  
Unrealized foreign exchange loss   4,657    4,907  
Other operating activities   1,452    (8,457 )
   6,902    1,466  
Changes in non-cash working capital and other items   10,628    (22,472 )
Interest payments on bank loans   (323    )   (161 )
  Cash inflow (outflow) from operating activities    17,207    (21,167 )
   
  INVESTING ACTIVITIES    
Purchase of marketable securities   (31,792    )   (13,415 )
Proceeds on maturity of marketable securities   83,156    76,446  
Proceeds from distribution of funds   4,336    2,090  
Other investing activities   220    70,909  
  Cash inflow from investing activities    55,920    136,030  
   
  FINANCING ACTIVITIES    
Repurchase of common shares through Normal Course Issuer Bid   (18,549    )   (13,311 )
Principal repayment on bank loans   (8,848    )   (731 )
Other financing activities   (630    )   11,168  
  Cash outflow from financing activities    (28,027    )   (2,874 )
   
  Increase in cash and cash equivalents during the period    45,100    111,989  
Cash and cash equivalents, beginning of the period   229,592    174,268  
Net foreign exchange difference   (3,474    )   685  
  Cash and cash equivalents, end of the period    271,218    286,942  
   
Cash and cash equivalents   271,218    286,942  
Short-term marketable securities   111,163    246,575  
Long-term marketable securities     59,061  
  Total cash, cash equivalents and marketable securities    382,381    592,578  
 

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In the healthcare industry, medical device ETFs bring together companies that go to great lengths to develop pharmaceutical-based technology that can improve the lives of patients.

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Cyclomedica

Cyclopharm Signs US Agreement with HCA Healthcare for Technegas®

Cyclopharm Limited (ASX: CYC) is pleased to announce the signing of a major contract with Hospital Corporation of America Healthcare (HCA), one of the largest single healthcare providers in the United States. This agreement marks a significant milestone for the company which will allow the deployment of Technegas® in up to 169 nuclear medicine departments across HCA’s extensive network.1

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CONNEQT App Launches in USA as Pulse Deliveries Commence

CONNEQT App Launches in USA as Pulse Deliveries Commence

Cardiex Limited (CDX:AU) has announced CONNEQT App Launches in USA as Pulse Deliveries Commence

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Female doctor with clipboard talking to smiling female patient at hospital.

Revolutionizing Women's Health: Antifungal Innovation Brings New Investment Opportunities

The intersection of women's health and antifungal innovation represents a pivotal moment in healthcare, offering both transformative medical advancements and compelling investment opportunities.

The groundbreaking developments in antifungal treatments specifically targeting women's health issues present a substantial market potential, resulting in rising investor interest in this rapidly evolving sector.

Despite comprising half the global population, women face unique health challenges that have historically received insufficient attention and investment. Among these health challenges, vaginal candidiasis stands out as a persistent and widespread issue affecting millions of women worldwide.

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