Jamieson Wellness Inc. Reports First Quarter 2021 Financial Results

 

  Maintains Fiscal 2021 Guidance and Declares First Quarter Dividend  

 

Jamieson Wellness Inc. ("Jamieson Wellness" or the "Company") (TSX: JWEL) today reported financial results for its first quarter ended March 31, 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 First Quarter 2021 Results versus First Quarter 2020 Results  

 
  • Revenue increased 16.3% to $98.3 million;
  •  
  • Jamieson Brands revenue increased by 8.7%;
  •  
  • Adjusted EBITDA increased 11.1% to $18.5 million;
  •  
  • Net income was $6.1 million and adjusted net income increased 18.2% to $9.2 million; and
  •  
  • Earnings per diluted share were $0.15 and adjusted earnings per diluted share were $0.22.
  •  

"I am incredibly proud of the entire Jamieson team as we maintained our momentum, delivering another quarter of solid top and bottom-line performance; all while continuing to prioritize the health and safety of our employees," said Mark Hornick, President and Chief Executive Officer of Jamieson Wellness. "Branded Revenue grew by almost 9% led by strong growth in our international business and continued growth in our domestic branded business. While consumption in the quarter was not expected to match the initial demand surge accompanying the first wave of the pandemic, we continue to see very strong baseline demand from both new and existing consumers when comparing consumption to pre-pandemic levels. We remain focused on our long-term strategic objectives and investments required to continue to grow our domestic and international revenues while expanding our gross profit margins."

 

  First Quarter 2021 Results  

 

Revenue increased 16.3% to $98.3 million in the first quarter of 2021 compared to $84.5 million in the first quarter of 2020 driven by 8.7% growth in Jamieson Brands and 51.9% growth in Strategic Partners.

 

Revenue in the Jamieson Brands segment increased by 8.7% or $6.1 million to $75.9 million. The Company's domestic branded sales increased by 3.0% in the first quarter of 2021, offsetting the initial COVID-19 panic buying period which began in the first quarter of 2020 through a mid-quarter price increase, higher shipment volume to support continued demand and inventory replenishment at retailer and distributor partners. The Company's international branded business increased by 55.2% compared to the first quarter of 2020, which includes non-immunity product order fulfillment in early 2021 as we prioritized immunity based products exiting 2020.

 

Revenue in the Strategic Partners segment increased 51.9%, or $7.6 million to $22.4 million in the first quarter of 2021 reflecting order timing and the expansion of programs with customers.

 

Gross profit increased by $2.6 million to $33.9 million in the first quarter of 2021 mainly driven by revenue growth. Gross profit margin decreased by 250 basis points to 34.5%, including 50 basis points as a result of start-up costs associated with completing the transition to a third-party logistics model. Normalized gross profit margin was 35.0% or 200 basis points lower than prior year reflecting a higher proportion of Strategic Partners sales due to timing, costs associated with COVID-19 safety and business continuity measures, and an upfront signing bonus on the renewal of the Company's 3-year collective bargaining agreement with unionized hourly employees. Normalized gross profit margin in the Jamieson Brands segment decreased by 40 basis points to 41.5% as timing of promotional activities, pricing, and volume driven efficiencies were offset by costs associated with COVID-19 safety and business continuity measures and collective bargaining renewal bonuses. Gross profit margin in Strategic Partners decreased by 70 basis points to 12.7% mainly due to COVID-19 safety and business continuity measures.

 

Selling, general and administrative ("SG&A") expenses increased by $3.1 million to $20.8 million in the first quarter of 2021. On a normalized basis, SG&A expenses increased $1.8 million to $19.3 million in the first quarter of 2021 due to additional resources to support strategic initiatives and the timing of marketing investments.

 

Earnings from operations decreased by $1.8 million, or 14.9%, to $10.5 million in the first quarter of 2021 and operating margin decreased by 390 basis points to 10.7% reflecting a lower gross profit margin, higher fixed costs including the transition to a third-party logistics provider and the acceleration of share-based compensation expense on the Company's CEO transition. On a normalized basis, earnings from operations increased by $1.4 million, or 11.3% in the first quarter of 2021 and operating margin was 14.2% compared with 14.9% in first quarter of 2020.

 

Adjusted EBITDA increased 11.1% to $18.5 million in the first quarter of 2021 and adjusted EBITDA margin was 18.9% compared with 19.7% in the first quarter of 2020.

 

Interest expense and other financing costs decreased $0.5 million to $1.4 million in the first quarter of 2021 due to lower average borrowings and lower interest rates.

 

Net income for the first quarter of 2021 was $6.1 million compared with $8.0 million in the first quarter of 2020. Adjusted net income, which excludes all non-operating expenses and foreign exchange, increased $1.4 million, or 18.2%, to $9.2 million in the first quarter of 2021.

 

Adjusted net income excludes costs associated with share-based compensation, foreign exchange, international market expansion, business integration, COVID-19 related costs, other non-recurring income or expenses and related tax effects. A detailed reconciliation of reported net income to non-IFRS adjusted net income is included in the tables accompanying this release under the heading "Non-IFRS Financial Measures".

 

  Balance Sheet & Cash Flow  

 

The Company used $5.1 million in cash from operations during the first quarter of 2021 compared with $2.9 million provided by operations in the first quarter of 2020. Cash from operating activities before working capital considerations of $11.9 million was $0.7 million lower due to costs incurred as part of the Company's transition to a third-party logistics provider and COVID-19 safety and business continuity measures, offsetting higher revenues. Cash invested in working capital increased by $7.3 million driven by higher international branded and Strategic Partner sales which carry longer terms, partially offset by timing of payments. The Company's cash as at March 31, 2021 was $8.8 million compared with $1.2 million on December 31, 2020 and $5.2 million at the end of the first quarter of 2020. The Company ended the quarter with approximately $114.7 million in cash and available operating lines and net debt of $160.3 million.

 
                                                                                                 
  Three months ended   

 

 
  March 31   

 

 
  ($ in 000's, except as otherwise noted)   

  2021  

 
 

 

 
 

  2020  

 
 

 

 
  $ Change    % Change  
 

 

 
Cash, beginning of period  

  1,166  

 
 

 

 
 

  198  

 
 

 

 
 

  968  

 
 

 

 
 

  488.9%  

 
Cash flows from (used in):  

 

 
Operating activities  

(5,064

 
 

)

 
 

2,877

 
 

 

 
 

(7,941

 
 

)

 
 

(276.0%)

 
Investing activities  

(3,606

 
 

)

 
 

(2,411

 
 

)

 
 

(1,195

 
 

)

 
 

(49.6%)

 
Financing activities  

16,270

 
 

 

 
 

4,563

 
 

 

 
 

11,707

 
 

 

 
 

256.6%

 
  Cash, end of period   

  8,766  

 
 

 

 
 

  5,227  

 
 

 

 
 

  3,539  

 
 

 

 
 

  67.7%  

 
 

  Maintaining Fiscal 2021 Outlook  

 

The Company is maintaining its outlook for fiscal 2021 and continues to anticipate revenue in a range of $421.0 to $438.0 million, which represents annual growth of 4.3% to 8.6%. The Company estimates adjusted EBITDA in a range of $95.0 to $100.0 million and adjusted diluted earnings per share in a range of $1.24 to $1.32.

 

For additional details on the Company's fiscal 2021 outlook, including guidance for the second 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 months ended March 31, 2021.

 

  Declaration of First Quarter Dividend  

 

On May 4, 2021, the board of directors of the Company declared a cash dividend for the first quarter of 2021 of $0.125 per common share or approximately $5.0 million in the aggregate. The dividend will be paid on June 15, 2021 to all common shareholders of record at the close of business on May 31, 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 months ended March 31, 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 first quarter 2021 results at 5:00 p.m. ET today, May 5, 2021. The call can be accessed live over the telephone by dialing 1-866-248-8441 from Canada and the U.S. or 1-323-289-6576 from international locations. Due to increased volumes of conference calls this quarter, please dial the conference call number 15 minutes prior to the start time. 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 6067552 and it will be available until Wednesday, May 19, 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://investors.jamiesonwellness.com or directly at https://public.viavid.com/player/index.php?id=144443 . 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, May 5, 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  
  March 31  
 

  2021  

 
 

  2020  

 
 
  Revenue   

  98,270  

 
 

  84,523  

 
Cost of sales  

64,382

 
 

53,267

 
Gross profit  

33,888

 
 

31,256

 
 
  Gross profit margin   

  34.5%  

 
 

  37.0%  

 
 
Selling, general and administrative expenses  

20,766

 
 

17,632

 
Share-based compensation  

2,602

 
 

1,265

 
  Earnings from operations   

  10,520  

 
 

  12,359  

 
 
  Operating margin   

  10.7%  

 
 

  14.6%  

 
 
Foreign exchange loss (gain)  

16

 
 

(749)

 
Interest expense and other financing costs  

1,415

 
 

1,928

 
Income before income taxes  

9,089

 
 

11,180

 
Provision for income taxes  

2,953

 
 

3,169

 
  Net income   

  6,136  

 
 

  8,011  

 
  Adjusted net income   

  9,220  

 
 

  7,800  

 
 
  EBITDA   

  13,953  

 
 

  15,964  

 
  Adjusted EBITDA   

  18,542  

 
 

  16,687  

 
 
  Adjusted EBITDA margin   

  18.9%  

 
 

  19.7%  

 
 
  Weighted average number of shares  
Basic  

39,889,792

 
 

39,099,112

 
Diluted  

41,507,592

 
 

40,028,774

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

  0.15  

 
 

  0.20  

 
Diluted, earnings per share  

  0.15  

 
 

  0.20  

 
Adjusted diluted, earnings per share  

  0.22  

 
 

  0.19  

 
 
                                                                                                                                                         
 

  Jamieson Wellness Inc.  

 

Consolidated Statements of Financial Position

 

In thousands of Canadian dollars

 
 
  March 31,
2021
 
  December 31,
2020
 
  Assets  
  Current assets  
Cash  

8,766

 
 

1,166

 
Accounts receivable  

100,139

 
 

97,951

 
Inventories  

116,584

 
 

102,645

 
Derivatives  

66

 
 

-

 
Prepaid expenses and other current assets  

2,895

 
 

2,389

 
 

  228,450  

 
 

  204,151  

 
  Non-current assets  
Property, plant and equipment  

84,628

 
 

83,796

 
Goodwill  

122,975

 
 

122,975

 
Intangible assets  

195,445

 
 

196,158

 
Deferred income tax  

2,309

 
 

2,261

 
  Total assets   

  633,807  

 
 

  609,341  

 
 
  Liabilities  
  Current liabilities  
Accounts payable and accrued liabilities  

75,482

 
 

73,084

 
Income taxes payable  

3,689

 
 

6,580

 
Derivatives  

7,720

 
 

8,231

 
Current portion of other long-term liabilities  

3,114

 
 

3,115

 
 

  90,005  

 
 

  91,010  

 
  Long-term liabilities  
Long-term debt  

169,058

 
 

149,058

 
Post-retirement benefits  

3,520

 
 

3,538

 
Deferred income tax  

51,526

 
 

51,479

 
Other long-term liabilities  

21,203

 
 

21,854

 
  Total liabilities   

  335,312  

 
 

  316,939  

 
 
  Shareholders' equity  
Share capital  

258,297

 
 

255,795

 
Contributed surplus  

15,017

 
 

12,986

 
Retained earnings  

30,175

 
 

29,023

 
Accumulated other comprehensive loss  

(4,994)

 
 

(5,402)

 
  Total shareholders' equity   

  298,495  

 
 

  292,402  

 
  Total liabilities and shareholders' equity   

  633,807  

 
 

  609,341  

 
 
                                                                                                                                                                                                                                                                                                                                                                                                                        
 

  Jamieson Wellness Inc.  

 

Segment Information

 

In thousands of Canadian dollars, except as otherwise noted

 
 
  Jamieson Brands  
 
  Three months ended
March 31
 
 

  2021  

 
 

 

 
 

  2020  

 
 

 

 
  $ Change    % Change  
 
Revenue  

75,895

 
 

 

 
 

69,794

 
 

 

 
 

6,101

 
 

 

 
 

8.7

 
 

%

 
Gross profit  

31,057

 
 

 

 
 

29,275

 
 

 

 
 

1,782

 
 

 

 
 

6.1

 
 

%

 
Gross profit margin  

40.9

 
 

%

 
 

41.9

 
 

%

 
 

-

 
 

 

 
 

(1.0

 
 

%)

 
 
Selling, general and administrative expenses  

19,280

 
 

 

 
 

16,056

 
 

 

 
 

3,224

 
 

 

 
 

20.1

 
 

%

 
 
Share-based compensation  

2,602

 
 

 

 
 

1,265

 
 

 

 
 

1,337

 
 

 

 
 

105.7

 
 

%

 
 
  Earnings from operations   

  9,175  

 
 

 

 
 

  11,954  

 
 

 

 
 

  (2,779  

 
 

  )  

 
 

  (23.2  

 
 

  %)  

 
  Operating margin   

  12.1  

 
 

  %  

 
 

  17.1  

 
 

  %  

 
 

  -  

 
 

 

 
 

  (5.0  

 
 

  %)  

 
 
  Adjusted EBITDA   

  16,825  

 
 

 

 
 

  15,787  

 
 

 

 
 

  1,038  

 
 

 

 
 

  6.6  

 
 

  %  

 
  Adjusted EBITDA margin   

  22.2  

 
 

  %  

 
 

  22.6  

 
 

  %  

 
 

  -  

 
 

 

 
 

  (0.4  

 
 

  %)  

 
 
 
  Strategic Partners  
 
  Three months ended
March 31
 
 

  2021  

 
 

 

 
 

  2020  

 
 

 

 
  $ Change    % Change  
 
Revenue  

22,375

 
 

 

 
 

14,729

 
 

 

 
 

7,646

 
 

 

 
 

51.9

 
 

%

 
 
Gross profit  

2,831

 
 

 

 
 

1,981

 
 

 

 
 

850

 
 

 

 
 

42.9

 
 

%

 
Gross profit margin  

12.7

 
 

%

 
 

13.4

 
 

%

 
 

-

 
 

 

 
 

(0.7

 
 

%)

 
 
Selling, general and administrative expenses  

1,486

 
 

 

 
 

1,576

 
 

 

 
 

(90

 
 

)

 
 

(5.7

 
 

%)

 
 
  Earnings from operations   

  1,345  

 
 

 

 
 

  405  

 
 

 

 
 

  940  

 
 

 

 
 

  232.1  

 
 

  %  

 
  Operating margin   

  6.0  

 
 

  %  

 
 

  2.7  

 
 

  %  

 
 

  -  

 
 

 

 
 

  3.3  

 
 

  %  

 
 
  Adjusted EBITDA   

  1,717  

 
 

 

 
 

  900  

 
 

 

 
 

  817  

 
 

 

 
 

  90.8  

 
 

  %  

 
  Adjusted EBITDA margin   

  7.7  

 
 

  %  

 
 

  6.1  

 
 

  %  

 
 

  -  

 
 

 

 
 

  1.6  

 
 

  %  

 
 

  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 income" 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 Income  

 

In thousands of Canadian dollars

 
 
  Three months ended  
  March 31  
 

  2021  

 
 

 

 
 

  2020  

 
 

 

 
 
  Net income   

  6,136  

 
 

 

 
 

  8,011  

 
 

 

 
  Adjustments to net income:  
Share-based compensation  

1,624

 
 

 

 
 

144

 
 

 

 
Foreign exchange loss (gain)  

16

 
 

 

 
 

(749

 
 

)

 
International market expansion  

-

 
 

 

 
 

13

 
 

 

 
Business integration  

1,517

 
 

 

 
 

166

 
 

 

 
COVID-19 related costs  

698

 
 

 

 
 

87

 
 

 

 
Other  

(244

 
 

)

 
 

-

 
 

 

 
Related tax effects  

(527

 
 

)

 
 

128

 
 

 

 
  Adjusted net income   

  9,220  

 
 

 

 
 

  7,800  

 
 

 

 
 
 
                                                                                                           
 

  Reconciliation of EBITDA and Adjusted EBITDA  

 

In thousands of Canadian dollars

 
 
  Three months ended  
  March 31  
 

  2021  

 
 

 

 
 

  2020  

 
 

 

 
 
  Net income   

  6,136  

 
 

 

 
 

  8,011  

 
 

 

 
  Add:  
Provision for income taxes  

2,953

 
 

 

 
 

3,169

 
 

 

 
Interest expense and other financing costs  

1,415

 
 

 

 
 

1,928

 
 

 

 
Depreciation of property, plant, and equipment  

2,396

 
 

 

 
 

1,920

 
 

 

 
Amortization of intangible assets  

1,053

 
 

 

 
 

936

 
 

 

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

  13,953  

 
 

 

 
 

  15,964  

 
 

 

 
  Add EBITDA adjustments:  
Share-based compensation  

2,602

 
 

 

 
 

1,265

 
 

 

 
Foreign exchange loss (gain)  

16

 
 

 

 
 

(749

 
 

)

 
International market expansion  

-

 
 

 

 
 

13

 
 

 

 
Business integration  

1,517

 
 

 

 
 

107

 
 

 

 
COVID-19 related costs  

698

 
 

 

 
 

87

 
 

 

 
Other  

(244

 
 

)

 
 

-

 
 

 

 
  Adjusted EBITDA   

  18,542  

 
 

 

 
 

  16,687  

 
 

 

 
 

 

 

  

  

  Investor and Media Contact Information:  
Jamieson Wellness
Ruth Winker
416-705-5437
rwinker@jamiesonlabs.com  

 

News Provided by Business Wire via QuoteMedia

The Conversation (0)
Various blister packs with pills and capsules in different colors and shapes.

Trump Signs Sweeping Order to Slash Drug Prices, Pressure Pharma Giants

US President Donald Trump has signed a sweeping executive order aimed at dramatically reducing prices for prescription drugs, vowing to end “foreign free-riding” on American pharmaceutical innovation.

The order directs federal agencies to pressure both drug manufacturers and wealthy foreign countries to bring their prices in line with those paid in the US, or face aggressive trade and regulatory actions.

“In case after case, our citizens pay massively higher prices than other nations pay for the same exact pill, from the same factory, effectively subsidizing socialism abroad with skyrocketing prices at home,” Trump states in the order.

Keep reading...Show less
Blank pill bottle spilling a variety of pharmaceutical pills and capsules.

5 Biggest Pharmaceutical ETFs in 2025

The global pharmaceutical market reached a total value of US$1.38 trillion in 2024, according to Research and Markets, up significantly from the US$888 billion seen just over a decade earlier in 2010.

Experienced and novice investors alike may want to consider pharmaceutical exchange-traded funds (ETFs) as a way to gain exposure to the top pharma companies. Like all ETFs, pharmaceutical ETFs are a good option for those who want to trade a set of assets in the pharmaceutical industry instead of focusing solely on individual pharmaceutical stocks.

The main advantage of a pharmaceutical ETF is the fact that it can provide exposure to an overarching sector, but still trades like a stock. Pharma ETFs also offer less market volatility and lower fees and expenses.

Keep reading...Show less
Invion Limited

Invion Limited

Keep reading...Show less
Large pharmaceutical pill with gold dollar sign in the middle. Stock tickers and charts in the background.

Top 5 Small-cap Pharma Stocks in 2025

Today's pharmaceutical stocks are facing the challenges of government-imposed drug price caps, waning demand for COVID-19 vaccines and global stock market upheaval.

However, the industry's major underlying drivers — higher rates of cancer and chronic disease — are still at play and not expected to dissipate.

The US reigns supreme in the pharma market, both in terms of drug demand and development. In 2024, 50 novel medicines were approved by the US Food and Drug Administration (FDA), compared to 55 such approvals in 2023. Last year's FDA approvals include Eli Lilly and Company's (NYSE:LLY) Alzheimer's disease treatment Kisunla.

Big pharma largely steals the show, but some small- and mid-cap NASDAQ pharma stocks have also made gains.

Keep reading...Show less
Cardiol Therapeutics (TSX:CRDL)

Cardiol Therapeutics Announces Year-End 2024 Update on Operations

Reported positive data from the Phase II MAvERIC-Pilot study investigating the impact of CardiolRx™ administered to patients with symptomatic recurrent pericarditis; results support advancing to the Phase III MAVERIC trial

Completed patient enrollment in the Phase II ARCHER trial evaluating CardiolRx™ in patients
with acute myocarditis, with topline data expected in Q2 2025

Keep reading...Show less

Latest Press Releases

Related News

×