Ocumetics Technology Corp. (TSXV:OTC, OTCQB:OTCFF, FRA:2QBO) focuses on a groundbreaking vision enhancement product - the Ocumetics Accommodating Lens. Leading the forefront of research and product development, Ocumetic's intraocular lens (IOL) is engineered to seamlessly shift the eye's focus from close to far distances without any noticeable lag. This process is called accommodation.
The eye's natural lens loses its flexibility to bend light rays accurately due to aging and injuries. This leads to the deterioration of eyesight and potential conditions like cataracts with or without astigmatism. Ocumetics has designed a very unique IOL that is surgically implanted to restore a patient’s vision. This lens is designed to harmoniously align with the eye's natural mechanisms, enhancing vision by appropriately bending light rays. Notably, it's designed to last a lifetime, presenting a significant potential advancement over other cataract technologies.
Ocumetics aims to solve the problem of eyesight degradation. The proposed solution is a surgically implanted lens that takes over the function of properly bending rays of light by working with the eye’s natural mechanisms, resulting in enhanced vision. Following a series of product enhancements, development of surgical procedure protocols, and animal testing for biocompatibility, the Ocumetics Accommodating Lens will soon begin human trials as the company works toward bringing the product to market.
This Ocumetics Technology profile is part of a paid investor education campaign.*
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Calgary, Alberta May 24, 2024 - TheNewswire . Â Ocumetics Technology Corp. (" Ocumetics " or the " Corporation ") ( TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) announces that it has completed the first tranche of the private placement of debentures previously announced by the Corporation on May 15, 2024.
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Calgary, Alberta TheNewswire - February 29, 2024 - Ocumetics Technology Corp. ("Ocumetics") (TSXV:OTC) (OTC:OTCFF) (FRA:2QBO), is pleased to invite investors and other interested parties to attend an upcoming interview with Market Radius Research.
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Calgary, Alberta TheNewswire - December 21, 2023 - Â Ocumetics Technology Corp. (" Ocumetics " or the " Corporation ") (TSXV:OTC) (OTC:OTCFF) (FRA:2QBO) is pleased to announce that the TSX Venture Exchange has granted a 15-day extension to close the Corporation's non-brokered private placement announced on November 15, 2023. Â The new closing deadline for the private placement is January 15, 2024.
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Ocumetics Technology Corp. (" Ocumetics ") ( TSXV:OTC) (OTC:OTCFF) (FRA:2QBO) a pioneer in the field of ophthalmic innovation, announces a webinar to discuss the successful completion of its biocompatibility animal study and its upcoming first-in-human study, anticipated to commence in Q1 2024 in the Dominican Republic
Dean Burns, CEO of Ocumetics and 27-year Alcon veteran, will lead the presentation.
Click Image To View Full Size
Join the webinar to:
Learn more about the significance of the biocompatibility animal study;
Learn more about the upcoming first-in-human study; and
Ask questions regarding the Ocumetics Accommodating Lens and the company's plans.
Details are as follows:
Date: Â Â Â Â December 20, 2023
Time: Â Â Â Â 18:00 EST
RSVP: https://ocumetics.com/webinar-december-20-2023/
About Ocumetics
Ocumetics Technology Corp. ( TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO), headquartered in Calgary, Alberta, Canada, is an innovator in the field of ophthalmic technology, dedicated to developing and commercializing advanced vision correction solutions that enhance the quality of life for individuals worldwide.
Ocumetics is in the preclinical study stage of a game-changing technology for the ophthalmic industry. Â In its pursuit of a next generation interocular lens solution, Ocumetics has developed the Ocumetics Accommodating Lens, an expandable intraocular lens that fits within the natural lens compartment of the eye potentially to eliminate the need for corrective lenses. Â It is designed to allow the eye's natural muscle activity to seamlessly shift focus from distance to intermediate to near.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Dean Burns
President and CEO
(817) 874-7564
Dayton Marks
Director
(778) 347-2500
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2023 TheNewswire - All rights reserved.
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Knight Therapeutics Inc. (TSX: GUD) ("Knight"), a pan-American (ex-USA) specialty pharmaceutical company, announced today that Health Canada has approved JORNAY PM â„¢, an extended-release formulation of methylphenidate, a stimulant medication for the treatment of Attention-Deficit Hyperactivity Disorder (ADHD) in children.
JORNAY PM â„¢ is the first and only evening-dosed methylphenidate product commercially available in Canada to treat ADHD in patients from 6 to 12 years of age. JORNAY PM â„¢ consists of microbeads with a delayed-release layer and an extended-release layer. The first layer delays the release of the active ingredient until morning while the extended-release layer controls the release of the active ingredient starting in the morning and continuing throughout the day. This unique formulation provides a pharmacokinetic profile that allows ADHD symptom control from the time patients wake up until the evening.
"As a psychiatrist who treats ADHD, I find the introduction of JORNAY PM ™ particularly exciting because its distinct mechanism of delivery addresses one of the most difficult aspects of ADHD management—early morning functioning. JORNAY PM ™ offers an effective treatment that assists in better morning routines. This new treatment is a welcome addition to the growing options available for ADHD management in Canada", said Dr. Doron Almagor (MD, FRCPC) Child, Adolescent, and Adult Psychiatrist.
JORNAY PM â„¢ was studied in two multicenter, randomized, double-blind, placebo-controlled, phase 3 clinical trials 1,2 . Both studies met their primary and key secondary endpoints demonstrating a statistically significant and clinically meaningful improvement in ADHD symptom control upon awakening, through the afternoon, and into the early evening .
"I am proud to announce the approval of JORNAY PM â„¢ in Canada. This exciting new launch, expected in the second half of 2025, represents a significant advancement for our Canadian business as we continue to expand our offerings for ADHD treatment," said Samira Sakhia, President and CEO of Knight. "Following this approval, we are building a well-rounded ADHD portfolio with a range of complementary therapies that address diverse patient needs and offer greater support for their families."
In May 2024, Knight entered into an agreement with Ironshore Pharmaceuticals & Development, Inc., a wholly owned subsidiary of Ironshore Therapeutics, Inc. (now part of Collegium Pharmaceutical, Inc.; Nasdaq: COLL), for the exclusive rights to distribute JORNAY PM â„¢ in Canada and Latin America.
According to IQVIA Canada, the total Canadian market of extended-release methylphenidate products was $469 million in 2023, with an 8.1% increase in prescriptions compared to 2022 and a 16% compound annual growth rate (CAGR) over the past four years.
About ADHD 3
ADHD is a chronic, often lifelong neurodevelopmental disorder that affects both children and adults. The estimated prevalence of ADHD is 5-9% in children and adolescents and 3-5% in adults. 3 The disorder is characterized by symptoms of inattention, hyperactivity, and impulsivity that can significantly impact an individual's ability to function in daily life. Although patients' symptoms of ADHD can change over time, they will generally require continued monitoring and treatment over their lifetime. Current first-line pharmacotherapies for ADHD include long-acting methylphenidate or amphetamine-based psychostimulants and non-stimulants. Individual products for both differ in their delivery systems and release profiles to provide distinct durations of effect. However, not all patients derive adequate symptom coverage with currently available therapies. As a result, there remains a significant medical need for additional treatment options for patients with ADHD.
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing and commercializing pharmaceutical products for Canada and Latin America. Knight's Latin American subsidiaries operate under United Medical, Biotoscana Farma and Laboratorio LKM. 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.knighttx.com or www.sedarplus.ca .
Forward-Looking Statements for Knight
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, 2023, as filed on www.sedarplus.ca . 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.
References:
CONTACT INFORMATION FOR KNIGHT:
| Investor Contact: | |
| Knight Therapeutics Inc. | |
| Samira Sakhia | Arvind Utchanah |
| President & Chief Executive Officer | Chief Financial Officer |
| T: 514.484.4483 | T. +598.2626.2344 |
| F: 514.481.4116 | |
| Email: IR@knighttx.com | Email: IR@knighttx.com |
| Website: www.knighttx.com | Website: www.knighttx.com |
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Mainz Biomed N.V. (NASDAQ:MYNZ) ("Mainz Biomed" or the "Company"), a molecular genetics diagnostic company specializing in the early detection of cancer, today announced a collaborative agreement with Thermo Fisher Scientific Inc. (NYSE: TMO), through its subsidiary Life Technologies Corporation ("Thermo Fisher"), a world leader in supplying life sciences solutions and services.
The collaboration agreement will enable Mainz Biomed and Thermo Fisher to jointly develop and potentially commercialize Mainz Biomed's Next Generation colorectal cancer screening product. The collaboration will harness Thermo Fisher's powerful technologies, instrumentation and information translation systems to enable Mainz Biomed to develop the proprietary assays for its mRNA-based next-generation CRC screening tests which are redefining standards in early cancer detection. Mainz Biomed's flagship non-invasive test not only targets the early detection of colorectal cancer but also focuses on precancerous lesions, particularly advanced adenomas, demonstrating significant clinical success in both US and European trials.
The collaboration will leverage combined capabilities to deliver testing solutions being developed at Mainz Biomed's laboratories in Mainz, Germany.
Guido Baechler, CEO of Mainz Biomed, said: "This collaboration with Thermo Fisher will be instrumental to our goal to bring to market a home collection colorectal screening tool with highly effective detection of adenomas. Our product development will be greatly enhanced by Thermo Fisher's knowledge and scalable, class-leading technologies, providing both partners with a means to accelerate the availability of an innovative new test for colorectal cancer screening around the world."
Peter Jacobs, Director, EMEA Clinical Business Development, Thermo Fisher Scientific, said: "We are excited at the prospect of working with Mainz Biomed on their next generation screening test and are confident that together we will be able to achieve rapid progress and deliver innovative new assays for the global clinical marketplace."
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About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. (NYSE: TMO) is the world leader in serving science, with annual revenue over $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit www.thermofisher.com .
About Mainz Biomed NV
Mainz Biomed develops market-ready molecular genetic diagnostic solutions for life-threatening conditions. The Company's flagship product is ColoAlert ® , an accurate, non-invasive and easy-to-use, early-detection diagnostic test for colorectal cancer. ColoAlert ® is marketed across Europe. The Company is currently running a pivotal FDA clinical study for US regulatory approval. Mainz Biomed's product candidate portfolio also includes PancAlert, an early-stage pancreatic cancer screening test based on real-time Polymerase Chain Reaction-based (PCR) multiplex detection of molecular-genetic biomarkers in stool samples. To learn more, visit mainzbiomed.com or follow us on LinkedIn , Twitter and Facebook .
For media inquiries
MC Services AG
Anne Hennecke/Caroline Bergmann
+49 211 529252 20
mainzbiomed@mc-services.eu
For investor inquiries, please contact info@mainzbiomed.com
Forward-Looking Statements
Certain statements made in this press release are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, actual results may differ materially from the Company's expectations or projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: (i) the failure to meet projected development and related targets; (ii) changes in applicable laws or regulations; (iii) the effect of the COVID-19 pandemic on the Company and its current or intended markets; and (iv) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the "SEC") by the Company. Additional information concerning these and other factors that may impact the Company's expectations and projections can be found in its initial filings with the SEC, including its annual report on Form 20-F filed on April 9, 2024. The Company's SEC filings are available publicly on the SEC's website at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to Mainz Biomed and speaks only as of the date on which it is made. Mainz Biomed undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.
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Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, announced that Marc N. Casper, chairman, president and chief executive officer, will present at the Wolfe Healthcare Conference on Tuesday, November 19, 2024 at 8:00 a.m. (EDT).
You can access the live webcast of the presentation via the Investors section of our website, www.thermofisher.com .
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue over $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit www.thermofisher.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20241111597045/en/
Media Contact Information:
Sandy Pound
Thermo Fisher Scientific
Phone: 781-622-1223
E-mail: sandy.pound@thermofisher.com
Investor Contact Information:
Rafael Tejada
Thermo Fisher Scientific
Phone: 781-622-1356
E-mail: rafael.tejada@thermofisher.com
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Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today announced that its Board of Directors authorized a quarterly cash dividend of $0.39 per common share, payable on January 15, 2025, to shareholders of record as of December 13, 2024.
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue over $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit www.thermofisher.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107197404/en/
Media Contact Information:
Sandy Pound
Thermo Fisher Scientific
Phone: 781-622-1223
E-mail: sandy.pound@thermofisher.com
Investor Contact Information:
Rafael Tejada
Thermo Fisher Scientific
Phone: 781-622-1356
E-mail: rafael.tejada@thermofisher.com
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Knight Therapeutics Inc. (TSX: GUD) ("Knight" or "the Company"), a leading pan-American (ex-US) specialty pharmaceutical company, today reported financial results for its third quarter ended September 30, 2024. All currency amounts are in thousands except for share and per share amounts. All currencies are Canadian unless otherwise specified.
Q3 Â 2024 Â Highlights
Financial Results
Corporate  Developments
Subsequent  to  quarter-  end
"I am excited to report that for the nine months ended September 30, 2024, we delivered record revenues of over $271 million and adjusted EBITDA of over $42 million. This strong performance is the result of the growth of our key promoted products and our commercial execution across Canada and Latin America. In addition, we have advanced our pipeline with the regulatory approval of Minjuvi ® in Mexico with a launch expected in the first half of 2025. We remain committed to advancing our pipeline products with regulatory submissions and approvals to grow our business in Canada and Latin America." said Samira Sakhia, President and Chief Executive Officer of Knight Therapeutics Inc.
______________________
1 Adjusted  EBITDA,  Adjusted  EBITDA  per  share  and  revenues  at  constant  currency  are  non-GAAP  measures.  Refer  to  section  Non-GAAP  measures  for  additional  details.
| SELECTED Â FINANCIAL Â RESULTS Â REPORTED Â UNDER Â IFRS [In thousands of Canadian dollars] | ||||||||||||||||
| Change | Change | |||||||||||||||
| Q3- Â 24 | Q3-23 | $ 1 | % 2 | YTD- Â 24 | YTD-23 | $ 1 | % 2 | |||||||||
| Revenues | 92,263 | 81,500 | 10,763 | 13% | 274,440 | 254,002 | 20,438 | 8% | ||||||||
| Gross margin | 45,017 | 40,182 | 4,835 | 12% | 134,053 | 118,437 | 15,616 | 13% | ||||||||
| Gross  margin  % | 49  % | 49  % | 49  % | 47  % | ||||||||||||
| Selling and marketing | 13,372 | 11,924 | (1,448 | ) | 12% | 39,285 | 35,463 | (3,822 | ) | 11% | ||||||
| General and administrative | 12,110 | 11,080 | (1,030 | ) | 9% | 34,747 | 29,305 | (5,442 | ) | 19% | ||||||
| Research and development | 5,153 | 4,768 | (385 | ) | 8% | 15,939 | 13,291 | (2,648 | ) | 20% | ||||||
| Amortization of intangible assets | 11,179 | 11,480 | 301 | 3% | 33,725 | 33,925 | 200 | 1% | ||||||||
| Operating expenses | 41,814 | 39,252 | (2,562 | ) | 7% | 123,696 | 111,984 | (11,712 | ) | 10% | ||||||
Operating income | 3,203 | 930 | 2,273 | 244% | 10,357 | 6,453 | 3,904 | 60% | ||||||||
Net (loss) income | 85 | 9,588 | (9,503 | ) | 99% | (6,403 | ) | 7,491 | (13,894 | ) | 185% | |||||
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.
| SELECTED Â FINANCIAL Â RESULTS Â EXCLUDING Â IAS Â 29 1 [In thousands of Canadian dollars] | ||||||||||||||||
| Change | Change | |||||||||||||||
| Q3- Â 24 | Q3-23 | $ | % | YTD- Â 24 | YTD-23 | $ | % | |||||||||
| Revenues | 91,430 | 81,669 | 9,761 | 12% | 271,346 | 254,736 | 16,610 | 7% | ||||||||
| Gross margin | 43,196 | 42,121 | 1,075 | 3% | 129,173 | 123,751 | 5,422 | 4% | ||||||||
| Gross  margin  % | 47  % | 52  % | 48  % | 49  % | ||||||||||||
| Selling and marketing | 13,197 | 11,937 | 1,260 | 11% | 38,658 | 35,635 | 3,023 | 8% | ||||||||
| General and administrative | 11,922 | 11,009 | 913 | 8% | 33,711 | 29,084 | 4,627 | 16% | ||||||||
| Research and development | 5,372 | 4,651 | 721 | 1% | 15,789 | 13,376 | 2,413 | 18% | ||||||||
| Amortization of intangible assets | 11,161 | 11,475 | (314 | ) | 3% | 33,707 | 33,789 | (82 | ) | —% | ||||||
| Operating expenses | 41,652 | 39,072 | 2,580 | 7% | 121,865 | 111,884 | 9,981 | 9% | ||||||||
| EBITDA 1 | 13,330 | 15,512 | (2,182 | ) | 14% | 42,560 | 48,018 | (5,458 | ) | 11% | ||||||
| Adjusted EBITDA 1 | 13,454 | 15,512 | (2,058 | ) | 13% | 42,787 | 48,018 | (5,231 | ) | 11% | ||||||
| Adjusted EBITDA per share 1 | 0.13 | 0.15 | (0.02 | ) | 10% | 0.42 | 0.46 | (0.04 | ) | 7% | ||||||
1 Financial  results  excluding  the  impact  of  IAS  29,  EBITDA,  adjusted  EBITDA  and  adjusted  EBITDA  per  share  are  non-GAAP  measures.  Refer  to  section  "  Non-  GAAP  measures" for additional details.
Revenues
For the quarter ended September 30, 2024, revenues excluding the impact of IAS 29 were $91,430 an increase of $9,761 or 12% mainly driven by a growth of $13,526 or 25% from our key promoted products offset by a decline in our mature products. On a constant currency 1 basis, revenues increased by $13,801 or 18% for the three period ended September 30, 2024. The table below provides revenues by therapeutic area.
| Excluding  the  impact  of  IAS  29 1 | |||||
| Change | |||||
| Therapeutic  Area | Q3-  24 | Q3-  23 | $ | % | |
| Oncology/Hematology | 36,821 | 31,336 | 5,485 | 18% | |
| Infectious Diseases | 33,827 | 29,195 | 4,632 | 16% | |
| Other Specialty | 20,782 | 21,138 | (356 | ) | 2% |
| Total | 91,430 | 81,669 | 9,761 | 12% | |
1 Revenues  excluding  the  impact  of  IAS  29  is  a  non-GAAP  measure,  refer  to  section  "  Non-GAAP  measures"  for  additional  details.
The increase in revenues is explained by the following:
Gross  margin
Excluding the impact of IAS 29, gross margin as a percentage of revenues was 47% in Q3-24 compared to 52% in Q3-23. The decrease in the Q3-24 gross margin, as a percentage of revenues, was due to product mix including a higher proportion of Ambisome ® sales to MOH.
Selling and marketing ("S&M") expenses: For the quarter ended September 30, 2024, S&M expenses excluding the impact of IAS 29, were $13,197 in Q3-24 compared to $11,937 in Q3-23, an increase of $1,260 or 11%. The increase was mainly driven by the marketing spend for the launches of Minjuvi ® in Brazil, Imvexxy ® and Bijuva ® in Canada as well as pre-launch activities for Jornay PM™.
1 Revenues  at  constant  currency  is  a  non-GAAP  measure.  Refer  to  section  "  Non-GAAP  measures"  for  additional  details.
General and administrative ("G&A") expenses: For the quarter ended September 30, 2024, G&A expenses excluding the impact of IAS 29, were $11,922 in Q3-24 compared to $11,009 in Q3-23, an increase of $913 or 8%. The increase was mainly driven by structure and compensation expenses along with higher spending on professional and consulting fees.
Research and development ("R&D") expenses: For the quarter ended September 30, 2024, R&D expenses excluding the impact of IAS 29, were $5,372 in Q3-24 compared to 4,651 in Q3-23, an increase of $721 or 16%. The increase was driven by medical initiatives related to key promoted products.
Adjusted  EBITDA
For the quarter ended September 30, 2024, adjusted EBITDA decreased by $2,058 or 13%. The decrease was driven by higher marketing spend related to the launches of Minjuvi ® in Brazil, Imvexxy ® and Bijuva ® in Canada as well as pre-launch activities for Jornay PM™, higher general and administrative expenses mainly related to structure and compensation increase along with higher spending on professional and consulting fees, and an increase in research and development expenses mainly driven by medical initiatives related to key promoted products, partly offset by a higher gross margin.
Net  Income
For the quarter ended September 30, 2024, the net income was $85 compared to $9,588 for the same period in prior year. The variance mainly resulted from the above-mentioned items and a net loss on the revaluation of $2,820 financial assets measured at fair value through profit or loss of versus a net gain of $5,562 in the same period in prior year and income tax expense of $523 in Q3-24 versus an income tax recovery of $690 in Q3-23 mainly driven by operating income and timing differences related to our financial assets
| SELECT Â BALANCE Â SHEET Â ITEMS [In thousands of Canadian dollars] | ||||||
| Change  | ||||||
| September  30,  2024 | December  31,  2023 | $ | % | |||
| Cash, cash equivalents and marketable securities | 151,500 | 161,825 | (10,325 | ) | 6 | % |
| Trade and other receivables | 142,943 | 141,684 | 1,259 | 1 | % | |
| Inventories | 114,959 | 91,834 | 23,125 | 25 | % | |
| Financial assets | 126,457 | 128,369 | (1,912 | ) | 1 | % |
| Accounts payable and accrued liabilities | 93,795 | 90,617 | 3,178 | 4 | % | |
| Bank loans | 51,651 | 61,866 | (10,215 | ) | 17 | % |
Cash,  cash  equivalents  and  marketable  securities : As at September 30, 2024, Knight had $151,500 in cash, cash equivalents and marketable securities, a decrease of $10,325 or 6% as compared to December 31, 2023. The decrease is mainly due to the settlement of upfront and milestone payments in connection with product licensing agreements including Qelbree TM , IPX203, Jornay PM TM and Cresemba ® , principal and interest payments on bank loans and repurchase of shares through the NCIB, partly offset by the cash inflows from operations. The cash inflows from operating activities were $34,811 for the nine-month period ended September 30, 2024 driven by the operating results adjusted for noncash items such as depreciation, amortization as well as increase in working capital of $7,416. The increase in working capital was mainly due to an increase in inventory due to the timing of purchases as well as investments on our new product launches.
Financial assets: As at September 30, 2024, financial assets were at $126,457, an decrease of $1,912 or 1% as compared December 31, 2023 mainly driven by unrealized gain on the fair value of our equity investment in Synergy as a result of Synergy's IPO partly offset by unrealized losses on the valuation of certain private investments of our strategic funds.
Bank  loans: As at September 30, 2024, bank loans were at $51,651, a decrease of $10,215 or 17% as compared December 31, 2023 mainly due to principal repayments of bank loans as well as the depreciation of the Brazilian Real, Mexican Peso and Colombian Peso.
Product  update
Minjuvi ®
In Q4-24, Knight obtained regulatory approval by COFEPRIS, the Mexican health regulatory agency, for Minjuvi ® (tafasitamab) in combination with lenalidomide followed by Minjuvi ® monotherapy for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL), who are not eligible for autologous stem cell transplantation (ASCT). The Company expects to launch Minjuvi ® in Mexico in the first half of 2025.
Lenvima ®
During 2023, two companies received ANVISA's approval for generic lenvatinib in Brazil. During 2024, both of those companies received the approval for a branded generic lenvatinib. Additionally, in Q3-24, a competitor received the approval of a generic lenvatinib in Chile.
In Q3-24, a competitor in Brazil launched both a branded generic and a generic of Lenvima ® . Knight and Eisai are collaborating to defend Lenvima ® 's market exclusivity in Brazil. While we continue to continue to challenge the generic entrants, the introduction of generics and branded generics will increase competitive pressures and negatively impact future sales and margins of Lenvima ® in Brazil.
Corporate  Update
NCIB
On July 15, 2024, the Company commenced an NCIB where Knight may purchase for cancellation up to 5,312,846 common shares of the Company. During the three-month period ended September 30, 2024, the Company purchased 437,500 common shares at an average price of $5.65 for aggregate cash consideration of $2,474 under the NCIB. Subsequent to the quarter-end up to October 31, 2024, the Company purchased an additional 190,000 common shares at an average purchase price of $5.66 for an aggregate cash consideration of $1,076.
Financial  Outlook
Knight provides guidance on revenues on a non-GAAP basis. This is due to both the difficulty in predicting Argentinian inflation rates and its IAS 29 impact.
Knight reconfirmed its financial guidance targets for 2024. Knight expects to generate between $355 million to $365 million in revenues and adjusted EBITDA 1 to be approximately 16% of revenues. The guidance is based on a number of assumptions, including but not limited to the following:
Should any of the assumptions differ, the financial outlook and the actual results may vary materially. Refer to the risks and assumptions referred to in the Forward-Looking Statements section of this news release for further details.
_________________________
1 Revenues  excluding  the  impact  of  IAS  29  and  adjusted  EBITDA  are  a  non-GAAP  measure.  Refer  to  the  definitions  in  section  "Non-GAAP  measures"  for  additional  details.
Conference  Call  Notice
Knight will host a conference call and audio webcast to discuss its third quarter ended September 30, 2024, today at 8:30 am ET. Knight cordially invites all interested parties to participate in this call.
Date: Thursday, November 7, 2024
Time: 8:30 a.m. ET
Telephone : Toll Free: 1-800-836-8184 or International 1-289-819-1350
Webcast: www.knighttx.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.knighttx.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 pharmaceutical products for Canada and Latin America. Knight's Latin American subsidiaries operate under United Medical, Biotoscana Farma and Laboratorio LKM. 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.knighttx.com or www.sedarplus.ca .
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, 2023 as filed on www.sedarplus.ca . Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information or future events, except as required by law.
CONTACT Â INFORMATION:
| Investor  Contact: | |
| Knight Therapeutics Inc. | |
| Samira Sakhia | Arvind Utchanah |
| President & Chief Executive Officer | Chief Financial Officer |
| T: 514.484.4483 | T. +598.2626.2344 |
| F: 514.481.4116 | |
| Email: IR@knighttx.com | Email: IR@knighttx.com |
| Website: www.knighttx.com | Website: www.knighttx.com |
NON-GAAP Â MEASURES
[In thousands of Canadian dollars]
The Company discloses non-GAAP measures and ratios 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. Non-GAAP financial measures and adjusted EBITDA per share ratio 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-GAAP measures.
[i]  Revenues  and  Financial  results  excluding  the  impact  of  hyperinflation  under  IAS  29
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.
Revenues and financial results under IFRS are adjusted to remove the impact of hyperinflation under IAS 29. The impact of hyperinflation under IAS 29 is calculated by applying an appropriate general price index to express the effects of inflation. After applying the effects of translation, the statement of income is converted using the closing foreign exchange rate of the month.
Revenues and financial results excluding the impact of hyperinflation under IAS 29 allow results to be viewed without the impact of IAS 29 thereby facilitating the comparison of results period over period. The presentation of revenues and financial results excluding the impact of hyperinflation under IAS 29 is considered to be a non-GAAP 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.
The following tables are reconciliations of financial results under IFRS to financial results excluding the impact of hyperinflation under IAS 29.
| Q3- Â 24 Â | YTD- Â 24 | |||||||||||
| Reported under IFRS | IAS 29 Adjustment | Excluding the Impact of IAS 29 | Reported under IFRS | IAS 29 Adjustment | Excluding the Impact of IAS 29 | |||||||
| Revenues | 92,263 | (833 | ) | 91,430 | 274,440 | (3,094 | ) | 271,346 | ||||
| Cost of goods sold | 47,246 | 988 | 48,234 | 140,387 | 1,786 | 142,173 | ||||||
| Gross  margin | 45,017 | (1,821 | ) | 43,196 | 134,053 | (4,880 | ) | 129,173 | ||||
| Gross  margin  (%) | 49  % | 47  % | 49  % | 48  % | ||||||||
Expenses | ||||||||||||
| Selling and marketing | 13,372 | (175 | ) | 13,197 | 39,285 | (627 | ) | 38,658 | ||||
| General and administrative | 12,110 | (188 | ) | 11,922 | 34,747 | (1,036 | ) | 33,711 | ||||
| Research and development | 5,153 | 219 | 5,372 | 15,939 | (150 | ) | 15,789 | |||||
| Amortization of intangible assets | 11,179 | (18 | ) | 11,161 | 33,725 | (18 | ) | 33,707 | ||||
| Operating  income  (loss) | 3,203 | (1,659 | ) | 1,544 | 10,357 | (3,049 | ) | 7,308 | ||||
| Q3-23 | YTD-23 | ||||||||||
| Reported under IFRS | IAS 29 Adjustment | Excluding the Impact of IAS 29 | Reported under IFRS | IAS 29 Adjustment | Excluding the Impact of IAS 29 | ||||||
| Revenues | 81,500 | 169 | 81,669 | 254,002 | 734 | 254,736 | |||||
| Cost of goods sold | 41,318 | (1,770 | ) | 39,548 | 135,565 | (4,580 | ) | 130,985 | |||
| Gross  margin | 40,182 | 1,939 | 42,121 | 118,437 | 5,314 | 123,751 | |||||
| Gross  margin  (%) | 49  % | 52  % | 47  % | 49  % | |||||||
Expenses | |||||||||||
| Selling and marketing | 11,924 | 13 | 11,937 | 35,463 | 172 | 35,635 | |||||
| General and administrative | 11,080 | (71 | ) | 11,009 | 29,305 | (221 | ) | 29,084 | |||
| Research and development | 4,768 | (117 | ) | 4,651 | 13,291 | 85 | 13,376 | ||||
| Amortization of intangible assets | 11,480 | (5 | ) | 11,475 | 33,925 | (136 | ) | 33,789 | |||
| Operating  income | 930 | 2,119 | 3,049 | 6,453 | 5,414 | 11,867 | |||||
[ii]  Revenues  and  Financial  results  at  constant  currency
Revenues and financial results at constant currency are obtained by translating the prior period revenues and financial results from the functional currencies to CAD using the conversion rates in effect during the current period. Furthermore, with respect to Argentina, the Company excludes the impact of hyperinflation and translates the revenues and results at the average exchange rate in effect for each of the periods.
Revenues and 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 revenues and financial results under constant currency is considered to be a non-GAAP 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.
The following tables are reconciliations of financial results under IFRS to financial results and financial results at constant currency.
| Q3- Â 23 | YTD- Â 23 | ||||||||||
| Excluding the impact of IAS 29 1 | Constant Currency Adjustment | Constant Currency | Excluding the impact of IAS 29 1 | Constant Currency Adjustment | Constant Currency | ||||||
| Revenues | 81,669 | (4,040 | ) | 77,629 | 254,736 | (448 | ) | 254,288 | |||
| Cost of goods sold | 39,548 | (2,455 | ) | 37,093 | 130,985 | (1,002 | ) | 129,983 | |||
| Gross  margin | 42,121 | (1,585 | ) | 40,536 | 123,751 | 554 | 124,305 | ||||
| Gross  margin  (%) | 52  % | 52  % | 49  % | 49  % | |||||||
Expenses | |||||||||||
| Selling and marketing | 11,937 | (559 | ) | 11,378 | 35,635 | (354 | ) | 35,281 | |||
| General and administrative | 11,009 | (249 | ) | 10,760 | 29,084 | 252 | 29,336 | ||||
| Research and development | 4,651 | (111 | ) | 4,540 | 13,376 | (15 | ) | 13,361 | |||
| Amortization of intangible assets | 11,475 | 129 | 11,604 | 33,789 | 256 | 34,045 | |||||
| Operating  income | 3,049 | (795 | ) | 2,254 | 11,867 | 415 | 12,282 | ||||
1 Refer  to  Subsection  -  [  i  ]  Revenues  and  Financial  results  excluding  the  impact  of  hyperinflation  under  IAS  29  for  additional  details.
[iii] Â EBITDA
EBITDA is defined as operating income or loss adjusted to exclude amortization and impairment of intangible assets, depreciation, purchase price allocation accounting adjustments, and the impact of IAS 29 (accounting under hyperinflation) but to include costs related to leases.
EBITDA allows results to be viewed without the impact of amortization and impairment of intangible assets, depreciation, purchase price allocation accounting adjustments, and the impact of IAS 29 (accounting under hyperinflation) but to include costs related to leases fluctuations in foreign currency exchange rates thereby facilitating the comparison of results period over period. The presentation of EBITDA is considered to be a non-GAAP 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.
[iv]  Adjusted  EBITDA
Adjusted EBITDA is defined EBITDA adjusted for acquisition costs and non-recurring expenses.
Adjusted EBITDA allows results to be viewed without the impact of amortization and impairment of intangible assets, depreciation, purchase price allocation accounting adjustments, and the impact of IAS 29 (accounting under hyperinflation), acquisition costs and non-recurring expenses but to include costs related to leases fluctuations in foreign currency exchange rates thereby facilitating the comparison of results period over period. The presentation of adjusted EBITDA is considered to be a non-GAAP 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.
The following table is a reconciliation of operating income (loss) to EBITDA and adjusted EBITDA.
| Q3- Â 24 | Q3- Â 23 | YTD- Â 24 | YTD- Â 23 | |||||
| Operating  income | 3,203 | 930 | 10,357 | 6,453 | ||||
| Adjustments  to  operating  income: | ||||||||
| Amortization of intangible assets | 11,179 | 11,480 | 33,725 | 33,925 | ||||
| Depreciation of property, plant and equipment and ROU assets | 2,210 | 2,218 | 5,414 | 5,014 | ||||
| Lease costs (IFRS 16 adjustment) | (997 | ) | (779 | ) | (2,861 | ) | (2,146 | ) |
| Impact of IAS 29 | (2,265 | ) | 1,663 | (4,075 | ) | 4,772 | ||
| EBITDA | 13,330 | 15,512 | 42,560 | 48,018 | ||||
| Acquisition and transition costs | 18 | — | 121 | — | ||||
| Other non-recurring expenses | 106 | — | 106 | — | ||||
| Adjusted  EBITDA | 13,454 | 15,512 | 42,787 | 48,018 |
[v]  Adjusted  EBITDA  per  share
Adjusted EBITDA per share is defined as Adjusted EBITDA over number of common shares outstanding at the end of the respective period. The presentation of adjusted EBITDA per share is considered to be a non-GAAP ratio 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.
The following table calculates adjusted EBITDA per share as follows:
| Q3- Â 24 | Q3- Â 23 | YTD- Â 24 | YTD- Â 23 | |||||
| Adjusted EBITDA | 13,454 | 15,512 | 42,787 | 48,018 | ||||
| Adjusted EBITDA per common share | 0.13 | 0.15 | 0.42 | 0.46 | ||||
| Number of common shares outstanding at period end (in thousands) | 100,976 | 105,045 | 100,976 | 105,045 |
| SELECTED Â FINANCIAL Â RESULTS Â AT Â CONSTANT Â CURRENCY 1 [In thousands of Canadian dollars] | ||||||||||||||||
| Excluding  impact  of  IAS  29 | ||||||||||||||||
| Constant Currency 1 | Change | Constant Currency 1 | Change | |||||||||||||
| Q3- Â 24 | Q3-23 | $ | % | YTD- Â 24 | YTD-23 | $ | % | |||||||||
Revenues | 91,430 | 77,629 | 13,801 | 18% | 271,346 | 254,288 | 17,058 | 7% | ||||||||
| Gross margin | 43,196 | 40,536 | 2,660 | 7% | 129,173 | 124,305 | 4,868 | 4% | ||||||||
| Gross  margin  % | 47  % | 52  % | 48  % | 49  % | ||||||||||||
| Operating expenses | 41,652 | 38,282 | (3,370 | ) | 9% | 121,865 | 112,023 | (9,842 | ) | 9% | ||||||
| EBITDA | 13,330 | 14,757 | (1,427 | ) | 10% | 42,560 | 48,672 | (6,112 | ) | 13% | ||||||
| Adjusted EBITDA | 13,454 | 14,757 | (1,303 | ) | 9% | 42,787 | 48,672 | (5,885 | ) | 12% | ||||||
| Adjusted EBITDA per share | 0.13 | 0.14 | (0.01 | ) | 7% | 0.42 | 0.45 | (0.03 | ) | 7% | ||||||
1 Financial results at constant currency is a non-GAAP measure. Refer to section "Non-GAAP measures" for additional details.
Revenues  at  Constant  Currency 1 by  Therapeutic  Area
| Three  months  ended  September  30, | Nine  months  ended  September  30, | |||||||||||||||
| Excluding  impact  of  IAS  29 | ||||||||||||||||
| Constant Currency 1 | Constant Currency 1 | |||||||||||||||
| Innovative | 2024 | 2023 | $ | % | 2024 | 2023 | $ | % | ||||||||
| Oncology/Hematology | 36,821 | 30,092 | 6,729 | 22 | % | 103,288 | 88,979 | 14,309 | 16 | % | ||||||
| Infectious Diseases | 33,827 | 27,255 | 6,572 | 24 | % | 109,714 | 104,687 | 5,027 | 5 | % | ||||||
| Other Specialty | 20,782 | 20,282 | 500 | 2 | % | 58,344 | 60,622 | (2,278 | ) | 4 | % | |||||
| Total | 91,430 | 77,629 | 13,801 | 18 | % | 271,346 | 254,288 | 17,058 | 7 | % | ||||||
1 Revenues  at  constant  currency  is  a  non-GAAP  measure.  Refer  to  Section  15  -  Non-GAAP  measures  for  additional  details.
| INTERIM Â CONSOLIDATED Â BALANCE Â SHEETS [In thousands of Canadian dollars] [Unaudited] | ||
| As  at | September  30,  2024 | December 31, 2023 |
| ASSETS | ||
| Current | ||
| Cash and cash equivalents | 73,755 | 58,761 |
| Marketable securities | 73,965 | 95,657 |
| Trade receivables | 91,250 | 88,722 |
| Other receivables | 7,294 | 7,427 |
| Inventories | 114,959 | 91,834 |
| Prepaids and deposits | 7,287 | 4,881 |
| Other current financial assets | 24,598 | 15,753 |
| Income taxes receivable | 4,458 | 2,080 |
| Total  current  assets | 397,566 | 365,115 |
Marketable securities | 3,780 | 7,407 |
| Prepaids and deposits | 7,682 | 7,767 |
| Right-of-use assets | 6,352 | 6,190 |
| Property, plant and equipment | 15,292 | 11,669 |
| Intangible assets | 279,681 | 289,960 |
| Goodwill | 84,783 | 79,844 |
| Other financial assets | 101,859 | 112,616 |
| Deferred income tax assets | 20,900 | 19,390 |
| Other long-term receivables | 44,399 | 45,535 |
| Total  non-current  assets | 564,728 | 580,378 |
| Total  assets | 962,294 | 945,493 |
| INTERIM Â CONSOLIDATED Â BALANCE Â SHEETS Â (continued) [In thousands of Canadian dollars] [Unaudited] | ||
| As  at | September  30,  2024 | December 31, 2023 |
LIABILITIES Â AND Â EQUITY | ||
| Current | ||
| Accounts payable and accrued liabilities | 86,620 | 85,366 |
| Lease liabilities | 3,015 | 1,728 |
| Other liabilities | 2,193 | 1,046 |
| Bank loans | 18,691 | 17,850 |
| Income taxes payable | 2,493 | 1,182 |
| Other balances payable | 5,140 | 6,857 |
| Total  current  liabilities | 118,152 | 114,029 |
Accounts payable and accrued liabilities | 7,175 | 5,251 |
| Lease liabilities | 3,551 | 5,497 |
| Bank loans | 32,960 | 44,016 |
| Other balances payable | 22,284 | 27,012 |
| Deferred income tax liabilities | 4,263 | 2,817 |
| Total  liabilities | 188,385 | 198,622 |
Shareholders' Â equity | ||
| Share capital | 539,317 | 540,046 |
| Warrants | 117 | 117 |
| Contributed surplus | 26,215 | 25,991 |
| Accumulated other comprehensive income | 64,077 | 29,829 |
| Retained earnings | 144,183 | 150,888 |
| Total  shareholders'  equity | 773,909 | 746,871 |
| Total  liabilities  and  shareholders'  equity | 962,294 | 945,493 |
| INTERIM Â CONSOLIDATED Â STATEMENTS Â OF Â INCOME Â (LOSS) [In thousands of Canadian dollars, except for share and per share amounts] [Unaudited] | ||||||||
| Three  months  ended  September  30, | Nine  months  ended  September  30, | |||||||
| 2024 | 2023 | 2024 | 2023 | |||||
Revenues | 92,263 | 81,500 | 274,440 | 254,002 | ||||
| Cost of goods sold | 47,246 | 41,318 | 140,387 | 135,565 | ||||
| Gross  margin | 45,017 | 40,182 | 134,053 | 118,437 | ||||
Expenses | ||||||||
| Selling and marketing | 13,372 | 11,924 | 39,285 | 35,463 | ||||
| General and administrative | 12,110 | 11,080 | 34,747 | 29,305 | ||||
| Research and development | 5,153 | 4,768 | 15,939 | 13,291 | ||||
| Amortization of intangible assets | 11,179 | 11,480 | 33,725 | 33,925 | ||||
| Operating  income  (loss) | 3,203 | 930 | 10,357 | 6,453 | ||||
Interest income on financial instruments measured at amortized cost | (2,458 | ) | (2,024 | ) | (6,554 | ) | (6,218 | ) |
| Other interest income | (65 | ) | (1,031 | ) | (1,194 | ) | (3,276 | ) |
| Interest expense | 1,915 | 2,603 | 6,776 | 8,398 | ||||
| Other expense | (795 | ) | (1,907 | ) | (1,006 | ) | (2,123 | ) |
| Net loss (gain) on financial instruments measured at fair value through profit or loss | 2,820 | (5,562 | ) | 19,752 | 2,346 | |||
| Foreign exchange loss (gain) | 2,326 | 1,317 | 5,934 | 6,162 | ||||
| Gain on hyperinflation | (1,148 | ) | (1,364 | ) | (7,528 | ) | (3,000 | ) |
| (Loss)  income  before  income  taxes | 608 | 8,898 | (5,823 | ) | 4,164 | |||
Income  tax | ||||||||
| Current | 1,862 | 1,112 | 4,776 | 3,251 | ||||
| Deferred | (1,339 | ) | (1,802 | ) | (4,196 | ) | (6,578 | ) |
| Income  tax  expense  (recovery) | 523 | (690 | ) | 580 | (3,327 | ) | ||
| Net  income  (loss)  for  the  period | 85 | 9,588 | (6,403 | ) | 7,491 | |||
Basic and diluted net income (loss) per share | — | 0.09 | (0.06 | ) | 0.07 | |||
| Weighted  average  number  of  common  shares  outstanding | ||||||||
| Basic | 101,132,799 | 106,250,793 | 101,211,415 | 108,728,924 | ||||
| Diluted | 101,132,799 | 106,511,761 | 101,211,415 | 108,958,045 | ||||
| INTERIM Â CONSOLIDATED Â STATEMENTS Â OF Â CASH Â FLOWS [In thousands of Canadian dollars] [Unaudited] | ||||||||
| Three  months  ended September  30, | Nine  months  ended September  30, | |||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| OPERATING Â ACTIVITIES | ||||||||
| Net (loss) income for the period | 85 | 9,588 | (6,403 | ) | 7,491 | |||
| Adjustments reconciling net income to operating cash flows: | ||||||||
| Depreciation and amortization | 13,389 | 13,698 | 39,139 | 38,939 | ||||
| Net loss (gain) on financial instruments | 2,820 | (5,562 | ) | 19,752 | 2,346 | |||
| Unrealized foreign exchange (gain) loss | 98 | 3,619 | (6,231 | ) | 1,557 | |||
| Other operating activities | (384 | ) | 1,058 | (4,030 | ) | 966 | ||
| 16,008 | 22,401 | 42,227 | 51,299 | |||||
| Changes in non-cash working capital and other items | (10,992 | ) | (7,235 | ) | (7,416 | ) | (33,303 | ) |
| Cash inflow (outflow) from operating activities | 5,016 | 15,166 | 34,811 | 17,996 | ||||
INVESTING Â ACTIVITIES | ||||||||
| Purchase of marketable securities | (45,417 | ) | (52,118 | ) | (123,339 | ) | (237,668 | ) |
| Proceeds on maturity of marketable securities | 58,703 | 81,204 | 150,693 | 262,372 | ||||
| Investment in funds | (1,372 | ) | (1,006 | ) | (2,575 | ) | (1,176 | ) |
| Purchase of intangible assets | (1,671 | ) | (60 | ) | (28,488 | ) | (7,727 | ) |
| Other investing activities | 1,284 | 7,736 | 2,623 | 15,441 | ||||
| Cash inflow (outflow) from investing activities | 11,527 | 35,756 | (1,086 | ) | 31,242 | |||
FINANCING Â ACTIVITIES | ||||||||
| Repurchase of common shares through Normal Course Issuer Bid | (2,474 | ) | (9,833 | ) | (3,716 | ) | (34,396 | ) |
| Principal repayment of bank loans | (2,039 | ) | (2,571 | ) | (10,698 | ) | (8,580 | ) |
| Proceeds from bank loans | 1,638 | 2,706 | 2,930 | 4,796 | ||||
| Other financing activities | (1,052 | ) | (1,541 | ) | (6,702 | ) | (7,124 | ) |
| Cash outflow from financing activities | (3,927 | ) | (11,239 | ) | (18,186 | ) | (45,304 | ) |
Increase (decrease) in cash and cash equivalents during the period | 12,616 | 39,683 | 15,539 | 3,934 | ||||
| Cash and cash equivalents, beginning of the period | 60,807 | 37,844 | 58,761 | 71,679 | ||||
| Net foreign exchange difference | 332 | (109 | ) | (545 | ) | 1,805 | ||
| Cash and cash equivalents, end of the period | 73,755 | 77,418 | 73,755 | 77,418 | ||||
Cash and cash equivalents | 73,755 | 77,418 | 73,755 | 77,418 | ||||
| Marketable securities | 77,745 | 76,397 | 77,745 | 76,397 | ||||
| Total  cash,  cash  equivalents  and  marketable  securities | 151,500 | 153,815 | 151,500 | 153,815 | ||||
News Provided by GlobeNewswire via QuoteMedia
-Â Medtronic plc (NYSE:MDT), a global leader in healthcare technology, today announced that it will report financial results for its second quarter of fiscal year 2025 on Tuesday, November 19, 2024 . A news release will be issued at approximately 5:45 a.m. Central Standard Time (CST) and will be available at https:news.medtronic.com . The news release will include summary financial information for the company's second quarter of fiscal year 2025, which ended on Friday, October 25, 2024 .
Medtronic will host a video webcast at 7:00 a.m. CST on November 19, 2024 , to discuss results for its second quarter of full fiscal year 2025. The webcast can be accessed at https://investorrelations.medtronic.com .
Within 24 hours of the broadcast, a replay and transcript of the prepared remarks will be available by clicking on the Events link at https://investorrelations.medtronic.com .
Looking ahead, Medtronic plans to report its third, and fourth quarter fiscal year 2025 results on Tuesday, February 18, 2025 and Wednesday, May 21, 2025 , respectively. For these events, confirmation and additional details will be provided closer to the specific event.
About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway , Ireland , is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people second, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic, visit www.Medtronic.com and follow Medtronic on LinkedIn .
Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.
Contacts: | |
Erika Winkels | Ryan Weispfenning |
Public Relations | Investor Relations |
+1-763-526-8478 | +1-763-505-4626 |
View original content to download multimedia: https://www.prnewswire.com/news-releases/medtronic-to-announce-financial-results-for-its-second-quarter-of-fiscal-year-2025-302296872.html
SOURCE Medtronic plc
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2024/05/c6463.html
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