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Entourage Health Corp. (TSXV:ENTG) (OTCQX:ETRGF) (FSE:4WE) reported Monday its financial results for the fiscal year ended December 31, 2022, with revenue of $54.5 million, which compares to $55.2 million for the prior fiscal year.
“Despite encountering revenue stagnation in 2022 because of a product shortfall last spring, initial indications imply that the partnership with HEXO, our third-party supplier, is positively impacting overall operations," stated Vaani Maharaj, chief financial officer of Entourage Health. "Additionally, we have implemented several measures to review and optimize our cost structure, focusing on disciplined cash and inventory management and greater operational cost improvements. We anticipate these efforts will result in approximately $12.0 million in annualized cost savings.”
Adjusted EBITDA loss of $14.1 million decreased 51% compared to the previous year, mainly due to increases in property, plant and equipment impairments, one-time sales expenses, costs to sell assets held for sale, and provisions for the destruction and write-down of inventory and decommissioning activities.
Selling, General & Administrative (SG&A) expenses for 2022 totalled $30.3 million, compared to $28.7 million in 2021 and $8.9 million in Q4 2022. The increase was primarily due to the implementation an organization-wide restructuring plan aimed at optimizing the Company’s operations and reducing costs.
Gross loss before changes in fair value was ($9.2 million) for the full year of 2022 versus a gross loss of ($3.6 million) for the full year of 2021.
Loss and comprehensive loss amounted to $123.15 million compared to a loss of $78.94 million.
“The infusion of $30.0 million in financing from LPF and deferred debt payments has strengthened our Company's liquidity and provided additional support for our operations and growth initiatives,” Maharaj added. “This financial boost positions us to pursue new projects, expand our market presence, and implement other growth strategies to create shareholder value and strengthen our balance sheet in 2023."
Photo: Courtesy of Tim Foster on Unsplash
