Avicanna Q2 Revenue Improves 85% YoY, Cannabis Company Touts Two Successful Trials On Drug Candidates
Author: Nina Zdinjak | August 15, 2024 09:08am
Avicanna Inc. (TSX:AVCN) (OTCQX:AVCNF) (FSE:0NN) disclosed its financial and operational results Wednesday for the second quarter of the year. The manufacturer of cannabinoid-based products disclosed revenue of CA$6.1 million ($4.45 million), which is up by 85% year-over-year.
"We are happy to deliver another progressive quarter where we solidified our position in the medical cannabis space, enhanced relationships with the medical community, and stabilized our commercial operations in Canada," stated CEO Aras Azadian. "In addition, we are happy to report that during the second quarter, we saw the completion of two separate real-world evidence trials focused on two of our drug candidates in line with our long-term growth strategy."
Financial highlights:
Gross profit of CA$2.8 million and CA$5.9 million, respectively, for the three and six months ended June 30, 2024, compared to CA$1.5 million and CA$2 million for the same periods in 2023, an increase of 94% and 183%, respectively.
Adjusted EBITDA loss for the three months ended June 30, 2024, narrowed to (CA$442,310), a 65% decrease from an adjusted EBITDA loss of (CA$1.3 million) in the same period last year.
Net loss amounted to CA$1.95 million, compared to a net loss of CA$1.76 million in the same period of 2023.
Total expenses were CA$4.68 million, compared to CA$3.35 million in the second quarter of the prior year.
At the end of the reporting period, on June 30, the company had CA$488,211 in cash.
Completion of Study in Patients with Epidermolysis Bullosa at The Hospital for Sick Children evaluating wound healing, pain, and itch. The study evaluated the tolerability and efficacy of RHO Phyto-branded Ultra CBD Topical Cream in patients with epidermolysis bullosa. 55% of patients enrolled in the study reported improvements in wound healing, 45% displayed wound stability.
Completion of Topical Gel Observational Real-World Evidence Study in patients with musculoskeletal pain and inflammation. The RWE Study evaluated patient-reported efficacy of the RHO Phyto CBG Transdermal Gel containing 2% CBD and 1% CBG on a range of clinical conditions including arthritis, osteoarthritis, rheumatoid arthritis, fibromyalgia, muscle and joint pain, localized pain, and post-surgical pain. The RWE study reported a meaningful improvement in overall Musculoskeletal Health Questionnaire scores (p<0.001) as compared from baseline to one month. Specifically, there was a 35.4% improvement reported in health-related domains including symptoms, physical functioning, daily activities and work.
Price Action
Avicanna shares closed Wednesday's market session flat at 23 cents per share.
