Mettrum Ltd. Announces Second Fiscal Quarter 2014 Financial Results
Posted: November 17, 2014
Toronto, Ontario, November 17, 2014 – Mettrum Health Corp. (“Mettrum” or “the Company”) (TSXV:MT) (TSXV:MT.WT), parent company of Mettrum Ltd., a licensed producer of medical cannabis under the Marihuana for Medical Purposed Regulations (Canada) issued pursuant to the Controlled Drugs and Substances Act (Canada) (the “MMPR”) and a vertically integrated agri-pharmaceutical company focused on research, development, production and distribution of medical cannabis products, announced today its second fiscal quarter financial results for the three and six-month periods ended September 30, 2014.
The Company commenced sales of medical cannabis in January 2014 and as such does not have a comparable reporting period in 2013.
Revenue for the three-month period ended September 30, 2014 was $806,412. Gross profit during the same period amounted to $255,922, or approximately 32 percent as a percentage of revenue. The Company generated an operating loss and net loss of $1.8 million and $2.8 million, respectively during its second quarter of operations.
Revenue for the six-month period ended September 30, 2014 was $1.5 million. Gross profit during the same period amounted to $488,129, or approximately 32 percent as a percentage of revenue. The Company generated an operating loss and net loss of $3.0 million and $4.0 million, respectively during the six-month period in 2014.
“We are pleased with the progress made to date in building a solid foundation for growth in a rapidly evolving, and regulated industry,” noted Michael Haines, Chief Executive Officer of Mettrum Health Corp. “We will continue to execute on our plan and look forward to sharing our success with all of our stakeholders in the coming quarters.”
The Company’s balance sheet remained robust at quarter-end with cash and cash equivalents totaling $27.8 million.
Further information can be found in the disclosure documents filed by Mettrum with the securities regulatory authorities, available at www.sedar.com.
About Mettrum Health Corp.
Mettrum Health Corp. is Tier 1 Industry Issuer listed on TSX Venture Exchange. Mettrum Ltd., the wholly owned subsidiary of the Company, is a Toronto-based company incorporated under the laws of the Province of Ontario and a licensed producer under the MMPR, which came into effect on October 1, 2013. Mettrum received its license from Health Canada on November 1, 2013 and began production of medical cannabis on the same date. Mettrum was the third company in Canada to receive a license under the MMPR. From its fully integrated medical grade facility located in Bowmanville, Ontario, Mettrum commenced sales of medical cannabis under the MMPR in January 2014
AI
