This morning, The Hydropothecary Corp. (TSXV:THCX) (OTC:HYYDF) announced the company's financial results for their fiscal third quarter ended April 30th 2017. Here are some highlights from the company's earnings release:
Revenues in the third quarter of 2017 were $1,182,497 CAD, up 91.6% from the third quarter of 2016. This growth in revenues is attributable to a significant increase in the number of patients on a period-over-period basis.
Average revenue per gram decreased to $8.62 CAD per gram in the quarter due to the effects of changes in Veteran's Affairs Canada's reimbursement policies and Hydropothecary's launch of a mid-market product line.
Cash cost of inventory per gram was $1.32 CAD, down 10.2% from the previous quarter. This decrease was attributable to improvements in cultivation processes.
Operating expenses were $2,385,018 CAD in the third quarter of 2017. This was an increase of 155.4% from the year ago quarter. This increase was attributable to increased customer acquisition costs.
Loss in Adjusted EBITDA grew to a loss of $1,195,932 CAD, versus a loss of $444,145 CAD in the third quarter of last year.
Net loss in the quarter was $11,808,264, a significantly bigger loss than the third quarter last year.
Net loss per share, basic and diluted was $0.17 CAD, once again a much bigger loss than Hydropothecary's loss of $0.01 CAD in the third quarter of 2016.
Weighted average number of shares outstanding was 67,563,381 as of the end of the third quarter.
Cash on hand was $19,314,942 CAD as of April 30th, 2017.
Hydropothecary's deficit increased to 20,719,109 as of the end of the third quarter.
Operating Highlights (in Q3'17 and subsequent to the quarter)
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