The Company’s German reportable segment achieved revenues of $16.6 milliongross profit of $1.2 million and the net income of $0.3 million.
VANCOUVER, BC, May 26, 2022 /CNW/ – Franchise Global Health Inc. (“Global Franchise“or the”Company“) FGH VM is pleased to announce its results for the first quarter of 2022.
“The company’s German reportable segment reported strong sales and gross profit during the first quarter of 2022,” said Clifford Starke, Executive Chairman and CEO of Franchise Global. “These results reflect the quality of our team in Germany and our potential as we look to the future. Franchise Global is well positioned to expand its leadership position in Germanyand continue our trajectory as one of the germany most trusted pharmaceutical and medical cannabis companies”.
FINANCIAL AND OPERATIONAL HIGHLIGHTS
- Income from $16.6 millionan augmentation of $16.2 million from the first quarter of 2021.
- Gross profit of $1.2 millionan augmentation of $1.1 million from the first quarter of 2021.
- Net loss of $17.0 million. Excluding one-time registration fees of $15.6 millionstock-based compensation of $0.4 million and depreciation of $0.3 millionthe net loss for the first quarter of 2022 was $0.7 million.
- The Company’s German reportable segment achieved a net profit of $0.3 million.
- Cash of $5.3 million like a March 31, 2022.
FIRST QUARTER 2022 FINANCIAL RESULTS
Revenue increased by 4,050% $0.4 million in the first quarter of 2021 for $16.6 million in the first quarter of 2022. The increase is mainly due to the acquisition of Phatebo GmbH (“Phatebo”), which contributed $16.5 million revenue in the first quarter of 2022. The Company acquired 100% of Phatebo on December 31, 2021.
Gross profit for the first quarter of 2022 was $1.2 millionat the top $1.1 million or 1 100% from $0.1 million for the same period of the previous year.
The net loss for the first quarter of 2022 was $17.0 million. Excluding one-time registration fees of $150.6 million, stock-based compensation of $0.4 millionand the impairment charge of $0.3 millionthe net loss for the first quarter was $0.7 million. Excluding head office and reportable segment costs, the Company’s German reportable segment had a net profit of $0.3 million.
Like a March 31, 2022the company has a cash position of $5.3 million as good as $2.1 million (€1.5 million) capacity not drawn on At Phatebo Lines of credit.
A conference call hosted by senior management will be held on Monday, May 30, 2022 at 9:00 a.m. EST. Please join the conference call approximately ten minutes before the scheduled start time.
The connection details for the conference call are as follows:
Toronto local or international: 1-416-915-3239
Free (North America): 1-800-319-4610
About Global Franchise
Franchise Global, through its subsidiaries, is a multinational operator in the medical and pharmaceutical cannabis industries, with primary operations in Germany and with international operations, assets, strategic partnerships and investments. Franchise Global’s business objective is to develop a leading fully integrated European medical cannabis business, with the aim of providing pharmaceutical grade medical cannabis to distribution partners and ultimately patients, at competitive prices. competitive. For more information, please visit www.franchiseglobalhealth.com.
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Caution Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable securities laws, including, without limitation, statements regarding Franchise Global’s business and prospects. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is planned”, “budget”, “expected”, “estimates”, “forecasts”. “, “intends”, “anticipates” or “believes” or variations (including negative variations) of these words and expressions, or statements formed in the future tense or indicating that certain actions, events or results “might “, “could”, “could”, “could” or “will” (or other variations of the above) be taken, occur, be realized or occur. Forward-looking information is based on expectations, management’s current estimates, beliefs and/or opinions and information currently available to it (including information obtained from third-party industry analysts and other third-party sources) and assumptions that it believes are not unreasonable in all the circumstances.
By its nature, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to be materially different from the results, performance or future achievements expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. Please refer to the Company’s filing statement available on the Company’s SEDAR profile at www.sedar.com for further details of the risks and uncertainties facing Franchise Global. Any forward-looking information contained in this press release is expressly qualified by this cautionary statement, and the Company undertakes no obligation and does not intend to update any forward-looking information contained in this press release, whether or as a result of new information, future developments or otherwise, unless otherwise required by applicable law.
SOURCE Franchise Global Health Inc.
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