GRAY WOLF ANIMAL HEALTH REPORTS FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2022 – QNT Press Release


Revenue for the quarter up 69% year over year

Subsequent to quarter-end, completed a qualifying transaction and listing on the TSX-V, further strengthening the Company’s balance sheet

TORONTO, Nov. 28, 2022 /CNW/ – Gray Wolf Animal Health Corp. (TSXV:WOLF) (“Grey Wolf” or the “Company”), a Canadian diversified animal health company, today reported financial results for the third quarter and nine months ended September 30, 2022 of Gray Wolf Animal Health Inc. (“GWAH”), its wholly-owned operating subsidiary and the entity that recently completed a qualifying transaction and listing on the TSX Venture Exchange (the “TSX-V”).

Highlights
  • Revenue for the quarter increased year over year by 69% to $5.8 million. Revenue increased by 105% to $17.1 million for the nine-month period.
  • Gross profit increased 62% to $3.0 million for the quarter and 90% to $8.8 million for the nine-month period.
  • Adjusted EBITDA1 was $0.8 million for the quarter and increased 78% to $2.7 million for the nine-month period.
Subsequent Events
  • On November 15, 2022GWAH completed the previously announced qualifying transaction with Magen Ventures I Inc. (now, Gray Wolf Animal Health Corp.), adding $4.3 million of cash (as at September 30, 2022) to the Company’s balance sheet.
  • The common shares of Gray Wolf commenced trading on the TSX-V under the ticker symbol “WOLF” on November 23, 2022.
Commentary on Results

“We were pleased with the results of the third quarter and experienced solid increases in both revenue and Adjusted EBITDA. The growth came from both our custom pharmacy business acquired in September 2021 and through organic growth from our animal health products, primarily driven by our promoted products” said Angela CechettoChief Executive Officer.

Ms. Cechetto went on to say, “we continue to focus on bringing new products to market that improve the health and wellness of companion animals in addition to expanding market share with existing products. Earlier this month, we announced that we completed the qualifying transaction with Magen, which further strengthens our balance sheet and better positions us to pursue future growth initiatives.”.

Key Financial Data and Comparative Results

Three months ended

Nine months ended

September 30, 2022

September 30, 2021

September 30, 2022

September 30, 2021

Revenue

5,809,083

3,440,351

17,107,136

8,336,290

Gross profit

2,965,497

1,825,157

8,765,661

4,624,152

Gross profit %

51%

53 %

51%

55 %

Total operating expenses

2,977,165

1,791,274

8,975,023

4,404,040

Operating (loss) income for the period

(11,668)

33,883

(209,362)

220,112

Income tax (recovery) expense

(74,410)

17,331

(242,029)

17,331

Net loss for the period

(1,143,808)

(923,350)

(3,253,382)

(815,229)

Earnings (loss) per share

Basic

(0.08)

(0.07)

Full story available on Benzinga.com



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