Though there are plenty of moments that haven't aged at all well in the classic movie musical Grease, its star Olivia Newton-John does not think it's sexist.
Though there are plenty of moments that haven't aged at all well in the classic movie musical Grease, its star Olivia Newton-John does not think it's sexist.
They couldn’t return to shore in their homemade boat.
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Emergent BioSolutions Inc. (NYSE: EBS) between July 6, 2020 through March 31, 2021, inclusive (the "Class Period"), of the important June 18, 2021 lead plaintiff deadline.
Ashley Westwood and Chris Wood scored the goals at Craven Cottage which condemned Scott Parker’s side to the drop.
Two years after their thrilling run to the Larry O'Brien Trophy, this Toronto Raptors season will also go down as one of the most memorable in history — for all the wrong reasons. The league's only team playing outside its home market, or its home country, a COVID-19 outbreak in March saw them nosedive down the conference standings, with their sliver of a play-in hope on the line. An Indiana Pacers victory over Cleveland on Monday night would officially end the Raptors' chance of a berth in the play-in tournament. With four games left on a bizarre regular season, Raptors coach Nick Nurse preferred not to look back on the numerous challenges tossed at his team and what he learned from how they handled them. "I'm not sure I'm kind of ready to dig into that quite yet," he said after Monday's practice. "My mind is not quite there yet. We've talked about it a bunch: What did we learn? Well, things can get really bad and adverse and somehow you've got to keep picking yourself up and getting yourself rejuvenated and bringing positivity and keep coaching and all those things." The Raptors have played in the post-season every year since 2013. Because of Canada's border restrictions around COVID-19, the Raptors were forced to move to Tampa for the season, playing their "home" games at Amalie Arena, normally home to the NHL's Lightning. A far cry from the jam-packed crowds of 20,000 at Scotiabank Arena they're used to, some nights it's tough to tell which team the sparse (due to COVID restrictions) crowd is cheering for. Pascal Siakam was booed during late-game free throw attempts last week. Not overly surprising for a team that had to juggle finding housing in Tampa with games and practices, the Raptors got off to a shaky 2-8 start to the season, but they ended February in the thick of the playoff race at 17-17. March was a month the Raptors would've liked to have ripped off the calendar and tossed. A COVID-19 outbreak sidelined a good chunk of the Raptors roster, including key players Siakam, Fred VanVleet, and OG Anunoby, plus the majority of coaches. They struggled after their returned to find their form after illness and quarantine measures. And then VanVleet (hip) and Kyle Lowry (toe) suffered injuries that would bother them for weeks. Nurse said this final stretch will be partly about evaluating and developing young players. "There's a couple of guys we'll probably give some runs to that we want to see still a little bit more," he said. He's "extremely optimistic" about next season. "I think we've played some of the best teams maybe better than a lot of teams have, to be honest, and we've been missing a lot of pieces along here," Nurse said. "I think we have an incredible group of talented young guys and we've got a group that’s growing day by day." The Raptors host their former star Kawhi Leonard and the Los Angeles Clippers on Tuesday, then visit Chicago on Thursday and Dallas on Friday before closing the regular season Sunday against visiting Indiana. Asked if he'll travel back to Toronto or to his hometown in Carroll, Iowa, after the season, Nurse said he and the Raptors management planned to stay in Tampa. "We're gonna operate still here from Tampa for a while, just with draft prep and exit interviews," he said. "All that stuff will stay here. I don't see any movement north for quite some time yet." This report by The Canadian Press was first published May 10, 2021. Lori Ewing, The Canadian Press
Hyderabad (Telangana) [India], May 11 (ANI): AIMIM chief Asaduddin Owaisi on Monday targeted Centre over COVID-19 management, stating that the government has failed in their vaccination policy and providing oxygen to the State and the Union Territories.
CANTON, Mass., May 10, 2021 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Organogenesis Holdings Inc. (Nasdaq: ORGO), please note that in the third bullet of the First Quarter 2021 Financial Results Summary, the net revenue from the sale of non-PuraPly products was $61.2 million, not $32.0 million. The corrected release follows: Organogenesis Holdings Inc. (Nasdaq: ORGO), a leading regenerative medicine company focused on the development, manufacture, and commercialization of product solutions for the Advanced Wound Care and Surgical & Sports Medicine markets, today reported financial results for the three months ended March 31, 2021. First Quarter 2021 Financial Results Summary: Net revenue of $102.6 million for the first quarter of 2021, up 66% compared to net revenue of $61.7 million for the first quarter of 2020. Net revenue is based upon: Net revenue from Advanced Wound Care products for the first quarter of 2021 of $90.7 million, an increase of 77% from the first quarter of 2020.Net revenue from Surgical & Sports Medicine products for the first quarter of 2021 of $11.8 million, an increase of 13% from the first quarter of 2020. Net revenue from the sale of PuraPly products of $41.3 million for the first quarter of 2021, an increase of 27% from the first quarter of 2020.Net revenue from the sale of non-PuraPly products of $61.2 million, an increase of 109% from the first quarter of 2020.Net income of $9.9 million for the first quarter of 2021, compared to a net loss of $16.3 million for the first quarter of 2020, an increase of $26.3 million.Adjusted EBITDA income of $16.0 million for the first quarter of 2021, compared to Adjusted EBITDA loss of $10.9 million for the first quarter of 2020, an increase of $27.0 million. First Quarter 2021 Highlights: On January 11, 2021, the Company announced that the U.S. Food and Drug Administration granted ReNu®, a cryopreserved amniotic suspension allograft for the management of symptoms associated with knee osteoarthritis, Regenerative Medicine Advanced Therapy (RMAT) designation.On January 14, 2021, the Company announced that the first patient was enrolled in its pivotal Phase 3 clinical trial evaluating the safety and efficacy of ReNu®, a cryopreserved amniotic suspension allograft, for the management of symptoms associated with knee osteoarthritis.On February 16, 2021, the Company announced the appointment of David C. Francisco as the Company’s Chief Financial Officer, effective February 15, 2021. In connection with the hiring of Mr. Francisco, Henry Hagopian will serve as the Company’s Senior Vice President of Finance and Treasurer. “2021 is off to a strong start,” said Gary S. Gillheeney, Sr., President and Chief Executive Officer of Organogenesis. “We delivered significant year-over-year revenue growth across both our Advanced Wound Care and Surgical and Sports Medicine portfolios driven by strong sales of our amniotic and PuraPly products. We are pleased that successful execution of our PuraPly strategy generated PuraPly sales well ahead of our expectations. With continued strong execution against our commercial strategy, we also significantly improved our profitability.” Mr. Gillheeney, Sr. continued: “The fundamentals of our business and strategy remain strong and we are well positioned to continue to deliver strong operating and financial performance over the balance of 2021. We remain confident in our ability to execute our long-term strategic plan as we deliver on our mission to provide integrated healing solutions that substantially improve medical outcomes while lowering the overall cost of care.” First Quarter 2021 Results: The following table represents net revenue by product grouping for the three months ended March 31, 2021 and March 31, 2020, respectively: Three Months EndedMarch 31, Change 2021 2020 $ % (in thousands, except for percentages) Advanced Wound Care $90,708 $51,288 $39,420 77%Surgical & Sports Medicine 11,844 10,444 1,400 13%Net revenue $102,552 $61,732 $40,820 66% Net revenue for the first quarter of 2021 was $102.6 million, compared to $61.7 million for the first quarter of 2020, an increase of $40.8 million, or 66%. The increase in net revenue was driven by a $39.4 million increase, or 77%, in net revenue of Advanced Wound Care products and a $1.4 million increase, or 13%, in net revenue of Surgical & Sports Medicine products, compared to the first quarter of 2020. Gross profit for the first quarter of 2021 was $77.1 million, or 75% of net revenue, compared to $42.9 million, or 70% of net revenue, for the first quarter of 2020, an increase of $34.1 million, or 79%. The increase in gross profit resulted primarily from increased sales volume due to the strength in our Advanced Wound Care and Surgical & Sports Medicine products as well as a shift in product mix to our higher gross margin products. Operating expenses for the first quarter of 2021 were $64.4 million, compared to $58.0 million for the first quarter of 2020, an increase of $6.4 million, or 11%. R&D expense was $6.2 million for the first quarter of 2021, compared to $5.4 million in the first quarter of 2020, an increase of $0.8 million, or 15%. Selling, general and administrative expenses were $58.2 million, compared to $52.6 million in the first quarter of 2020, an increase of $5.6 million, or 11%. Operating income for the first quarter of 2021 was $12.6 million, compared to an operating loss of $15.1 million for the first quarter of 2020, an increase of $27.7 million. Total other expenses, net, for the first quarter of 2021 were $2.5 million, compared to $1.2 million for the first quarter of 2020, an increase of $1.3 million, or 107%. The increase was primarily due to a $1.3 million gain for the three months ended March 31, 2020 related to the settlement of the deferred acquisition consideration dispute with the sellers of NuTech Medical. Net income for the first quarter of 2021 was $9.9 million, or $0.07 per share, compared to a net loss of $16.3 million, or $0.16 per share, for the first quarter of 2020, an increase of $26.3 million, or $0.23 per share. Adjusted EBITDA of $16.0 million for the first quarter of 2021, compared to Adjusted EBITDA loss of $10.9 million for the first quarter of 2020, an increase of $27.0 million. As of March 31, 2021, the Company had $78.0 million in cash and restricted cash and $88.1 million in debt obligations, of which $18.4 million were capital lease obligations, compared to $84.8 million in cash and restricted cash and $84.8 million in debt obligations, of which $15.1 million were capital lease obligations as of December 31, 2020. Fiscal Year 2021 Guidance: For the twelve months ended December 31, 2021, the Company now expects: Net revenue of between $438 million and $454 million, representing an increase of approximately 29% to 34% year-over-year, as compared to net revenue of $338.3 million for the twelve months ended December 31, 2020. The 2021 net revenue guidance range assumes: Net revenue from Advanced Wound Care products of between $409 million and $422 million, representing an increase of approximately 39% to 43% year-over-year as compared to net revenue of $294.6 million for the twelve months ended December 31, 2020.Net revenue from Surgical & Sports Medicine products of between $29 million and $32 million, representing a decrease of approximately 27% to 34% year-over-year as compared to net revenue of $43.7 million for the twelve months ended December 31, 2020.Net revenue from the sale of PuraPly products of between $179 million and $187 million, representing an increase of approximately 22% to 27% year-over-year, as compared to net revenue of $147.3 million for the twelve months ended December 31, 2020. GAAP net income positive for the twelve months ended December 31, 2021.Adjusted EBITDA positive for the twelve months ended December 31, 2021. First Quarter 2021 Earnings Conference Call: Financial results will be reported after the market closes on Monday, May 10. Management will host a conference call at 5:00 p.m. Eastern Time on May 10 to discuss the results of the quarter, and provide a corporate update with a question and answer session. Those who would like to participate may dial 866-795-3142 (409-937-8908 for international callers) and provide access code 9199306. A live webcast of the call will also be provided on the investor relations section of the Company's website at investors.organogenesis.com. For those unable to participate, a replay of the call will be available for two weeks at 855-859-2056 (404-537-3406 for international callers); access code 9199306. The webcast will be archived at investors.organogenesis.com. ORGANOGENESIS HOLDINGS INC.CONSOLIDATED BALANCE SHEETS(amounts in thousands, except share and per share data) March 31, December 31, 2021 2020Assets Current assets: Cash $77,458 $84,394 Restricted cash 500 412 Accounts receivable, net 72,003 56,804 Inventory 29,721 27,799 Prepaid expenses and other current assets 5,557 4,935 Total current assets 185,239 174,344 Property and equipment, net 62,431 60,068 Intangible assets, net 29,379 30,622 Goodwill 28,772 28,772 Operating lease right-of-use assets, net 12,706 - Deferred tax asset, net 18 18 Other assets 636 670 Total assets $319,181 $294,494 Liabilities and Stockholders’ Equity Current liabilities: Deferred acquisition consideration $- $483 Current portion of term loan 16,875 16,666 Current portion of finance lease obligations 3,870 3,619 Current portion of operating lease obligations 4,004 - Current portion of deferred rent and lease incentive obligation - 95 Accounts payable 23,877 23,381 Accrued expenses and other current liabilities 25,383 23,973 Total current liabilities 74,009 68,217 Line of credit 10,000 10,000 Term loan, net of current portion 42,876 43,044 Deferred acquisition consideration, net of current portion 1,436 1,436 Earnout liability 3,689 3,985 Deferred rent and lease incentive obligation, net of current portion - 2,315 Finance lease obligations, net of current portion 10,516 11,442 Operating lease obligations, net of current portion 11,031 - Other liabilities 8,332 7,971 Total liabilities 161,889 148,410 Commitments and contingencies (Note 18) Stockholders’ equity: Total stockholders’ equity 157,292 146,084 Total liabilities and stockholders’ equity $319,181 $294,494 ORGANOGENESIS HOLDINGS INC.CONSOLIDATED STATEMENTS OF OPERATIONS(amounts in thousands, except share and per share data) Three Months EndedMarch 31, 2021 2020Net revenue $102,552 $61,732 Cost of goods sold 25,495 18,793 Gross profit 77,057 42,939 Operating expenses: Selling, general and administrative 58,232 52,613 Research and development 6,209 5,410 Total operating expenses 64,441 58,023 Income (loss) from operations 12,616 (15,084)Other expense, net: Interest expense, net (2,470) (2,510)Gain on settlement of deferred acquisition consideration - 1,295 Other income (expense), net (3) 21 Total other expense, net (2,473) (1,194)Net income (loss) before income taxes 10,143 (16,278)Income tax expense (200) (35)Net income (loss) $9,943 $(16,313) Net income (loss), per share: Basic $0.08 $(0.16)Diluted $0.07 $(0.16)Weighted-average common shares outstanding Basic 127,870,065 104,486,924 Diluted 133,451,950 104,486,924 ORGANOGENESIS HOLDINGS INC.CONSOLIDATED STATEMENT OF CASH FLOWS(amounts in thousands, except share and per share data) Three Months EndedMarch 31, 2021 2020Cash flows from operating activities: Net income (loss) $9,943 $(16,313)Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation 1,010 902 Amortization of intangible assets 1,243 817 Amortization of operating lease right-of-use assets 1,129 - Non-cash interest expense 72 46 Deferred interest expense 525 470 Deferred rent expense and lease incentive obligation - 92 Gain on settlement of deferred acquisition consideration - (1,295)Recovery of certain notes receivable from related parties (179) - Provision recorded for sales returns and doubtful accounts 1,103 217 Loss on disposal of property and equipment 239 201 Adjustment for excess and obsolete inventories 2,290 769 Stock-based compensation 698 209 Change in fair value of Earnout liability (296) - Changes in operating assets and liabilities: Accounts receivable (16,301) 6,325 Inventory (4,212) (4,287)Prepaid expenses and other current assets (622) (2,099)Operating leases (1,210) - Accounts payable 1,842 (1,910)Accrued expenses and other current liabilities 1,411 (1,274)Other liabilities (164) (153)Net cash used in operating activities (1,479) (17,283)Cash flows from investing activities: Purchases of property and equipment (4,957) (4,243)Proceeds from the repayment of notes receivable from related parties 179 - Net cash used in investing activities (4,778) (4,243)Cash flows from financing activities: Proceeds from term loan - 10,000 Payments of withholding taxes in connection with RSUs vesting (417) - Proceeds from the exercise of stock options 984 816 Principal repayments of finance lease obligations (675) (544)Payment of deferred acquisition consideration (483) (2,042)Net cash (used in) provided by financing activities (591) 8,230 Change in cash and restricted cash (6,848) (13,296)Cash and restricted cash, beginning of period 84,806 60,370 Cash and restricted cash, end of period $77,958 $47,074 Supplemental disclosure of cash flow information: Cash paid for interest $1,937 $2,244 Cash paid for income taxes $- $- Supplemental disclosure of non-cash investing and financing activities: Purchases of property and equipment included in accounts payable and accrued expenses $306 $2,942 Right-of-use assets obtained through operating lease obligations $310 $- Non-GAAP Financial Measures Our management uses financial measures that are not in accordance with generally accepted accounting principles in the United States, or GAAP, in addition to financial measures in accordance with GAAP to evaluate our operating results. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. Our management uses Adjusted EBITDA to evaluate our operating performance and trends and make planning decisions. Our management believes Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the items that we exclude. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by our management in its financial and operational decision-making. The following is a reconciliation of GAAP net income (loss) to non-GAAP EBITDA and non-GAAP Adjusted EBITDA for each of the periods presented: Three Months EndedMarch 31, 2021 2020 (in thousands)Net income (loss) $9,943 $(16,313)Interest expense, net 2,470 2,510 Income tax expense 200 35 Depreciation 1,010 902 Amortization 1,243 817 EBITDA 14,866 (12,049)Stock-based compensation expense 698 209 Gain on settlement of deferred acquisition consideration (1) - (1,295)Recovery of certain notes receivable from related parties (2) (179) - Change in fair value of Earnout (3) (296) - Restructuring charge (4) 927 - Transaction cost (5) - 243 Cancellation fee (6) - 1,950 Adjusted EBITDA $16,016 $(10,942) (1) Amount reflects the gain recognized related to the settlement of the deferred acquisition consideration dispute with the sellers of NuTech Medical in February 2020. See Note 18 to the unaudited financial statements included in our quarterly report on Form 10-Q for the quarter ended March 31, 2021 (the “Form 10-Q”). (2) Amount reflects the collection of certain notes receivable from related parties previously reserved. See Note 19 to the unaudited financial statements included in our Form 10-Q. (3) Amount reflects the change in the fair value of the Earnout liability in connection with the CPN acquisition. See Note 3 to the unaudited financial statements included in our Form 10-Q. (4) Amount reflects employee retention and other benefit-related costs related to the Company’s restructuring activities. See Note 12 to the unaudited financial statements included in our Form 10-Q.(5) Amount reflects the legal, advisory and other professional fees incurred in the three months ended March 31, 2020 related directly to the CPN acquisition. See Note 3 to the unaudited financial statements included in our Form 10-Q.(6) Amount reflects the cancellation fee for terminating certain product development and consulting agreements the Company inherited from NuTech Medical. See Note 18 to the unaudited financial statements included in our Form 10-Q. Forward-Looking Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts of future events. Forward-looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include statements relating to the Company’s expected revenue for fiscal 2021 and the breakdown of such revenue in both its Advanced Wound Care and Surgical & Sports Medicine categories as well as the estimated revenue contribution of its PuraPly products. Forward-looking statements with respect to the operations of the Company, strategies, prospects and other aspects of the business of the Company are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from expectations expressed or implied by such forward-looking statements. These factors include, but are not limited to: (1) the impact of any changes to the reimbursement levels for the Company’s products and the impact to the Company of the loss of preferred “pass through” status for PuraPly AM and PuraPly in 2020; (2) the Company faces significant and continuing competition, which could adversely affect its business, results of operations and financial condition; (3) rapid technological change could cause the Company’s products to become obsolete and if the Company does not enhance its product offerings through its research and development efforts, it may be unable to effectively compete; (4) to be commercially successful, the Company must convince physicians that its products are safe and effective alternatives to existing treatments and that its products should be used in their procedures; (5) the Company’s ability to raise funds to expand its business; (6) the Company has incurred significant losses since inception and may incur losses in the future; (7) changes in applicable laws or regulations; (8) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (9) the Company’s ability to maintain production of Affinity in sufficient quantities to meet demand; (10) the COVID-19 pandemic and its impact, if any, on the Company’s fiscal condition and results of operations; and (11) other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including Item 1A (Risk Factors) of the Company’s Form 10-K for the year ended December 31, 2020 and its subsequently filed periodic reports. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Although it may voluntarily do so from time to time, the Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. About Organogenesis Holdings Inc. Organogenesis Holdings Inc. is a leading regenerative medicine company offering a portfolio of bioactive and acellular biomaterials products in advanced wound care and surgical biologics, including orthopedics and spine. Organogenesis’s comprehensive portfolio is designed to treat a variety of patients with repair and regenerative needs. For more information, visit www.organogenesis.com. CONTACT: Investor Inquiries: Westwicke Partners Mike Piccinino, CFA OrganoIR@westwicke.com 443-213-0500 Press and Media Inquiries: Organogenesis Lori Freedman LFreedman@organo.com
Hundreds of people observed Mothers Day in Mexico's capital Monday by marching to demand authorities find their missing children. Participants chanted slogans like “Where are our children, where are they?” and “Child, listen, your mother is searching for you.” The march occurs annually on May 10, which is Mothers Day in Mexico.
OTTAWA — New Democrats have joined forces with the Liberals to cut short initial debate on a bill aimed at ensuring a federal election could be held safely, if need be, during the COVID-19 pandemic. The move ensures that Bill C-19 will be put to a second reading vote Tuesday, allowing it to be referred to a House of Commons committee for greater scrutiny and potential amendments. Bloc Quebecois Leader Yves-Francois Blanchet says the move short-circuits democracy on a bill meant to protect democracy. Conservatives are complaining bitterly that they've had only four hours to debate the bill since it was introduced almost five months ago. But they also ate up the three hours that were supposed to be devoted to C-19 today, using a procedural tactic that forced the Commons to debate instead a committee report on the Line 5 pipeline dispute with Michigan. NDP MP Daniel Blaikie says his party supported time allocation on C-19 after the Conservatives made it clear they're only interested in blocking the bill. This report by The Canadian Press was first published May 10, 2021. The Canadian Press
New York, New York--(Newsfile Corp. - May 10, 2021) - The following statement is being issued by Levi & Korsinsky, LLP:To: All persons or entities who purchased or otherwise acquired securities of Neptune Wellness Solutions Inc. ("Neptune Wellness") (NASDAQ: NEPT) between July 24, 2019 and February 16, 2021. You are hereby notified that a securities class action lawsuit has been commenced in the United States District Court for the Eastern District of New York. ...
Hamas militants fired dozens of rockets into Israel on Monday after hundreds of Palestinians were hurt in clashes with Israeli police. It's Monday's news.
NEW YORK, NY / ACCESSWIRE / May 10, 2021 \- The Law Offices of Vincent Wong announce that class actions have commenced on behalf of certain shareholders in the following companies. If you suffered a loss you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff.
These sneakers may no longer be accessible to those who need it
Reports Revenue Growth of 58% and Positive Adjusted EBITDA*NEW YORK, May 10, 2021 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage”) (CSE: ACRG.A.U, ACRG.B.U), (OTC: ACRHF, ACRDF) a multi-state operator of cannabis cultivation and retailing facilities in the U.S., today reported financial results for the first quarter of 2021. FIRST QUARTER RESULTS (UNAUDITED) During the first quarter of 2021, Acreage continued to improve its financial performance and made progress against its strategic initiatives. Highlights for the quarter are summarized below. Consolidated revenue was $38.4 million, a 58% increase compared to the same period in 2020 and a sequential increase of 22% compared to the fourth quarter of 2020.Company-owned same store sales growth was 16%, marking the ninth consecutive quarter of double-digit same store sales comparisons.Gross margin was 53.7%, an increase of 12.6 percentage points compared to the same period in 2020.Net loss attributable to Acreage in the first quarter of 2021 was $7.8 million, an improvement from the net loss attributable to Acreage of $172.0 million for the same period in 2020.Adjusted EBITDA* in the first quarter of 2021 was $1.6 million compared to a loss of $12.3 million in the same period in 2020. This marks the first quarter of positive adjusted EBITDA* for the company and validates management's refocused strategic plan. “I am very pleased with our financial performance in the first quarter as we reported positive Adjusted EBITDA for the first time in our history," said Peter Caldini, Chief Executive Officer of Acreage. "Additionally, our revenue growth accelerated to 58% year over year, and our gross margin of 53.7% once again set a company record. This all validates our refocused strategy, and we are clear on our path to improved performance.” Retail revenue for the first quarter of 2021 was $25.8 million, an increase of $8.3 million or 47% compared to the first quarter of 2020. The year over year growth was primarily driven by the consolidation of our New Jersey operations in June 2020 and same store sales growth of 16%. Additionally, retail revenue for the first quarter of 2021 improved sequentially by $0.8 million or 3% compared to the fourth quarter of 2020. Wholesale revenue for the first quarter of 2021 was $10.0 million, an increase of $3.5 million or 53% compared to the first quarter of 2020. The year over year growth in wholesale revenue was primarily driven by increased capacity, coupled with maturing operations in the Company's Pennsylvania, Massachusetts, and Illinois cultivation facilities. This resulted in higher yields and improved product mix in each of the respective markets. Additionally, wholesale revenue for the first quarter of 2021 improved sequentially by $3.6 million or 55% compared to the fourth quarter of 2020. Total gross profit for the first quarter of 2021 was $20.6 million, an increase of $10.7 million or 107% compared to the first quarter of 2020. Both the growth in revenue and efficiencies achieved at our production facilities drove the increase in gross profit. Total gross margin was 53.7%, up 1,260 basis points compared to total gross margin of 41.1% in the first quarter of 2020. Consolidated EBITDA* for the first quarter of 2021 was $1.6 million, which was a significant improvement compared to a consolidated EBITDA* loss of $249.0 million in the year ago comparable period. Adjusted EBITDA* for the first quarter of 2021 was $1.6 million, which was also a significant improvement to the Adjusted EBITDA* loss of $12.3 million in the first quarter of 2020 and a sequential improvement from the Adjusted EBITDA loss* of $3.5 million in the fourth quarter of 2020. This marks the first time the company has reported positive EBITDA* and positive Adjusted EBITDA*, which management believes validates its refocused strategy. Finally, Adjusted EBITDA from core operations*, which excludes markets where the Company has entered into definitive agreements to exit and start-up ventures such as beverages and CBD, was $3.1 million, indicating the Company's core markets are still being negatively impacted by its non-core operations. MANAGED SERVICES AGREEMENTS (MSA) PERFORMANCE In addition to operating corporately owned production and cultivation facilities and retail dispensaries, Acreage manages operations on behalf of several third parties. For the first quarter of 2021, these managed entities generated net sales of $16.4 million, which was an increase of $3.0 million or 22% compared to the first quarter of 2020, driven primarily by same store sales growth of 99% and somewhat offset by the transition of the New Jersey operations. Managed entities generated EBITDA of $4.7 million for the first quarter of 2021, an increase of $5.5 million compared to an EBITDA loss of $0.8 million in the first quarter of 2020. BALANCE SHEET AND LIQUIDITY The company ended the quarter with $45.9 million in cash and restricted cash. Subsequent to the quarter end, the company closed on the previously announced sale of its Florida operations, which provided an additional $20 million to the Company's cash balances. Additionally, during the first quarter of 2021, the company extended the maturity date related to $21 million of a $22 million term loan to June 2021 and subsequently filed a Form S-1 resale registration statement which was declared effective by the SEC, for shares underlying outstanding warrants held by our investors. The company has worked to ensure that sufficient capital is available and is consistently monitoring for advantageous opportunities. STRATEGIC DISCUSSION The Company continues to believe its refocused strategy is the key to continued improvements in its financial results and shareholder value. The Company remains focused on three key strategic objectives - driving profitability, strengthening the balance sheet, and accelerating growth in its core markets. Driving Profitability: The Company's focus on improving operational and financial results has significantly improved profitability from reporting an EBITDA loss of $249.0 million in the first quarter of 2020 to reporting positive EBITDA of $1.6 million in the first quarter of 2021. Management continues to diligently control costs, improve operational efficiencies, and accelerate organic growth in its core markets to continue to report improved profitability going forward. Strengthening the Balance Sheet: Strengthening the balance sheet is key to both providing the Company with the necessary capital to achieve its operational plans and building shareholder confidence. The Company has worked to ensure that sufficient capital has been available when needed. Going forward, the Company will monitor the capital markets and utilize opportunities to access both debt or equity when it is necessary and advantageous to do so. Accelerating Growth in Core Markets: Through prior acquisitions and capital expenditures, management believes Acreage is well positioned for future success in several key markets as regulations regarding the use of cannabis continue to evolve. As an example, the Company has an established footprint in key markets such as New York and New Jersey and expects to benefit in the coming months and years as a result of the recent passage of adult-use programs in these states. The Company will continue to focus its growth on its core markets where it can take advantage of and expand on the presence already established. During the first quarter of 2021, several achievements were completed in accordance with these strategic objectives: The company entered into a definitive agreement to sell its Florida operations for an aggregate $60.0 million during the quarter. Subsequent to the quarter end, the company closed on its Florida divestiture. Additionally, the company agreed to sell its dispensary in Powell, OR and its cultivation and processing facility in Medford, OR.The company opened its third dispensary in Williamstown, New Jersey. The Company now operates the maximum number of dispensaries allowed in the state of New Jersey.The Company continued to aggressively push toward completion of its New Jersey cultivation facility expansions in Egg Harbor and Sewell, positioning Acreage as a market leader ahead of adult-use sales in that state. Both facilities remain on track to complete the expansion projects currently underway in early 2022, bringing total production and cultivation space to nearly 200,000 square feet. EARNINGS CALL DETAILS Acreage will host a conference call with management on Tuesday, May 11th at 8:30 A.M. Eastern Daylight Time. The call will be webcast and can be accessed at investors.acreageholdings.com. To listen to the live call, please go to the website at least 15 minutes early to register, download and install any necessary audio software. ABOUT ACREAGE HOLDINGS, INC. With its principal address in New York City, Acreage is a multi-state operator of cannabis cultivation and retailing facilities in the U.S., including the company’s national retail store brand, The Botanist. Acreage’s wide range of national and regionally available cannabis products include the award-winning The Botanist brand, the highly recognizable Tweed brand, the Prime medical brand in Pennsylvania, the Innocent edibles brand in Illinois and others. Acreage also owns Universal Hemp, LLC, a hemp subsidiary dedicated to the distribution, marketing and sale of CBD products throughout the U.S. Since its founding in 2011, Acreage has focused on building and scaling operations to create a seamless, consumer-focused, branded experience. More information is available at www.acreageholdings.com. On June 27, 2019, Acreage implemented an arrangement under section 288 of the Business Corporations Act (British Columbia) with Canopy Growth Corporation (“Canopy Growth”), which was subsequently amended on September 23, 2020 (the “Amended Arrangement”). Pursuant to the Amended Arrangement, upon the occurrence (or waiver by Canopy Growth) of changes in federal laws in the United States to permit the general cultivation, distribution and possession of marijuana (as defined in the relevant legislation) or to remove the regulation of such activities from the federal laws of the United States (the “Triggering Event”), Canopy Growth will, subject to the satisfaction or waiver of certain closing conditions, acquire all of the issued and outstanding Class E subordinate voting shares (the “Fixed Shares”) on the basis of 0.3048 of a Canopy Growth share per Fixed Share (following the automatic conversion of the Class F multiple voting shares and subject to adjustment in accordance with the terms of the arrangement agreement entered into between Acreage and Canopy Growth on April 18, 2019, as amended on May 15, 2019 and on September 23, 2020). In addition, Canopy Growth holds an option, exercisable at the discretion of Canopy Growth, to acquire all of the issued and outstanding Class D subordinate voting shares (the “Floating Shares”) at the time that Canopy Growth acquires the Fixed Shares, for cash or Canopy Growth shares, as Canopy Growth may determine, at a price per Floating Share based upon the 30-day volume-weighted average trading price of the Floating Shares on the CSE relative to the trading price of the Canopy Growth shares at the time of the occurrence or waiver of the Triggering Event, subject to a minimum price of US$6.41 per Floating Share. For more information about the Amended Arrangement please see the Acreage proxy statement and management information circular dated August 17, 2020 (the “Circular”) and the respective information circulars of each of Acreage and Canopy Growth dated May 17, 2019, which are available on Acreage’s and Canopy Growth’s respective profiles on SEDAR at www.sedar.com and filed with the SEC on the EDGAR website at www.sec.gov. For additional information regarding Canopy Growth, please see Canopy Growth’s profile on SEDAR at www.sedar.com. FORWARD LOOKING STATEMENTS AND NON-GAAP MEASURES This news release and each of the documents referred to herein contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation, respectively. All statements, other than statements of historical fact, included herein are forward-looking information, including, for greater certainty, statements regarding the Amended Arrangement, including the likelihood of completion thereof, the occurrence or waiver of the Triggering Event, the satisfaction or waiver of the closing conditions set out in the Arrangement Agreement and other statements with respect to the proposed transactions with Canopy Growth. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Acreage or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including, but not limited to financing and liquidity risks, and the risks disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, dated March 25, 2021 and the Company’s other public filings, in each case filed with the SEC on the EDGAR website at www.sec.gov and with Canadian securities regulators and available on the issuer profile of Acreage on SEDAR at www.sedar.com. Although Acreage has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Although Acreage believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and Acreage does not undertake any obligation to publicly update such forward-looking information or forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. This release contains tables that reconcile our results of operations reported in accordance with accounting principles generally accepted in the United States of America (“GAAP”) to adjusted results that exclude the impact of certain items identified as affecting comparability (non-GAAP). We use EBITDA, adjusted EBITDA, adjusted EBITDA from core operations, adjusted net loss attributable to Acreage, same store sales trends, among other measures, to evaluate our actual operating performance and for planning and forecasting future periods. We believe the adjusted results presented provide relevant and useful information for investors because they clarify our actual operating performance, make it easier to compare our results with those of other companies and allow investors to review performance in the same way as our management. Since these measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, our reported results as indicators of our performance, and they may not be comparable to similarly named measures from other companies. The tables below reconcile our results of operations in accordance with GAAP to the adjusted results mentioned above: Neither the Canadian Securities Exchange nor its Regulation Service Provider has reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. For further information contact: Steve GoertzChief Financial Officerinvestors@acreageholdings.com917-893-5300 Steve WestVice President, Investor Relationsinvestors@acreageholdings.com917-893-5300 US GAAP FINANCIAL HIGHLIGHTS (UNAUDITED) US GAAP Statements of Financial Position March 31, 2021 December 31, 2020US$ (thousands)(unaudited) (audited)ASSETS Cash and cash equivalents$22,844 $32,542 Restricted cash23,097 22,097 Inventory25,375 23,715 Notes receivable, current8,892 2,032 Assets held-for-sale73,381 62,971 Other current assets5,748 4,663 Total current assets159,337 148,020 Long-term investments33,968 34,126 Notes receivable, non-current94,392 97,901 Capital assets, net92,963 89,136 Operating lease right-of-use assets16,889 17,247 Intangible assets, net137,624 138,983 Goodwill31,922 31,922 Other non-current assets4,271 4,718 Total non-current assets412,029 414,033 TOTAL ASSETS$571,366 $562,053 LIABILITIES AND MEMBERS’ EQUITY Accounts payable and accrued liabilities$19,123 $18,913 Taxes payable18,857 14,780 Interest payable5,688 3,504 Operating lease liability, current1,285 1,492 Debt, current47,642 27,139 Non-refundable deposits on sale6,500 750 Liabilities related to assets held-for-sale19,167 18,154 Other current liabilities12,534 13,010 Total current liabilities130,796 97,742 Debt, non-current132,870 153,318 Operating lease liability, non-current16,331 16,609 Deferred tax liability34,276 34,673 Other liabilities— 2 Total non-current liabilities183,477 204,602 TOTAL LIABILITIES314,273 302,344 Members' equity239,893 241,031 Non-controlling interests17,200 18,678 TOTAL MEMBERS’ EQUITY257,093 259,709 TOTAL LIABILITIES AND MEMBERS' EQUITY$571,366 $562,053 US GAAP Statements of OperationsUS$ (thousands) Q1'21 Q1'20Retail revenue, net $25,847 $17,573 Wholesale revenue, net 10,016 6,548 Other revenue, net 2,530 104 Total revenues, net 38,393 24,225 Cost of goods sold, retail (13,082) (10,889)Cost of goods sold, wholesale (4,690) (3,382)Total cost of goods sold (17,772) (14,271)Gross profit 20,621 9,954 OPERATING EXPENSES General and administrative 9,218 13,032 Compensation expense 10,363 14,477 Equity-based compensation expense 6,041 34,737 Marketing 12 987 Impairments, net 818 187,775 Loss on notes receivable — 8,161 Recovery of assets held-for-sale (8,616) — Legal settlements, net 10 — Depreciation and amortization 969 2,067 Total operating expenses 18,815 261,236 Net operating income (loss) 1,806 (251,282) OTHER INCOME (Loss) income from investments, net (144) 234 Interest income from loans receivable 1,465 1,647 Interest expense (4,857) (1,226)Other loss, net (1,566) (174)Total other (loss) income (5,102) 481 Loss before income taxes (3,296) (250,801) Income tax (expense) benefit (5,346) 28,572 Net loss (8,642) (222,229) Less: net loss attributable to non-controlling interests (833) (50,275) Net loss attributable to Acreage Holdings, Inc. $(7,809) $(171,954) *NON-GAAP MEASURES, RECONCILIATION AND DISCUSSION (UNAUDITED) This release contains tables that reconcile our results of operations reported in accordance with accounting principles generally accepted in the United States of America (“GAAP”) to adjusted results that exclude the impact of certain items identified as affecting comparability (non-GAAP). We use EBITDA, adjusted EBITDA, adjusted EBITDA from core operations, adjusted net loss attributable to Acreage, same store sales trends, among other measures, to evaluate our actual operating performance and for planning and forecasting future periods. We believe the adjusted results presented provide relevant and useful information for investors because they clarify our actual operating performance, make it easier to compare our results with those of other companies and allow investors to review performance in the same way as our management. Since these measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, our reported results as indicators of our performance, and they may not be comparable to similarly named measures from other companies. The tables below reconcile our results of operations in accordance with GAAP to the adjusted results mentioned above: Reconciliation of GAAP to Non-GAAP MeasuresUS$ (thousands, except per share amounts) Q1'21 Q1'20Net loss (GAAP) $(8,642) $(222,229)Income tax expense (benefit) 5,346 (28,572)Interest expense (income), net 3,392 (421)Depreciation and amortization 1,522 2,223 EBITDA (non-GAAP)* $1,618 $(248,999)Adjusting items: Loss (income) from investments, net 144 (234)Impairments, net 818 187,775 Loss on notes receivable — 8,161 Recovery of assets held-for-sale (8,616) — Equity-based compensation expense 6,041 34,737 Legal settlements, net 10 — Other non-recurring expenses 1,579 6,310 Adjusted EBITDA (non-GAAP)* $1,594 $(12,250)EBITDA from beverage and CBD 508 — EBITDA from businesses under definitive agreements to exit 991 — Adjusted EBITDA from core operations (non-GAAP)* $3,093 $(12,250) Reconciliation of GAAP to Non-GAAP MeasuresUS$ (thousands, except per share amounts) Q1'21 Q1'20Net loss attributable to Acreage Holdings, Inc. (GAAP) $(7,809) $(171,954)Net loss per share attributable to Acreage Holdings, Inc. (GAAP) $(0.07) $(1.85)Adjusting items:(1) Loss (income) from investments, net $118 $(185)Impairments, net 667 148,061 Loss on notes receivable — 6,435 Recovery of assets held-for-sale (7,031) — Equity-based compensation expense 4,929 27,390 Legal settlements, net 8 — Other non-recurring expenses 1,288 4,975 Tax impact of adjustments above 259 (31,259)Total adjustments $238 $155,417 Adjusted net loss attributable to Acreage Holdings, Inc. (non-GAAP)* $(7,571) $(16,537)Adjusted net loss per share attributable to Acreage Holdings, Inc. (non-GAAP)* $(0.07) $(0.18)Weighted average shares outstanding - basic and diluted 106,204 92,902 Weighted average NCI ownership % 18.40% 21.15% (1) Adjusting items have been reduced by the respective non-controlling interest percentage for the period.
New York, New York--(Newsfile Corp. - May 10, 2021) - The following statement is being issued by Levi & Korsinsky, LLP:To: All persons or entities who purchased or otherwise acquired securities of BELLUS Health Inc. ("BELLUS Health") (NASDAQ: BLU) between September 5, 2019 and July 5, 2020. You are hereby notified that a securities class action lawsuit has been commenced in the United States District Court for the Southern District of New York. To ...
Newsmax has tapped Steve Cortes, a former adviser to Donald Trump, and Jenn Pellegrino, a former White House correspondent for One America News Network, to co host a primetime show. Set to debut on Tuesday, Cortes & Pellegrino will air at 9 PM ET, the same time slot as Hannity on Fox News. Cortes was […]
CT Real Estate Investment Trust ("CT REIT" or "the REIT") (TSX: CRT.UN) today reported its consolidated financial results for the first quarter ending March 31, 2021.
Tony Wong Tony Wong Named Chief Banking Officer at FHLBank San Francisco SAN FRANCISCO, May 10, 2021 (GLOBE NEWSWIRE) -- The board of directors of the Federal Home Loan Bank of San Francisco has approved the promotion of Tony Wong to executive vice president and chief banking officer (CBO). As CBO, Wong is responsible for providing strategic direction and oversight for the sales, marketing and communications, member financial services, member and counterparty credit, and community investment departments. Mr. Wong has served as acting CBO for the Bank since April 2020. He will report directly to Teresa Bazemore, the Bank’s president and CEO. “I am pleased to promote Tony to CBO and to recognize his leadership through extraordinary times. As acting CBO, Tony played a crucial role in FHLBank San Francisco’s ability to maintain business as usual throughout the pandemic,” said Ms. Bazemore. “Tony’s extensive knowledge of the Bank and our membership, coupled with his strong commitment to our mission, made him the ideal candidate. I look forward to working alongside him to serve our members and strengthen our communities as we move into a post-pandemic era.” Mr. Wong joined the Bank in 1995 and has held various positions with increasing responsibilities during his tenure, most recently as senior vice president of member financial services and chief marketing officer. Prior to joining the Bank, he was part of the capital markets team at Barclays Global Investors (formerly Wells Fargo Nikko Investment Advisors). Mr. Wong began his career as a registered investment advisor with the retail brokerage division of Lehman Brothers. He received a B.A. in economics from the University of California at Berkeley and is a Certified Mortgage Banker, Accredited Mortgage Professional, and a Certified Diversity Professional. “I’m honored to assume the CBO position at FHLBank San Francisco and to further the Bank’s mission of building stronger communities and creating opportunity,” Mr. Wong said. “As CBO, I look forward to tackling the challenges ahead, delivering on our promise for our members and promoting homeownership, expanding access to affordable housing, and supporting the economic recovery.” About Federal Home Loan Bank of San FranciscoThe Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. Our member financial institutions–commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions–rely on us to deliver prompt access to low-cost funding, risk management tools, and resources for affordable housing and community economic development. Together with our members and other partners, we are making the communities we serve more resilient and vibrant. Contact:Mary Long, email@example.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ccb7e1d8-ee47-4aa8-83d1-120e342f3d04
Medina Spirit, winner of the 2021 Kentucky Derby, is at risk for disqualification pending results of a second drug test
Gov. Gavin Newsom on Monday expanded a drought emergency declaration to a large swath of the nation's most populated state amid “acute water supply shortages" in northern and central parts of California. The declaration now covers 41 of 58 counties, covering 30% of California's nearly 40 million people. It comes as Newsom prepares to propose more spending on both short- and long-term responses to dry conditions.
New York, New York--(Newsfile Corp. - May 10, 2021) - The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of SOS Limited (NYSE: SOS) alleging that the Company violated federal securities laws.Class Period: July 22, 2020 and February 25, 2021Lead Plaintiff Deadline: June 1, 2021Learn more about your recoverable losses in SOS:http://www.kleinstocklaw.com/pslra-1/sos-limited-loss-submission-form?id=15650&from=5The filed complaint alleges that SOS Limited made materially false and/or misleading statements and/or failed ...