Knight Therapeutics Inc. (TSX: GUD) ("Knight" or “the Company”), a
leading Pan-American (ex-US) specialty pharmaceutical company,
today reported financial results for its first quarter ended March
31, 2022. All currency amounts are in thousands except for share
and per share amounts. All currencies are Canadian unless otherwise
specified.
Q1 2022 Highlights
Financials
- Revenues were $63,807, an increase
of $17,738 or 39% over the same period in prior year.
- Gross margin of $32,477 or 51%
compared to $20,580 or 45% in the same period in prior year.
- Adjusted EBITDA1 was $13,312, an
increase of $7,732 or 139% over the same period in prior year.
- Net loss on financial assets
measured at fair value through profit or loss of $16,363, of which
$16,281 was unrealized.
- Net loss was $18,811, compared to
net income of $3,558 in the same period in prior year.
- Cash inflow from operations was $12,879, compared to a cash
inflow from operations of $17,207 in the same period in prior
year.
Corporate Developments
- Purchased 1,734,305 common shares
through Knight’s Normal Course Issuer Bid (“NCIB”) at an average
price of $5.29 for an aggregate cash consideration of $9,183.
- Hired Leopoldo Bosano as VP
Manufacturing and Operations.
Products
- Launched Lenvima® (lenvatinib) and
Rembre® (dasatinib) in Colombia in February 2022.
- Launched Halaven® (eribulin
mesylate) in Colombia in March 2022.
Subsequent Events
- Entered into an exclusive license, distribution and supply
agreement with Helsinn Healthcare SA for AKYNZEO® oral/IV
(netupitant/palonosetron / fosnetupitant/palonosetron) in Canada,
Brazil and select LATAM countries and ALOXI® oral/IV (palonosetron)
in Canada.
- Shareholders re-elected Jonathan Ross Goodman, Samira Sakhia,
James C. Gale, Robert N. Lande, Michael J. Tremblay, Nicolás Sujoy
and Janice Murray on the Board of Directors.
- Purchased an additional 893,414 common shares through NCIB for
an aggregate cash consideration of $4,760.
“I am excited to report that in the first
quarter of 2022 Knight’s revenues increased by $17,738 or 39%. In
addition to the acquisition of Exelon®, we had revenue growth
across all our therapeutic areas driven by market penetration of
our key promoted brands and an increase in patient treatments due
to reduced COVID-19 restrictions. On the business development
front, we entered into an exclusive license, distribution and
supply agreements with Helsinn in our key territories”, said Samira
Sakhia, President and Chief Executive Officer of Knight
Therapeutics Inc. “As we look to the balance of 2022, we will
continue to execute on revenue and EBITDA growth as well as adding
new products through business development.”
________________________________________________
1 Adjusted EBITDA is a non-GAPP measure, refer to the
definitions in section “Non-GAAP measures” for additional
details.
SELECT FINANCIAL RESULTS[In
thousands of Canadian dollars]
|
|
|
Change |
|
Q1-22 |
|
Q1-21 |
|
|
$1 |
|
%2 |
|
|
|
|
|
|
Revenues |
63,807 |
|
46,069 |
|
|
17,738 |
|
39 |
% |
Gross margin |
32,477 |
|
20,580 |
|
|
11,897 |
|
58 |
% |
Gross margin % |
51 |
% |
45 |
% |
|
|
Operating expenses4 |
32,793 |
|
22,815 |
|
|
(9,978 |
) |
44 |
% |
Net
(loss) income |
(18,811 |
) |
3,558 |
|
|
(22,369 |
) |
629 |
% |
EBITDA3 |
13,312 |
|
5,160 |
|
|
8,152 |
|
158 |
% |
Adjusted EBITDA3 |
13,312 |
|
5,580 |
|
|
7,732 |
|
139 |
% |
1A positive variance
represents a positive impact to net income (loss) and a negative
variance represents a negative impact to net income
(loss)2Percentage change is presented in absolute values3EBITDA and
adjusted EBITDA are non-GAAP measures, refer to the definitions in
section “Non-GAAP measures” for additional details4Operating
expenses include selling and marketing expenses, general and
administrative expenses, research and development expenses,
amortization and impairment of intangible
assets |
SELECT BALANCE SHEET ITEMS[In
thousands of Canadian dollars]
|
|
|
Change |
|
03-31-22 |
12-31-21 |
$ |
|
%1 |
|
|
|
|
|
|
Cash, cash
equivalents and marketable securities |
156,396 |
149,502 |
6,894 |
|
5 |
% |
Trade and other receivables |
119,989 |
103,875 |
16,114 |
|
16 |
% |
Inventory |
76,652 |
72,397 |
4,255 |
|
6 |
% |
Financial assets |
169,392 |
192,443 |
(23,051 |
) |
12 |
% |
Accounts payable and accrued liabilities |
78,183 |
65,590 |
12,593 |
|
19 |
% |
Bank loans |
41,025 |
35,927 |
5,098 |
|
14 |
% |
1Percentage change is presented in absolute
values |
Revenues: For the quarter ended
March 31, 2022, excluding the impact of hyperinflation, revenues
increased by $17,752 or 39% compared to the same period in prior
year. The growth in revenues excluding the impact of hyperinflation
is explained as following:
- An increase in revenues of $7,059
driven by the acquisition of Exelon®.
- The remainder of the increase is
driven by the growth and market penetration of our key promoted
brands as well as an increase in patient treatments as our markets
reduce COVID-19 restrictions.
Gross margin: For the quarter
ended March 31, 2022, gross margin increased from 45% to 51%
explained by a change in product mix as well as the acquisition of
Exelon® and related revenues recorded as a net profit transfer.
Selling and marketing: For the
quarter ended March 31, 2022, selling and marketing expenses
increased by $2,077 or 27% driven by an increase in certain
variable costs such as logistics fees, compensation as well as an
increase in selling and marketing activities related to key
promoted products and Exelon®.
General and administrative: For
the quarter ended March 31, 2022, general and administrative
expenses increased by $1,750 or 25% driven by increase in
compensation and certain consulting and professional fees.
Amortization of intangible
assets: For the quarter ended March 31, 2022, amortization
of intangible assets increased by $5,986 due to the acquisition of
Exelon®.
Interest income: Interest
income is the sum of interest income on financial instruments
measured at amortized cost and other interest income. For the
quarter ended March 31, 2022, interest income was $1,480, a
decrease of 26% or $518, compared to the same period in prior year
due to a lower average cash and marketable securities balances and
loan balance.
Interest expense: For the
quarter ended March 31, 2022, interest expense was $1,111, an
increase of $451 or 68%, compared to the same period in prior year
due to higher interest rates.
Adjusted EBITDA: For the
quarter ended March 31, 2022, adjusted EBITDA increased by $7,732
or 139%. The growth in adjusted EBITDA is driven by an increase in
gross margin of $11,897, offset by an increase in operating
expenses.
Net loss or income: For the
quarter ended March 31, 2022, net loss was $18,811 compared to net
income of $3,558 for the same period in prior year. The variance
mainly resulted from the above-mentioned items and (1) a net loss
on the revaluation of financial assets measured at fair value
through profit or loss of $16,363 versus a net gain of $9,473 in
the same period in prior year, mainly due to unrealized losses and
gains on revaluation of the strategic fund investments, offset by
(2) an income tax recovery of $3,501 due to the recognition of
certain deferred tax assets compared to an income tax expense of
$869 in the same period in prior
period.
Cash, cash equivalents and marketable
securities: As at March 31, 2022, Knight had $156,396 in
cash, cash equivalents and marketable securities, an increase of
$6,894 or 5% as compared to December 31, 2021. The variance is
primarily due to cash inflows from operating activities, offset by
the shares repurchased through NCIB.
Financial assets: As at March
31, 2022, financial assets were at $169,392, a decrease of $23,051
or 12%, as compared to the prior year, mainly due to negative
mark-to-market adjustments of $16,660 driven mainly by the decline
in the share prices of the publicly-traded equities of our
strategic fund investments. Given the nature of the fund
investments there could be significant fluctuations in the fair
value of the underlying assets.
Bank Loans: As at March 31,
2022, bank loans were at $41,025, an increase of $5,098 or 14% as
compared to the prior period, due to appreciation of the Brazilian
Real and Colombian Peso versus Canadian Dollar.
Product Updates
Knight obtained regulatory approval and launched
Lenvima®, Halaven® and Rembre® in Colombia during the first quarter
of 2022. Lenvima®, the orally available multiple receptor
tyrosine kinase inhibitor developed by Eisai, is indicated for the
treatment of radioiodine refractory differentiated thyroid cancer
(“RR-DTC”) and unresectable hepatocellular carcinoma (“u-HCC”) and
was launched in February 2022. Halaven® injection is indicated for
the treatment of adult patients with locally advanced or metastatic
breast cancer which has continued to spread after at least two
previous treatments for advanced cancer. Previous treatment should
have included anthracyclines and a taxane in either the adjuvant or
metastatic setting, unless these treatments were not suitable.
Halaven® is also used to treat patients with advanced or metastatic
liposarcoma that cannot be surgically removed and who have already
been treated with an anthracycline, unless deemed unsuitable.
Knight launched Halaven® in Colombia in March 2022. In addition,
Rembre® is indicated for treatment of chronic myeloid leukemia with
positive Philadelphia chromosome (Ph+) and was launched in February
2022.
Subsequent to the quarter Knight entered into an
exclusive license, distribution and supply agreement with Helsinn
Healthcare SA for AKYNZEO® oral/IV (netupitant/palonosetron /
fosnetupitant/palonosetron) in Canada, Brazil and select LATAM
countries and ALOXI® oral/IV (palonosetron) in Canada. AKYNZEO®
oral is approved and marketed in Canada for the prevention of acute
and delayed nausea and vomiting associated with highly emetogenic
cancer chemotherapy and the prevention of acute nausea and vomiting
associated with moderately emetogenic cancer therapy that is
uncontrolled by a 5-HT3 receptor antagonist alone in adults.
AKYNZEO® oral is also approved and marketed in Argentina and Brazil
for the prevention of acute and delayed nausea and vomiting
associated with highly emetogenic cisplatin-based cancer
chemotherapy and prevention of acute and delayed nausea and
vomiting associated with moderately emetogenic cancer chemotherapy
in adults. ALOXI® solution for injection is approved and marketed
in Canada for the prevention of acute and delayed nausea and
vomiting associated with moderately emetogenic cancer chemotherapy
and highly emetogenic cancer chemotherapy, including high dose
cisplatin in adults. In Canada, the product is also indicated in
pediatric patients aged 2 to 17 years for the prevention of acute
nausea and vomiting associated with moderately and highly
emetogenic cancer chemotherapy. ALOXI® oral is approved in Canada
for use in adults for the prevention of acute nausea and vomiting
associated with moderately emetogenic cancer chemotherapy.
NCIB
For the three-month period ended March 31, 2022,
the Company purchased 1,734,305 common shares at an average price
of $5.29 for an aggregate cash consideration of $9,183 of which
$2,520 remains to be settled as at March 31, 2022. Subsequent to
quarter-end up to May 10, 2022, the Company purchased an additional
893,414 common shares at an average purchase price of $5.33 for an
aggregate cash consideration of $4,760.
Financial Outlook Update
Knight provides guidance on revenues1 on a
non-GAAP basis. This is due to both the difficulty in predicting
Argentinian inflation rates and its IAS 29 impact.
For fiscal 2022, Knight has updated its guidance
and expects to generate $260 to $270 million in revenue, an
increase of $5 million on the upper end of the range. The guidance
is based on a number of assumptions, including but not limited to
the following:
- no revenues for
business development transactions not completed as at May 11,
2022
- discontinuation
of certain distribution agreements
- Exelon®
marketing authorization transfer to Knight in May 2022 in Colombia
and in June 2022 in Brazil
- recording
revenue related to Akynzeo® and Aloxi® following transition period
from Helsinn’s current licensees
- no interruptions
in supply whether due to global supply chain disruptions or general
manufacturing issues
- no new generic
entrants on our key pharmaceutical brands
- no unforeseen
changes to government mandated pricing regulations
- successful
commercial execution on product listing arrangements with HMOs,
insurers, key accounts, and public payers
- successful
execution and uptake of newly launched products
- no significant
restrictions or economic shut down due to the COVID-19
pandemic
- foreign currency
exchange rates remaining within forecasted ranges
Should any of the assumptions differ, the
financial outlook and the actual results may vary materially. Refer
to the risks and assumptions referred to in the Forward-Looking
Statements section of this news release for further details.
_____________________________1 Revenues excluding the
impact of IAS 29 is a non-GAAP measure, refer to the definitions in
section “Non-GAAP measures” for additional details
Conference Call
Notice
Knight will host a conference call and audio webcast to discuss
its first quarter ended March 31, 2022, today at 8:30 am ET. Knight
cordially invites all interested parties to participate in this
call.
Date: Thursday, May 12,
2022Time: 8:30 a.m. ETTelephone:
Toll Free: 1-855-669-9657 or International
1-412-317-0790Webcast: www.gud-knight.com or
WebcastThis is a listen-only audio webcast. Media Player is
required to listen to the broadcast.
Replay: An archived replay will be available
for 30 days at www.gud-knight.com
_______________________________________________________________
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in
Montreal, Canada, is a specialty pharmaceutical company focused on
acquiring or in-licensing and commercializing pharmaceutical
products for Canada and Latin America. Knight owns Biotoscana
Investments S.A., a pan-Latin American specialty pharmaceutical
company. Knight’s Latin American subsidiaries operate under United
Medical, Biotoscana Farma and Laboratorio LKM. Knight Therapeutics
Inc.'s shares trade on TSX under the symbol GUD. For more
information about Knight Therapeutics Inc., please visit the
company's web site at www.gud-knight.com or www.sedar.com.
Forward-Looking Statement
This document contains forward-looking
statements for Knight Therapeutics Inc. and its subsidiaries. These
forward-looking statements, by their nature, necessarily involve
risks and uncertainties that could cause actual results to differ
materially from those contemplated by the forward-looking
statements. Knight Therapeutics Inc. considers the assumptions on
which these forward-looking statements are based to be reasonable
at the time they were prepared but cautions the reader that these
assumptions regarding future events, many of which are beyond the
control of Knight Therapeutics Inc. and its subsidiaries, may
ultimately prove to be incorrect. Factors and risks, which could
cause actual results to differ materially from current expectations
are discussed in Knight Therapeutics Inc.'s Annual Report and in
Knight Therapeutics Inc.'s Annual Information Form for the year
ended December 31, 2021 as filed on www.sedar.com. Knight
Therapeutics Inc. disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information or future events, except as required by law.
CONTACT INFORMATION:
Investor
Contact: |
|
|
Knight Therapeutics Inc. |
|
|
Samira Sakhia |
|
Arvind Utchanah |
President & Chief Executive
Officer |
|
Chief Financial Officer |
T: 514.484.4483 |
|
T. +598.2626.2344 |
F: 514.481.4116 |
|
|
Email: info@knighttx.com |
|
Email: info@knighttx.com |
Website: www.gud-knight.com |
|
Website: www.gud-knight.com |
|
|
|
IMPACT OF HYPERINFLATION[In
thousands of Canadian dollars]
The Company applies IAS 29, Financial Reporting
in Hyperinflation Economies, as the Company's Argentine
subsidiaries used the Argentine Peso as their functional currency.
IAS 29 requires that the financial statements of an entity whose
functional currency is the currency of a hyperinflationary economy
be adjusted based on an appropriate general price index to express
the effects of inflation. If the Company did not apply IAS 29, the
effect on the Company's operating income would be as follows:
|
Q1-22 |
|
|
|
Reported under IFRS |
Excluding impact of IAS 291 |
Variance |
|
|
$2 |
|
%3 |
|
|
|
|
|
|
Revenues |
63,807 |
|
63,834 |
|
|
(27 |
) |
0 |
% |
Cost of goods sold |
31,330 |
|
30,023 |
|
|
(1,307 |
) |
4 |
% |
Gross margin |
32,477 |
|
33,811 |
|
|
(1,334 |
) |
4 |
% |
Gross margin (%) |
51 |
% |
53 |
% |
|
|
|
|
|
|
|
Expenses |
|
|
|
|
Selling and marketing |
9,690 |
|
9,699 |
|
|
9 |
|
0 |
% |
General and administrative |
8,832 |
|
8,545 |
|
|
(287 |
) |
3 |
% |
Research and development |
2,983 |
|
2,842 |
|
|
(141 |
) |
5 |
% |
Amortization of intangible
assets |
11,288 |
|
10,873 |
|
|
(415 |
) |
4 |
% |
Operating (loss) income |
(316 |
) |
1,852 |
|
|
(2,168 |
) |
117 |
% |
1Financial
results excluding the impact of hyperinflation (IAS 29) is a
non-GAAP measure. Refer to the definitions in section “Non-GAAP
measures” for additional details2A positive variance represents a
positive impact to net income due to the application of IAS 29 and
a negative variance represents a negative impact to net income due
to the application of IAS 293Percentage change is presented in
absolute values |
NON-GAAP MEASURES [In thousands
of Canadian dollars]
Non-GAAP measures
The Company discloses non-GAAP measures that do
not have standardized meanings prescribed by IFRS. The Company
believes that shareholders, investment analysts and other readers
find such measures helpful in understanding the Company’s financial
performance and in interpreting the effect of the GBT Transaction
on the Company. Non-GAAP financial measures do not have any
standardized meaning prescribed by IFRS and may not have been
calculated in the same way as similarly named financial measures
presented by other companies.
The Company uses the following non-GAAP
measures:
Revenues and Financial results excluding
the impact of hyperinflation under IAS 29: Revenues and
financial results under IFRS are adjusted to remove the impact of
hyperinflation under IAS 29. Impact of hyperinflation under IAS 29
is calculated by applying an appropriate general price index to
express the effects of inflation. After applying the effects of
translation, the statement of income is converted using the closing
foreign exchange rate of the month.
EBITDA: Operating income or
loss adjusted to exclude amortization and impairment of intangible
assets, depreciation, PPA accounting adjustments, and the impact of
IAS 29 (accounting under hyperinflation) but to include costs
related to leases. In addition, EBITDA does not reflect the portion
of GBT’s results attributable to the non-controlling interests.
Adjusted EBITDA: EBITDA
adjusted for acquisition costs and non-recurring expenses.
Adjustments include the following:
- With the adoption of IFRS 16, the
lease payments of Knight are not reflected in operating expenses.
The IFRS 16 adjustment approximates the cash outflow related to
leases of Knight.
- Acquisition costs relate to costs
incurred on legal, consulting and advisory fees for the acquisition
of GBT and the acquisition of products.
- Other non-recurring expenses relate
to expenses incurred by Knight that are not due to, and are not
expected to occur in, the ordinary course of business.
For the three-month period ended March 31, the Company
calculated EBITDA and adjusted EBITDA as follows:
|
|
|
Change |
|
Q1-22 |
Q1-21 |
|
$1 |
|
%2 |
Operating (loss) |
(316 |
) |
(2,235 |
) |
|
1,919 |
|
86 |
% |
Adjustments to operating (loss): |
|
|
|
|
Amortization of intangible assets |
11,288 |
|
5,302 |
|
|
5,986 |
|
113 |
% |
Depreciation of property, plant and equipment and ROU
assets |
2,093 |
|
1,406 |
|
|
687 |
|
49 |
% |
Lease costs (IFRS 16 adjustment) |
(646 |
) |
(694 |
) |
|
48 |
|
7 |
% |
Impact of IAS 29 |
893 |
|
1,381 |
|
|
(488 |
) |
35 |
% |
EBITDA3 |
13,312 |
|
5,160 |
|
|
8,152 |
|
158 |
% |
Acquisition and
transaction costs |
— |
|
350 |
|
|
(350 |
) |
100 |
% |
Other non-recurring expenses |
— |
|
70 |
|
|
(70 |
) |
100 |
% |
Adjusted EBITDA3 |
13,312 |
|
5,580 |
|
|
7,732 |
|
139 |
% |
1 A positive
variance represents a positive impact to net income (loss) and a
negative variance represents a negative impact to net income
(loss)2 Percentage change is presented in absolute values3 EBITDA
and adjusted EBITDA are non-GAAP measures, refer to the definitions
in section “Non-GAAP measures” for additional
details |
INTERIM CONSOLIDATED BALANCE
SHEETS[In thousands of Canadian dollars]
As at |
|
|
March 31, 2022 |
December 31, 2021 |
|
|
|
ASSETS |
|
|
Current |
|
|
Cash and cash equivalents |
113,457 |
85,963 |
Marketable securities |
42,939 |
63,539 |
Trade receivables |
66,868 |
55,388 |
Other receivables |
9,468 |
5,056 |
Inventories |
76,652 |
72,397 |
Prepaids and deposits |
2,619 |
2,165 |
Other current financial assets |
14,001 |
13,491 |
Income taxes
receivable |
5,007 |
6,970 |
Total current
assets |
331,011 |
304,969 |
|
|
|
Prepaids and deposits |
3,298 |
3,046 |
Right-of-use assets |
5,379 |
4,671 |
Property, plant and equipment |
25,901 |
25,265 |
Investment properties |
1,535 |
1,457 |
Intangible assets |
343,480 |
350,299 |
Goodwill |
80,749 |
75,403 |
Other financial assets |
155,391 |
178,952 |
Deferred income tax assets |
3,136 |
2,048 |
Other
long-term receivables |
43,653 |
43,431 |
|
662,522 |
684,572 |
Assets held for sale |
1,889 |
2,350 |
Total assets |
995,422 |
991,891 |
|
|
|
INTERIM CONSOLIDATED BALANCE SHEETS
(continued)[In thousands of Canadian dollars]
As at |
|
|
March 31, 2022 |
December 31, 2021 |
|
|
|
LIABILITIES AND EQUITY |
|
|
Current |
|
|
Accounts
payable and accrued liabilities |
77,944 |
65,309 |
|
Lease liabilities |
1,677 |
1,614 |
|
Other liabilities |
2,133 |
1,989 |
|
Bank loans |
31,140 |
26,662 |
|
Income taxes payable |
5,407 |
7,073 |
|
Other balances payable |
3,016 |
2,655 |
|
Total current
liabilities |
121,317 |
105,302 |
|
|
|
|
Accounts payable and accrued liabilities |
239 |
281 |
|
Lease liabilities |
4,086 |
3,417 |
|
Bank loan |
9,885 |
9,265 |
|
Other balances payable |
19,447 |
19,235 |
|
Deferred income tax liabilities |
10,869 |
12,373 |
|
Total liabilities |
165,843 |
149,873 |
|
|
|
|
Shareholders’ Equity |
|
|
Share capital |
619,675 |
628,854 |
|
Warrants |
117 |
117 |
|
Contributed surplus |
22,161 |
21,776 |
|
Accumulated other
comprehensive loss |
14,706 |
(376 |
) |
Retained earnings |
172,920 |
191,647 |
|
Total shareholders’ equity |
829,579 |
842,018 |
|
Total liabilities
andshareholders’equity |
995,422 |
991,891 |
|
|
|
|
|
INTERIM CONSOLIDATED STATEMENTS OF (LOSS)
INCOME[In thousands of Canadian dollars, except for share
and per share amounts]
|
Three months ended March 31, |
|
2022 |
|
2021 |
|
|
|
|
Revenues |
63,807 |
|
46,069 |
|
Cost of
goods sold |
31,330 |
|
25,489 |
|
Gross margin |
32,477 |
|
20,580 |
|
|
|
|
Expenses |
|
|
Selling and marketing |
9,690 |
|
7,613 |
|
General and
administrative |
8,832 |
|
7,082 |
|
Research and development |
2,983 |
|
2,818 |
|
Amortization of intangible
assets |
11,288 |
|
5,302 |
|
Operating loss |
(316 |
) |
(2,235 |
) |
|
|
|
Interest income on financial
instruments measured at amortized cost |
(346 |
) |
(886 |
) |
Other interest income |
(1,134 |
) |
(1,112 |
) |
Interest expense |
1,111 |
|
660 |
|
Other expense (income) |
90 |
|
(112 |
) |
Net loss (gain) on financial
assets measured at fair value through profit or loss |
16,363 |
|
(9,473 |
) |
Foreign exchange loss |
6,189 |
|
4,201 |
|
(Gain) loss on
hyperinflation |
(277 |
) |
60 |
|
(Loss) income before income taxes |
(22,312 |
) |
4,427 |
|
|
|
|
Income tax |
|
|
Current |
173 |
|
648 |
|
Deferred |
(3,674 |
) |
221 |
|
Income tax (recovery) expense |
(3,501 |
) |
869 |
|
Net (loss) income for the period |
(18,811 |
) |
3,558 |
|
|
|
|
Attributable to
shareholders of the Company |
|
|
Basic net (loss) earnings per
share |
(0.16 |
) |
0.03 |
|
Diluted net (loss) earnings per
share |
(0.16 |
) |
0.03 |
|
|
|
|
Weighted average number
of common shares outstanding |
|
|
Basic |
117,173,258 |
|
128,841,383 |
|
Diluted |
117,173,258 |
|
128,843,728 |
|
|
|
|
|
INTERIM CONSOLIDATED STATEMENTS OF CASH
FLOWS
[In thousands of Canadian dollars]
|
Three months ended March 31, |
|
2022 |
|
2021 |
|
OPERATING
ACTIVITIES |
|
|
Net (loss) income for the period |
(18,811 |
) |
3,558 |
|
Adjustments reconciling net income to operating cash
flows: |
|
|
Depreciation and amortization |
13,381 |
|
6,708 |
|
Net gain on financial instruments |
16,363 |
|
(9,473 |
) |
Unrealized foreign exchange loss |
6,650 |
|
4,657 |
|
Other operating activities |
(2,485 |
) |
1,452 |
|
|
15,098 |
|
6,902 |
|
Changes in non-cash working capital and other items |
(2,219 |
) |
10,305 |
|
Cash inflow from operating activities |
12,879 |
|
17,207 |
|
|
|
|
INVESTING ACTIVITIES |
|
|
Purchase of marketable securities |
(15,808 |
) |
(31,792 |
) |
Proceeds on maturity of marketable securities |
36,546 |
|
83,156 |
|
Investment in funds |
(40 |
) |
(1,588 |
) |
Proceeds from distribution of funds |
— |
|
4,336 |
|
Purchase of intangible assets |
(234 |
) |
(622 |
) |
Other investing activities |
354 |
|
2,430 |
|
Cash inflow from investing activities |
20,818 |
|
55,920 |
|
|
|
|
FINANCING ACTIVITIES |
|
|
Repurchase of common shares through Normal Course Issuer
Bid |
(6,663 |
) |
(18,549 |
) |
Principal repayment on bank loans |
— |
|
(8,848 |
) |
Proceeds from bank loans |
422 |
|
— |
|
Other financing activities |
(571 |
) |
(630 |
) |
Cash outflow from financing activities |
(6,812 |
) |
(28,027 |
) |
|
|
|
Increase in cash and
cash equivalents during the period |
26,885 |
|
45,100 |
|
Cash and cash equivalents,
beginning of the period |
85,963 |
|
229,592 |
|
Net
foreign exchange difference |
609 |
|
(3,474 |
) |
Cash and cash equivalents, end of the period |
113,457 |
|
271,218 |
|
|
|
|
Cash and cash equivalents |
113,457 |
|
271,218 |
|
Marketable securities |
42,939 |
|
111,163 |
|
Total cash, cash equivalents and marketable
securities |
156,396 |
|
382,381 |
|
|
|
|
|
|
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