Theratechnologies Announces Certain Preliminary Q3 2023 Financial Highlights
05 September 2023 - 1:00PM
Theratechnologies Inc. (“Theratechnologies” or the “Company”) (TSX:
TH) (NASDAQ: THTX), a biopharmaceutical company focused on the
development and commercialization of innovative therapies, today
announced that the Company expects to report positive adjusted
EBITDA1 for its third quarter ended August 31, 2023. Additionally,
as at August 31, 2023, Theratechnologies estimates that its cash,
bonds and money market funds, stood at US$22.9 million.
“Theratechnologies’ commitment to investors at
the beginning of 2023 has been to remain steadfast in delivering on
key financial objectives, particularly to achieve positive adjusted
EBITDA by the end of the current fiscal year,” said Philippe Dubuc,
Senior Vice President and Chief Financial Officer at
Theratechnologies. “With second quarter headwinds firmly behind us,
we are pleased to announce these positive results in advance of our
upcoming earnings call and look forward to sharing our complete
financial results.”
The Company is in the process of preparing its
third quarter 2023 financial results and currently expects to
release financial results and accompanying documents before the end
of September. Earnings conference call details will be shared
closer to this date.
About Theratechnologies
Theratechnologies (TSX: TH) (NASDAQ: THTX) is a biopharmaceutical
company focused on the development and commercialization of
innovative therapies addressing unmet medical needs. Further
information about Theratechnologies is available on the Company's
website at www.theratech.com, on SEDAR at www.sedarplus.ca and on
EDGAR at www.sec.gov.
Non-IFRS and Non-US GAAP Measure
The information
presented in this press release includes a measure that is not
determined in accordance with International Financial Reporting
Standards (“IFRS”) or U.S. generally accepted accounting
principles, being the term “Adjusted EBITDA”. “Adjusted EBITDA” is
used by the Company as an indicator of financial performance and is
obtained by adding to net profit or loss, finance income and costs,
depreciation and amortization, income taxes, share-based
compensation from stock options, certain restructuring costs and
certain write-downs (or related reversals) of inventories.
“Adjusted EBITDA” excludes the effects of items that primarily
reflect the impact of long-term investment and financing decisions
rather than the results of day-to-day operations. The Company
believes that this measure can be a useful indicator of its
operational performance from one period to another. The Company
uses this non-IFRS measure to make financial, strategic and
operating decisions. Adjusted EBITDA is not a standardized
financial measure under the financial reporting framework used to
prepare the financial statements of the Company to which the
measure relates and might not be comparable to similar financial
measures disclosed by other issuers.
Forward-Looking Information This press release
contains forward-looking statements and forward-looking information
(collectively, the “Forward-Looking Statements”), within the
meaning of applicable securities laws, that are based on our
management’s beliefs and assumptions and on information currently
available to our management. You can identify Forward-Looking
Statements by terms such as "may", "will", "should", "could",
“promising”, “would”, "outlook", "believe", "plan", "envisage",
"anticipate", "expect" and "estimate", or the negatives of these
terms, or variations of them. The Forward-Looking Statements
contained in this press release include, but are not limited to,
statements regarding the timelines to report our third quarter
financial results, the reporting of a positive “Adjusted EBITDA”
and the Company’s compliance with all of the terms and conditions
of the credit agreement. Although the Forward-Looking Statements
contained in this press release are based upon what the Company
believes are reasonable assumptions in light of the information
currently available, investors are cautioned against placing undue
reliance on this information since actual results may vary from the
forward-looking information. Certain assumptions made in preparing
the Forward-Looking Statements include that: the Company will have
all of the final data to report its third quarter financial results
by the timelines set forth in this press release, sales of our
products will continue to grow in the United States, no event will
occur that would adversely impact the “Adjusted EBITDA”, and we
will not breach any of the terms and conditions of the credit
agreement. Forward-Looking Statements are subject to a number of
risks and uncertainties, many of which are beyond
Theratechnologies’ control that could cause actual results to
differ materially from those that are disclosed in or implied by
such Forward-Looking Statements. These risks and uncertainties
include, but are not limited to, those related to or arising from:
a delay in the publication of our third quarter 2023 financial
results from the timelines set forth in this press release,
non-compliance by the Company with the terms and conditions of the
credit agreement; a change in regulations; product recalls;
unanticipated chargebacks and rebates having an adverse impact on
net revenues and the “Adjusted EBITDA”. We refer current and
potential investors to the “Risk Factors” section of our Annual
Information Form dated February 27, 2023, available on SEDAR at
www.sedarplus.ca and on EDGAR at www.sec.gov as an exhibit to our
report on Form 40-F dated February 28, 2023, under
Theratechnologies’ public filings for additional risks involved in
our business. The reader is cautioned to consider these and other
risks and uncertainties carefully and not to put undue reliance on
Forward-Looking Statements. Forward-Looking Statements reflect
current expectations regarding future events and speak only as of
the date of this press release and represent our expectations as of
that date.
We undertake no obligation to update or revise
the information contained in this press release, whether as a
result of new information, future events or circumstances or
otherwise, except as may be required by applicable law.
Contacts:
Investor Inquiries:Philippe Dubuc Senior Vice
President and Chief Financial Officer
pdubuc@theratech.com438-315-6608
Media Inquiries:Julie SchneidermanSenior
Director, Communications & Corporate
Affairscommunications@theratech.com1-514-336-7800
1 See “Non-IFRS and NON-US GAAP
Measure” above.
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