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TORONTO, ONTARIO -- (Marketwired) -- 08/12/15 -- Mettrum Health Corp. ("Mettrum" or the "Company") (TSX VENTURE: MT)(TSX VENTURE: MT.WT), a vertically integrated agri-pharmaceutical company focused on research, development, production and distribution of medical cannabis products, announced today its first quarter fiscal 2016 financial results for the period ended June 30, 2015.
For the first quarter ended June 30, 2015, Mettrum revenues increased 47 percent to $1,249,171 primarily on 160,560 grams of medical cannabis sold, versus $847,690 on 115,065 grams of medical cannabis sold the previous quarter. Average selling price per gram increased to $7.49 from $7.32 in the prior quarter. Gross margin totaled $686,124 and $513,353 for the quarter ended June 30, 2015 and March 31, 2015, respectively. This equates to $4.20 per gram for the quarter ended June 30, 2015 versus $4.46 per gram for the quarter ended March 31, 2015. Loss from operations, net loss and loss per share amounted to $1,956,367, $1,913,948 and $0.06 per share, respectively.
As at June 30, 2015, the Company maintained a solid balance sheet with a net cash position of approximately $17 million.
Financial and Operational Highlights
"We are pleased with the progress we made during the first quarter. Health Canada's approval of additional production capacity at Mettrum Creemore and the recent changes in regulations, which will permit LPs to produce extracts, are positive developments for Mettrum that will help us achieve our client acquisition and efficiency goals," noted Michael Haines, CEO of Mettrum. "Our business model and the investments we have made towards building a sustainable, scalable business are paying off. We continue to focus on client acquisition and developing quality, standardized products while delivering the best stakeholder experience we can via our customer service, our data, and our technology."
About Mettrum Health Corp.
Mettrum Health Corp. is Tier 1 Industry Issuer listed on TSX Venture Exchange. Mettrum Ltd., a wholly owned subsidiary of the Company, is a Toronto-based company and a licensed producer of medical cannabis under the Marihuana for Medical Purposes Regulations (Canada) issued pursuant to the Controlled Drugs and Substances Act (Canada) (the "MMPR"), which came into effect on October 1, 2013. Mettrum received its first license from Health Canada under the MMPR on November 1, 2013 and began production of medical cannabis at its first production facility in Bowmanville, Ontario. Mettrum received its second license from Health Canada under the MMPR on December 11, 2014 for its other wholly-owned subsidiary, Agripharm Corp., at Mettrum Creemore facility in Clearview, Ontario. With the Company's two licenses, Mettrum is a leading producer and vendor of medical cannabis under the MMPR system.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the results of operations. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company and Mettrum disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.Contacts: Mettrum Health Corp. Ali Mahdavi Director, Investor Relations (416) 962-3300 Mettrum Health Corp. Keelan Green Media Relations (613) 220-2016 NEXT ARTICLE
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