PharmaCielo Ltd. (TSXV:PCLO) (OTCQX:PCLOF), released financial results for the third quarter ended September 30, 2022, revealing total revenue of CA$475,323 ($348,000), a 2% decrease compared to CA$485,165 in Q3 2021.
Q3 Financial Highlights
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Gross profit was a loss of CA$305,850 compared to a loss of CA$1.3 million in Q3 2021.
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Adjusted EBITDA loss was CA$2.5 million compared to a loss of CA$4.2 million in Q3 2021.
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Net loss was CA$5.2 million compared to CA$8.8 million in Q3 2021.
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Cash equivalents of CA$425,837 at September 30, 2022.
Bill Petron, chairman and CEO of PharmaCielo stated, "Our team has successfully implemented the turnaround plan we outlined for shareholders when I joined as CEO in August of last year. In the first nine months of 2022, our business development group has initiated shipments to 23 customers in nine countries, with a robust pipeline that we fully expect will translate into significant growth in 2023 both with new partners and existing ones. Concurrently, our finance and operating teams have worked together to streamline the business, cutting SG&A expenses by more than 40% over the past nine months, with a focus on the elimination of unnecessary legacy overhead, and an eye to reinvesting some of those savings in revenue-generating functions. 2023 is set to be a breakout year for PharmaCielo, as international markets continue to open, we achieve EU-GMP certification for our extracted and dried flower products, and as our team continues to execute."
Appointment of BDO Canada LLP as Auditor
At the request of the company, the board of directors has received the resignation of MNP LLP as independent registered auditor of the company and has appointed BDO Canada LLP as the new independent registered auditor of PharmaCielo, effective October 4, 2022, until the close of the company's next annual general meeting. Additional capabilities and regional experience of BDO Canada and its component auditor BDO Colombia will provide PharmaCielo with enhanced audit committee oversight.
There were no reservations in MNP's audit reports for any financial period during which MNP was the company's auditor. There are no "reportable events" between the company and MNP.
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