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Jamieson Wellness Inc. Reports Third Quarter 2022 Financial Results

November 03, 2022

Jamieson Wellness Inc. (“Jamieson Wellness” or the “Company”) (TSX: JWEL) today reported financial results for its third quarter ended September 30, 2022. All amounts are expressed in Canadian dollars. Certain metrics, including those expressed on an adjusted basis, are non-IFRS and other financial measures. See “Non-IFRS and Other Financial Measures” below.

Highlights of Third Quarter 2022 versus Third Quarter 2021

  • Total revenue increased to $138.9 million and Jamieson Brands revenue grew by 31.8%, including organic branded growth of 11.2%
  • Increased Adjusted EBITDA(1) by 15.9% to $29.5 million
  • Net earnings were $10.9 million and Adjusted net earnings(1) increased 1.2% to $14.2 million; and
  • Diluted earnings per share were $0.26, and Adjusted diluted earnings per share(2) remain flat at $0.34

“Our third quarter results reflect the ongoing strength of our branded business with continued strong consumer consumption,” said Mike Pilato, President and CEO of Jamieson Wellness. “Total revenue increased nearly 24% including organic growth of almost 12% in our domestic branded business and nearly 30% growth in China. It’s an exciting time at Jamieson Wellness, as we continue to accelerate our leadership beyond our 100-year anniversary with advancements in the United States and China, two of our key growth pillars. The initial stages of our youtheory integration are progressing well and we are confident in the strategic value of our expansion in the United States, as well as the potential for long-term revenue growth and profitability as we start to realize synergies. As announced separately today, we will acquire specific assets from our distribution partner in China enabling us to directly manage our brands, marketing and distribution in the country. This will bring us closer to our consumers in the world’s second largest vitamin market and unlock opportunities to further position the Jamieson brand for growth. Our team continues to execute exceptionally well in a challenging macro environment, and we are on track for a strong finish to our 100th year.”

Third Quarter 2022 Results

Revenue increased 23.6% to $138.9 million in the third quarter of 2022 compared with $112.4 million in the third quarter of 2021 driven by 31.8% growth in the Jamieson Brands segment, partially offset by a 1.9% decline in the Strategic Partners segment.

Revenue in the Jamieson Brands segment increased by $27.1 million, or 31.8%, to $112.2 million in the third quarter of 2022. The acquisition of youtheory this quarter added the United States, the largest VMS market in the world, as a key strategic growth pillar in our plan. This transaction contributed $17.5 million or 20.6% incremental revenue this quarter. The Company’s domestic branded sales increased by 11.7% in the third quarter of 2022, reflecting the timing of fourth quarter promotional shipments and continued consumer demand supporting our elevated consumer base. The Company’s international revenue grew by 8.5% on a reported basis compared with the third quarter of 2021 driven by growth in China of 29.2% reflecting recovery after COVID-19 related lockdowns last quarter, along with the strengthening of the US dollar, offset by a 7.8% decline in rest of the world as a result of continued geopolitical pressures in eastern Europe impacting the macro-economic environment.

Revenue in the Strategic Partners segment decreased by $0.5 million, or 1.9%, to $26.7 million in the third quarter of 2022 reflecting order timing and strategic exit of certain low margin programs.

Gross profit increased by $7.7 million to $48.5 million in the third quarter of 2022 mainly driven by higher revenue, including the impact of the youtheory acquisition. Normalized gross profit margin(2) for the Company and normalized gross profit margin in Jamieson Brands segment each decreased by 140 basis points to 34.9% and by 400 basis points to 40.3%, respectively, reflecting the lower gross profit margin profile, higher depreciation expense and product mix of youtheory and its proportional mix in overall sales. Gross profit margin(3) in Strategic Partners increased by 80 basis points to 12.3% mainly due to favourable customer mix and pricing offsetting higher global supply chain and input costs.

Selling, general and administrative (“SG&A”) expenses increased by $11.6 million to $30.9 million in the third quarter of 2022. Excluding the impact of specified costs of $7.2 million mainly comprised of acquisition related costs and IT system development and implementation costs, and the acquisition impact of youtheory of $4.2 million, SG&A expenses increased by $0.5 million or 2.8% to $17.9 million in the third quarter of 2022. Jamieson Brands incurred higher costs to support its strategic initiatives, which were partially offset by the timing of marketing investments which were weighted heavier in the first half of the year to support the launch of our 100-year anniversary campaign.

Earnings from operations decreased by $4.3 million, or 20.8%, to $16.3 million in the third quarter of 2022 and operating margin(3) decreased by 660 basis points to 11.7% due to factors affecting gross profit margin discussed above and higher SG&A expenses including specified cost mainly related to youtheory acquisition and IT system implementation. Normalized earnings from operations(1) increased by $2.7 million, or 12.9% in the third quarter of 2022 and normalized operating margin(2) was 16.9% compared with 18.5% in the third quarter of 2021.

Adjusted EBITDA increased by 15.9% to $29.5 million in the third quarter of 2022 and Adjusted EBITDA margin(2) was 21.2% compared with 22.7% in the third quarter of 2021. While gross profit margins are lower on the acquired youtheory business, Adjusted EBITDA margin(2) of Jamieson Brands remains strong at 24.2% in the quarter.

Interest expense and other financing costs increased by $2.6 million to $4.1 million due to higher average borrowing rates and higher borrowings to support the youtheory transaction in the quarter.

Net earnings for the third quarter of 2022 was $10.9 million compared with $14.3 million in the third quarter of 2021. Adjusted net earnings, which excludes all non-operating expenses and foreign exchange, increased by $0.2 million, or 1.2%, to $14.2 million in the third quarter of 2022.

Adjusted net earnings excludes costs associated with foreign exchange gain/loss, acquisition related costs, IT system improvements, COVID-19 related costs, business integration, and other non-operating earnings or expenses net of related tax effects. A quantitative reconciliation of reported net earnings to EBITDA, Adjusted EBITDA, and non-IFRS normalized gross profit, normalized SG&A, normalized earnings from operations and Adjusted net earnings are included in the table accompanying this release under the heading “Non-IFRS and Other Financial Measures”.

Balance Sheet & Cash Flow

The Company used $20.6 million in cash from operations during the third quarter of 2022 compared with $10.1 million generated in the third quarter of 2021. Cash from operating activities before working capital considerations(1) of $16.4 million was $2.7 million lower due to decreased earnings in the current quarter as a result of expenses associated with the acquisition of youtheory. Cash investments in working capital increased by $28.0 million driven by the investment in youtheory working capital as anticipated, higher inventories to maintain continuity of supply and the timing of sales and collections within the quarter. The Company’s cash as at September 30, 2022 was $7.3 million compared with $6.8 million on December 31, 2021 and $9.2 million at the end of the third quarter of 2021. The Company ended the quarter with approximately $95.9 million in cash and available operating lines and net debt(1) of $404.1 million.

Three months ended
September 30
($ in 000's, except as otherwise noted)

2022

2021

$ Change % Change
 
Cash, beginning of period

8,357

4,636

3,721

80.3%

Cash flows from (used in):
Operating activities

(20,613)

10,081

(30,694)

(304.5%)

Investing activities

(245,609)

(6,615)

(238,994)

(3612.9%)

Financing activities

265,181

1,048

264,133

25203.5%

Cash, end of period

7,316

9,150

(1,834)

(20.0%)

 
Cash flows from operating activities

(20,613)

10,081

(30,694)

(304.5%)

Net Change in non-cash working capital

37,042

9,078

27,964

308.0%

Cash from operating activities before working capital considerations

16,429

19,159

(2,730)

(14.2%)

 
 
($ in 000's, except as otherwise noted) As at September 30, 2022 As at December 31, 2021
 
Long-term debt

411,385

149,125

Cash

(7,316)

(6,775)

Net debt

404,069

142,350

 

Fiscal 2022 Outlook

The Company is narrowing its outlook for fiscal 2022 and anticipates revenue in the range of $550.0 to $560.0 million, which represents annual growth of 6.0% to 8.0% in the base business plus revenue growth of approximately 16.0% from the acquisition. The Company estimates Adjusted EBITDA in the range of $122.0 to $124.0 million and Adjusted diluted earnings per share in the range of $1.52 to $1.56.

For additional details on the Company’s fiscal 2022 outlook, including guidance for the fourth quarter of 2022, refer to the “Outlook” section in the management’s discussion and analysis of financial condition and results of operations (“MD&A”) for the three and nine months ended September 30, 2022.

Declaration of Third Quarter Dividend

The board of directors of the Company authorized and declared a cash dividend for the third quarter of 2022 of $0.17 per common share, or approximately $7.2 million in the aggregate. The dividend will be paid on December 15, 2022 to all common shareholders of record at the close of business on December 1, 2022. The Company has designated this dividend as an “eligible dividend” for the purposes of the Income Tax Act (Canada).

___________
(1) This is a non-IFRS financial measure. See the “Non-IFRS and Other Financial Measures” section of this press release for more information on each non-IFRS financial measure.
(2) This is a non-IFRS ratio. See the “Non-IFRS and Other Financial Measures” section of this press release for more information on each non-IFRS ratio.
(3) This is a supplementary financial measure. See the “Non-IFRS and Other Financial Measures” section of this press release for more information on each supplementary financial measure.

Consolidated Financial Statements and Management’s Discussion and Analysis

The Company’s unaudited condensed consolidated interim financial statements and accompanying notes as at and for the three and nine months ended September 30, 2022 and related MD&A are available under the Company’s profile on SEDAR at www.sedar.com and on the Investor Relations section of the Company’s website at https://investors.jamiesonwellness.com.

Conference Call

Management will host a conference call to discuss the Company’s third quarter 2022 results at 5:00 p.m. ET today, November 3, 2022. The call can be accessed live over the telephone by dialing 1-888-204-4368 from Canada and the U.S. or 1-323-994-2093 from international locations. A replay will be available shortly after the call and can be accessed by dialing 1-844-512-2921 from Canada and the U.S. or 1-412-317-6671 from international locations. The passcode for the replay is 7518646 and it will be available until Thursday November 17, 2022.

Interested parties may listen to a simultaneous webcast of the conference call by logging on via the Investor Relations section of the Company's website at https://investors.jamiesonwellness.com or directly at https://viavid.webcasts.com/starthere.jsp?ei=1568803&tp_key=3467792580. A replay of the webcast will be available for approximately 30 days following the call.

About Jamieson Wellness

Jamieson Wellness is dedicated to improving the world's health and wellness with its portfolio of innovative natural health brands. Established in 1922, Jamieson is the Company's heritage brand and Canada's #1 consumer health brand. Jamieson Wellness also offers a variety of VMS products under its youtheory, Progressive, Smart Solutions, Iron Vegan and Precision brands. The Company is a participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business. For more information please visit www.jamiesonwellness.com.

Jamieson Wellness’ head office is located at 1 Adelaide Street East Suite 2200, Toronto, Ontario, Canada.

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes, but is not limited to, statements related to the Company’s anticipated results and its outlook for its 2022 revenue, Adjusted EBITDA and Adjusted diluted earnings per share. Words such as “expect”, “anticipate”, “intend”, “may”, “will”, “estimate” and variations of such words and similar expressions are intended to identify such forward-looking information. This information reflects the Company’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Company’s Annual Information Form dated March 29, 2022 and under the “Risk Factors” section in the MD&A filed today, November 3, 2022. This information is based on the Company’s reasonable assumptions and beliefs in light of the information currently available to it and the statements are made as of the date of this press release. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law or regulatory authority.

The Company cautions that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect the Company’s results. Readers are urged to consider the risks, uncertainties and assumptions associated with these statements carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. See “Forward-looking Information” and “Risk Factors” within the MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements.

Jamieson Wellness Inc.
Selected Consolidated Financial Information
In thousands of Canadian dollars, except share and per share amounts

Three months ended Nine months ended
September 30 September 30

2022

2021

2022

2021

 
Revenue

138,929

112,368

354,594

321,194

Cost of sales

90,440

71,555

227,445

208,169

Gross profit

48,489

40,813

127,149

113,025

 
Gross profit margin

34.9%

36.3%

35.9%

35.2%

 
Selling, general and administrative expenses

30,855

19,228

77,471

61,218

Share-based compensation

1,315

992

3,593

4,651

Earnings from operations

16,319

20,593

46,085

47,156

 
Operating margin

11.7%

18.3%

13.0%

14.7%

 
Foreign exchange gain

(759)

(577)

(709)

(444)

Interest expense and other financing costs

4,144

1,505

6,660

4,291

Earnings before income taxes

12,934

19,665

40,134

43,309

Provision for income taxes

2,052

5,381

9,417

11,417

Net earnings

10,882

14,284

30,717

31,892

Adjusted net earnings

14,221

14,051

38,381

34,728

 
EBITDA

21,744

24,794

58,967

58,171

Adjusted EBITDA

29,505

25,456

74,890

66,325

Adjusted EBITDA margin

21.2%

22.7%

21.1%

20.6%

 
Weighted average number of shares
Basic

41,386,719

40,256,983

40,766,991

40,076,485

Diluted

42,449,242

41,698,267

41,813,337

41,500,445

 
Earnings per share attributable to common shareholders:
Basic, earnings per share

0.26

0.35

0.75

0.80

Diluted, earnings per share

0.26

0.34

0.73

0.77

Adjusted diluted, earnings per share

0.34

0.34

0.92

0.84

Jamieson Wellness Inc.
Consolidated Statements of Financial Position
In thousands of Canadian dollars

September 30,
2022
December 31,
2021
Assets
Current assets
Cash

7,316

6,775

Accounts receivable

143,389

104,186

Inventories

169,685

119,006

Derivatives

7,805

2,149

Prepaid expenses and other current assets

4,376

5,029

332,571

237,145

Non-current assets
Property, plant and equipment

113,538

96,977

Goodwill

275,064

122,975

Intangible assets

370,808

192,676

Deferred income tax

4,082

2,702

Total assets

1,096,063

652,475

 
Liabilities
Current liabilities
Accounts payable and accrued liabilities

132,352

74,533

Income taxes payable

804

2,896

Derivatives

1,728

3,317

Current portion of long-term debt

11,147

2,876

146,031

83,622

Long-term liabilities
Long-term debt

411,385

149,125

Post-retirement benefits

3,798

3,544

Deferred income tax

58,182

53,291

Other long-term liabilities

60,641

20,872

Total liabilities

680,037

310,454

 
Shareholders' equity
Share capital

306,704

268,214

Contributed surplus

15,843

14,786

Retained earnings

70,496

58,998

Accumulated other comprehensive income

22,983

23

Total shareholders' equity

416,026

342,021

Total liabilities and shareholders' equity

1,096,063

652,475

Jamieson Wellness Inc.
Segment Information
In thousands of Canadian dollars, except as otherwise noted

Jamieson Brands
 
Three months ended
September 30

2022

2021

$ Change % Change
 
Revenue

112,248

85,175

27,073

31.8%

Gross profit

45,202

37,690

7,512

19.9%

Gross profit margin

40.3%

44.3%

-

(4.0%)

Normalized gross profit

45,202

37,717

7,485

19.8%

Normalized gross profit margin

40.3%

44.3%

-

(4.0%)

Selling, general and administrative expenses

29,332

17,645

11,687

66.2%

Normalized selling, general and administrative expenses

22,127

17,437

4,690

26.9%

Share-based compensation

1,315

992

323

32.6%

Earnings from operations

14,555

19,053

(4,498)

(23.6%)

Operating margin

13.0%

22.4%

-

(9.4%)

Normalized earnings from operations

21,760

19,288

2,472

12.8%

Normalized operating margin

19.4%

22.6%

-

(3.2%)

Adjusted EBITDA

27,158

23,363

3,795

16.2%

Adjusted EBITDA margin

24.2%

27.4%

-

(3.2%)

 
 
Strategic Partners
 
Three months ended
September 30

2022

2021

$ Change % Change
 
Revenue

26,681

27,193

(512)

(1.9%)

Gross profit

3,287

3,123

164

5.3%

Gross profit margin

12.3%

11.5%

-

0.8%

Selling, general and administrative expenses

1,523

1,583

(60)

(3.8%)

Normalized selling, general and administrative expenses

1,523

1,570

(47)

(3.0%)

Earnings from operations

1,764

1,540

224

14.5%

Operating margin

6.6%

5.7%

-

0.9%

Normalized earnings from operations

1,764

1,553

211

13.6%

Normalized operating margin

6.6%

5.7%

-

0.9%

 
Adjusted EBITDA

2,347

2,093

254

12.1%

Adjusted EBITDA margin

8.8%

7.7%

-

1.1%

 
 
Jamieson Brands
 
Six months ended
September 30

2022

2021

$ Change % Change
 
Revenue

283,151

243,461

39,690

16.3%

Gross profit

118,694

103,214

15,480

15.0%

Gross profit margin

41.9%

42.4%

-

(0.5%)

Normalized gross profit

118,694

103,867

14,827

14.3%

Normalized gross profit margin

41.9%

42.7%

-

(0.8%)

Selling, general and administrative expenses

72,831

56,151

16,680

29.7%

Normalized selling, general and administrative expenses

59,840

53,074

6,766

12.7%

Share-based compensation

3,593

4,651

(1,058)

(22.7%)

Earnings from operations

42,270

42,412

(142)

(0.3%)

Operating margin

14.9%

17.4%

-

(2.5%)

Normalized earnings from operations

55,261

46,142

9,119

19.8%

Normalized operating margin

19.5%

19.0%

-

0.5%

Adjusted EBITDA

69,256

59,833

9,423

15.7%

Adjusted EBITDA margin

24.5%

24.6%

-

(0.1%)

 
 
Strategic Partners
 
Six months ended
September 30

2022

2021

$ Change % Change
 
Revenue

71,443

77,733

(6,290)

(8.1%)

Gross profit

8,455

9,811

(1,356)

(13.8%)

Gross profit margin

11.8%

12.6%

-

(0.8%)

Selling, general and administrative expenses

4,640

5,067

(427)

(8.4%)

Normalized selling, general and administrative expenses

4,592

4,850

(258)

(5.3%)

Earnings from operations

3,815

4,744

(929)

(19.6%)

Operating margin

5.3%

6.1%

-

(0.8%)

Normalized earnings from operations

3,863

4,961

(1,098)

(22.1%)

Normalized operating margin

5.4%

6.4%

-

(1.0%)

Adjusted EBITDA

5,634

6,492

(858)

(13.2%)

Adjusted EBITDA margin

7.9%

8.4%

-

(0.5%)

Non-IFRS and Other Financial Measures

This press release makes reference to certain financial measures, including non-IFRS financial measures that are historical, non-IFRS measures that are forward-looking, non-GAAP ratios and supplementary financial measures. Management uses these financial measures for purposes of comparison to prior periods and development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of ongoing operations and in analyzing the Company’s business performance and trends. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. The Company uses the following non‑IFRS financial measures: “EBITDA”, “Adjusted EBITDA” and “Adjusted net earnings”, the most directly comparable financial measure for each that is disclosed in its financial statements being net earnings, “normalized gross profit”, “normalized SG&A”, “normalized earnings from operations”, “cash from operating activities before working capital considerations” and “net debt”, the most directly comparable financial measures for each that is disclosed in its financial statements being gross profit, SG&A, earnings from operations, cash flows from operating activities, and long-term debt, respectively, the following non-IFRS ratios: “Adjusted EBITDA margin”, “Adjusted diluted earnings per share”, “normalized gross profit margin”, “normalized operating margin”, and the following supplementary financial measures: “gross profit margin” and “operating margin” to provide supplemental measures of the Company’s operating performance and thus highlight trends in the Company’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also uses non‑IFRS and supplementary financial measures in order to prepare annual operating budgets and to determine components of management compensation. For an explanation of the composition of each such measure and the usefulness and additional uses of each by management, see the “How we Assess the Performance of our Business” section of the MD&A, which is incorporated by reference. See below for a quantitative reconciliation of each non-IFRS financial measure to its most directly comparable financial measure disclosed in the Company’s financial statements to which the measure relates.

The following tables provide a quantitative reconciliation of net earnings to EBITDA, Adjusted EBITDA, and Adjusted net earnings, as well as gross profit to normalized gross profit, SG&A to normalized SG&A, earnings from operations to normalized earnings from operations, each of which are non-IFRS financial measures (see the “Non-IFRS and Other Financial Measures” of this press release for further information on each non-IFRS financial measure) for the three and nine months ended September 30, 2022 and September 30, 2021.

Reconciliation of Non-IFRS Financial Measures
In thousands of Canadian dollars

Three months ended Nine months ended
September 30 September 30

2022

2021

2022

2021

 
Net earnings

10,882

14,284

30,717

31,892

Add:
Provision for income taxes

2,052

5,381

9,417

11,417

Interest expense and other financing costs

4,144

1,505

6,660

4,291

Depreciation of property, plant, and equipment

3,194

2,543

8,574

7,377

Amortization of intangible assets

1,472

1,081

3,599

3,194

 
Earnings before interest, taxes, depreciation, and amortization (EBITDA)

21,744

24,794

58,967

58,171

Add EBITDA adjustments:
Share-based compensation (1)

1,315

992

3,593

4,651

Foreign exchange gain

(759)

(577)

(709)

(444)

Acquisition related cost (2)

6,270

-

9,754

-

IT system implementation (3)

934

-

3,110

-

COVID-19 related costs (4)

1

159

175

2,337

Business integration (5)

-

88

-

1,789

Other

-

-

 

-

(179)

Adjusted EBITDA

29,505

25,456

74,890

66,325

Provision for income taxes

(2,052)

(5,381)

(9,417)

(11,417)

Interest expense and other financing costs

(4,144)

(1,505)

(6,660)

(4,291)

Depreciation of property, plant, and equipment

(3,194)

(2,543)

(8,574)

(7,377)

Amortization of intangible assets

(1,472)

(1,081)

(3,599)

(3,194)

Share-based compensation (6)

(2,714)

(982)

(4,992)

(4,389)

Tax effect of normalization adjustments

(1,708)

87

(3,267)

(929)

Adjusted net earnings

14,221

14,051

38,381

34,728

 
 
Three months ended Nine months ended
September 30 September 30

2022

2021

2022

2021

 
Gross profit

48,489

40,813

127,149

113,025

Business integration (5)

-

27

-

653

Normalized gross profit

48,489

40,840

127,149

113,678

Normalized gross profit margin

34.9%

36.3%

35.9%

35.4%

 
Selling, general and administrative expenses

30,855

19,228

77,471

61,218

Acquisition related cost (2)

(6,270)

-

(9,754)

-

IT system implementation (3)

(934)

-

(3,110)

-

COVID-19 related costs (4)

(1)

(159)

(175)

(2,337)

Business integration (5)

-

(62)

-

(1,136)

Other

-

-

-

179

Normalized selling, general and administrative expenses

23,650

19,007

64,432

57,924

 
Earnings from operations

16,319

20,593

46,085

47,156

Acquisition related cost (2)

6,270

-

9,754

-

IT system implementation (3)

934

-

3,110

-

COVID-19 related costs (4)

1

159

175

2,337

Business integration (5)

-

89

-

1,789

Other

-

-

-

(179)

Normalized earnings from operations

23,524

20,841

59,124

51,103

Normalized operating margin

16.9%

18.5%

16.7%

15.9%

 

(1)

 

Pertains to the expenses relating to our long-term incentive plan (the “LTIP”), along with associated payroll taxes.

(2)

 

Expenses for legal, due diligence, regulatory, tax, and fairness opinions relating to the Nutrawise acquisition.

(3)

 

Relates to system implementation costs to advance our supply chain planning infrastructure. Unlike other system improvement projects with costs capitalized, due to its cloud-based nature, these system implementation costs are expensed accordingly.

(4)

 

Costs related to COVID-19 which do not reflect the ongoing costs of operation.

(5)

 

Prior year expenses mainly pertained to start-up costs to complete our transition to a third-party logistics provider to make room for capacity expansion at our existing operations.

(6)

 

Costs pertaining to our LTIP, excluding certain one-time grants to certain employees. Prior year expenses included the acceleration of share-based compensation expense in relation to our CEO transition, net of tax benefits realized on the vesting of certain share-based awards.

 

Investor and Media Contact Information:
Jamieson Wellness
Ruth Winker
416-705-5437
rwinker@jamiesonlabs.com

Source: Jamieson Wellness Inc.
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