Achieves record Adjusted Gross Margin and
fourth consecutive quarter of positive Adjusted EBITDA
FINANCIAL HIGHLIGHTS
- Net revenue of $43.3 million, up 43% from $30.4 million in the
same prior-year period.
- Adjusted EBITDA1 of $5.6 million, the fourth consecutive
quarter of positive Adjusted EBITDA, compared to negative Adjusted
EBITDA of $1.9 million in the same prior year period.
- Adjusted Gross Margin1 of $12.8 million or 30%, compared to
$5.5 million or 18% in the same prior year period, reflecting
improvements from increased efficiencies and higher sales
volume.
SALES AND OPERATIONAL HIGHLIGHTS
- In Q1 Fiscal 2023, maintained #3 position among Canadian
licensed producers2.
- Organigram holds the #1 position in milled flower, the #3
position in gummies and the #3 position in hash nationally2.
- According to OCS shipped sales data, Organigram had the top
three selling SKUs in the province3.
- Organigram continues to hold the #1 market position in the
Maritimes3.
- Introduced 17 SKUs in Q1 Fiscal 2023.
- Generated a 30% increase in yield per plant in Q1 Fiscal 2023,
compared to the same prior year period, as a result of environment
improvements.
- Shipped $5.9 million of high margin flower to Australia and
Israel in Q1 Fiscal 2023.
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), (the
“Company” or “Organigram”), a leading licensed producer of
cannabis, announced its results for the first quarter ended
November 30, 2022 (“Q1 Fiscal 2023”). All financial information in
this press release is expressed in thousands of Canadian dollars
("$"), except for references to $ millions.
“Our first quarter of fiscal 2023 demonstrates the success of
our expansion at Moncton and continuing productivity improvements
in fiscal 2022,” said Beena Goldenberg, Chief Executive Officer.
“In the quarter, we achieved a record harvest and the lowest cost
of cultivation in the history of the Company. We maintained our
market position and are confident our disciplined approach to
operations and innovation will drive further success in the rest of
the year.”
Select Key Financial Metrics (in $000s
unless otherwise indicated)
Q1-2023
Q1-2022
% Change
Gross revenue
60,882
44,345
37 %
Excise taxes
(17,561)
(13,967)
26 %
Net revenue
43,321
30,378
43 %
Cost of sales
31,621
27,924
13 %
Gross margin before fair value changes to
biological assets & inventories sold
11,700
2,454
377 %
Realized fair value on inventories sold
and other inventory charges
(12,528)
(12,313)
2 %
Unrealized gain on changes in fair value
of biological assets
24,714
10,469
136 %
Gross margin
23,886
610
3816 %
Adjusted gross margin1
12,829
5,475
134 %
Adjusted gross margin %1
30 %
18 %
67 %
Selling (including marketing), general
& administrative expenses2
15,702
12,644
24 %
Adjusted EBITDA1
5,577
(1,887)
396 %
Net income (loss)
5,329
(1,305)
508 %
Net cash provided by (used in) operating
activities
3,465
(9,341)
137 %
1 Adjusted gross margin, adjusted gross margin % and Adjusted
EBITDA are non-IFRS financial measures not defined by and do not
have any standardized meaning under IFRS; please refer to “Non-IFRS
Financial Measures” in this press release for more information.
2 Excluding non-cash share-based compensation.
Select Balance Sheet Metrics (in
$000s)
NOVEMBER 30, 2022
AUGUST 31, 2022
% Change
Cash & short-term investments
(excluding restricted cash)
95,230
98,607
(3) %
Biological assets & inventories
87,210
68,282
28 %
Other current assets
37,083
54,734
(32) %
Accounts payable & accrued
liabilities
33,468
40,864
(18) %
Current portion of long-term debt
80
80
— %
Working capital
172,920
166,338
4 %
Property, plant & equipment
262,736
259,819
1 %
Long-term debt
137
155
(12) %
Total assets
573,227
577,107
(1) %
Total liabilities
57,983
69,049
(16) %
Shareholders’ equity
515,244
508,058
1 %
“In Q1 Fiscal 2023, we achieved the highest adjusted gross
margin in the Company's history at $13 million, continued the trend
of positive Adjusted EBITDA and delivered positive net income and
cash flow,” added Derrick West, Chief Financial Officer. “With the
expected completion of the expansion at our Lac-Supérieur facility
and continuous improvements in automation and cultivation, we have
built a long-term platform to serve increasing market demands and
generate value.”
Key Financial Results for the First Quarter 2023
- Net revenue:
- Compared to the prior period, net revenue increased 43% to
$43.3 million, from $30.4 million in Q1 Fiscal 2022. The increase
was primarily due to an increase in adult-use recreational and
international revenue, partly offset by a decrease in medical
sales.
- Cost of sales:
- Q1 Fiscal 2023 cost of sales increased to $31.6 million, from
$27.9 million in Q1 Fiscal 2022, primarily as a result of the
increase in sales volume in the adult-use recreational market.
- Gross margin before fair value changes to biological assets,
inventories sold, and other charges:
- Q1 Fiscal 2023 margin improved to $11.7 million from $2.5
million in Q1 Fiscal 2022, positively impacted by higher net
revenue, lower cost of production and a reduction in inventory
provisions and unabsorbed overhead costs.
- Adjusted gross margin4:
- Q1 Fiscal 2023 adjusted gross margin was $12.8 million, or 30%
of net revenue, compared to $5.5 million, or 18%, in Q1 Fiscal
2022. The improvement in quarterly results was primarily due to
lower cultivation costs that was the result of higher plant yields,
ongoing cost efficiency improvements and the benefit of a lowered
per unit costs that were achieved due to increased scale of
operations at the Moncton facility.
- Selling, general & administrative (SG&A) expenses:
- Q1 Fiscal 2023 SG&A expenses increased to $15.7 million
from $12.6 million in Q1 Fiscal 2022. SG&A expenses as a
percent of net revenue has decreased from 42% to 36%. The increase
in expenses was primarily due to the higher spend to support the
growth in the business.
- Adjusted EBITDA5:
- Q1 Fiscal 2023 Adjusted EBITDA was $5.6 million compared to
negative $1.9 million in Q1 Fiscal 2022. The improvement is
primarily attributable to the increase in adjusted gross margins
due to the higher volume of products sold and lower cultivation and
post-harvest costs.
- Net income (loss):
- Q1 Fiscal 2023 net income was $5.3 million, compared to a net
loss of $1.3 million in Q1 Fiscal 2022. The transition to positive
net income is primarily due to higher gross margin from increased
revenues, lower per-unit production costs and a decrease in
inventory provisions and unabsorbed overheads.
- Net cash provided by (used in) operating activities:
- Q1 Fiscal 2023 net cash provided by operating activities was
$3.5 million, compared to $9.3 million cash used in Q1 Fiscal 2022,
which was primarily driven by the decrease in accounts receivables
and positive Adjusted EBITDA.
The following table reconciles the Company's Adjusted EBITDA to
net income (loss).
Adjusted EBITDA Reconciliation
(in $000s unless otherwise indicated)
Q1-2023
Q1-2022
Net (loss) income as reported
$
5,329
$
(1,305
)
Add/(Deduct):
Financing costs, net of
investment income
(815
)
(243
)
Income tax expense (recovery)
(232
)
—
Depreciation, amortization, and
(gain) loss on disposal of property, plant and equipment (per
statement of cash flows)
7,183
6,378
Impairment of intangible
assets
—
—
Impairment of property, plant and
equipment
—
—
Share of loss from investments in
associates and impairment loss from loan receivable
406
394
Unrealized loss (gain) on changes
in fair value of contingent consideration
18
(182
)
Realized fair value on
inventories sold and other inventory charges
12,528
12,313
Unrealized (gain) loss on change
in fair value of biological assets
(24,714
)
(10,469
)
Share-based compensation (per
statement of cash flows)
1,852
680
COVID-19 related charges, net of
government subsidies and insurance recoveries
—
—
Legal provisions
—
—
Share issuance costs allocated to
derivative warrant liabilities and change in fair value of
derivative liabilities
(1,030
)
(12,698
)
Incremental fair value component
of inventories sold from acquisitions
—
—
ERP implementation costs
1,334
—
Transaction costs
318
—
Provisions (recoveries) and
impairment of inventories and biological assets and provisions of
inventory to net realizable value
1,129
2,312
Research and development
expenditures, net of depreciation
2,271
933
Adjusted EBITDA
$
5,577
$
(1,887
)
The following table reconciles the Company's adjusted gross
margin to gross margin before fair value changes to biological
assets and inventories sold:
Adjusted Gross Margin Reconciliation (in
$000s unless otherwise indicated)
Q1-2023
Q1-2022
Net revenue
$
43,321
$
30,378
Cost of sales before adjustments
30,492
24,903
Adjusted Gross margin
12,829
5,475
Adjusted Gross margin %
30
%
18
%
Less:
Provisions (recoveries) and impairment of
inventories and biological assets
1,067
1,845
Provisions to net realizable value
62
467
Incremental fair value component on
inventories sold from acquisitions
—
—
Unabsorbed overhead
—
709
Gross margin before fair value
adjustments
11,700
2,454
Gross margin % (before fair value
adjustments)
27
%
8
%
Add:
Realized fair value on inventories sold
and other inventory charges
(12,528
)
(12,313
)
Unrealized gain on changes in fair value
of biological assets
24,714
10,469
Gross margin
23,886
610
Gross margin %
55
%
2
%
Canadian Recreational Market Introductions
Holy Mountain
- HOLY MOUNTAIN, the Company’s newest value brand, was announced
on November 22, 2022. It features an initial lineup of dried flower
strains along with value pressed hash. With the introduction of
HOLY MOUNTAIN, Organigram now offers value-priced flower in an
expanded range of sizes, starting with 3.5 gram offerings at
launch.
Monjour Twilight Tranquility
- Introduced in November, Twilight Tranquility is sugar-free soft
chew in pear, plum and lavender flavours. Each soft chew contains
the cannabinoids CBD, CBN and CBG. Sold in packs of 25.
Infused Pre-rolls
- In Q1 of Fiscal 2023, the Company introduced a number of
pre-rolls infused with hash. Two examples are Edison Grape
Crescendo, infused with bubble hash, and Tremblant Sweet Cherry,
infused with hash.
Research and Product Development
Product Development Collaboration ("PDC") and Centre of
Excellence ("CoE")
- The CoE development and scientific process is supporting
discovery and development efforts on novel vapour ingredients,
substrates and will guide the optimization of the existing
traditional extract and distillate ingredients. The supporting
scientific data also provides an industry leading vapour data set
that will serve as part of a foundation for future development
activities, including consumer safety, product quality and
performance. The state-of-the-art Bio Lab facility has been
operational since June 2022 and is conducting work for the CoE. It
is hoped that the work being undertaken, including development of
genetic toolboxes for research of key cannabis traits, will
accelerate R&D activities and has already been used to support
several plant science discoveries that will eventually benefit
Organigram’s existing own plant portfolio and long term growing
strategies.
Plant Science, Breeding and Genomics R&D in Moncton
- The Plant Science team continues to move the garden towards
unique, high terpene and high tetrahydrocannabinol ("THC"),
in-house grown cultivars, while also leveraging the newly
commissioned Biolab for ongoing plant science innovation focusing
on quality, potency and disease-resistance marker discovery to
enrich the future flower pipeline.
International
- In Fiscal Q1 2023, the Company completed three international
shipments totaling $5.9 million to Israel and Australia.
- Recent political changes and cannabis election ballot
initiatives for medical and recreational use in the United States
suggest that the potential movements to U.S. federal legalization
of cannabis (THC) remain difficult to predict. The Company
continues to monitor and develop a potential U.S. entry strategy
that could include THC, cannabidiol ("CBD") and other minor
cannabinoids. The Company is also monitoring recreational
legalization opportunities in European jurisdictions based on the
size of the addressable market and recent regulatory changes with a
particular focus on Germany.
Liquidity and Capital Resources
- On November 30, 2022, the Company had unrestricted cash and
short-term investments balance of $95 million compared to $99
million at August 31, 2022. The decrease is primarily a result of
capital expenditures of $8.4 million which was partly offset by
cash generated in operating activities of $3.5 million.
- For Fiscal 2023 the Company has budgeted $29 million in capital
expenditures for the three facilities. This spend would relate to
the completion of the expansion at the Laurentian operations and
also include automation investments at the Winnipeg edibles and
Moncton flower facilities.
- Organigram believes its capital position is healthy and that
there is sufficient liquidity available for the near to medium
term.
Capital Structure
in $000s
NOVEMBER 30, 2022
AUGUST 31, 2022
Current and long-term debt
217
235
Shareholders’ equity
515,244
508,058
Total debt and shareholders’ equity
515,461
508,293
in 000s
Outstanding common shares
313,857
313,816
Options
12,053
11,051
Warrants
16,944
16,944
Top-up rights
8,410
7,590
Restricted share units
3,805
2,346
Performance share units
1,111
265
Total fully-diluted shares
356,180
352,012
Outstanding basic and fully diluted share count as at January
11, 2023 is as follows:
in 000s
JANUARY 11, 2023
Outstanding common shares
313,857
Options
11,983
Warrants
16,944
Top-up rights
8,392
Restricted share units
3,803
Performance share units
1,111
Total fully-diluted shares
356,090
Outlook6
Net revenue
- Organigram currently expects Fiscal 2023 revenue to be higher
than that of Fiscal 2022. This expectation is largely due to
ongoing sales momentum, stronger forecasted market growth, the
Company's expanded product line in multiple segments, greater
capacity to meet demand at the Moncton Campus, increased throughput
at the Winnipeg facility and contributions from the Lac-Supérieur
facility.
- In addition, the anticipated continuation of shipments to
Canndoc in Israel and Cannatrek and Medcan in Australia is expected
to generate higher sequential revenue in Fiscal 2023 as compared to
Fiscal 2022. The Company believes it is better equipped to fulfill
demand in Fiscal 2023 with larger harvests expected compared to
Fiscal 2022. This is supported by the new multi-year agreement with
Canndoc that contemplates shipping up to 20,000 kilograms of dried
flower, announced on November 17, 2022.
- The Company expects Q2 of Fiscal 2023 revenue to be higher than
Q2 of Fiscal 2022.
Adjusted gross margins7
- The Company expects to achieve similar adjusted gross margin
rates throughout Fiscal 2023 with further cost saving initiatives
being put into place to help offset anticipated price
compression.
- Organigram has identified the following sales mix opportunities
which it believes have the potential to further improve adjusted
gross margins over time:
- International sales, which have historically attracted higher
margins and are expected to represent a greater proportion of the
Company’s revenue;
- Sales from the Holy Mountain brand, which will include several
product categories, in a number of higher margin formats with
national distribution on most SKUs
- The launch of new products across different derivative
categories with expected attractive long-term margin profiles;
and
- The larger volume of higher margin sales expected from the
Lac-Supérieur Facility, achievable from the increased capacity post
construction.
Adjusted EBITDA
- The Company expects to maintain positive Adjusted EBITDA
throughout Fiscal 2023.
Cash flow
- The Company generated positive cash flows from operating
activities during Q1 Fiscal 2023, which was achieved primarily due
to positive Adjusted EBITDA and a reduction to receivables. While
the Company expects to continue to generate positive Adjusted
EBITDA, periods when the Company achieves significant increases to
sales will result in increases to receivables and this will
negatively impact cash from operating activities. The Company has a
$29 million capex budget for Fiscal 2023 and if completed as
planned during Fiscal 2023, the Company expects to generate
positive free cash flows ("FCF") by the end of calendar 2023.
First Quarter Fiscal 2023 Conference Call
The Company will host a conference call to discuss its results
with details as follows: Date: January 12, 2023 Time: 8:00 am
Eastern Time To register for the conference call, please use this
link: https://conferencingportals.com/event/RUyBPhzX
To ensure you are connected for the full call, we suggest
registering a day in advance or at minimum 10 minutes before the
start of the call. After registering, a confirmation will be sent
through email, including dial in details and unique conference call
codes for entry. Registration is open through the live call.
To access the webcast:
https://events.q4inc.com/attendee/655133665
A replay of the webcast will be available within 24 hours after
the conclusion of the call at https://www.organigram.ca/investors
and will be archived for a period of 90 days following the
call.
Non-IFRS Financial Measures
This news release refers to certain financial performance
measures (including adjusted gross margin and Adjusted EBITDA) that
are not defined by and do not have a standardized meaning under
International Financial Reporting Standards (“IFRS”) as issued by
the International Accounting Standards Board. Non-IFRS financial
measures are used by management to assess the financial and
operational performance of the Company. The Company believes that
these non-IFRS financial measures, in addition to conventional
measures prepared in accordance with IFRS, enable investors to
evaluate the Company’s operating results, underlying performance
and prospects in a similar manner to the Company’s management. As
there are no standardized methods of calculating these non-IFRS
measures, the Company’s approaches may differ from those used by
others, and accordingly, the use of these measures may not be
directly comparable. Accordingly, these non-IFRS measures are
intended to provide additional information and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. Adjusted EBITDA is a
non-IFRS measure that the Company defines as net income (loss)
before: financing costs, net of investment income; income tax
expense (recovery); depreciation, amortization, reversal of/or
impairment, (gain) loss on disposal of property, plant and
equipment (per the statement of cash flows); share-based
compensation (per the statement of cash flows); share of loss from
investments in associates and impairment loss from loan receivable;
change in fair value of contingent consideration; change in fair
value of derivative liabilities; expenditures incurred in
connection with research & development activities (net of
depreciation); unrealized (gain) loss on changes in fair value of
biological assets; realized fair value on inventories sold and
other inventory charges; provisions and impairment of inventories
and biological assets; provisions to net realizable value of
inventories; COVID-19 related charges; government subsidies; legal
provisions; incremental fair value component of inventories sold
from acquisitions; transaction costs; and share issuance costs.
Adjusted EBITDA is intended to provide a proxy for the Company’s
operating cash flow and derive expectations of future financial
performance for the Company, and excludes adjustments that are not
reflective of current operating results.
Adjusted gross margin is a non-IFRS measure that the Company
defines as net revenue less cost of sales, before the effects of
(i) unrealized gain (loss) on changes in fair value of biological
assets; (ii) realized fair value on inventories sold and other
inventory charges; (iii) provisions and impairment of inventories
and biological assets; (iv) provisions to net realizable value; (v)
COVID-19 related charges; and (vi) unabsorbed overhead relating to
underutilization of the production facility and equipment, most of
which is related to non-cash depreciation expense. Management
believes that this measure provide useful information to assess the
profitability of our operations as it represents the normalized
gross margin generated from operations and excludes the effects of
non-cash fair value adjustments on inventories and biological
assets, which are required by IFRS.
The most directly comparable measure to Adjusted EBITDA,
calculated in accordance with IFRS is net income (loss) and
beginning on page 4 of this press release is a reconciliation to
such measure. The most directly comparable measure to adjusted
gross margin calculated in accordance with IFRS is gross margin
before fair value changes to biological assets and inventories sold
and beginning on page 5 of this press release is a reconciliation
to such measure.
About Organigram Holdings Inc.
Organigram Holdings Inc. is a NASDAQ Global Select Market and
TSX listed company whose wholly-owned subsidiaries include
Organigram Inc. and Laurentian Organic Inc. licensed producers of
cannabis and cannabis-derived products in Canada, and The Edibles
and Infusions Corporation, a licensed manufacturer of
cannabis-infused edibles in Canada.
Organigram is focused on producing high-quality, indoor-grown
cannabis for patients and adult recreational consumers in Canada,
as well as developing international business partnerships to extend
the Company’s global footprint. Organigram has also developed a
portfolio of legal adult-use recreational cannabis brands,
including Edison, Big Bag O’ Buds, SHRED, Monjour and Trailblazer.
Organigram operates facilities in Moncton, New Brunswick and
Lac-Supérieur, Québec, with a dedicated manufacturing facility in
Winnipeg, Manitoba. The Company is regulated by the Cannabis Act
and the Cannabis Regulations (Canada).
This news release contains forward-looking information.
Forward-looking information, in general, can be identified by the
use of forward-looking terminology such as “outlook”, “objective”,
“may”, “will”, “could”, “would”, “might”, “expect”, “intend”,
“estimate”, “anticipate”, “believe”, “plan”, “continue”, “budget”,
“schedule” or “forecast” or similar expressions suggesting future
outcomes or events. They include, but are not limited to,
statements with respect to expectations, projections or other
characterizations of future events or circumstances, and the
Company’s objectives, goals, strategies, beliefs, intentions,
plans, estimates, forecasts, projections and outlook, including
statements relating to the Company’s future performance, the
Company’s positioning to capture additional market share and sales
including international sales, expectations for consumer demand,
expected increase in SKUs, expected improvement to gross margins
before fair value changes to biological assets and inventories,
expectations regarding adjusted gross margins, Adjusted EBITDA and
net revenue in Fiscal 2023 and beyond, expectations regarding
cultivation capacity, the Company’s plans and objectives including
around the CoE and the Company's Bio Lab facility, availability and
sources of any future financing, expectations regarding the impact
of COVID-19, availability of cost efficiency opportunities, the
increase in the number of retail stores, the ability of the Company
to fulfill demand for its revitalized product portfolio with
increased staffing, expectations relating to greater capacity to
meet demand due to increased capacity at the Company’s facilities,
expectations around lower product cultivation costs, the ability to
achieve economies of scale and ramp up cultivation, expectations
pertaining to the increase of automation and reduction in reliance
on manual labour, expectations around the launch of higher margin
dried flower strains, expectations around market and consumer
demand and other patterns related to existing, new and planned
product forms including by EIC and Laurentian; timing for launch of
new product forms, ability of those new product forms to capture
sales and market share, estimates around incremental sales and more
generally estimates or predictions of actions of customers,
suppliers, partners, distributors, competitors or regulatory
authorities; continuation of shipments to Canndoc Ltd., Cannatrek
Ltd. and Medcan; statements regarding the future of the Canadian
and international cannabis markets and, statements regarding the
Company’s future economic performance. These statements are not
historical facts but instead represent management beliefs regarding
future events, many of which, by their nature are inherently
uncertain and beyond management control. Forward-looking
information has been based on the Company’s current expectations
about future events.
This news release contains information concerning our industry
and the markets in which we operate, including our market position
and market share, which is based on information from independent
third-party sources. Although we believe these sources to be
generally reliable, market and industry data is inherently
imprecise, subject to interpretation and cannot be verified with
complete certainty due to limits on the availability and
reliability of raw data, the voluntary nature of the data gathering
process, and other limitations and uncertainties inherent in any
statistical survey or data collection process. We have not
independently verified any third-party information contained
herein.
Forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual events to
differ materially from current expectations. These risks,
uncertainties and factors include: the heightened uncertainty as a
result of COVID-19, including any continued impact on production or
operations, impact on demand for products, effect on third party
suppliers, service providers or lenders; general economic factors;
receipt of regulatory approvals or consents and any conditions
imposed upon same and the timing thereof; the Company's ability to
meet regulatory criteria which may be subject to change; change in
regulation including restrictions on sale of new product forms;
change in stock exchange listing practices; the Company's ability
to manage costs, timing and conditions to receiving any required
testing results and certifications; results of final testing of new
products; timing of new retail store openings being inconsistent
with preliminary expectations; changes in governmental plans
including those related to methods of distribution and timing and
launch of retail stores; timing and nature of sales and product
returns; customer buying patterns and consumer preferences not
being as predicted given this is a new and emerging market;
material weaknesses identified in the Company’s internal controls
over financial reporting; the completion of regulatory processes
and registrations including for new products and forms; market
demand and acceptance of new products and forms; unforeseen
construction or delivery delays including of equipment and
commissioning; increases to expected costs; competitive and
industry conditions; change in customer buying patterns; and
changes in crop yields. These and other risk factors are disclosed
in the Company's documents filed from time to time under the
Company’s issuer profile on the Canadian Securities Administrators’
System for Electronic Document Analysis and Retrieval (“SEDAR”) at
www.sedar.com and reports and other information filed with or
furnished to the United States Securities and Exchange Commission
(“SEC”) from time to time on the SEC’s Electronic Document
Gathering and Retrieval System (“EDGAR”) at www.sec.gov, including
the Company’s most recent MD&A and AIF. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date of this news release. The Company
disclaims any intention or obligation, except to the extent
required by law, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Forward looking information is subject to risks and
uncertainties that are addressed in the “Risk Factors” section of
the MD&A dated January 11, 2023 and there can be no assurance
whatsoever that these events will occur.
1 Adjusted gross margin and Adjusted EBITDA are non-IFRS
financial measures not defined by and do not have any standardized
meaning under IFRS; please refer to “Non-IFRS Financial Measures”
in this press release for more information. 2 Hifyre data extract
from December 21, 2022 3 OCS wholesale sales and e-commerce orders
shipped data: Q1 FY 23 and Provincial Boards Data: CNB, NSLC,
PEILCC, Q1 FY ‘23 4 Adjusted gross margin is a non-IFRS financial
measure not defined by and does not have any standardized meaning
under IFRS; please refer to “Non-IFRS Financial Measures” in this
press release for more information. 5 Adjusted EBITDA is a non-IFRS
financial measure not defined by and does not have any standardized
meaning under IFRS; please refer to “Non-IFRS Financial Measures”
in this press release for more information. 6 The disclosure in
this section is subject to the risk factors referenced in the “Risk
Factors” section of the Company’s Q1 Fiscal 2023 MD&A, which is
available in the Company's profile at www.sedar.com. Without
limiting the generality of the foregoing, the expectations
concerning revenue, adjusted gross margins and SG&A are based
on the following general assumptions: consistency of revenue
experience with indications of fourth quarter performance to date,
consistency of ordering and return patterns or other factors with
prior periods and no material change in legal regulation, market
factors or general economic conditions. The Company disclaims any
obligation to update any of the forward-looking information except
as required by applicable law. See cautionary statement in the
“Introduction” section at the beginning of the Company’s Q1 Fiscal
2023 MD&A. 7 Adjusted gross margin is a non-IFRS financial
measure not defined by and does not have any standardized meaning
under IFRS; please refer to “Non-IFRS Financial Measures” in this
press release for more information.
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version on businesswire.com: https://www.businesswire.com/news/home/20230112005240/en/
For Investor Relations enquiries: investors@organigram.ca
For Media enquiries: Paolo De Luca, Chief Strategy Officer
paolo.deluca@organigram.ca
Organigram (NASDAQ:OGI)
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Organigram (NASDAQ:OGI)
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