Fiscal year 2022 revenue totaled
$48.8 million, an increase of 37.8%
year-over-year
Previously announced planned divestiture of
cannabis business expected to realize annualized payroll cost
savings of $4.4 million
USD
Company will host a conference call at
11:00 a.m. (Eastern Time) on Monday,
July 11, 2022, to discuss these results
LAVAL,
QC, July 8, 2022 /PRNewswire/
- Neptune Wellness Solutions Inc. ("Neptune" or the
"Company") (NASDAQ: NEPT) (TSX: NEPT), a diversified and fully
integrated health and wellness company focused on plant-based,
sustainable and purpose-driven lifestyle brands, today announced
its financial and operating results for the three-month and
twelve-month periods ending March 31,
2022.
Statement from Neptune Management
and Board of Directors:
"Neptune made significant progress on our path to become a pure
play CPG company, with growth year-over-year and positive momentum
in our key focus areas of Sprout and Biodroga during the fourth
quarter. We expect this trend to continue into our fiscal 2023,
with both Sprout and Biodroga continuing to expand their existing
popular product offerings, as well as releasing new product lines
that cater to different customer groups."
"Neptune's management and Board have made several strategic
decisions recently that we believe are in the best interest of the
company and its shareholders. In particular, significant cost
saving initiatives, the planned divestiture of our cannabis
business, and a refocusing of resources on our renewed mission of
becoming a leading CPG company. In addition, we have continued our
strategic review to help identify further synergies and cost
savings. We are looking forward to the next phase for Neptune as we
seek to capitalize on our large target addressable markets of
personal care & beauty and organic food & beverages, which
we believe have the most exciting growth potential. We remain
steadfast in our goal to deliver on profitability and shareholder
value."
Fourth Quarter and Full Year
Financial Highlights:
- Fiscal fourth quarter revenue totaled $11.5 million, an increase of 147% as compared to
$4.7 million for the same period the
year prior.
- Fiscal year 2022 revenue totaled $48.8
million, an increase of 37.8% as compared to $35.4 million for the same period the year
prior.
- Reported fiscal year 2022 gross profit loss of $7.5 million compared to a gross profit loss of
$27.4 million for the fiscal year
2021. Gross margin of (15.4%) compares to (77.3%) in the year-ago
period.
- Reported fourth quarter net loss of $36.2 million compared to a reported net loss of
$43.5 million in the comparable
period in fiscal 2021 and reported fiscal year 2022 net loss of
$84.4 million compared to a net loss
of $124.3 million for the fiscal year
2021.
- Adjusted EBITDA (non-GAAP)1 loss for fiscal year
2022 was $43.8 million compared to an
Adjusted EBITDA (non-GAAP)1 loss of $39.4 million for the fiscal year 2021.
Fourth Quarter Business
Highlights:
- Announced further reductions of corporate overheads by
expanding in-house legal capabilities.
- Announced the appointment of Julie
Phillips as Chair of Neptune's Board of Directors.
- Launched and expanded a first of its kind co-branded
product line with "CoComelon" across North America.
- Received a 180 calendar day extension from Nasdaq's Listing
Qualification Department to meet Nasdaq's minimum bid
requirement.
- Launched Forest Remedies Multi-Omega 3-6-9 Supplements in
340+ Sprouts Farmers Market stores across the U.S.
- Announced a US$8,000,000
Registered Direct Offering.
Subsequent Events and Business
Updates:
- Launched new CPG-focused strategic plan to
profitability.
- Announced appointment of Raymond
Silcock as Chief Financial Officer.
- Announced the appointment of Philip Sanford as Audit Chair of Neptune's Board
of Directors.
- Launched new line of CoComelon co-branded organic snack
bars.
- Announced completion of share consolidation from approximately
198 million Common Shares to approximately 5.7 million.
- Announced a US$5,000,000
Registered Direct Offering Priced At-the-Market Under Nasdaq
Rules.
Conference Call Details:
The Company will host a conference call at 11:00 a.m. (Eastern Time) on Monday, July 11,
2022, to discuss these results. The conference call will be webcast
live and can be accessed by registering on the Events and
Presentations portion of Neptune's Investor Relations website at
www.investors.neptunewellness.com. The webcast will be archived for
approximately 90 days.
NEPTUNE WELLNESS SOLUTIONS
INC.
Consolidated Balance Sheets
(in U.S. dollars)
|
|
|
As at
|
|
As at
|
|
|
|
March 31,
2022
|
|
March 31,
2021
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$8,726,341
|
|
$59,836,889
|
Short-term
investment
|
|
|
19,255
|
|
19,145
|
Trade and other
receivables
|
|
|
7,599,584
|
|
8,667,209
|
Prepaid
expenses
|
|
|
3,983,427
|
|
3,686,851
|
Inventories
|
|
|
17,059,406
|
|
17,317,423
|
Total current
assets
|
|
|
37,388,013
|
|
89,527,517
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
|
21,448,123
|
|
37,345,716
|
Operating lease
right-of-use assets
|
|
|
2,295,263
|
|
2,899,199
|
Intangible
assets
|
|
|
21,655,035
|
|
25,956,830
|
Goodwill
|
|
|
22,168,288
|
|
25,453,372
|
Marketable
securities
|
|
|
—
|
|
150,000
|
Other financial
assets
|
|
|
—
|
|
5,615,167
|
Total assets
|
|
|
$104,954,722
|
|
$186,947,801
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Trade and other
payables
|
|
|
$22,700,849
|
|
$19,881,995
|
Current portion of
operating lease liabilities
|
|
|
641,698
|
|
230,016
|
Deferred
revenues
|
|
|
285,004
|
|
1,989,632
|
Provisions
|
|
|
1,118,613
|
|
2,245,658
|
Liability related to
warrants
|
|
|
5,570,530
|
|
10,462,137
|
Total current
liabilities
|
|
|
30,316,694
|
|
34,809,438
|
|
|
|
|
|
|
Operating lease
liabilities
|
|
|
2,063,421
|
|
2,886,940
|
Loans and
borrowings
|
|
|
11,648,320
|
|
11,312,959
|
Other
liability
|
|
|
88,688
|
|
393,155
|
Total
liabilities
|
|
|
44,117,123
|
|
49,402,492
|
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
|
Share capital -
without par value (5,554,456
shares issued and outstanding as of March 31, 2022;
4,732,090 shares issued and outstanding as
of March 31, 2021)
|
|
|
317,051,125
|
|
306,618,482
|
Warrants
|
|
|
6,079,890
|
|
5,900,973
|
Additional paid-in
capital
|
|
|
55,980,367
|
|
59,625,356
|
Accumulated other
comprehensive loss
|
|
|
(7,814,163)
|
|
(8,567,106)
|
Deficit
|
|
|
(323,181,697)
|
|
(248,209,952)
|
Total equity
attributable to equity holders of the Corporation
|
|
|
48,115,522
|
|
115,367,753
|
|
|
|
|
|
|
Non-controlling
interest
|
|
|
12,722,077
|
|
22,177,556
|
Total shareholders'
equity
|
|
|
60,837,599
|
|
137,545,309
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
Subsequent
events
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
|
$104,954,722
|
|
$186,947,801
|
See accompanying notes
to the consolidated financial statements.
|
NEPTUNE WELLNESS SOLUTIONS
INC.
Consolidated Statements of Loss and Comprehensive Loss
(in U.S. dollars)
|
|
|
|
Years ended
|
|
|
|
|
March 31,
2022
|
|
March 31,
2021
|
|
|
|
|
|
|
|
Revenue from sales and
services, net of excise taxes of $1,877,543 (2021 -
$38,056)
|
|
|
$47,695,828
|
|
$34,261,647
|
Royalty
revenues
|
|
|
1,019,861
|
|
1,109,678
|
Other
revenues
|
|
|
81,435
|
|
28,994
|
Total
revenues
|
|
|
48,797,124
|
|
35,400,319
|
|
|
|
|
|
|
|
Cost of sales other
than loss on inventories, net of subsidies
of $924,644 (2021 - $932,483
)
|
|
|
(52,561,404)
|
|
(30,964,709)
|
Cost of
services
|
|
|
—
|
|
(12,846,937)
|
Impairment loss on
inventories
|
|
|
(3,772,066)
|
|
(18,962,254)
|
Total Cost of sales and
services
|
|
|
(56,333,470)
|
|
(62,773,900)
|
Gross profit
(loss)
|
|
|
(7,536,346)
|
|
(27,373,581)
|
|
|
|
|
|
|
|
Research and
development expenses, net of tax credits and grants
of nil (2021 - $12,272 )
|
|
|
(880,151)
|
|
(1,922,195)
|
Selling, general and
administrative expenses, net of subsidies
of $99,840 (2021 - $1,431,033
)
|
|
|
(60,538,424)
|
|
(63,824,118)
|
Impairment loss related
to intangible assets
|
|
|
(1,527,000)
|
|
—
|
Impairment loss related
to property, plant and equipment
|
|
|
(14,765,582)
|
|
(10,747,692)
|
Impairment loss related
to right-of-use assets
|
|
|
—
|
|
(107,650)
|
Impairment loss related
to goodwill
|
|
|
(3,288,847)
|
|
(26,898,016)
|
Net gain on sale of
assets
|
|
|
6,469
|
|
—
|
Loss from operating
activities
|
|
|
(88,529,881)
|
|
(130,873,252)
|
|
|
|
|
|
|
|
Finance
income
|
|
|
7,123
|
|
825,745
|
Finance
costs
|
|
|
(2,143,978)
|
|
(1,786,781)
|
Foreign exchange
loss
|
|
|
(685,708)
|
|
(4,051,418)
|
Change in revaluation
of marketable securities
|
|
|
(107,203)
|
|
169,216
|
Gain on revaluation of
derivatives
|
|
|
7,035,118
|
|
7,974,549
|
|
|
|
|
4,105,352
|
|
3,131,311
|
Loss before income
taxes
|
|
|
(84,424,529)
|
|
(127,741,941)
|
|
|
|
|
|
|
|
Income tax
recovery
|
|
|
—
|
|
3,477,711
|
Net loss
|
|
|
(84,424,529)
|
|
(124,264,230)
|
|
|
|
|
|
|
|
Other comprehensive
income
|
|
|
|
|
|
Net change in
unrealized foreign currency gains on translation of
net investments in foreign operations (tax
effect of nil for both periods)
|
|
|
750,248
|
|
6,737,947
|
Total other
comprehensive income
|
|
|
750,248
|
|
6,737,947
|
|
|
|
|
|
|
|
Total comprehensive
loss
|
|
|
$(83,674,281)
|
|
$(117,526,283)
|
|
|
|
|
|
|
|
Net loss attributable
to:
|
|
|
|
|
|
Equity holders of the
Corporation
|
|
|
$(74,971,745)
|
|
$(123,170,020)
|
Non-controlling
interest
|
|
|
(9,452,784)
|
|
(1,094,210)
|
Net loss
|
|
|
$(84,424,529)
|
|
$(124,264,230)
|
|
|
|
|
|
|
|
Total comprehensive
loss attributable to:
|
|
|
|
|
|
Equity holders of the
Corporation
|
|
|
$(74,218,802)
|
|
$(116,206,145)
|
Non-controlling
interest
|
|
|
(9,455,479)
|
|
(1,320,138)
|
Total comprehensive
loss
|
|
|
$(83,674,281)
|
|
$(117,526,283)
|
|
|
|
|
|
|
|
Basic and diluted loss
per share attributable to:
|
|
|
|
|
|
Equity holders of the
Corporation
|
|
|
$(15.54)
|
|
$(35.55)
|
Non-controlling
interest
|
|
|
$(1.96)
|
|
$(0.32)
|
Total loss per
share
|
|
|
$(17.50)
|
|
$(35.86)
|
|
|
|
|
|
|
|
Basic and diluted
weighted average number of common shares
|
|
|
4,824,336
|
|
3,465,059
|
See accompanying notes to the consolidated financial
statements.
SELECTED CONSOLIDATED FINANCIAL
INFORMATION
The following table sets out selected consolidated financial
information and are prepared in accordance with US GAAP.
|
|
|
|
Twelve-month periods
ended
|
|
|
|
|
|
|
March 31,
2022
|
|
March 31,
2021
|
|
|
|
|
|
|
$
|
|
$
|
Total
revenues
|
|
|
|
|
|
48.797
|
|
35.400
|
Adjusted
EBITDA1
|
|
|
|
|
|
(43.811)
|
|
(39.444)
|
Net loss
|
|
|
|
|
|
(84.425)
|
|
(124.264)
|
Net loss attributable
to equity holders of the
Corporation
|
|
|
|
|
|
(74.972)
|
|
(123.170)
|
Net loss attributable
to non-controlling interest
|
|
|
|
|
|
(9.453)
|
|
(1.094)
|
Basic and diluted loss
per share
|
|
|
|
|
|
(17.50)
|
|
(35.86)
|
Basic and diluted loss
per share attributable
to equity holders of the
Corporation
|
|
|
|
|
|
(15.54)
|
|
(35.55)
|
Basic and diluted loss
per share attributable
to non-controlling interest
|
|
|
|
|
|
(1.96)
|
|
(0.32)
|
|
|
As at
March 31, 2022
|
|
As at
March 31, 2021
|
|
As at
March 31, 2020
|
|
|
$
|
|
$
|
|
$
|
Total assets
|
|
104.955
|
|
186.948
|
|
120.060
|
Working
capital2
|
|
7.071
|
|
54.718
|
|
15.346
|
Non-current financial
liabilities
|
|
13.800
|
|
14.593
|
|
4.854
|
Equity attributable to
equity holders of the Corporation
|
|
48.116
|
|
115.368
|
|
102.962
|
Equity attributable to
non-controlling interest
|
|
12.722
|
|
22.178
|
|
—
|
|
|
|
|
|
|
|
1 The
Adjusted EBITDA is a non-GAAP measure. It is not a standard
measure endorsed by US GAAP requirements. A reconciliation
to the Company's net loss is presented below.
|
2 Working
capital is calculated by subtracting current liabilities from
current assets. Because there is no standard method endorsed by
US GAAP, the results may not be comparable to similar measurements
presented by other public companies. Current assets as at March
31, 2022, 2021 and 2020 were $37.388, $89.528 and 27.589
respectively, and current liabilities as at March 31, 2022, 2021
and 2020 were
$30.317, $34.809 and $12.243 respectively.
|
ADJUSTED EBITDA
Although the concept of Adjusted EBITDA is not a financial or
accounting measure defined under US GAAP and it may not be
comparable to other issuers, it is widely used by companies.
Neptune obtains its Adjusted EBITDA measurement by adding to net
loss, net finance costs (income) and depreciation and amortization,
and income tax expense (recovery). Other items such as stock-based
compensation, non-employee compensation related to warrants,
litigation provisions, business acquisition and integration costs,
signing bonuses, severances and related costs, impairment losses on
non-financial assets, write-downs of non-financial assets, costs
related to a cybersecurity incident, revaluations of derivatives,
system migration, conversion and implementation, CEO directors and
officers insurance, costs related to conversion from IFRS to US
GAAP and other changes in fair values are also added back. The
exclusion of net finance costs (income) eliminates the impact on
earnings derived from non-operational activities. The exclusion of
depreciation and amortization, stock-based compensation,
non-employee compensation related to warrants, litigation
provisions, impairment losses, write-downs revaluations of
derivatives and other changes in fair values eliminates the
non-cash impact, and the exclusion of acquisition costs,
integration costs, signing bonuses, severance and related costs,
costs related to cybersecurity and costs related to conversion from
IFRS to US GAAP present the results of the on-going business. From
time to time, the Company may exclude additional items if it
believes doing so would result in a more effective analysis of
underlying operating performance. In Q4 2022, the Company added the
costs related to the conversion from IFRS to US GAAP as an
adjustment to the definition of Adjusted EBITDA. Adjusting for
these items does not imply they are non-recurring. For purposes of
this analysis, the Net finance costs (income) caption in the
reconciliation below includes the impact of the revaluation of
foreign exchange rates.
Adjusted EBITDA1 reconciliation, in millions of
dollars
|
|
|
|
Twelve-month periods
ended
|
|
|
|
|
|
|
March 31,
2022
|
|
March 31,
2021
|
|
|
|
|
|
|
|
|
|
Net income (loss) for
the period
|
|
|
|
|
|
$(84.425)
|
|
$(124.264)
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
|
6.791
|
|
8.830
|
Acceleration of
amortization of long-lived non-financial assets
|
|
|
|
|
|
—
|
|
10.552
|
Revaluation of
derivatives
|
|
|
|
|
|
(7.035)
|
|
(7.975)
|
Net finance
costs
|
|
|
|
|
|
2.823
|
|
5.012
|
Equity classified
stock-based compensation
|
|
|
|
|
|
7.817
|
|
9.885
|
Non-employee
compensation related to warrants
|
|
|
|
|
|
0.179
|
|
1.904
|
Litigation
provisions
|
|
|
|
|
|
0.627
|
|
1.290
|
Business acquisition
and integration costs
|
|
|
|
|
|
1.027
|
|
0.300
|
System migration,
conversion, implementation
|
|
|
|
|
|
0.327
|
|
—
|
CEO D&O
insurance
|
|
|
|
|
|
4.697
|
|
—
|
Signing bonuses,
severances and related costs
|
|
|
|
|
|
0.851
|
|
0.454
|
Costs related to
cybersecurity incident
|
|
|
|
|
|
—
|
|
1.500
|
Write-down of
inventories and deposits
|
|
|
|
|
|
3.772
|
|
18.962
|
Impairment loss on
long-lived assets
|
|
|
|
|
|
18.054
|
|
37.753
|
Costs related to
conversion from IFRS to US GAAP
|
|
|
|
|
|
0.577
|
|
—
|
Change in revaluation
of marketable securities
|
|
|
|
|
|
0.107
|
|
(0.169)
|
Income tax expense
(recovery)
|
|
|
|
|
|
—
|
|
(3.478)
|
Adjusted
EBITDA1
|
|
|
|
|
|
$(43.811)
|
|
$(39.444)
|
1 The
Adjusted EBITDA is not a standard measure endorsed by US GAAP
requirements.
|
The audited consolidated financial statements of Neptune
Wellness Solutions Inc. were prepared in accordance with U.S.
generally accepted accounting principles. The audited consolidated
financial statements and management's discussion and analysis of
financial condition and result of operations have been filed on
SEDAR at www.sedar.com and on EDGAR at
www.sec.gov/edgar.shtml, and may also be found on our investor
relations website at www.investors.neptunewellness.com. All amounts
are in United States dollars
except if specified otherwise.
Non-GAAP Measures
This news release contains a non-GAAP measure, specifically
Adjusted EBITDA. We use Adjusted EBITDA to provide investors with a
supplemental measure of our operating performance and thus
highlight trends in our core business that may not otherwise be
apparent when relying solely on GAAP financial measures. We
believe that securities analysts, investors and other interested
parties frequently use non-GAAP measures in the evaluation of
issuers. Management also uses this non-GAAP measure in order to
facilitate operating performance comparisons from period to period,
prepare annual operating budgets and assess our ability to meet our
capital expenditure and working capital requirements. Adjusted
EBITDA is not recognized, defined or standardized measures under
GAAP. Our definition of Adjusted EBITDA will likely differ from
that used by other companies (including our peers) and therefore
comparability may be limited. Non-GAAP measures should not be
considered a substitute for or in isolation from measures prepared
in accordance with GAAP. Investors are encouraged to review our
financial statements and disclosures in their entirety and are
cautioned not to put undue reliance on non-GAAP measures and view
them in conjunction with the most comparable GAAP financial
measures. We obtain our Adjusted EBITDA measurement by adding net
loss, net finance costs (income) and depreciation and amortization,
and income tax expense (recovery). Other items such as stock-based
compensation, non-employee compensation related to warrants,
litigation provisions, business acquisition and integration costs,
signing bonuses, severances and related costs, impairment losses on
non-financial assets, write-downs of non-financial assets, costs
related to a cybersecurity incident, revaluations of derivatives,
system migration, conversion and implementation, CEO directors and
officers insurance, costs related to conversion from IFRS to US
GAAP and other changes in fair values are also added back. For more
information on our Adjusted EBITDA, please refer to our Management
Discussion and Analysis for the quarter.
Delay in Filing of Restated Interim
Financial Reports
Pursuant to National Instrument 51-102 – Continuous Disclosure
Obligations ("NI 51-102"), namely Part 4 of NI 51-102, as an
"SEC Issuer", given that Neptune has filed its full year 2022
audited financial statements (the "2022 Annual Financial
Statements") which have, for the first time, been prepared in
accordance with U.S. GAAP, the Company is required to re-file its
previously filed interim financial reports that have been filed
since its last filing of annual financial statements for its fiscal
year ended March 31, 2021, which
include: (i) the three-month periods ended June 30, 2021 and 2020, (ii) the three and
six-month periods ended September 30,
2021 and 2020; and (iii) the three and nine-month periods
ended December 31, 2021 and 2020
(collectively, the "Restated Filings"), with such Restated Filings
to be prepared and refiled in accordance with U.S. GAAP. The
Restated Filings are required to be refiled at the same time as the
filing of the 2022 Annual Financial Statements. Despite substantial
efforts, the Company is currently not in a position to file the
Restated Filings as a result of heavy workloads by the relevant
working groups, including time and dedication spent by the relevant
parties for the preparation of the 2022 Annual Financial
Statements, and the longer than anticipated time required to
restate the Restated Filings under U.S. GAAP. As a result of the
foregoing, the Company has obtained a temporary management cease
trade order ("MCTO") from the applicable Canadian securities
regulatory authorities. The Company intends to satisfy the
provisions of the alternative information guidelines in accordance
with National Policy 12-203 – Management Cease Trade Orders by
issuing bi-weekly status reports in the form of news releases. The
applicable Canadian securities regulatory authorities may issue a
general cease trade order against the Company if the Company fails
to file its status reports during the prescribed time
limits.
The Company, along with its board of directors and external
auditors, are working expeditiously to meet the Company's filing
obligations in the near term and no later than July 22, 2022. Other than the conversion of the
Restated Filings into U.S. GAAP, the Company does not expect any
other changes to be made to the previously filed interim financial
reports, which were previously prepared in accordance with IFRS and
are all currently available under the Company's SEDAR and EDGAR
profiles at www.sedar.com and www.sec.gov, respectively.
About Neptune Wellness Solutions
Inc.
Headquartered in Laval, Quebec,
Neptune is a diversified health and wellness company with a mission
to redefine health and wellness. Neptune is focused on building a
portfolio of high quality, affordable consumer products in response
to long-term secular trends and market demand for natural,
plant-based, sustainable and purpose-driven lifestyle brands. The
Company utilizes a highly flexible, cost-efficient manufacturing
and supply chain infrastructure that can be scaled to quickly adapt
to consumer demand and bring new products to market through its
mass retail partners and e-commerce channels. For additional
information, please visit: https://neptunewellness.com/.
Disclaimer – Safe Harbor
Forward–Looking Statements
This news release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of applicable securities laws. All
statements, other than statements of historical fact, are
forward-looking statements and are based on expectations,
estimates, and projections as at the date of this news release. Any
statement that involves discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions,
future events or performance (often but not always using phrases
such as "expects", or "does not expect", "is expected",
"anticipates" or "does not anticipate", "plans", "budget",
"scheduled", "forecasts", "estimates", "believes" or "intends" or
variations of such words and phrases or stating that certain
actions, events or results "may" or "could", "would", "might" or
"will" be taken to occur or be achieved) are not statements of
historical fact and may be forward-looking statements. In this news
release, forward-looking statements include, among other things,
statements with respect to the Company's strategic review, expected
cost savings, projected growth of Sprout and Biodroga, the success
of the Company's action plan, including the divestiture of the
Company's cannabis business, future increased revenues,
expectations regarding expenses, cash needs, cash flow, liquidity
and sources of funding, future expansion plans, initiatives
and strategies of the Company, and the Company's performance,
growth initiatives, profitability, future product launches and
plans and gain in market share, as well as the timing for the
filing of the Restated Filings.
These forward-looking statements are based on assumptions and
estimates of management of the Company at the time such statements
were made. Actual future results may differ materially as
forward-looking statements involve known and unknown risks,
uncertainties, and other factors which may cause the actual
results, performance, or achievements of the Company to materially
differ from any future results, performance, or achievements
expressed or implied by such forward-looking statements. Such
factors, among other things, include: the ability of the Company to
successfully implement its strategic initiatives; implications of
the COVID-19 pandemic on the Company's operations; fluctuations in
general macroeconomic conditions; fluctuations in securities
markets; changing consumer habits; the ability of the Company to
successfully achieve its business objectives and cost cutting
plans; plans for expansion; political and social uncertainties;
inability to obtain adequate insurance to cover risks and hazards;
the ability of the Company to obtain financing on acceptable terms,
the adequacy of our capital resources and liquidity, including but
not limited to, availability of sufficient cash flow to execute our
business plan (either within the expected timeframe or at all); the
ability of the Company to obtain financing on acceptable terms,
expectations regarding the resolution of litigation and other legal
and regulatory proceedings, reviews and investigations; employee
relations; and the presence of laws and regulations that may impose
restrictions in the markets where the Company operates. Although
the forward-looking statements contained in this news release are
based upon what management of the Company believes, or believed at
the time, to be reasonable assumptions, the Company cannot assure
shareholders that actual results will be consistent with such
forward-looking statements, as there may be other factors that
cause results not to be as anticipated, estimated or intended.
Readers should not place undue reliance on the forward-looking
statements and information contained in this news release. The
Company assumes no obligation to update the forward-looking
statements of beliefs, opinions, projections, or other factors,
should they change, except as required by law.
Additional information regarding these and other risks and
uncertainties relating to the Company's business are contained
under the heading "Risk Factors" in the Company's Annual Report on
Form 10-K dated July 7, 2022, for the
year ended March 31, 2022.
Neither NASDAQ nor the Toronto Stock Exchange accepts
responsibility for the adequacy or accuracy of this
release.
1This is a
non-GAAP measure. For further information on non-GAAP measures,
please refer to the "Non-GAAP Measures" section of this news
release. Please also refer to the tables in this news release for a
reconciliation of this Non-GAAP measure to the most directly
comparable GAAP measure.
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SOURCE Neptune Wellness Solutions Inc.