Mettrum Announces First Quarter Fiscal 2016 Financial Results

Licensed producer Mettrum announced its first quarter fiscal 2016 financial results for the period ending 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.

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As of June 30, 2015, Mettrum has maintained a solid balance sheet with a net cash position of approximately $17 million.

Other highlights include:

  • Increased registered clients to 3,750 as of August 12, 2015.
  • Licensing for the Mettrum Creemore facility was renewed effective June 11, 2015.
  • Completed the acquisition of Oilseed Works Inc. (“OWI”) on April 30, 2015 and the Mettrum Originals will be launched this September.
  • Health Canada increased Mettrum’s licensed production capacity from 12 to 45 rooms at its Agripharm (“Mettrum Creemore”) facility, representing an increase in production capacity of nearly 300%.

“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,” said 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.”