LAVAL, Quebec–(BUSINESS WIRE)–Crescita Therapeutics Inc. (TSX: CTX and OTC US: CRRTF) (Crescita or the Company), a growth-oriented, innovation-driven Canadian commercial dermatology company, today reported its financial results for the first quarter ended March 31, 2024 (Q1-2024). All amounts presented are in thousands of Canadian dollars (CAD) unless otherwise noted, and in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.
Financial Highlights
Q1-2024 vs. Q1-2023
- Revenue was $4,996 compared to $4,602, up $394;
- Gross profit was $2,411 compared to $2,736, down $325;
- Operating expenses were $3,142 compared to $2,972, up $170;
- Adjusted EBITDA1 was $(325) compared to $161, down $486;
- Ending cash was $9,531, up $146 for the quarter.
Commenting on the Company’s results for the first quarter of 2024, Crescita’s President and Chief Executive Officer, Serge Verreault, said:
Our Skincare segment continues to represent a strong commercial focus and reflects the impacts of the ART FILLER launch and growth in online sales. During the quarter, we fulfilled a previously deferred purchase order in our Manufacturing segment, which mainly drove the quarter’s incremental volumes and the 8.6% improvement in our topline sales year-over-year.
We continue to advance discussions for a new commercial partnership for Pliaglis in the U.S. and to support our international Pliaglis licensees in recent and upcoming launches, including Poland and the Middle East. With a solid balance sheet, we are poised to take advantage of growth opportunities and return Crescita to profitability.
Operational and Corporate Developments
Update on Licensing Agreement for Pliaglis ® in China
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- In April 2024, the National Medical Products Administration (the NMPA, formerly the China Food and Drug Administration or CFDA) confirmed the need for a local clinical trial to support the registration of Pliaglis in China. Our licensing partner, Juyou Bio-Technology Co. Ltd. (Juyou) has initiated plans to finalize the protocol for the clinical trial and to manufacture the required test articles. Juyou is presently assessing the timeline for the clinical trial, subsequent registration stages, and the projected launch date. Under the commercialization and development license agreement entered into in November 2020, Juyou is responsible for and shall bear all…
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