RAMM Pharma announces its quarter financial results for Q2 2020
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.
TORONTO, June 29, 2020 (GLOBE NEWSWIRE) -- RAMM Pharma Corp. (including its wholly owned subsidiaries, the “Company” or "RAMM") (CSE: RAMM), a leader in plant-derived cannabinoid pharmaceutical products and medical product business, is pleased to announce second quarter financial results for the three and six months ended April 30, 2020. The interim consolidated financial statements and management's discussion and analysis for the period will be available on SEDAR and on www.rammpharma.com.
“We have had a respectable quarter considering the circumstances. Sales of our Pharma products have been negatively impacted by the closure of the borders with our neighbours to the north and south, Brazil and Argentina, however sales of our sanitary and medical device products saw increased sales as hospitals, clinics and pharmacies stocked up to meet the demand imposed by Covid 19, resulting in quarterly growth and improved operating results. We are also successfully continuing our expansion into other jurisdictions,” stated Jack Burnett, Chief Executive Officer.
Key Q2 2020 Financial
- Revenue of $1.9 million for the quarter
- Gross profit of $0.8 million for the quarter
- Gross margin of 44% for the quarter
- Net working capital of approximately $33.7 million ($0.33 per share) including $31.2 million ($0.31 per share) of cash and no debt.
Key Operational Q2 2020 Highlights
- Received approval from Ministry of Health of Uruguay and registration for XALEX™ 10 (cannabidiol) oral solution, a prescription pharmaceutical formulation of highly purified, plant-derived cannabidiol free of tetrahydrocannabinol, for the treatment of refractory epilepsy.
- Commenced a normal course issuer bid, under which it may purchase up to 5% of the current number of issued and outstanding common shares of the company.
About RAMM Pharma Corp.
Lead by renowned cannabis industry experts and backed by successful pioneers in the cannabis sector, RAMM is a leader in the field of cannabinoid pharmacology and product formulation for cannabis-based pharmaceuticals and other cannabis-based products. Founded in 1988 in Montevideo, Uruguay, the Company is a well established pharmaceutical and medical product business that has developed medically registered and approved plant-derived cannabinoid pharmaceutical products. The Company currently has multiple approved and registered products that have been authorized for sale in Uruguay and compassionate use in several Latin American countries, as well as a pipeline of new products in various stages of approval and development produced in the Company’s state of the art Good Manufacturing Practice (GMP) certified cannabis formulation facility. Further to its industry leading activities in the cannabis sector, the Company operates a successful pharmaceutical, cosmetic and nutraceutical product development and medical services business which has been servicing the local market for 30 years.
RAMM Pharma Corp. includes wholly owned subsidiaries Medic Plast SA, Yurelan SA and Ramm Pharma Holdings Corp.
Additional information about the Company is available at www.rammpharma.com.
For further information, please contact:
Matías Piñeiro
Chief Financial Officer
+598 92 223 131
[email protected]
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward looking statements") within the meaning of the applicable Canadian securities legislation. 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 relate, among other things, the Company’s strategies and objectives, and future expansion plans.
These forward-looking statements are based on reasonable 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: efficacy of the Company’s new product offerings; the expected timelines associated with the production, roll-out and availability of the Company’s new products; the ability to meet increased demand for the Company’s products, changes in prices of required commodities; the impact of COVID-19 on the Company’s workforce, suppliers, partners, customers, and other essential resources and what effect those impacts, if they occur, would have on the Company’s business and operations; future growth potential of the Company; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Uruguayan, Latin American, and international medical and recreational cannabis markets and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in Uruguay or internationally; and employee relations. 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.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
