Toronto-based Mettrum Health reported Fiscal 2016 Q2 results after the close. Sales of $1.711mm for the quarter ending in September more than doubled from the same period a year ago and rose 37% from the June quarter. Prices rose to an average of $7.72 compared to $7.45 in the prior quarter according to the company. While the company reported an improvement in its gross margin, the loss from operations expanded somewhat despite the lift in sales. The company’s financials revealed that it has invested heavily in sales and marketing, with the $516K representing a 191% increase from a year ago and a 61% jump from Q1.
The company disclosed that it has 4590 active clients. In August, it had reported 3750 registered clients. Mettrum ended the quarter with over $11mm on its balance sheet after paying off a $2mm mortgage. The book value of the company ended the quarter at approximately $31mm, or $0.92 per share.
Our products and marketing platforms continue to grow revenues as well as our overall customer base. Taking a long term view, we continued to invest in our facilities to improve quality, yields and margins. We expect to see the results of these investments manifest throughout the balance of our fiscal year and beyond.
Michael Haines, CEO of Mettrum
Rival Canopy Growth announced earlier today that it will report its Q2 results on November 26th. The company reported sales of $1.71mm in Q1, before it had acquired Bedrocan Cannabis, and it is expected to report sales of $2.53mm according to Yahoo Finance.