SOURCE: Delivra Corp.

Delivra Corp.

November 22, 2017 07:00 ET

Delivra Announces Record Sales Growth for the Quarter

TORONTO, ON--(Marketwired - November 22, 2017) - Delivra Corp. (TSX VENTURE: DVA) ("Delivra" or the "Company") reported its financial results for the three and nine months ended September 30, 2017. All figures are reported in CDN dollars ($), unless otherwise indicated. Delivra's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").

Q3 2017 Financial and Operational Highlights:

  • OTC sales of $923,850 for the quarter and $3,297,836 for the year-to-date, representing a 47% and 21% growth over the comparative periods, respectively;
  • Significant operating efficiencies in the quarter and year-to-date over the comparative periods, through the optimization of expenses, resulting in a 57% and 37% reduction in operating expenditures, respectively, while continue to grow OTC sales; and
  • Continued to reduce cash flow expenditures in operating activities over the past four quarters, while delivering 21% growth in OTC sales in the year-to-date.

"Building on the momentum of the first half of the year, the Company continues to show quarter-after-quarter reduction in cash used in operating activities, as a result of, increased sales of our flagship pain and nerve products with a disciplined focus on cost efficiencies. With increased revenue and strong margins, Delivra has built a platform to develop and commercialize therapeutics to deliver value-added treatments that meet unique and important healthcare needs and provide additional opportunities to drive revenue for the Company," said Joseph Gabriele, Chief Executive Officer of Delivra.

 
Selected Financial Summary
 
CDN$ 000s (except  For the three months  For the three months  For the nine months  For the nine months
earnings per share and  ended September 30,  ended September 30,  ended September 30,  ended September 30,
percentages  2017  2016  2017  2016
         
Revenue  924  630  3,298  2,735
Gross profit  658  407  2,336  1,864
Gross profit margin  71%  65%  71%  68%
Net loss per share - basic  0.01  0.06  0.03  0.11
         

Delivra's unaudited condensed interim consolidated financial statements and management's discussion & analysis ("MD&A"), for the three and nine months ended September 30, 2017, are available via Delivra's website at www.delivracorp.com and will be available on SEDAR at www.sedar.com.

ABOUT DELIVRA CORP.

Delivra Corp. is a specialty biotechnology company that has a proprietary transdermal delivery system platform that can shuttle pharmaceutical and natural molecules, through the skin, in a targeted specific manner. Delivra manufactures and sells a growing line of natural topical creams with the proprietary transdermal delivery system platform under the LivRelief™ brand, for conditions such as joint and muscle pain, nerve pain, varicose veins, wound healing, and under the LivSport™ brand for sports performance. LivRelief™ products are available in pharmacies, grocery chains, and independent health food stores across Canada, and online at www.livrelief.com. In parallel with its consumer products business, Delivra also has a mandate to license its patent-pending proprietary transdermal delivery technology platform to pharmaceutical companies globally, for the repurposing of pharmaceutical molecules transdermally to treat a broad range of conditions, along with licensing its over-the-counter products globally. Delivra is headquartered in Burlington, Ontario and has a research and development laboratory in Charlottetown, PEI.

Further information on Delivra can be found at www.delivracorp.com, www.livrelief.com for Canada and www.livrelief.com/us for the United States.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute "forward-looking statements", which are not comprised of historical facts. Forward-looking statements may be identified by such terms as "believes", "anticipates", "intends", "expects", "estimates", "may", "could", "would", "will", or "plan", and similar expressions. Specifically, forward-looking statements in this news release include, without limitation, statements regarding: the Company's revenues and financial performance; the Company's drug research and development plans; the timing of operations; and estimates of market conditions. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events, performance, or achievements of Delivra to differ materially from those anticipated or implied in such forward- looking statements. The Company believes that the expectations reflected in these forward-looking statements are reasonable, but there can be no assurance that actual results will meet management's expectations. In formulating the forward -looking statements contained herein, management has assumed that business and economic conditions affecting Delivra will continue substantially in the ordinary course and will be favourable to Delivra; that the Company will continue to complete orders with existing customers and control product pricing and expenses that clinical testing results will justify commercialization of the Company's drug candidates; that Delivra will be able to obtain all requisite regulatory approvals to commercialize its drug candidates, that such approvals will be received on a timely basis, and that Delivra will be able to find suitable partners for development and commercialization of its products and intellectual property on favourable terms. Although these assumptions were considered reasonable by management at the time of preparation, they may prove to be incorrect. Factors that may cause actual results to differ materially from those anticipated by these forward-looking statements include: the ability of the Company to maintain existing product sales with current customers at existing product pricing and expenses; uncertainties associated with obtaining regulatory approval to perform clinical trials and market products; the need to establish additional corporate collaborations, distribution or licensing arrangements; the ability of the Company to generate sales and profits; the Company's ability to raise additional capital if and when necessary; intellectual property disputes; increased competition from pharmaceutical and biotechnology companies; changes in equity markets, inflation, and changes in exchange rates; and other factors as described in detail in Delivra's public filings, all of which may be viewed on SEDAR (www.sedar.com). Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward -looking statements and information, which are qualified in their entirety by this cautionary statement. Except as required by law, Delivra disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • For more information, please contact:

    Dr. Joseph Gabriele
    Chief Executive Officer
    905-639-7878

    or

    Investor Relations:
    Joanna Longo
    jlongo@terrepartners.com
    416-238-1414 x233