Plantable Health Inc. Announces March 2022 First Quarter Financial Results
New York, New York--(Newsfile Corp. - May 13, 2022) - Plantable® Health Inc. (NEO: PLBL) (OTCQB: PLBLF) ("Plantable" or the "Company"), a clinically supported dietary intervention program to reverse and prevent chronic disease, today announced the financial results for the three months ended March 31, 2022.
The quarter end consolidated interim financial statements were prepared in accordance with the International Accounting Standards ("IAS") 34, Interim Financial Reporting, under International Financial Reporting Standards ("IFRS"). All amounts herein are expressed in United States dollars (the Company's functional currency) unless otherwise indicated.
Summary of Financial Performance
|Three months ended March 31,||2022||2021|
|Gross profit percentage||29%||29%|
|Basic and diluted loss per share||$0.01||$0.25|
|Common shares outstanding||63,250,000||730,000|
The quarter ended March 31, 2022 was the Company's first quarter of operations since it listed its shares on the NEO Exchange (the "NEO") on January 12, 2022. The Company currently trades on the NEO under the symbol "PLBL" and on the OTCQB® Venture Market under the symbol "PLBLF". During the year ended December 31, 2021 the Company completed its reverse takeover transaction with Euphebe Healthcare Inc. In addition, the Company successfully completed its initial public offering, issuing 11,250,000 units at $0.40 per unit. The Company raised gross proceeds of C$4.5million.
The loss for the quarter ended March 31, 2022 was $838,557 (2021-$185,589). The Company's revenues grew by 10% over the comparative quarter and management expects that this trend will continue in the future given marketing initiatives that commenced in the quarter. The gross profit margin remained at a healthy 29%. Had non-cash items not been allocated to cost of goods sold, the gross profit margin would have been 35% which is a 5% improvement over Q1 2021. Operating expenses of $1,002,455 were due to increased headcount and investment in marketing and technology initiatives, directed towards the growth and scale of the operating business. In addition to these expenses, the Company absorbed expenses of $438,919, associated with the running of the public company. These expenses included annual legal and audit costs as well as additional one-off costs associated with the listing and closing of the public financing in January and the Company's application to the OTC Market. These expenses will not be repeated in the coming quarters.
Liquidity and Capital Resources
At March 31, 2022 the Company had cash on deposit in the amount of $2,274,500, accounts receivable of $1,734, prepaid expenses of $314,715 and inventory of $79,420 compared to cash on deposit in the amount of $3,321,966, accounts receivable of $120, prepaid expenses of $285,885 and inventory of $73,342 at December 31, 2021.
The working capital position of the Company at March 31, 2022 was $2,420,255 compared to $3,124,532 at December 31, 2021. The Company's major source of capital during Fiscal 2021 was the IPO transaction. Going forward the Company will rely on growth from operations as well as possible future financings to fund its activities.
Net assets of the Company were $2,441,246 at March 31, 2022 compared to $3,173,249 at December 31, 2021. At March 31, 2022 the Company had a related party loan payable of $104,997 which bears interest at 4%. The loan is to be fully repaid by December 30, 2025. There are no other long term debt instruments at March 31, 2022.
Q1 2022 Earnings Conference Call Details
Plantable will host its Q1 2022 Earnings Conference Call on Friday, May 13, 2022, at 10:00 am Eastern Time/ 7:00 am Pacific Time to discuss the financial results and business outlook. Dr. Nadja Pinnavaia, Chief Executive Officer, and Richard Lee, Chief Financial Officer, will be conducting a question-and-answer session following their prepared remarks.
Participant Dial-In Numbers:
Toll / International: 1-201-689-8560
* Participants should request Plantable Health Inc. First Quarter Earnings Call.
Please visit the website at least 15 minutes before the call to register, download, and install any necessary audio software.
About Plantable® Health Inc.
Plantable is a clinically supported, lifestyle intervention program that combines behavioral psychology, neuroscience, and nutritional science to transform health and wellness. Plantable drives healthy weight loss and an improvement in health, and well-being through effective behavior change. Plantable's efficacy is predicated upon the scientific foundation of plant-based nutrition, personalized coaching support and lifestyle educational tools to empower people to change their dietary habits. To view the Company's products and become a customer, please visit plantable.com or click the link here: https://plantable.com
If you are interested in investing in the Company and would like more information, click the link here: http://invest-plantable.com
Become a part of the Plantable investor community on WhatsApp by joining the link here: https://chat.whatsapp.com/CNupoG2sVitJRhzpfGJGHt
On behalf of the Board of Directors,
Dr. Nadja Pinnavaia
Chief Executive Officer
For investor inquiries please contact:
Corporate Communications and Investor Relations
Cautionary Note Regarding Forward-Looking Information
Certain statements contained in this news release constitute forward-looking statements as defined under applicable securities laws. All statements in this news release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Specifically, the references in this news release to the benefits the Company expects to gain from its Q1 2022 Financial Results constitute forward-looking statements. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements, see "Notice to Investors - Forward-Looking Information" and "Risk Factors" in the Prospectus. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
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