MPX Reports Financial Results for Its Fiscal Second Quarter of 2019
Quarterly Revenues increased 233% to $14.7 Million
TORONTO, Nov. 29, 2018 (GLOBE NEWSWIRE) — MPX Bioceutical Corporation(“MPX” or the “Company”) (CSE: MPX; OTC:MPXEF) today reports financial results for its fiscal second quarter for the three month period ended September 30, 2018 and provides a general business update. All figures are presented in Canadian dollars unless otherwise indicated.
Operational and Financial Highlights for the Fiscal Second Quarter of 2019 Record quarterly revenues of $14.7 million for the fiscal second quarter of 2019, versus $4.4 million for the fiscal second quarter of 2018, up 233%. Entered into a binding share purchase agreement to acquire Spartan Wellness Corporation (“Spartan”), a Canadian veteran advisory group. Expanded Maryland footprint with the opening of its first managed Health for Life Dispensary located in downtown Bethesda. Adjusted EBITDA loss of $1.0 million, a 42% sequential improvement from fiscal Q1 2019. Subsequent Events (October 2018) Announced arrangement agreement pursuant to which MPX will combine with iAnthus in an all-stock transaction with offered equity consideration to MPX shareholders valued at $835 million. Successfully upgraded U.S. share trading to the OTCQX® Best Market after meeting strict financial, disclosure and third party sponsorship requirements. Expanded Maryland footprint with the opening of the second and third managed Health for Life dispensaries in Baltimore and White Marsh.
For the second quarter, we again experienced strong growth, with revenue increasing $10.3 million year over year, topping $14.7 million, driven by the strong performance of our Arizona operations and much improved production from our facility in Nevada. We continue to execute upon our aggressive expansion strategy, as demonstrated by the successful openings of the Health for Life dispensaries in Maryland managed by one of MPX’s subsidiaries.
W. Scott Boyes, Chairman, President