Reported Earnings • Nov 17
Third quarter 2024 earnings released: US$0.16 loss per share (vs US$0.067 loss in 3Q 2023) Third quarter 2024 results: US$0.16 loss per share (further deteriorated from US$0.067 loss in 3Q 2023). Revenue: US$39.6m (down 30% from 3Q 2023). Net loss: US$19.5m (loss widened 156% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 60% per year, which means it is performing significantly worse than earnings. Announcement • Nov 15
Acreage Holdings, Inc. to Report Q3, 2024 Results on Nov 14, 2024 Acreage Holdings, Inc. announced that they will report Q3, 2024 results on Nov 14, 2024 New Risk • Oct 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$32m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Negative equity (-US$103m). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$5.4m net loss next year). Shareholders have been diluted in the past year (3.7% increase in shares outstanding). Market cap is less than US$100m (€22.0m market cap, or US$23.9m). New Risk • Sep 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$32m free cash flow). Share price has been highly volatile over the past 3 months (28% average weekly change). Negative equity (-US$103m). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$5.4m net loss next year). Shareholders have been diluted in the past year (5.1% increase in shares outstanding). Market cap is less than US$100m (€27.0m market cap, or US$29.8m). New Risk • Aug 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$32m free cash flow). Share price has been highly volatile over the past 3 months (29% average weekly change). Negative equity (-US$103m). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$5.4m net loss next year). Shareholders have been diluted in the past year (5.1% increase in shares outstanding). Market cap is less than US$100m (€27.4m market cap, or US$30.7m). Reported Earnings • Aug 16
Second quarter 2024 earnings released: US$0.18 loss per share (vs US$0.14 loss in 2Q 2023) Second quarter 2024 results: US$0.18 loss per share (further deteriorated from US$0.14 loss in 2Q 2023). Revenue: US$39.0m (down 33% from 2Q 2023). Net loss: US$21.0m (loss widened 30% from 2Q 2023). Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 3.7% growth forecast for the Pharmaceuticals industry in Germany. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 61% per year, which means it is performing significantly worse than earnings. Breakeven Date Change • Aug 16
No longer forecast to breakeven The analyst covering Acreage Holdings no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of US$45.3m in 2024. New forecast suggests the company will make a loss of US$3.40m in 2025. Announcement • Aug 07
Acreage Holdings, Inc. Commences Non-Medical Cannabis Sales in Ohio Acreage Holdings, Inc. announced the launch of non-medical cannabis sales in Ohio. Beginning August 6, 2024, non-medical consumers in Ohio who are 21+ can purchase cannabis products from The Botanist locations in Akron, Canton, Cleveland, Wickliffe, and Columbus. Acreage's brands, The Botanist and Superflux, will feature a wide range of offerings at The Botanist retail locations and participating partner dispensaries across Ohio for non-medical consumers who are 21+ and medical patients. This includes The Botanist's top-selling fast-acting gummies, all-in-one vapes, along with Superflux's premium concentrates and recently introduced live resin gummies. Additionally, Storz & Bickel vaporizers, as well as Wana Brands edibles will be immediately available via The Botanist dispensaries with plans to offer Jetty solventless vape products over time. Announcement • Jun 21
Acreage Holdings, Inc. Appoints Rebecca Kirk as Chief Operating Officer, Effective July 1, 2024 Acreage Holdings, Inc. announced the appointment of Rebecca Kirk as the Company’s Chief Operating Officer (‘COO’), effective July 1, 2024. Rebecca brings extensive industry experience and strategic insight to her impending role as Chief Operating Officer with over 20 years of executive leadership in the cannabis industry. Having joined Acreage in 2019 following the acquisition of CWG Botanicals, a cannabis cultivator and producer she founded, Rebecca has served as an Executive Vice President with the Company since 2022. In addition, Rebecca has a distinguished record as a pioneering leader in California's cannabis industry, having secured one of the first comprehensive licenses for cultivation, extraction, manufacturing, and distribution in the state. Beyond Rebecca’s professional accomplishments, she is an active member in the community and a passionate advocate for cannabis reform. Her commitment to fostering industry growth is exemplified by her central role in the creation and execution of Oakland’s Social Equity Incubator Program, which has significantly supported minority-owned cannabis businesses. Additionally, for over three decades, Rebecca has actively participated in grassroots movements advocating for federal legalization and efforts to end the War on Drugs. This advocacy continues to inform her leadership style and commitment to corporate social responsibility. Announcement • Jun 08
Acreage Holdings, Inc. announced that it has received $9.99996 million in funding On June 6, 2024, Acreage Holdings, Inc. closed the transaction. Announcement • Jun 06
Acreage Holdings, Inc. announced that it expects to receive $9.99996 million in funding Acreage Holdings, Inc. announced that it has entered into subscription agreements with certain institutional investors to issue 12,000 units by way of a brokered private placement at a price of $833.33 per unit for the gross proceeds of $9,999,960 on June 5, 2024. Each Unit will consist of $1,000 principal amount of non-recourse unsecured convertible notes , reflecting a 16.67% original issue discount, convertible into that number of Class E subordinate voting shares of the Company and Fixed Share purchase warrants , with each Warrant exercisable to acquire one Fixed Share at the Exercise Price at any time on or before the date which is 60 months after the closing date of the Offering. The number of Warrants to be issued to each Investor shall be the quotient obtained by dividing the aggregate $10 million subscription amount of the Units by the Exercise Price. The transaction is expected to close on June 6, 2024 and is subject to customary closing conditions. Announcement • May 18
Acreage Holdings, Inc. announced delayed 10-Q filing On 05/16/2024, Acreage Holdings, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Apr 02
Acreage Holdings, Inc. announced delayed annual 10-K filing On 04/01/2024, Acreage Holdings, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Announcement • Mar 30
Acreage Holdings, Inc., Annual General Meeting, Jun 06, 2024 Acreage Holdings, Inc., Annual General Meeting, Jun 06, 2024. Announcement • Mar 13
Acreage Holdings, Inc. Celebrates Launch of Adult-Use Sales at Vernon, Connecticut Dispensary Acreage Holdings, Inc. announced the commencement of adult-use sales at its Vernon, Connecticut dispensary. The Botanist Vernon is now operating as a hybrid dispensary, providing its full suite of products to both medical patients and adult-use customers. Located at 234 Talcottville Road, Vernon, CT. The dispensary has a wide range of products both in-store and online, including flower, pre-rolls, vapes, edibles, and accessories. For a seamless experience, patients will have the option to either shop in-store or pre-order products online for pick up directly at the dispensary. Announcement • Jan 26
Acreage Broadens Footprint with Relocation of Third Dispensary in Connecticut Acreage Holdings, Inc. announced the relocation of its third Connecticut location to the town of Vernon, marking the first-ever cannabis dispensary in the borough of over 30,000 residents. Located at 234 Talcotville Road, Vernon, CT, The Botanist Vernon is surrounded by many local businesses and restaurants with quick access to Route 84. The dispensary will provide medical patients with full access to a wide range of products both in-store and online, including flower, pre-rolls, vapes, edibles, and accessories. For a seamless experience, patients will have the option to either shop in-store or pre-order products online to pick up directly at the dispensary. The Botanist Vernon is open from 11:00 a.m. to 5:00 p.m. ET Wednesday to Thursday, 9:00 a.m., to 8:00 p.m. Friday to Saturday, and 10:00 a.m. To 4:00 p.m. on Sunday. The Company expects to convert the dispensary to a hybrid model to serve both medical patients and adult-use consumers in the first half of 2024. Announcement • Dec 22
Acreage Holdings, Inc. Launches the Botanist Gummies in New York and Provides Core Market Update Acreage Holdings, Inc. provided an update on recent legislative developments across its core market footprint, including the launch of The Botanist THC-infused gummies in New York: Product Launch Update: Botanist THC-infused Gummies: Simply crafted with all-natural fruit flavors and colors, The Botanist THC-infused gummies deliver a consistent combination of deliciousness and effectiveness in various cannabinoid blends. The gummies are available in a 10-pack format in three fruit flavors and ratios, including Red Raspberry (10mg THC), Peach Nectarine (5:1 CBD:THC), and Mandarin Orange (1:1 THC:CBD). The new offerings are now available at The Botanist dispensaries in Farmingdale, Queens, Middletown, and Buffalo, as well as various partner dispensaries next week across New York. These flavor-forward THC-infused gummies complement The Botanist’s diverse selection of award-winning flower, pre-rolls, vapes, tinctures, and extracts already available in the state. New York follows Illinois, Massachusetts, Maine, and Ohio as the fifth Acreage market to offer this product. Regulatory Update: Pennsylvania: The governor of Pennsylvania recently signed into law a bill that will allow all licensed medical marijuana grower-processors operating in the state to sell their cannabis products directly to patients as retailers. Under the bill, the state’s independent marijuana grower-processors can now apply to obtain a dispensary permit, and likewise, the state’s independent dispensaries can apply to receive a grower permit, enabling operators the ability to vertically integrate. Ohio: Recreational marijuana recently became legal in Ohio, following voter approval of a ballot measure in the November election. As a result, adults aged 21 and older are allowed to use and grow cannabis and possess up to six marijuana plants per person with no more than 12 per household. While there is current legislative discussion around potential changes to the bill, the Company remains hopeful that lawmakers will abide by the voice of its constituents when considering any potential amendments. New York: The adult-use market in New York continues to roll out with the recent announcement from the governor that an additional 13 store openings are coming online to increase the state’s adult-use retail footprint to 37 dispensaries. Additionally, on December 8th, six registered organizations including NYCanna, a subsidiary of the Company, received regulatory approval from the New York Cannabis Control Board to transition to adult-use operations and enter the adult-use market. Announcement • Nov 14
Acreage Holdings, Inc. announced delayed 10-Q filing On 11/13/2023, Acreage Holdings, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. New Risk • Oct 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$52m free cash flow). Share price has been highly volatile over the past 3 months (54% average weekly change). Earnings have declined by 7.4% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Market cap is less than US$100m (€41.0m market cap, or US$43.4m). Board Change • Aug 17
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Bill Van Faasen was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 29
Acreage Holdings, Inc Appoints Carl Nesbitt as Chief Financial Officer, Effective July 3, 2023 Acreage Holdings, Inc. announced that it has appointed Carl Nesbitt to Chief Financial Officer, effective July 3, 2023. Mr. Nesbitt brings to Acreage over 25 years of financial leadership experience, having spent more than two decades working within the Consumer Packaged Goods industry. Most recently, he served as Chief Financial Officer at Nutritional Frontiers Inc., a vitamin and supplement distributor. Previously, Mr. Nesbitt held the role of Vice President of Finance for GlaxoSmithKlines North American Consumer Healthcare business. During his 13-year tenure, he held additional financial leadership roles and oversaw the development of the finance support function, which contributed to business growth. Mr. Nesbitt has also held financial management positions at Del Monte Foods, New World Pasta, and RR Donnelley. Announcement • Jun 17
Acreage Holdings, Inc. Announces Board Changes Acreage Holdings, Inc. announced that it has implemented further changes to its leadership and oversight in preparation for the completion of its previously announced strategic arrangement (the Floating Share Arrangement) with Canopy Growth Corporation (Canopy) and Canopy USA, LLC (Canopy USA). In connection with this, Acreage's Board of Directors has elected to implement a streamlined governance structure that is appropriately sized for the company's near-term priorities. Katie J. Bayne, Patricia Lopez, Douglas L. Maine, and Steven Strom have elected to resign from the Board, effective immediately. Acreage's Board will now be comprised of: Kevin P. Murphy, Founder and Chair of the Board; Bill Van Faasen, who will now chair the Audit Committee; John A. Boehner, who will now chair the Compensation and Corporate Governance Committee; Brian Mulroney; and Peter Caldini, who will step down from the role of Chief Executive Officer on June 30, 2023, as previously announced on June 2, 2023, and will resign from the Board on the same date. Announcement • Jun 03
Acreage Holdings, Inc. Announces Chief Executive Officer Changes Acreage Holdings, Inc. announced that Peter Caldini has elected to resign from his position as Chief Executive Officer, effective June 30, 2023. Dennis Curran, Chief Operating Officer of Acreage, has been appointed Chief Executive Officer and will assume the role on July 1, 2023. Mr. Curran joined Acreage in March 2022, bringing over 35 years of leadership expertise in sales, distribution, and marketing, having previously held executive-level positions with GSK Consumer Health and Procter & Gamble (P&G). Announcement • May 17
Acreage Holdings, Inc. announced delayed 10-Q filing On 05/16/2023, Acreage Holdings, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • May 10
Acreage Holdings, Inc. Announces Resignation of Steve Goertz as Chief Financial Officer, Effective June 15, 2023 Acreage Holdings, Inc. announced on May 3, 2023, Steve Goertz provided notice of his resignation as Chief Financial Officer of company, effective June 15, 2023. Mr. Goertz’s resignation was not the result of a disagreement between Mr. Goertz and Acreage on any matter relating to Acreage’s operations, policies or practices. Acreage has initiated a formal search process to fill the role of Chief Financial Officer following Mr. Goertz’s departure. Reported Earnings • May 03
Full year 2022 earnings released: US$1.28 loss per share (vs US$0.60 loss in FY 2021) Full year 2022 results: US$1.28 loss per share (further deteriorated from US$0.60 loss in FY 2021). Revenue: US$237.1m (up 26% from FY 2021). Net loss: US$139.9m (loss widened 122% from FY 2021). Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Pharmaceuticals industry in Germany. Announcement • Feb 01
Acreage Holdings, Inc. Introduces Fast-Acting Gummies to the Botanist Offerings Acreage Holdings, Inc. announced the launch of “Fast-Acting Gummies” or “TiME Gummies” under its brand The Botanist. The Botanist Fast-Acting Gummies are available in the following states: Illinois, Maine, Massachusetts, and Ohio. Whereas traditional edibles may take 1-4 hours to take effect, The Botanist Fast-Acting Gummies aim to deliver potential effects in approximately 5-15 minutes. The Botanist Fast-Acting Gummies utilize AZUCA TiME INFUSION, a unique, innovative, individual molecule encapsulation method that aims to deliver potentially fast-acting THC with delicious fruit flavors. This proprietary infusion method allows for greater Delta-9 THC absorption without an unpleasant taste or texture. The Botanist Fast-Acting Gummies may elicit more of a “euphoric” high quality and are both vegan and gluten-free. The gummies are available in two flavors: Sparkling Orange (Sativa) and Sparkling Strawberry (Indica) and contain either 5 mg or 10 mg of THC per dose in 10-packs or 20-packs depending on the market. Each offering incorporates the flavor of real white wine grapes along with the added qualities of cannabis terpenes. Product offerings and descriptions may vary per market; in the state of Ohio, the gummies are listed as The Botanist TiME Gummies. Announcement • Nov 26
Acreage Holdings, Inc., Annual General Meeting, Jan 25, 2023 Acreage Holdings, Inc., Annual General Meeting, Jan 25, 2023. Breakeven Date Change • Nov 16
Forecast breakeven date pushed back to 2024 The 4 analysts covering Acreage Holdings previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 60% per year to 2023. The company is expected to make a profit of US$21.0m in 2024. Average annual earnings growth of 86% is required to achieve expected profit on schedule. Breakeven Date Change • Nov 12
Forecast breakeven date pushed back to 2024 The 4 analysts covering Acreage Holdings previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 60% per year to 2023. The company is expected to make a profit of US$21.0m in 2024. Average annual earnings growth of 86% is required to achieve expected profit on schedule. Breakeven Date Change • Nov 09
Forecast to breakeven in 2023 The 4 analysts covering Acreage Holdings expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 50% to 2022. The company is expected to make a profit of US$8.85m in 2023. Average annual earnings growth of 140% is required to achieve expected profit on schedule. Reported Earnings • Nov 09
Third quarter 2022 earnings released: US$0.20 loss per share (vs US$0.11 loss in 3Q 2021) Third quarter 2022 results: US$0.20 loss per share (further deteriorated from US$0.11 loss in 3Q 2021). Revenue: US$61.4m (up 28% from 3Q 2021). Net loss: US$22.2m (loss widened 81% from 3Q 2021). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Pharmaceuticals industry in Germany. Reported Earnings • Aug 10
Second quarter 2022 earnings released Second quarter 2022 results: US$0.092 loss per share. Revenue: US$61.4m (up 39% from 2Q 2021). Net loss: US$9.93m (loss widened 289% from 2Q 2021). Over the next year, revenue is forecast to grow 33%, compared to a 6.1% growth forecast for the industry in Germany. Recent Insider Transactions • Jul 14
Independent Director recently bought €173k worth of stock On the 12th of July, Steven Strom bought around 295k shares on-market at roughly €0.59 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €299k more in shares than they have sold in the last 12 months. Reported Earnings • May 07
First quarter 2022 earnings released: US$0.12 loss per share (vs US$0.074 loss in 1Q 2021) First quarter 2022 results: US$0.12 loss per share (down from US$0.074 loss in 1Q 2021). Revenue: US$56.9m (up 48% from 1Q 2021). Net loss: US$12.7m (loss widened 63% from 1Q 2021). Over the next year, revenue is forecast to grow 41%, compared to a 8.1% growth forecast for the industry in Germany. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Steve Strom was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 12
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: US$0.60 loss per share (up from US$2.87 loss in FY 2020). Revenue: US$188.9m (up 65% from FY 2020). Net loss: US$63.0m (loss narrowed 78% from FY 2020). Revenue missed analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 36%, compared to a 8.1% growth forecast for the pharmaceuticals industry in Germany. Reported Earnings • Nov 11
Third quarter 2021 earnings released The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: US$48.2m (up 52% from 3Q 2020). Net loss: US$12.3m (loss narrowed 70% from 3Q 2020). Reported Earnings • Nov 11
Third quarter 2021 earnings released The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: US$48.2m (up 52% from 3Q 2020). Net loss: US$12.3m (loss narrowed 70% from 3Q 2020). Breakeven Date Change • Sep 23
Forecast to breakeven in 2022 The 5 analysts covering Acreage Holdings expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$3.14m in 2022. Average annual earnings growth of 79% is required to achieve expected profit on schedule. Recent Insider Transactions • Aug 14
Founder & Chairman recently bought €65k worth of stock On the 12th of August, Kevin Murphy bought around 25k shares on-market at roughly €2.62 per share. This was the largest purchase by an insider in the last 3 months. This was Kevin's only on-market trade for the last 12 months. Reported Earnings • Aug 12
Second quarter 2021 earnings released: US$0.023 loss per share (vs US$0.38 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: US$44.2m (up 63% from 2Q 2020). Net loss: US$2.55m (loss narrowed 93% from 2Q 2020). Reported Earnings • May 12
First quarter 2021 earnings released The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: US$38.4m (up 59% from 1Q 2020). Net loss: US$7.81m (loss narrowed 96% from 1Q 2020). Executive Departure • Apr 06
Chief Financial Officer has left the company On the 2nd of April, Glen Leibowitz's tenure as Chief Financial Officer ended after 3.1 years in the role. As of December 2020, Glen personally held 1.23m shares (€3.3m worth at the time). Glen is the only executive to leave the company over the last 12 months. Reported Earnings • Mar 27
Full year 2020 earnings released: US$2.87 loss per share (vs US$1.74 loss in FY 2019) The company reported a mediocre full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: US$114.5m (up 55% from FY 2019). Net loss: US$286.6m (loss widened 91% from FY 2019). Recent Insider Transactions • Mar 22
Chief Operating Officer recently sold €210k worth of stock On the 17th of March, Robert Daino sold around 40k shares on-market at roughly €5.23 per share. This was the largest sale by an insider in the last 3 months. Robert has been a seller over the last 12 months, reducing personal holdings by €214k. Reported Earnings • Mar 11
Full year 2020 earnings released: US$2.87 loss per share (vs US$1.74 loss in FY 2019) The company reported a mediocre full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: US$114.5m (up 55% from FY 2019). Net loss: US$286.6m (loss widened 91% from FY 2019). Analyst Estimate Surprise Post Earnings • Mar 11
Revenue misses expectations Revenue missed analyst estimates by 25%. Over the next year, revenue is forecast to grow 85%, compared to a 3.1% growth forecast for the Pharmaceuticals industry in Germany. Reported Earnings • Nov 13
Third quarter 2020 earnings released: US$0.35 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: US$31.7m (up 42% from 3Q 2019). Net loss: US$35.7m (loss narrowed 7.7% from 3Q 2019). 
