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UNIVERSAL HEALTH SERVICES, INC. PROVIDES UPDATE ON OPERATING RESULTS FOR THE SECOND QUARTER OF 2022 AND REVISES 2022 FULL YEAR EARNINGS GUIDANCE

KING OF PRUSSIA, Pa., June 30, 2022 /PRNewswire/ -- Universal Health Services, Inc. (NYSE:UHS) announced today that, due to a significant shortfall in operating results experienced during April and May of 2022, as compared to the comparable periods included in our previously provided annual operating results forecast, we are revising our forecast for the year ended December 31, 2022. Based upon our consolidated results of operations for April and May of 2022, we estimate that our adjusted net income attributable to UHS will approximate $2.05 to $2.15 per diluted share for the three-month period ended June 30, 2022. The lower than expected earnings projected for the second quarter of 2022 was due primarily to lower than expected patient volumes, revenues and income generated at our acute care hospitals. During April and May of 2022, our acute care hospitals experienced a significant decline in COVID-related patients, as compared to the first quarter of 2022. The decrease in COVID-related patient volumes during the second quarter of 2022 was not offset by an equivalent increase in non-COVID-related patients resulting in significant shortfalls in revenues and earnings as compared to our original forecasts for that period. Although the decreased patient volumes at our acute care hospitals has relieved some of the staffing shortages and related cost escalations previously experienced at those facilities, recovery from the effects of the labor pressures has been occurring at a somewhat slower pace than expected.  During April and May of 2022, patient volumes, revenues and income generated at our behavioral health care facilities were also below our expectations. However, the shortfalls from internal expectations experienced within our behavioral health segment were relatively consistent with those experienced during the first quarter of 2022.            In the announcement of our financial results for the first quarter of 2022 (as released on April 25, 2022), we indicated that, given the continued uncertainties related to the COVID-19 pandemic, as well as the healthcare staffing shortage and its unfavorable impact on our labor costs and behavioral health patient volumes, we may make reductions to our 2022 full year operating results forecast at a future date if the unfavorable operating trends experienced during the first quarter of 2022 did not improve.  Based upon the operating trends and financial results experienced during April and May of 2022, as discussed above, along with our financial results for the first quarter of 2022, we are decreasing our guidance ranges for the year ended December 31, 2022 for each of the following: (i) net revenues; (ii) earnings before interest, taxes, depreciation & amortization, and the impacts of other income/expense and net income attributable to noncontrolling interests ("Adjusted EBITDA, net of NCI"), and; (iii) adjusted net income attributable to UHS per diluted share ("Adjusted EPS-diluted"). The tables below include our revised 2022 operating results forecasts for the year ended December 31, 2022, as well as our original 2022 operating results forecast which was previously disclosed on February 24, 2022. Revised Forecast Original Forecast For the Year Ended For the Year Ended December 31, 2022 December 31, 2022 Low High Low High Net revenues $13.235 billion $13.371 billion $13.424 billion $13.694 billion Adjusted EBITDA, net of NCI $1.635 billion $1.712 billion $1.830 billion $1.927 billion Adjusted EPS - diluted $9.60 per share $10.40 per share $11.90 per share $12.90 per share Our revised 2022 forecasted net revenues are estimated to be approximately $13.235 billion to $13.371 billion, representing decreases of 1.4% to 2.4% as compared to our original 2022 forecasted net revenues.  Our revised 2022 forecasted Adjusted EBITDA, net of NCI, is estimated to be approximately $1.635 billion to $1.712 billion, representing decreases of 10.7% to 11.2% as compared to our original 2022 forecasted Adjusted EBITDA, net of NCI. Our revised 2022 forecasted Adjusted EPS-diluted is estimated to be $9.60 per share to $10.40 per share, representing decreases of 19.3% as compared to our original 2022 forecasted Adjusted EPS-diluted.  Our revised operating results forecast for the balance of 2022 assumes that staffing vacancies and the corresponding premium pay expenditures will continue to sequentially decline in the second half of the year and that non-COVID patient volumes will incrementally improve, although both at a slower pace than our original forecast anticipated. We believe these assumptions will be bolstered by our continuing recruitment and retention initiatives, by changes to our historical patient care models, by other cost cutting measures and by aggressive contractual negotiations and renegotiations with our managed care payers.  In addition, during the second half of 2022, we also expect sequential improvement in startup losses incurred during the first half of 2022 at newly constructed and recently opened acute care and behavioral health hospitals.  Included in our revised operating results forecast for the year ended December 31, 2022, as compared to the original forecast, is a $28 million increase in depreciation and amortization expense which includes additional depreciation expense expected to be incurred at one of our acute care hospitals located in California on which a major renovation project has commenced. The renovation plans for this facility, which includes construction of a new seven-story tower, requires demolition of a significant portion of the existing building over the next few years.     Adjusted EPS-diluted and Adjusted EBITDA net of NCI, are non-GAAP financial measures and should be examined in connection with net income determined in accordance with GAAP as presented in the consolidated financial statements and notes thereto included in our filings with the Securities and Exchange Commission including our Report on Form 10-Q for the quarter ended March 31, 2022 and our Report on Form 10-K for the year ended December 31, 2021. Please see the schedule of Supplemental Non-GAAP Disclosures - 2022 Revised Operating Results Forecast, as included herein for additional information and a reconciliation to the financial forecasts as computed in accordance with GAAP.  In addition, the 2022 revised forecasted amounts exclude the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as, pre-tax unrealized gains/losses resulting from changes in the market value of shares of certain marketable securities and other potential material items including, but not limited to, reserves for various matters including settlements, legal judgments and lawsuits, potential impacts of non-ordinary course acquisitions, divestitures, joint ventures or other strategic transactions, costs related to extinguishment ...Full story available on Benzinga.com.....»»

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Acuity Brands Reports Fiscal 2022 Third-Quarter Results

Increased Net Sales 18% Over the Prior Year Increased Diluted EPS 30% Over the Prior Year Deployed $296 million to Share Repurchases ATLANTA, June 30, 2022 (GLOBE NEWSWIRE) -- Acuity Brands, Inc. (NYSE:AYI) (the "Company"), a market-leading industrial technology company, announced net sales of $1.1 billion in the third quarter of fiscal 2022 ended May 31, 2022, an increase of 17.9 percent or $160.9 million, compared to the same period in fiscal 2021. Diluted earnings per share ("EPS") was $3.07 in the third quarter of fiscal 2022, an increase of 29.5 percent, or $0.70, compared to the same period in fiscal 2021. "I am proud of our teams' continued strong performance through the third quarter of fiscal 2022," stated Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. "We are executing consistently as a result of significant and ongoing improvements in our business, and we continue to generate value for shareholders through share repurchases." Gross profit was $445.1 million in the third quarter of fiscal 2022, an increase of $58.5 million, or 15.1 percent, compared to the same period in fiscal 2021. The increase in gross profit was driven by higher sales and cost controls. Gross profit as a percent of net sales was 42.0 percent in the third quarter of fiscal 2022. Operating profit was $142.7 million in the third quarter of fiscal 2022, an increase of $24.6 million, or 20.8 percent, compared to the same period in fiscal 2021. The increase in operating profit was a direct result of the improvement in gross profit, partially offset by higher operating expenses. Operating profit as a percent of net sales was 13.5 percent in the third quarter of fiscal 2022, an increase of 40 basis points from 13.1 percent in the same period of fiscal 2021. Adjusted operating profit was $162.8 in the third quarter of fiscal 2022, an increase of $26.0 million, or 19.0 percent, compared to the same period in fiscal 2021. Adjusted operating profit as a percent of net sales was 15.3 percent in the third quarter of fiscal 2022, an increase of 10 basis points from 15.2 percent in the same period of fiscal 2021. Net income was $105.7 million in the third quarter of fiscal 2022, an increase of $20.0 million, or 23.3 percent, compared to the same period in fiscal 2021. Diluted earnings per share was $3.07 in the third quarter of fiscal 2022, an increase of $0.70, or 29.5 percent, from $2.37 in the same period of fiscal 2021. Adjusted net income was $121.3 in the third quarter of fiscal 2022, an increase of $20.9 million, or 20.8 percent, compared to the same period in fiscal 2021. Adjusted diluted earnings per share was $3.52 in the third quarter of fiscal 2022, an increase of $0.75, or 27.1 percent, from $2.77 in the same period of fiscal 2021. Segment Performance Acuity Brands Lighting and Lighting Controls ("ABL") ABL generated net sales of $1.0 billion in the third quarter of fiscal 2022, an increase of $158.4 million, or 18.6 percent, compared to the same period in fiscal 2021. The acquisition of the Osram DS business contributed approximately 3 percent to ABL net sales in the third fiscal quarter of 2022. The Independent Sales Network generated sales of $725.9 million, an increase of $97.9 million, or 15.6 percent, compared to the same period in fiscal 2021. The Direct Sales Network generated sales of $96.1 million, approximately flat compared to the same period in fiscal 2021. The Corporate Accounts channel generated sales of $59.1 million, an increase of $15.1 million, or 34.3 percent, compared to the same period in fiscal 2021. The Retail channel generated sales of $44.7 million, an increase of $8.6 million, or 23.8 percent, compared to the same period in fiscal 2021. ABL operating profit was $149.6 million in the third quarter of fiscal 2022, an increase of $23.1 million, or 18.3 percent, compared to the same period in fiscal 2021. ABL Operating profit as a percent of ABL net sales was 14.8 percent in the third quarter of fiscal 2022, a decrease of 10 basis points from 14.9 percent in the same quarter of fiscal 2021. ABL adjusted operating profit was $159.8 million in the third quarter of fiscal 2022, an increase of $24.0 million, or 17.7 percent, compared to the same period in fiscal 2021. ABL Adjusted operating profit as a percent of ABL net sales was 15.8 percent in the third quarter of fiscal 2022, a decrease of 20 basis points from 16.0 percent, in the same quarter of fiscal 2021. Intelligent Spaces Group ("ISG") ISG generated net sales of $58.3 million in the third quarter of fiscal 2022, an increase of $2.9 million, or 5.2 percent, compared to the same period in fiscal 2021. ISG operating profit was $9.2 million in the third quarter of fiscal 2022, an increase of $2.0 million, or 27.8 percent, compared to the same quarter of fiscal 2021. ISG Operating profit as a percent of ISG net sales was 15.8 percent in the third quarter of fiscal 2022, an increase of 280 basis points from 13.0 percent in the third quarter of fiscal 2021. ISG adjusted operating profit was $13.6 million for the third quarter of fiscal 2022, an increase of $2.5 million, or 22.5 percent, over the prior year. ISG Adjusted operating profit as a percent of ISG net sales was 23.3 percent for the third quarter of fiscal 2022, an increase of 330 basis points from 20.0 percent, in the third quarter of fiscal 2021. Cash Flow and Capital Allocation Net cash from operating activities was $165.7 million, a decrease of $150.5 million, or 47.6 percent, in the first nine months of fiscal 2022, compared to the same period in fiscal 2021, as we allocated capital to inventory in order support our growth. During the first nine months of fiscal 2022, the Company repurchased 2.3 million shares of common stock for a total of $405 million. Post Quarter Events The Company today announced the completion of a new $600 million revolving credit facility. The new five-year facility incorporates $200 million of additional borrowing capacity and improved pricing as compared to the prior revolving credit facility. Additional information will be available in our third quarter 10-Q filing. Today's Call Details The Company is planning to host a conference call at 8:00 a.m. (ET) today, Thursday, June 30, 2022. Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. will lead the call. The conference call and earnings release can be accessed via the Investor Relations section of the Company's website at www.investors.acuitybrands.com. A replay of the call will also be posted to the Investor Relations site within two hours of the completion of the conference call and will be available on the site for a limited time. About Acuity Brands Acuity Brands, Inc. (NYSE:AYI) is a market-leading industrial technology company. We use technology to solve problems in spaces and light. Through our two business segments, Acuity Brands Lighting and Lighting Controls ("ABL") and the Intelligent Spaces Group ("ISG"), we design, manufacture, and bring to market products and services that make a valuable difference in people's lives. We achieve growth through the development of innovative new products and services, including lighting, lighting controls, building management systems, and location-aware applications. Acuity Brands, Inc. achieves customer-focused efficiencies that allow the Company to increase market share and deliver superior returns. The Company looks to aggressively deploy capital to grow the business and to enter attractive new verticals. Acuity Brands, Inc. is based in Atlanta, Georgia, with operations across North America, Europe, and Asia. The Company is powered by approximately 13,500 dedicated and talented associates. Visit us at www.acuitybrands.com. Non-GAAP Financial Measures This news release includes the following non-generally accepted accounting principles ("GAAP") financial measures: "adjusted operating profit" and "adjusted operating profit margin" for total company and by segment; "adjusted net income;" "adjusted diluted EPS;" "earnings before interest, taxes, depreciation, and amortization ("EBITDA");" "adjusted EBITDA;" and "free cash flow ("FCF")". These non-GAAP financial measures are provided to enhance the reader's overall understanding of the Company's current financial performance and prospects for the future. Specifically, management believes that these non-GAAP measures provide useful information to investors by excluding or adjusting items for amortization of acquired intangible assets, share-based payment expense, acquisition-related items, impairment on investment, and special charges associated with continued efforts to streamline the organization and integrate recent acquisitions. FCF is provided to enhance the reader's understanding of the Company's ability to generate additional cash from its business. Management typically adjusts for these items for internal reviews of performance and uses the above non-GAAP measures for baseline comparative operational analysis, decision making, and other activities. Management believes these non-GAAP measures provide greater comparability and enhanced visibility into the Company's results of operations as well as comparability with many of its peers, especially those companies focused more on technology and software. Non-GAAP financial measures included in this news release should be considered in addition to, and not as a substitute for or superior to, results prepared in accordance with GAAP. The most directly comparable GAAP measures for adjusted operating profit and adjusted operating profit margin for total company and by segment are "operating profit" and "operating profit margin," respectively, for total company and by segment, which include the impact of amortization of acquired intangible assets, share-based payment expense, acquisition-related items, and special charges. Adjusted operating profit margin is adjusted operating profit divided by net sales for total company and by segment. The most directly comparable GAAP measures for adjusted net income and adjusted diluted EPS are "net income" and "diluted EPS," respectively, which include the impact of amortization of acquired intangible assets, share-based payment expense, acquisition-related items, an impairment of investment, and special charges. Adjusted diluted EPS is adjusted net income divided by diluted weighted average shares outstanding. The most directly comparable GAAP measure for FCF is "net cash provided by operating activities, which includes the impact of purchases of property, plant and equipment." The most directly comparable GAAP measure for EBITDA is "net income", which includes the impact of net interest expense, income taxes, depreciation, and amortization of acquired intangible assets. The most directly comparable GAAP measure for adjusted EBITDA is "net income", which includes the impact of net interest expense, income taxes, depreciation, amortization of acquired intangible assets, share-based payment expense, acquisition-related items, special charges, and miscellaneous (income) expense, net. A reconciliation of each measure to the most directly comparable GAAP measure is available in this news release. The Company's non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures used by other companies, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for GAAP financial measures. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by other unusual or non-recurring items. Forward-Looking Information This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on management's beliefs and assumptions and information currently available to management. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release and is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements are statements other than those of historical fact and may include statements relating to goals, plans, market conditions and projections regarding Acuity Brands' strategy, and specifically include statements made in this press release regarding: strong performance, significant and sustained improvements and generating permanent value. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "comfortable with," "will," "expect," "intend," "estimate," "anticipate," "believe, "future," "should," "looks to," "leading to" or "continue" or the negative thereof or variations thereon or similar terminology. A number of important factors could cause actual events to differ materially from those contained in or implied by the forward-looking statements, including those factors discussed in our annual report on Form 10-K for the fiscal year ended August 31, 2021, filed on October 27, 2021 and those described from time to time in our other filings with the U.S. Securities and Exchange Commission (the "SEC"), which can be found at the SEC's website www.sec.gov. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information, whether written or oral, to reflect changes in assumptions, the occurrence of events, or otherwise. ACUITY BRANDS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In millions)     May 31, 2022   August 31, 2021   (unaudited)     ASSETS       Current assets:       Cash and cash equivalents $ 318.2     $ 491.3   Accounts receivable, less reserve for doubtful accounts of $0.8 and $1.2, respectively   597.2       571.8   Inventories   580.6       398.7   Prepayments and other current assets   112.6       82.5   Total current assets   1,608.6       1,544.3   Property, plant, and equipment, net   269.2       269.1   Operating lease right-of-use assets   63.4       58.0   Goodwill   1,090.9       1,094.7   Intangible assets, net   541.7       573.2   Deferred income taxes   1.8       1.9   Other long-term assets   39.9       33.9   Total assets $ 3,615.5     $ 3,575.1   LIABILITIES AND STOCKHOLDERS' EQUITY       Current liabilities:       Accounts payable $ 452.2     $ 391.5   Current maturities of debt   122.0       —   Current operating lease liabilities   16.2       15.9   Accrued compensation   80.7       95.3   Other accrued liabilities   195.8       189.5   Total current liabilities   866.9       692.2   Long-term debt   494.8       494.3   Long-term operating lease liabilities   52.9       46.7   Accrued pension liabilities   51.0       60.2   Deferred income taxes   100.3       101.0   Other long-term liabilities   131.0       136.2   Total liabilities   1,696.9       1,530.6   Stockholders' equity:       Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued   —       —   Common stock, $0.01 par value; 500,000,000 shares authorized; 54,210,049 and 54,018,978 issued, respectively   0.5       0.5   Paid-in capital   1,025.2       995.6   Retained earnings   3,065.2       2,810.3   Accumulated other comprehensive loss   (103.5 )     (98.2 ) Treasury stock, at cost, of 21,140,982 and 18,826,611 shares, respectively   (2,068.8 )     (1,663.7 ) Total stockholders' equity   1,918.6       2,044.5   Total liabilities and stockholders' equity $ 3,615.5     $ 3,575.1       ACUITY BRANDS, INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)(In millions, except per-share data)   Three Months Ended   Nine Months Ended   May 31, 2022   May 31, 2021   May 31, 2022   May 31, 2021 Net sales $ 1,060.6     $ 899.7   $ 2,895.8     $ 2,468.3 Cost of products sold   615.5       513.1     1,685.6       1,412.6 Gross profit   445.1       386.6     1,210.2       1,055.7 Selling, distribution, and administrative expenses   302.4       268.0     850.1       759.4 Special charges   —       0.5     —       1.5 Operating profit   142.7       118.1     360.1       294.8 Other expense:               Interest expense, net   6.2       6.2     18.1       17.7 Miscellaneous (income) expense, net   (1.5 )     2.7     (3.1 )     6.5 Total other expense   4.7       8.9     15.0       24.2 Income before income taxes   138.0       109.2     345.1       270.6 Income tax expense   32.3       23.5     76.5       62.4 Net income $ 105.7     $ 85.7   $ 268.6     $ 208.2                 Earnings per share:               Basic earnings per share $ 3.10     $ 2.40   $ 7.75     $ 5.70 Basic weighted average number of shares outstanding   34.1       35.7     34.7       36.5 Diluted earnings per share $ 3.07     $ 2.37   $ 7.66     $ 5.66 Diluted weighted average number of shares outstanding   34.4       36.2     35.1       36.8 Dividends declared per share $ 0.13     $ 0.13   $ 0.39     $ 0.39     ACUITY BRANDS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(In millions)   Nine Months Ended   May 31, 2022   May 31, 2021 Cash flows from operating activities:       Net income $ 268.6     $ 208.2   Adjustments to reconcile net income to net cash flows from operating activities:       Depreciation and amortization.....»»

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Unaudited First Quarter Results.....»»

Category: earningsSource: BENZINGA7 hr. 39 min. ago Related News

Field Trip Health Ltd. Reports Fiscal Fourth Quarter and Full Year 2022 Financial Results and Provides Business Update Including Corporate Reorganization

Completed strategic review and announced intention to separate the Field Trip Discovery and Field Trip Health divisions into two independent public companies. Earned patient services revenues of $1.7 million in fiscal fourth quarter, an increase of 26.7% over the prior quarter and 228% year over year. Full year patient services revenue was $4.9 million, up from $0.96 million in the same period of the prior year. At March 31, 2022, Field Trip had approximately $63.7 million in unrestricted cash and cash equivalents. On April 5, 2022, granted U.S Patent for the first novel psychedelic molecule in development, molecule FT-104, for exclusive rights for the composition of matter, use and manufacturing of a family of hemi-ester compounds of hydroxytryptamines, including FT-104 until 2040. In May, 2022, launched Field Trip at Home Powered by Nue Life, an advanced wellness platform for personalized, at-home psychedelic care. The program's ketamine treatments, interactive companion app, and virtual aftercare programs, provides an alternative to in-clinic care for those seeking treatment, but who are unable to travel to one of Field Trip's existing locations. TORONTO, June 29, 2022 (GLOBE NEWSWIRE) -- Field Trip Health Ltd. (TSX:FTRP, FTRP.WT, NASDAQ:FTRP) ("Field Trip"), a leader in the development and delivery of psychedelic therapies, reported fiscal fourth quarter and full year 2022 results for the period ended March 31, 2022 and provided a business update. All results are reported under International Financial Reporting Standards ("IFRS") and in Canadian dollars, unless otherwise specified. Corporate Reorganization Post quarter end, Field Trip announced the completion of its previously announced strategic review and the intention to complete a reorganization that will separate the Field Trip Discovery and Field Trip Health Divisions into two independent public companies (the Spinout Transaction). The reorganization will be completed by way of a Plan of Arrangement (the Arrangement). Field Trip Discovery will be renamed Reunion Neuroscience Inc. (Reunion) and continue to focus on the research and development of novel psychedelic molecules such as FT-104. Field Trip Health will be renamed Field Trip Health & Wellness Ltd. (Field Trip H&W) and will continue its focus on developing proprietary, competitive and differentiated psychedelic-assisted therapies (PAT) through innovation in therapeutic protocols, with a view of achieving the best patient outcomes in the treatment of mental health and mood disorders. Pursuant to the terms of the Arrangement, each share of the Company will be exchanged for one common share of Reunion and approximately 0.86 common shares of Field Trip H&W. Following the completion of the Arrangement, Reunion will remain listed on the NASDAQ Stock Market and Toronto Stock Exchange, and Field Trip H&W, subject to exchange approval, will list on the TSX Venture Exchange. Concurrent with closing of the Arrangement, Field Trip H&W is expected to complete a series of private placement financings (the Concurrent Financing) for gross proceeds of $20.0 million, led by Oasis Management Company and Field Trip. Following board approval on June 14, 2022, Field Trip announced that it will increase its initial investment from $5.0 million to $9.8 million for a 21.79% equity interest in Field Trip H&W. On June 27, 2022, the Company announced its shareholders had approved the Arrangement and Concurrent Financing (thereby approving the Spinout Transaction), at a special meeting of shareholders. In addition, subject to completion of the Arrangement, shareholders approved the Field Trip H&W equity incentive plan and authorized Field Trip H&W to reserve and allot for issuance, and issue, upon the exercise of options, up to 10% of the number of common shares in Field Trip H&W issued and outstanding from time to time, on a non-diluted basis. On June 29, 2022, the Company received final court approval for the Spinout Transaction by way of the Arrangement. The closing of the Arrangement remains subject to regulatory approvals, including conditional listing approval by the TSX Venture Exchange. It is expected that the closing of the arrangement will occur on or around August 2022. The Company's management team and the Board believe that the separation of the two business divisions will establish two independent, leading businesses in their respective areas in the psychedelics sector and ultimately result in maximized long-term value for the Company's shareholders. Joseph del Moral, Field Trip's Co-founder and CEO, said, "Now that the strategic review has concluded, we are focused on the future for the separate drug development and clinics businesses and allowing them to execute on their respective strategic priorities. We are pleased that we were able to secure the financing to execute on our plan in the current challenging market environment, and we are confident that we are setting the companies up for long-term success and increased shareholder value." Key Highlights and Recent Developments During the fiscal fourth quarter, Field Trip continued to advance its drug discovery work which is focused on the research and development of its novel molecule, FT-104, as well as other molecules under development, specifically the FT-200 series. The Field Trip Health clinics business achieved operational efficiencies and increased customer reach as well as announcing innovative strategic partnerships to offer new psychedelic-assisted treatment options. Field Trip Discovery FT-104 Field Trip Discovery is leading the development of the next generation of custom synthetic molecules targeting serotonin 5HT2A receptors. FT-104 is the first drug candidate in development by the Company. FT-104, given the name "Isoprocin Gutarate", is anticipated to produce a psychedelic trip of about 2-3 hours. The structure of FT-104 is based on classical serotonin 2A psychedelics, like psilocybin, which have been reported to be useful in treating a variety of mood disorders, including depression, anxiety and substance abuse. FT-104 completed Phase 1 enabling studies in early 2022 and is now entering the clinical stage of development in 2022. In late 2021, FT Discovery entered an agreement with an Australian Clinical Research Organization (CRO) to perform a Phase 1 trial with the objective to study the safety, tolerability and pharmacokinetics of single, escalating doses of FT-104 in healthy human volunteer participants. Exploratory objectives include characterization of the intensity, duration and subjective feeling of the psychoactive experience produced by the study drug. The Phase 1 protocol was developed in collaboration with our CRO and our clinical advisory team, was approved by the Human Research Ethics Committee and is being implemented at the clinical trial site where screening and recruitment have begun. Dosing of participants in the study is expected to begin shortly. On April 5, 2022, the Company was granted a patent for claims related to FT-104. The patent application entitled, "Tryptamine Prodrugs," grants exclusive rights to Field Trip for the composition of matter, formulations, methods of use and methods of manufacture for a family of hemi-ester compounds of hydroxytryptamines, including Isoprocin. Patent protection will extend to at least mid-2040. FT-200 Group During the quarter, Field Trip continued to progress research and development of its FT-200 molecule group. Research so far is showing that candidates in the FT-200 Group are demonstrating interesting pharmacological differences with classical psychedelics that might make them safer serotonin 2A (5HT-2A or "2A") agonists with a broader use potential in mental healthcare. The aim of the work is to reduce or eliminate the potential for cardiovascular related harm by decreasing the relative activity at the serotonin 2B (5HT-2B or "2B") receptor. Early stage candidates are under continued investigations. Dr. Nathan Bryson, Field Trip's Chief Scientific Officer, said, "Field Trip Discovery has benefited greatly from our association with the clinics division over the past 2 years to better understand the responsible use and enormous potential of psychedelic drug-assisted psychotherapy to produce durable relief for patients. As Reunion Neuroscience, we feel we bring a unique perspective to the development of the next generation, regulated psychedelic medicines, such as FT-104, a proprietary clinical-stage prodrug designed to produce a short duration experience, and FT-200, a family of molecules with potentially reduced cardiovascular risk profiles." Field Trip Health Centers Throughout the fiscal fourth quarter, the Company continued to implement operational improvements to reduce costs and increase throughput at its Field Trip Health Centers. In addition, the clinics saw an improvement in marketing efficiency and revenue growth as a result of improved marketing and digital client acquisition strategies that have increased conversion of new clients to the clinics. Consequently, Field Trip Health Centers achieved fiscal fourth quarter revenue of $1.72 million, representing an increase of 26.7% over the prior quarter and more than three times higher than the same period of the prior year. During the quarter, the Company announced the opening of its Vancouver, BC and Washington, DC locations. Coming out of the strategic review, and with the increased emphasis on client acquisition through its digital platforms, Trip and Field Trip at Home™, as well as ongoing efficiency improvements of its in-center offerings, Field Trip has deferred the opening of additional new clinics. Subsequent to quarter end, Field Trip launched its Field Trip at Home™ Powered by Nue Life platform, which provides ketamine treatments from the comfort of a person's home, providing an alternative to in-clinic care. Through this arrangement, Field Trip offers increased accessibility and convenience for those interested in pursuing the powerful treatment outcomes of ketamine therapy outside of a clinic setting through Nue Life's at-home and telehealth offerings. Ronan Levy, Field Trip's Co-founder and Executive Chairman, commented, "Our Field Trip Health centers have played an important role in enabling access to ketamine and psilocybin assisted treatments that have helped change the lives of those living with depression, anxiety and other mental health conditions. With the future separation of the clinics business, we will be uniquely focused to build upon this strong foundation and direct our efforts into growth in client numbers, while also implementing operational improvements to scale efficiently, continuing the momentum of revenue growth we achieved during the fourth quarter. Furthermore, we will increase our focus on using digital platforms, such as Trip and Field Trip at Home™, to increase our reach. We will work to leverage our existing Field Trip Health Centers to maximize their impact while reducing capital requirements going forward." Financial Highlights For the fiscal fourth quarter ended March 31, 2022, the Company earned patient services revenues of $1,724,102 from its twelve clinics in operation, an ...Full story available on Benzinga.com.....»»

Category: earningsSource: BENZINGA9 hr. 39 min. ago Related News

VITALITY ANNOUNCES FIRST QUARTER RESULTS

TSXV Trading Symbol:  VPI VANCOUVER, BC, June 29, 2022 /CNW/ - Vitality Products Inc. (TSXV:VPI) (the "Company" or "Vitality") is pleased to report its financial results for the first quarter ended April 30, 2022.  Vitality has achieved its highest sales total for one fiscal quarter since the revitalization and launch of Vitality. Sales for the three months ended April 30, 2022 of the Company's premium natural health products increased 14% to $245,713 (2021 - $216,188).  The financial results of the Company for the three months ended April 30, 2022 show a net loss of $158,425 or $0.00 per share compared to a net loss of $107,451 or $0.00 per share for the same period last year. General selling expenses significantly increased to $130,499 (2021 - $64,129) for the three months ended April 30, 2022 as Vitality launched its award-winning line of vitamins and supplements to US retailers at Natural Products Expo West, the industry's largest US ...Full story available on Benzinga.com.....»»

Category: earningsSource: BENZINGA13 hr. 7 min. ago Related News

Manitex Capital Reports Second Quarter Financial Results and Grants Options to Certain Directors

KIRKLAND, QC, June 29, 2022 /CNW/ - Manitex Capital Inc. ("Manitex") reported today its financial results for the second quarter ended April 30, 2022. Net loss for the quarter was $2,262,459 compared to a net loss of $2,482,495 for the corresponding quarter in 2021. For the six month period ending April 30, 2022 the net loss was $4,998,528 compared to $3,192,234 for the corresponding period in 2021. Net book value per share ("NBV") as at April ...Full story available on Benzinga.com.....»»

Category: earningsSource: BENZINGA14 hr. 23 min. ago Related News