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Crescita Therapeutics Inc. reports developments as a Canadian commercial dermatology company with in-house R&D and manufacturing capabilities. The company commercializes branded non-prescription skincare products, sells other brands under exclusive distribution agreements, licenses intellectual property related to Pliaglis®, and provides contract manufacturing and product development services.
Company news commonly covers operating and financial results across its Commercial Skincare, Licensing and Royalties, and Manufacturing and Services segments. Updates also include material agreements, licensing rights, product and regulatory disclosures, acquisitions of dermatology or skincare assets, normal course share repurchases, and shareholder voting matters such as board elections and shareholder-rights-plan approvals.
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Crescita Therapeutics (CRRTF) reported a record annual revenue of $23.5M for fiscal year 2022, a 40% increase from 2021. Adjusted EBITDA rose by 138% to $2.2M. In Q4 2022, revenue was $6.03M, a 20% decline from Q4 2021, primarily due to lower licensing revenues. However, gross profit for the year grew 32% to $13.18M despite a slight decrease in gross margin. Cash reserves fell to $8.23M from $11.33M. The company launched ART FILLER in Q1 2023, aiming to enhance its skincare portfolio. Management highlighted growth in the manufacturing segment and successful product launches.
Crescita Therapeutics reported remarkable financial results for Q3-F2022, with revenue increasing to $6.0M, up from $3.0M in Q3-F2021, driven by a significant boost in manufacturing revenue of $4.3M. The company's Adjusted EBITDA improved to $0.5M, marking a turnaround from a loss of $0.5M the previous year. Additionally, cash reserves stood at $10.7M. The President and CEO, Serge Verreault, highlighted the company’s continued growth with plans to launch ART FILLER® injectables in early 2023. The gross margin slightly declined to 48.7% from 51.0%.
Crescita Therapeutics Inc. (CRRTF) reported a significant 120% sales growth in Q2-F2022, with revenues reaching $6.5M, up from $2.9M in Q2-F2021. The company achieved a record manufacturing revenue of $3.9M and an Adjusted EBITDA of $0.6M, improving by $0.9M year-over-year. Despite repaying $1.0M in convertible debentures, cash balances at $10.5M decreased by $1.2M for the quarter. The approval of ART FILLER® injectables is set to enhance Crescita's portfolio, with plans for a Q4 2022 launch.
Crescita Therapeutics Inc. held its 2022 Annual General and Special Meeting in Laval, Quebec, where significant shareholder decisions took place. The election of directors showed strong support, with Daniel N. Chicoine receiving 96.9% of votes for his position. Ernst & Young LLP was reappointed as the external auditor with 99.7% approval. Additionally, Crescita's Shareholder Rights Plan was approved, garnering 97.5% of votes. The meeting emphasized the company's commitment to growth and innovation in the dermatology sector.
Crescita Therapeutics Inc. (CRRTF) reported Q1-F2022 revenue of $4,951K, a 52% increase from Q1-F2021. Manufacturing segment revenue reached a record $3,415K, significantly improving from $692K last year. Gross profit rose to $2,712K, though gross margin fell to 54.8%. Operating expenses increased to $3,088K driven by higher SG&A costs. Adjusted EBITDA decreased to $66K. Cash and cash equivalents improved to $11,742K. The company plans expansion into 35 new countries for Pliaglis and launched a new Obagi Medical product line in Canada, enhancing its portfolio.
Crescita Therapeutics Inc. (TSX: CTX, OTC US: CRRTF) announced CEO Serge Verreault will present at the 2022 Bloom Burton & Co. Healthcare Investor Conference on May 3, 2022, at 10:30 a.m. in Hall A at the Metro Toronto Convention Centre. The conference, occurring on May 2-3, features around 60 leading healthcare companies from Canada. Verreault will outline Crescita’s recent business highlights and growth strategy, with the management team available for one-on-one investor meetings. For more details, visit bloomburton.com/conference.
Crescita Therapeutics reported record Q4 and fiscal 2021 revenues of $5.3M, tripling revenue compared to fiscal 2020. Total revenue for 2021 reached $16.8M, up 7.2% year-over-year, despite a drop in gross profit to $10M. The company expanded Pliaglis licenses to 32 countries and maintained a robust liquidity position of $11.3M. Q4 adjusted EBITDA improved to $1.6M from a loss of $0.4M last year. Crescita aims to grow its market presence amid favorable consumer trends and digital marketing investments.
Crescita Therapeutics Inc. announced the Toronto Stock Exchange's approval for the renewal of its normal course issuer bid (NCIB) to repurchase up to 1,000,000 common shares, approximately 5.3% of its public float, over the next 12 months. The company aims to start purchases on December 17, 2021, and the NCIB will conclude on December 16, 2022. Purchases will adhere to trading regulations, with a daily maximum of 3,770 shares. The prior NCIB, active from November 30, 2020, to November 29, 2021, resulted in the acquisition of 135,824 shares at an average price of $0.68.