Vivo Cannabis Inc. (OTCMKTS: VVCIF) Releases Q3 2021 Net Revenue of $6.2 Million as It Expands Internationally
Vivo Cannabis Inc. (OTCMKTS: VVCIF) has released its Q3 2021 operating and financial results for the quarter ending September 30, 2021.
Revenue down 3% sequentially due to increase in SG&A expenses
The company reported net revenue of $6.2 million, representing a 3% sequential quarter drop. In Q3 2021, Vivo had sales, general and administrative expenses of $3.4 million relative to $4.3 million in Q2 2021, representing a 21% decline driven by wages and salaries reductions as well as professional fees. The company had an EBITDA of $2.1 million relative to $3 million in the second quarter representing a 30% QoQ improvement. At the end of the quarter, the company had cash, and equivalents were $12.4 million compared to $15.7 million in Q1 2021, with the drop driven by changes in working capital and operating losses.
Significant adjustments were made at the start of Q3 2021 to focus VIVO’s approach on the medical cannabis market in Canada, Germany, and Australia and to fully use the Company’s efforts and investments in medical cannabis in these locations throughout the years. The company possesses numerous assets and expertise that position it as a formidable competitor in the medical cannabis sector. Most importantly, Vivo wants to position itself as a global medical leader focused on improving the lives of its patients by developing its assets.
Vivo leveraging opportunities in international markets
In the third quarter, the company started to leverage its assets as it looks to create value in the medical marijuana sector. The company feels that leveraging the assets will create long-term value for shareholders and expedite the path to profitability.
Notably, the company has been making headway in its international expansion by leveraging leadership and experience to foray into new markets. Vivo’s initial focus is on Australian and German markets that have a combined population of more than 100 million people. Vivo has a strong medical brand in Australia, and it capitalizes on its knowledge base to expedite medical cannabis information, product efficacy, and sales growth in Australia.