2 bats test positive for rabies in Wellesley Township
Two bats found in Wellesley Township have tested positive for rabies.
But officials with Region of Waterloo Public Health say it's "not unexpected."
"Rabies is present in bat populations and the summer means increased bat activity," public health said in a post on Facebook.
Public health notes the most common way for rabies to spread is through the bite of an infected animal. It can also be spread when saliva from an infected animal comes into contact with a scratch, open wound or a person's mouth, nose or eyes.
"Rabies is a potentially fatal viral disease that attacks the nervous system of warm-blooded animals, including humans," public health says on its website.
People can take precautions to avoid their pets or themselves being bitten, including:
Don't touch sick or injured animals.
Don't approach or touch wild or unfamiliar animals even if they seem friendly.
Don't feed wild or stray animals.
Keep bats out of your home.
Assume any bat you see has rabies.
Tell children to stay away from bats and tell them to tell you if they've had contact with a bat.
Keep pets away from wild animals or other unfamiliar pets.
If you are bitten or scratched by an animal or have any contact with a bat:
If it's a pet, get the owner's contact information so public health can follow up with them.
Immediately wash the area thoroughly with soap and water.
Call your family doctor, urgent care facility, or hospital emergency department to get advice on next steps.
People should also report bites and scratches with a bat to public health.
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National Post
23 minutes ago
- National Post
Jamieson Wellness Inc. Reports Second Quarter 2025 Results
Article content TORONTO — Jamieson Wellness Inc. ('Jamieson Wellness' or the 'Company') (TSX: JWEL) today reported its second quarter results for the period ended June 30, 2025. All amounts are expressed in Canadian dollars. Certain metrics, including those expressed on an adjusted basis, are non-IFRS and other financial measures. See 'Non-IFRS and Other Financial Measures' below. Article content Management Commentary 'Q2 marked another solid quarter, reinforcing the continued strength of the health and wellness category and Jamieson's leadership within it,' said Mike Pilato, President and CEO of Jamieson Wellness. 'Branded revenue growth of nearly 14 percent reflects both sustained global demand for our trusted brands and our team's precise execution of our strategic plan across all key markets. Article content 'In Canada, our 'Proudly Canadian' platform continues to resonate with consumers driving strong consumption growth while our innovation pipeline drives category-leading performance. In the U.S., youtheory is gaining traction through our traditional retail presence and our new ecommerce partnership, with strong consumption growth validating our strategy. In China, our successful 6/18 campaign delivered exceptional growth as our investment in brand awareness continues to resonate with consumers. And internationally, we're seeing continued momentum driven by innovation, particularly across the Middle East and Southeast Asia. Article content 'In the first half of 2025, our branded business expanded by nearly 14%, with growth across all our branded business units. As we head into the second half of the year we're pleased to increase our quarterly dividend, as we have done every year as a public company. We remain focused on executing our innovation roadmap, expanding our global reach, and driving operational excellence. Built on our 103-year foundation of quality and trust, we're executing from an even stronger position as we continue to Inspire Better Lives Every Day.' Second Quarter Highlights Article content New Jamieson innovation, notably behind the trending magnesium category and 'Proudly Canadian' marketing programs drove strong consumer consumption in Canada Highly successful 6/18 promotion in China achieved 73% growth over prior year Trending ingredients drove increased youtheory consumption including accelerated growth in stress support and a market-leading product in the energy category New product launches and successful heart and women's health campaigns drove sell through in many International markets Article content Summary of Consolidated Results Article content All comparisons are with the second quarter of 2024 Article content Consolidated revenue increased 7.7% to $199.1 million, driven by 13.8% growth in Jamieson Brands partially offset by an expected decline in Strategic Partners Gross profit increased by $15.8 million to $80.8 million; normalized gross profit increased by $14.2 million largely driven by higher branded revenue and margins Gross profit margin 3 increased by 540 basis points; normalized gross profit margin increased 460 basis points due to favourable channel mix and prior year inefficiencies EBITDA 1 increased by $5.8 million to $30.1 million, mainly driven by higher revenues and gross profit; Adjusted EBITDA 1 increased by $3.5 million or 11.2% to $35.1 million, reflecting the impact of higher sales volumes, partially offset by timing of investments in SG&A Net earnings was $13.8 million; Adjusted net earnings 1 was $17.3 million, or $2.6 million higher, reflecting higher normalized earnings from operations Diluted earnings per share was $0.30; Adjusted diluted earnings per share 2 was $0.40 Article content Summary of Segment Results Article content Jamieson Brands Article content Revenue increased 13.8% or $21.5 million Canada revenue increased by 2.0%, driven by strong consumer consumption, partially offset by the impact of order fulfillment in Q2 prior year after the labour disruption in the first quarter China revenue increased 70.8% driven by a successful 6/18 promotional campaign, continued brand loyalty growth behind our brand building investment, and a heavier weighting of influencer programs scheduled in the quarter youtheory revenue increased by 9.7% mainly driven by strong consumption in e-commerce driven by our new strategic partnership, growth in our traditional channels, and timing of shipments of our Q3 promotional programs International revenue increased by 9.6% driven by growth in core markets in the Middle East and Asia Gross profit increased by $17.0 million to $78.3 million; normalized gross profit increased by $15.4 million mainly driven by revenue growth and higher margins Gross profit margin 3 increased by 480 basis points; normalized gross profit margin increased by 370 basis points mainly driven by volume efficiencies compared to inefficiencies due to the labour disruption in the prior year and favourable channel mix Adjusted EBITDA 1 increased by $4.8 million to $33.5 million, driven by higher gross profit partially offset by timing of SG&A to support growth and brand awareness in China; Adjusted EBITDA margin 2 was 18.9%, an increase of 50 basis points mainly due to improved gross profit margins Article content Strategic Partners Article content Revenue decreased an expected 24.9% or $7.2 million, impacted by the timing of customer ordering patterns under new programs and shipments shifting to the second half of the year Gross profit decreased by $1.2 million; gross profit margin 3 decreased by 110 basis points driven mainly by production mix Adjusted EBITDA 1 was $1.6 million, a decrease of $1.2 million; Adjusted EBITDA margin 2 was 7.5%, a decrease of 240 basis points Article content Balance Sheet and Cash Flow from Operations Article content All comparisons are with the second quarter of 2024 Article content As at June 30, 2025, the Company had approximately $132.9 million in cash and available revolving and swingline facilities and net debt 1 of $367.1 million The Company generated $11.4 million in cash from operations compared to $6.9 million generated in Q2 2024 Cash from operating activities before working capital considerations of $18.8 million was $1.7 million higher than Q2 2024 Cash invested in working capital decreased by $2.9 million mainly due to timing of vendor payments, partially offset by the timing of customer collections and increased inventories to support the growth of the business During the six-month period ended June 30, 2025, the Company purchased for cancellation 444,580 Common Shares under its normal course issuer bid ('NCIB') program for an aggregate consideration of $13.1 million Article content 1 This is a non-IFRS financial measure. See the 'Non-IFRS and Other Financial Measures' section of this press release for more information on each non-IFRS financial measure. 2 This is a non-IFRS ratio. See the 'Non-IFRS and Other Financial Measures' section of this press release for more information on each non-IFRS ratio. 3 This is a supplementary financial measure. See the 'Non-IFRS and Other Financial Measures' section of this press release for more information on each supplementary financial measure. Article content Adjusting Fiscal 2025 Outlook Article content The Company is maintaining its consolidated revenue and Adjusted EBITDA outlook for the 2025 fiscal year and continues to anticipate the following: Article content The Company is adjusting its outlook for the 2025 fiscal year to reflect higher Jamieson Brands revenue in China due to strong demand, and lower Strategic Partners revenue to account for the timing of onboarding new partners. As such, the Company now expects the following: Article content Revenue in the Jamieson Brands segment to range between $695.0 to $725.0 (10.5% to 15.3% growth), updated from the Company's previous expectation of $685.0 to $720.0 million (9.0% to 14.5% growth) Jamieson China revenue to grow 30.0% to 40.0%, updated from the previous range of 25.0% to 35.0%. Growth will be driven by market growth, innovation, and by further extending effectiveness and efficiency within digital programs driving trial and awareness. Revenue in the Strategic Partners segment to range between $105.0 to $116.0 (up to 10.0% growth), updated from the Company's previous expectation of $116.0 to $121.0 million (10.0% to 15.0% growth) Growth is expected to be driven by new programs and industry growth propelling higher volumes within the Company's existing program portfolio. Uncertainties surrounding U.S. tariffs have delayed launches of new programs and the timing of onboarding new customers have shifted revenues to the following year. Article content In addition, Adjusted diluted earnings per share is expected to range from $1.79 to $1.90 (11.0% to 18.0% growth), reflecting higher interest expense on the repurchase of shares under the NCIB program and timing of seasonal working capital investments. Article content The Company's 2025 guidance reflects the current prevailing trade environment between the United States, Canada and other countries. To date, tariffs have not had a material impact on the Company's overall financial performance, as these costs have been mitigated through the Company's flexible supply chain and operating efficiencies. The Company recognizes that the trade environment is constantly changing and actual results may be impacted by future changes in global trade policies. For additional details on the Company's fiscal 2025 outlook, including guidance for the third quarter of 2025, refer to the 'Outlook' section in the management's discussion and analysis of financial condition and results of operations ('MD&A') for the three and six months ended June 30, 2025. Article content Declaration of Second Quarter Dividend Article content The board of directors of the Company authorized a 2.0 cent or a 9.5% increase in the quarterly dividend and declared a cash dividend for the second quarter of 2025 of $0.23 per common share, or approximately $9.5 million in total. Article content Payable: September 12, 2025 Record date: August 29, 2025 Designated an 'eligible dividend' under the Income Tax Act (Canada) Article content The Company's unaudited condensed consolidated interim financial statements and accompanying notes as at and for the three and six months ended June 30, 2025 and related MD&A are available under the Company's profile on SEDAR+ at and on the Investor Relations section of the Company's website at Article content Conference Call Article content Management will host a conference call to discuss the Company's second quarter 2025 results at 5:00 p.m. ET today, August 7, 2025. To access: Article content About Jamieson Wellness Article content Jamieson Wellness is dedicated to Inspiring Better Lives Every Day with its portfolio of innovative natural health brands. Established in 1922, the Jamieson brand is Canada's #1 vitamins, minerals and supplements ('VMS') brand. The Company's youtheory brand, acquired in 2022, is an established and growing lifestyle brand in the U.S. Combined, these global brands are available in more than 50 countries worldwide. The Company also offers a variety of innovative VMS products as well as sports nutrition products to consumers in Canada with its Progressive, Smart Solutions, Iron Vegan and Precision brands. The Company is a participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business. For more information please visit Article content Jamieson Wellness' head office is located at 1 Adelaide Street East Suite 2200, Toronto, Ontario, Canada. Article content Forward-Looking Information Article content This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes, but is not limited to, statements related to the Company's anticipated results and its outlook for its 2024 revenue, Adjusted EBITDA and Adjusted diluted earnings per share. Words such as 'expect', 'anticipate', 'intend', 'may', 'will', 'estimate' and variations of such words and similar expressions are intended to identify such forward-looking information. This information reflects the Company's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under 'Risk Factors' in the Company's Annual Information Form dated March 31, 2025 and under the 'Risk Factors' section in the MD&A filed today, August 7, 2025. This information is based on the Company's reasonable assumptions and beliefs in light of the information currently available to it and the statements are made as of the date of this press release. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law or regulatory authority. Article content The Company cautions that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect the Company's results. Readers are urged to consider the risks, uncertainties and assumptions associated with these statements carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. See 'Forward-looking Information' and 'Risk Factors' within the MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements. Article content Jamieson Wellness Inc. Selected Consolidated Financial Information In thousands of Canadian dollars, except share and per share amounts Three months ended Six months ended June 30 June 30 2025 2024 2025 2024 Revenue 199,109 184,806 345,072 312,844 Cost of sales 118,295 119,778 209,038 205,031 Gross profit 80,814 65,028 136,034 107,813 Gross profit margin 40.6 % 35.2 % 39.4 % 34.5 % Selling, general and administrative expenses 55,346 43,867 104,933 83,425 Share-based compensation 2,078 1,744 4,165 3,493 Earnings from operations 23,390 19,417 26,936 20,895 Operating margin 11.7 % 10.5 % 7.8 % 6.7 % Foreign exchange gain (1,749 ) (180 ) (1,245 ) (951 ) Interest expense and other financing costs 4,771 4,647 9,679 9,520 Accretion on preferred shares 1,155 2,121 3,427 4,340 Earnings before income taxes 19,213 12,829 15,075 7,986 Provision for income taxes 5,385 4,516 3,761 3,392 Net earnings 13,828 8,313 11,314 4,594 Net earnings attributable to: Shareholders 13,071 8,653 10,625 4,540 Non-controlling interests 757 (340 ) 689 54 13,828 8,313 11,314 4,594 Adjusted net earnings 17,267 14,654 23,215 18,569 EBITDA 30,118 24,358 37,915 31,507 Adjusted EBITDA 35,100 31,555 54,166 47,652 Adjusted EBITDA margin 17.6 % 17.1 % 15.7 % 15.2 % Weighted average number of shares Basic 41,712,207 41,456,594 41,845,278 41,468,227 Diluted 43,065,916 42,472,623 43,104,101 42,304,411 Earnings per share attributable to common shareholders: Basic, earnings per share 0.31 0.20 0.25 0.11 Diluted, earnings per share 0.30 0.20 0.25 0.11 Adjusted diluted, earnings per share 0.40 0.35 0.54 0.44 Article content Jamieson Wellness Inc. Consolidated Statements of Financial Position In thousands of Canadian dollars June 30, 2025 December 31, 2024 Assets Current assets Cash 50,537 44,787 Accounts receivable 165,085 228,031 Inventories 191,939 154,658 Derivatives 1,238 2,661 Prepaid expenses and other current assets 6,167 6,803 Income taxes recoverable 5,272 – 420,238 436,940 Non-current assets Property, plant and equipment 101,302 103,591 Goodwill 279,433 287,503 Intangible assets 364,747 377,214 Deferred income tax 4,265 3,545 Total assets 1,169,985 1,208,793 Liabilities Current liabilities Accounts payable and accrued liabilities 139,102 137,653 Income taxes payable 1,345 4,373 Derivatives 4,767 2,982 Current portion of other long-term liabilities 17,790 27,673 163,004 172,681 Long-term liabilities Long-term debt 417,652 308,285 Post-retirement benefits 1,268 1,209 Deferred income tax 63,594 64,467 Redeemable preferred shares – 98,138 Other long-term liabilities 13,409 15,633 Total liabilities 658,927 660,413 Equity Share capital 328,879 326,219 Warrants 14,705 14,705 Contributed surplus 25,014 23,835 Retained earnings 82,436 99,109 Accumulated other comprehensive income 17,336 41,313 Total shareholders' equity 468,370 505,181 Non-controlling interests 42,688 43,199 Total equity 511,058 548,380 Total liabilities and equity 1,169,985 1,208,793 Article content Non-IFRS and Other Financial Measures Article content This press release makes reference to certain financial measures, including non-IFRS financial measures that are historical, non-IFRS measures that are forward-looking, non-GAAP ratios and supplementary financial measures. Management uses these financial measures for purposes of comparison to prior periods and development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of ongoing operations and in analyzing the Company's business performance and trends. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. The Company uses the following non-IFRS financial measures: 'EBITDA', 'Adjusted EBITDA' and 'Adjusted net earnings', the most directly comparable financial measure for each that is disclosed in its financial statements being net earnings, 'normalized gross profit', 'normalized SG&A', 'normalized earnings from operations', 'cash from operating activities before working capital considerations' and 'net debt', the most directly comparable financial measures for each that is disclosed in its financial statements being gross profit, SG&A, earnings from operations, cash flows from operating activities, and long-term debt, respectively, the following non-IFRS ratios: 'Adjusted EBITDA margin', 'Adjusted diluted earnings per share', 'normalized gross profit margin', 'normalized operating margin', and the following supplementary financial measures: 'gross profit margin' and 'operating margin' to provide supplemental measures of the Company's operating performance and thus highlight trends in the Company's core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also uses non-IFRS and supplementary financial measures in order to prepare annual operating budgets and to determine components of management compensation. For an explanation of the composition of each such measure and the usefulness and additional uses of each by management, see the 'How we Assess the Performance of our Business' section of the MD&A, which is incorporated by reference. See below for a quantitative reconciliation of each non-IFRS financial measure to its most directly comparable financial measure disclosed in the Company's financial statements to which the measure relates. Article content The following tables provide a quantitative reconciliation of net earnings to EBITDA, Adjusted EBITDA, and Adjusted net earnings, as well as gross profit to normalized gross profit, SG&A to normalized SG&A, earnings from operations to normalized earnings from operations and net debt, each of which are non-IFRS financial measures (see the 'Non-IFRS and Other Financial Measures' of this press release for further information on each non-IFRS financial measure) for the three and six months ended June 30, 2025. Article content Jamieson Wellness Inc. Three months ended June 30 2025 2024 $ Change % Change Revenue 177,317 155,787 21,530 13.8 % Gross profit 78,251 61,284 16,967 27.7 % Labour relations costs (1) – 1,414 (1,414 ) (100.0 %) Acquisition and divestiture related costs (2) – 165 (165 ) (100.0 %) Normalized gross profit 78,251 62,863 15,388 24.5 % Gross profit margin 44.1 % 39.3 % – 4.8 % Normalized gross profit margin 44.1 % 40.4 % – 3.7 % Share-based compensation (3) 2,078 1,744 334 19.2 % Selling, general and administrative expenses 53,767 42,262 11,505 27.2 % Acquisition and divestiture related costs (2) – (324 ) 324 100.0 % IT system implementation (4) (3,796 ) (3,449 ) (347 ) (10.1 %) Legal and other (6) (857 ) – (857 ) (100.0 %) Labour relations costs (1) – (281 ) 281 100.0 % Normalized selling, general and administrative expenses 49,114 38,208 10,906 28.5 % Earnings from operations 22,406 17,278 5,128 29.7 % Acquisition and divestiture related costs (2) – 489 (489 ) (100.0 %) IT system implementation (4) 3,796 3,449 347 10.1 % Labour relations costs (1) – 1,695 (1,695 ) (100.0 %) Legal and other (6) 857 – 857 100.0 % Normalized earnings from operations 27,059 22,911 4,148 18.1 % Operating margin 12.6 % 11.1 % – 1.5 % Normalized operating margin 15.3 % 14.7 % – 0.6 % Adjusted EBITDA 33,455 28,691 4,764 16.6 % Adjusted EBITDA margin 18.9 % 18.4 % – 0.5 % Strategic Partners Three months ended June 30 2025 2024 $ Change % Change Revenue 21,792 29,019 (7,227 ) (24.9 %) Gross profit 2,563 3,744 (1,181 ) (31.5 %) Gross profit margin 11.8 % 12.9 % – (1.1 %) Selling, general and administrative expenses 1,579 1,605 (26 ) (1.6 %) Earnings from operations 984 2,139 (1,155 ) (54.0 %) Operating margin 4.5 % 7.4 % – (2.9 %) Adjusted EBITDA 1,645 2,864 (1,219 ) (42.6 %) Adjusted EBITDA margin 7.5 % 9.9 % – (2.4 %) Jamieson Brands Six months ended June 30 2025 2024 $ Change % Change Revenue 308,698 271,135 37,563 13.9 % Gross profit 132,041 102,414 29,627 28.9 % Labour relations costs (1) – 4,667 (4,667 ) (100.0 %) IT system implementation (4) 1,023 – 1,023 100.0 % Acquisition and divestiture related costs (2) – 165 (165 ) (100.0 %) Normalized gross profit 133,064 107,246 25,818 24.1 % Gross profit margin 42.8 % 37.8 % – 5.0 % Normalized gross profit margin 43.1 % 39.6 % – 3.5 % Share-based compensation (3) 4,165 3,493 672 19.2 % Selling, general and administrative expenses 101,807 80,323 21,484 26.7 % Acquisition and divestiture related costs (2) – (324 ) 324 100.0 % IT system implementation (4) (8,082 ) (6,429 ) (1,653 ) (25.7 %) Labour relations costs (1) – (1,721 ) 1,721 100.0 % Donations (5) (3,118 ) – (3,118 ) (100.0 %) Legal and other (6) (882 ) (297 ) (585 ) (197.0 %) Normalized selling, general and administrative expenses 89,725 71,552 18,173 25.4 % Earnings from operations 26,069 18,598 7,471 40.2 % Acquisition and divestiture related costs (2) – 489 (489 ) (100.0 %) IT system implementation (4) 9,105 6,429 2,676 41.6 % Labour relations costs (1) – 6,388 (6,388 ) (100.0 %) Donations (5) 3,118 – 3,118 100.0 % Legal and other (6) 882 297 585 197.0 % Normalized earnings from operations 39,174 32,201 6,973 21.7 % Operating margin 8.4 % 6.9 % – 1.5 % Normalized operating margin 12.7 % 11.9 % – 0.8 % Adjusted EBITDA 51,728 43,815 7,913 18.1 % Adjusted EBITDA margin 16.8 % 16.2 % – 0.6 % Strategic Partners Six months ended June 30 2025 2024 $ Change % Change Revenue 36,374 41,709 (5,335 ) (12.8 %) Gross profit 3,993 5,399 (1,406 ) (26.0 %) IT system implementation (4) 226 – 226 100.0 % Normalized gross profit 4,219 5,399 (1,180 ) (21.9 %) Gross profit margin 11.0 % 12.9 % – (1.9 %) Normalized gross profit margin 11.6 % 12.9 % – (1.3 %) Selling, general and administrative expenses 3,126 3,102 24 0.8 % Earnings from operations 867 2,297 (1,430 ) (62.3 %) IT system implementation (4) 226 – 226 100.0 % Normalized earnings from operations 1,093 2,297 (1,204 ) (52.4 %) Operating margin 2.4 % 5.5 % – (3.1 %) Normalized operating margin 3.0 % 5.5 % – (2.5 %) Adjusted EBITDA 2,438 3,837 (1,399 ) (36.5 %) Adjusted EBITDA margin 6.7 % 9.2 % – (2.5 %) Article content Reconciliation of Non-IFRS Financial Measures In thousands of Canadian dollars Three months ended Six months ended June 30 June 30 2025 2024 2025 2024 Net earnings: 13,828 8,313 11,314 4,594 Add: Recovery of income taxes 5,385 4,516 3,761 3,392 Interest expense and other financing costs 4,771 4,647 9,679 9,520 Accretion on preferred shares 1,155 2,121 3,427 4,340 Depreciation of property, plant, and equipment 3,474 3,236 6,729 6,752 Amortization of intangible assets 1,505 1,525 3,005 2,909 Earnings before interest, taxes, depreciation, and amortization (EBITDA) 30,118 24,358 37,915 31,507 Share-based compensation (3) 2,078 1,744 4,165 3,493 Foreign exchange gain (1,749 ) (180 ) (1,245 ) (951 ) Labour relations costs (1) – 1,695 – 6,388 IT system implementation (4) 3,796 3,449 9,331 6,429 Acquisition and divestiture related costs (2) – 489 – – Donations (5) – – 3,118 – Legal and other (6) 857 – 882 297 Adjusted EBITDA 35,100 31,555 54,166 47,652 Recovery of income taxes (5,385 ) (4,516 ) (3,761 ) (3,392 ) Interest expense and other financing costs (4,771 ) (4,647 ) (9,679 ) (9,520 ) Depreciation of property, plant, and equipment (3,474 ) (3,236 ) (6,729 ) (6,752 ) Amortization of intangible assets (1,505 ) (1,525 ) (3,005 ) (2,909 ) Share-based compensation (3) (1,956 ) (1,622 ) (3,921 ) (3,249 ) Tax deduction from vesting of certain share-based awards (19 ) – (708 ) – Tax effect of normalization adjustments (723 ) (1,355 ) (3,148 ) (3,261 ) Adjusted net earnings 17,267 14,654 23,215 18,569 Three months ended Six months ended June 30 June 30 2025 2024 2025 2024 Gross profit 80,814 65,028 136,034 107,813 Labour relations costs (1) – 1,414 – 4,667 Acquisition and divestiture related costs (2) – 165 – 165 IT system implementation (4) – – 1,249 165 Normalized gross profit 80,814 66,607 137,283 112,645 Normalized gross profit margin 40.6 % 36.0 % 39.8 % 36.0 % Selling, general and administrative expenses 55,346 43,867 104,933 83,425 Acquisition and divestiture related costs (2) – (324 ) – (324 ) IT system implementation (4) (3,796 ) (3,449 ) (8,082 ) (6,429 ) Labour relations costs (1) – (281 ) – (1,721 ) Donations (5) – – (3,118 ) – Legal and other (6) (857 ) – (882 ) (297 ) Normalized selling, general and administrative expenses 50,693 39,813 92,851 74,654 Earnings from operations 23,390 19,417 26,936 20,895 Acquisition and divestiture related costs (2) – 489 – 489 IT system implementation (4) 3,796 3,449 9,331 6,429 Donations (5) – – 3,118 – Labour relations costs (1) – 1,695 – 6,388 Legal and other (6) 857 – 882 297 Normalized earnings from operations 28,043 25,050 40,267 34,498 Normalized operating margin 14.1 % 13.6 % 11.7 % 11.0 % Article content (1) These expenses are mainly comprised of third-party legal, security fees, unavoidable facility expenditures, customer fines and penalties, along with freight charges to expedite shipments to customers as it relates to a labour disruption in Q1 2024. (2) Prior year expenses mainly pertain to legal, consulting and integration costs associated with the acquisition and integration of our former distributor partner in China on April 28, 2023. (3) The Company's share-based compensation expense pertains to our long-term incentive plan (the 'LTIP') (refer to ' Share-based compensation'), with stock options, performance-based share units ('PSUs'), time-based restricted share units ('RSUs'), and deferred share units ('DSUs') expenses, along with associated payroll taxes. (4) Mainly pertains to development costs associated with our IT system implementation to augment our system infrastructure. Unlike other system improvement projects with costs capitalized, due to its cloud-based nature, these system implementation costs are expensed accordingly. (5) Include cash and in-kind donations to support communities adjacent to our Irvine, California facility impacted by the wildfires. Article content Article content Article content Article content Article content Contacts Article content Investor and Media Contact Information: Article content Jamieson Wellness Article content Article content Ruth Winker Article content Article content Article content
National Post
an hour ago
- National Post
AbCellera Reports Q2 2025 Business Results & First Participants Dosed in a Phase 1 Clinical Trial of ABCL635 for Vasomotor Symptoms
Article content VANCOUVER, British Columbia — AbCellera (Nasdaq: ABCL) today announced financial results for the second quarter of 2025 and that dosing has begun in a Phase 1 clinical trial of ABCL635 for the potential treatment of moderate-to-severe vasomotor symptoms (VMS) associated with menopause. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated. Article content 'In the second quarter we hit two critical milestones, receiving authorization to initiate Phase 1 studies for both ABCL635 and ABCL575. I am pleased to announce today that we have successfully begun dosing the first participants in the Phase 1 study of ABCL635. This is a landmark achievement for AbCellera, one that completes our transition to a clinical-stage biotechnology company,' said Carl Hansen, Ph.D., founder and CEO of AbCellera. 'Today we also announced that a third program, ABCL688, has advanced into IND-enabling studies. With over $750 million in available liquidity, we are well-positioned to continue to execute our strategy.' Article content Q2 2025 Business Summary Article content Generated a net loss of $34.7 million, compared to a net loss of $36.9 million in 2024. Received authorization from Health Canada to initiate Phase 1 clinical trials for ABCL635 and ABCL575, bringing the cumulative total of molecules to reach the clinic to 18. Advanced ABCL688, an ion channel- or GPCR-targeted antibody development candidate (autoimmunity), into IND/CTA-enabling studies. Presented preclinical data for ABCL575 at the Society for Investigative Dermatology. Reached a cumulative total of 102 partner-initiated program starts with downstreams. Article content Recent Developments Article content ABCL635 (Endocrinology/Women's Health): AbCellera has initiated dosing of participants in a Phase 1 clinical trial of ABCL635, a potential non-hormonal, long-acting treatment for moderate-to-severe VMS, commonly known as hot flashes, associated with menopause. This is a randomized, placebo-controlled, double-blind Phase 1 study in healthy men and postmenopausal women with or without VMS. Its purpose is to evaluate safety, pharmacokinetics, pharmacodynamics, as well as frequency and severity of VMS with subcutaneous doses of ABCL635. The initial safety and efficacy data from this study is expected to be presented in mid 2026. ABCL575 (Immunology and Inflammation): AbCellera has initiated a Phase 1 clinical trial of ABCL575, which is being developed for the treatment of moderate-to-severe atopic dermatitis. This is a randomized, placebo-controlled, double-blind study to assess safety and tolerability in healthy participants following subcutaneous doses of ABCL575. ABCL575 is an OX40-ligand-targeting antibody engineered to support a dosing interval of once every 6 months. Article content AbCellera started discovery on an additional five partner-initiated programs with downstreams to reach a cumulative total of 102 partner-initiated program starts with downstreams in Q2 2025 (up from 93 on June 30, 2024). AbCellera and its partners have advanced a cumulative total of 18 molecules into the clinic (up from 14 on June 30, 2024). Article content Discussion of Q2 2025 Financial Results Article content Revenue – Total revenue was $17.1 million, compared to $7.3 million in Q2 2024. Research & Development (R&D) Expenses – R&D expenses were $39.2 million, compared to $40.9 million in Q2 2024. A greater proportion of R&D expenses are used on internal programs reflecting the increased emphasis on building the internal pipeline. Sales & Marketing (S&M) Expenses – S&M expenses were $3.0 million, compared to $3.1 million in Q2 2024. General & Administrative (G&A) Expenses – G&A expenses were $19.0 million, compared to $20.2 million in Q2 2024. Net Loss – Net loss of $34.7 million, or $(0.12) per share on a basic and diluted basis, compared to net loss of $36.9 million, or $(0.13) per share on a basic and diluted basis, in Q2 2024. Liquidity – $580 million of total cash, cash equivalents, and marketable securities and approximately $173 million in available non-dilutive government funding, bringing total available liquidity to approximately $753 million to execute on AbCellera's strategy. Article content Conference Call and Webcast Article content AbCellera will host a conference call and live webcast to discuss these results today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Article content The live webcast of the earnings conference call can be accessed on the Events and Presentations section of AbCellera's Investor Relations website. A replay of the webcast will be available through the same link following the conference call. Article content About AbCellera Biologics Inc Article content . Article content AbCellera (Nasdaq: ABCL) is a clinical-stage biotechnology company focused on discovering and developing antibody-based medicines in the areas of endocrinology, women's health, immunology, and oncology. For more information, please visit Article content Definition of Key Business Metrics Article content We regularly review the following key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions. We believe that the following metrics are important to understand our current business. These metrics may change or may be substituted for additional or different metrics as our business develops. Article content Partner-initiated program starts with downstreams Article content represent the number of unique partner-initiated programs where we stand to participate financially in downstream success for which we have commenced the discovery effort. The discovery effort commences on the later of (i) the day on which we receive sufficient reagents to start discovery of antibodies against a target and (ii) the day on which the kick-off meeting for the program is held. We view this metric as an indication of the selection and initiation of projects by our partners and the resulting potential for near-term payments. Cumulatively, partner-initiated program starts with downstream participation indicate our total opportunities to earn downstream revenue from milestone fees and royalties (or royalty equivalents) in the mid- to long-term. Article content Molecules in the clinic Article content represent the count of unique molecules for which an Investigational New Drug, or IND, New Animal Drug, or equivalent under other regulatory regimes, application has reached 'open' status or has otherwise been approved based on an antibody that was discovered either by us or by a partner using licensed AbCellera technology. Where the date of such application approval is not known to us, the date of the first public announcement of a clinical trial will be used for the purpose of this metric. We view this metric as an indication of our near- and mid-term potential revenue from milestone fees and potential royalty payments in the long term. Article content AbCellera Forward-Looking Statements Article content This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management's current beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations. Article content In some cases, you can identify forward-looking statements by the words 'may,' 'will,' 'could,' 'would,' 'should,' 'expect,' 'intend,' 'plan,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'project,' 'potential,' 'continue,' 'ongoing' or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under 'Risk Factors,' 'Management's Discussion and Analysis of Financial Condition and Results of Operations' and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law. Article content Three months ended June 30, Six months ended June 30, 2024 2025 2024 2025 Revenue: Research fees $ 5,453 $ 6,639 $ 15,227 $ 10,707 Licensing revenue 370 10,445 550 10,613 Milestone payments 1,500 – 1,500 – Total revenue 7,323 17,084 17,277 21,320 Operating expenses: Research and development (1) 40,927 39,213 80,214 81,711 Sales and marketing (1) 3,136 3,009 6,501 5,851 General and administrative (1) 20,192 18,977 37,544 35,203 Depreciation, amortization, and impairment 36,522 5,470 41,366 10,801 Total operating expenses 100,777 66,669 165,625 133,566 Loss from operations (93,454 ) (49,585 ) (148,348 ) (112,246 ) Other (income) expense: Interest income (9,801 ) (7,592 ) (20,202 ) (15,643 ) Grants and incentives (3,310 ) (3,692 ) (6,585 ) (7,845 ) Other (32,156 ) (1,957 ) (30,627 ) 570 Total other income (45,267 ) (13,241 ) (57,414 ) (22,918 ) Net loss before income tax (48,187 ) (36,344 ) (90,934 ) (89,328 ) Income tax recovery (11,257 ) (1,617 ) (13,394 ) (8,980 ) Net loss $ (36,930 ) (34,727 ) $ (77,540 ) $ (80,348 ) Foreign currency translation adjustment (257 ) 4,341 (353 ) 1,721 Comprehensive loss $ (37,187 ) $ (30,386 ) $ (77,893 ) $ (78,627 ) Net loss per share Basic $ (0.13 ) $ (0.12 ) $ (0.26 ) $ (0.27 ) Diluted $ (0.13 ) $ (0.12 ) $ (0.26 ) $ (0.27 ) Weighted-average common shares outstanding Article content Article content Article content Article content Article content Contacts Article content Inquiries Article content Media: Tiffany Chiu; Article content media@ Article content , +1(236)521-6774 Article content Article content Partnering: Murray McCutcheon, Ph.D.; Article content Article content Article content
CBC
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