GREY WOLF ANIMAL HEALTH REPORTS FIRST QUARTER 2025 FINANCIAL RESULTS
TORONTO, May 22, 2025 /CNW/ - Grey Wolf Animal Health Corp. (TSXV: WOLF) ("Grey Wolf" or the "Company"), a Canadian diversified health company, today announced financial results for the three months ended March 31, 2025.
Highlights
Revenue for the quarter increased year over year by 31.0% to $7.9 million.
Gross profit increased year over year by 34.0% to $4.2 million for the quarter.
Adjusted EBITDA 1 increased year over year by 47.4% to $1.3 million for the quarter.
Launched our first innovative small animal compounded product for the management of feline infectious peritonitis in cats.
"We posted a solid first quarter for both revenue and Adjusted EBITDA," said Angela Cechetto, Chief Executive Officer. Ms. Cechetto went on to say, our growth was driven by an increase in our Pharmacy business by 66.1% to $5.2 million due to an increase in sales of compounded products and the full quarter impact of the acquisition of the Compounding Pharmacy of Manitoba (CPM). Excluding the impact of CPM, we experienced organic growth of 10.8% across our animal and human pharmacy businesses."
Ms. Cechetto continued, "our Animal Health business unit saw a decline in revenue for the quarter of 6.5% to $2.7 million mainly due to a decline in sales of established products and offset by an increase in commissions and new products introduced during the prior year. We continued to experience softness in the veterinary channel carrying into the first quarter; however, we remain confident in the value of our product portfolio for animal health supported by the launch of new products at the end of 2024."
Key Financial Data and Comparative Results
Results of Operations for the First Quarter-ended March 31, 2025
Total revenue for the three-month period ended March 31, 2025 increased 31.0% to $7.9 million over the same period in 2024. Revenue in the Pharmacy business unit increased by 66.1% to $5.2 million from $3.1 million due to an increase in sales of compounded products and the impact of the acquisition of CPM. Revenue in the Animal Health business unit decreased by 6.5% to $2.7 million from $2.9 million mainly due to a decline in sales of established products and offset by an increase in commissions and new products introduced during the prior year.
Gross profits for the three-month period ended March 31, 2025 were 52.6% compared to 51.5% for the same period in 2024. Gross profits were impacted by increased margins in the Pharmacy business unit as a result of decreased material and labour costs and the impact of the CPM acquisition, offset by reduced margins in the Animal Health business unit as a result of product mix.
Total expenses for the three-month period ended March 31, 2025 increased 29.3% to $3.6 million over the same period in 2024. During the three-month period, there was an increase in salary, bonus, and benefits related to operational growth and the CPM Acquisition as compared to the same period in 2024, an increase in freight expenses related to the CPM Acquisition and one-time transaction costs related to the CPM Acquisition.
Adjusted EBITDA 1 was $1.3 million in the first quarter 2025 compared to $0.9 million in the same period in 2024, mainly due to decreased net income for the period after adjusting the related impacts from the CPM Acquisition on interest and accretion expenses and depreciation and amortization cost, and transaction costs specific to the period ended March 31, 2025.
Cash and cash equivalents were $6.8 million at March 31, 2025 compared to $6.4 million at December 31, 2024. The Company generated cash from operations of $1.1 million, which was primarily impacted by net income for the current period offset by changes in non-cash working capital items, most significantly changes in trade and other receivables, inventories, prepaid expenses, and accounts payable and accrued liabilities.
As at March 31, 2025, the Company had outstanding borrowings of $26.4 million, of which $2.1 million are current and $24.3 million are non-current. The Company repaid borrowings of $0.5 million in the quarter. The Company's debt consists of three fixed rate term loans, including a mortgage of $4.4 million secured against the CPM land and building. The Company's net debt/Adjusted EBITDA 1 ratio is approximately 2.9x (2.3x excluding real estate) using 2024 proforma Adjusted EBITDA 1 of $6.7 million.
Grey Wolf's financial statements and accompanying Management Discussion and Analysis for the three months ended March 31, 2025 are available under the Company's profile on www.sedarplus.ca.
1 Non-IFRS Measures
Management uses both IFRS and Non-IFRS Measures to assess the financial and operating performance of the Company's operations. These Non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The Non-IFRS Measures referenced in this press release includes Adjusted EBITDA. The Company defines Adjusted EBITDA as earnings before transaction costs (including, for greater certainty, transaction costs related to the CPM Acquisition), settlement costs, interest income, interest and accretion expense, income taxes, depreciation of property and equipment, depreciation of right of use assets, amortization of intangible assets, share-based compensation, foreign exchange gains or losses and other income The Company considers Adjusted EBITDA as an additional metric in assessing business performance and an important measure of operating performance and cash flow, providing useful information to help analyze and compare profitability between companies for investors and analysts.
The following table provides a summary of the differences between Grey Wolf's consolidated IFRS and Non-IFRS financial measures, which are reconciled below:
EBITDA and Adjusted EBITDA
About Grey Wolf Animal Health Corp.
Grey Wolf Animal Health Corp., headquartered in Toronto, Canada, is a diversified health company founded by a veterinarian to bring to market a broad portfolio of products that meets the unmet needs of veterinarians, physicians and patients. The Company's strategy is to in-license, acquire or compound prescription and non-prescription products for commercialization in the animal and human health market in Canada. For additional information, please visit: www.greywolfah.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Statements
Certain information included in this press release contains forward-looking information with the meaning of applicable Canadian securities laws. This information includes statements concerning the Company's objectives, its strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "would", "expect", "intend", "estimate", "anticipate", "believe", "should", "plan", "continue", or similar expressions suggesting future outcomes or events or the negative thereof. Such forward-looking information reflects management's beliefs and is based on information currently available. All forward-looking information in this press release is qualified by the following cautionary statements.
Forward-looking information necessarily involve known and unknown risks and uncertainties, which may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, assumptions may not be correct and objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its subsidiaries, and cause actual results to differ materially from current expectations of estimated or anticipated events or results.
A more detailed assessment of the risks that could cause actual results to materially differ than current expectations is contained in the Risk Factors section of Grey Wolf's Management Discussion and Analysis for the three months ended March 31, 2025. The forward-looking information included in this press release is made as of the date hereof and should not be relied upon as representing the Company's views as of any date subsequent to the date hereof. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE Grey Wolf Animal Health Corp.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Toronto Star
an hour ago
- Toronto Star
Competition Bureau seeking public input on algorithmic pricing
OTTAWA - The Competition Bureau says it's looking for public input as it delves deeper into the rising trend of companies using algorithms to set prices. In a paper released Tuesday, the bureau says more than 60 companies in Canada already use automated systems to help set prices, often in real time, for everything from concert tickets to ridesharing to hotel rooms. The paper says that algorithmic pricing could improve competition by helping businesses innovate and be more efficient, but also risks making it easier for companies to co-ordinate their prices and could make it harder for new companies to enter the market. ARTICLE CONTINUES BELOW It says algorithmic pricing could become an issue under the Competition Act if multiple companies rely on the same model to set pricing, creating a form of collusion on pricing even without explicit collaboration. The bureau says the systems could also be used for predatory pricing if a company uses them to specifically target specific customers of rivals, rather than lowering prices overall. The Competition Bureau confirmed in February that it was also investigating the possible use of AI-driven algorithmic pricing in Canadian real estate rental markets. This report by The Canadian Press was first published June 10, 2025.
Cision Canada
5 hours ago
- Cision Canada
Alvopetro Announces May 2025 Sales Volumes and an Operational Update including 183-D4 Well Results
CALGARY, AB, June 10, 2025 /CNW/ - Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces May 2025 sales volumes and an operational update, including results from our 183-D4 well. Based on cased hole logs and logs while drilling, the well encountered 61 metres total vertical depth ("TVD") potential net natural gas pay in the Caruaçu Formation 106 metres updip of our 183-A3 well. President & CEO, Corey C. Ruttan commented: "May sales included the first full month of production from our first two wells drilled in Western Canada averaging 346 bopd gross (173 bopd net), exceeding our pre-farmin expectations and we are looking forward to drilling our next two wells here starting this summer. We are also encouraged by our 183-D4 results and expect to have this well on production in Q3 to fuel continued production growth in Brazil." May Sales Volumes (1) Alvopetro reported volumes are based on sales volumes which, due to the timing of sales deliveries, may differ from production volumes. May sales volumes in Brazil averaged 2,161 boepd, including natural gas sales of 12.3 MMcfpd and associated natural gas liquids sales from condensate of 111 bopd, based on field estimates. Sales volumes decreased 9% compared to April due to turnarounds at both Alvopetro facilities and Bahiagás end user plants, which impacted demand in the month. In Canada, with a full month of production in May, Alvopetro's net 50% share of oil sales volumes increased to 173 bopd, bringing the Company's total sales to 2,334 boepd, based on field estimates. Operational Update 183-D4 Well Results We have now completed the sidetrack and drilling of our 183-D4 well on our 100% Murucututu natural gas field. The well was drilled to a total measured depth of 3,072 metres and has been cased and cemented. The well encountered the Caruaçu Member of the Maracangalha Formation 106 metres structurally updip of our 183-A3 success. Based on cased-hole gamma ray logs and normalized gas while drilling, the well encountered potential natural gas pay in the Caruaçu Member of the Maracangalha Formation, with an aggregate 61 metres of potential natural gas pay between 2,439 and 2,838 meters TVD. Based on these drilling results, we plan to complete the well in up to 5 intervals and expect the well to be on production to the field production facility in the third quarter. Caburé Unit Development Drilling Program Our planned Caburé Unit development drilling program has commenced. The first well has now been spud and we expect to have four wells drilled by the end of the third quarter. Western Canadian Capital Plan In Western Canada, well pad construction for our next two wells has commenced and we expect the wells to be drilled in the third quarter. Annual General Meeting Alvopetro's annual general and special meeting (the "Meeting") will be held on Wednesday, June 18, 2025 at the offices of Torys LLP (Suite 4600, 525 8 th SW, Calgary, Alberta) beginning at 9:30 a.m. Mountain time. The management information circular and all related materials are available on our website and All interested parties are invited to attend the Meeting. We will also be broadcasting the meeting via live webcast for the interest of all shareholders. Please be advised that shareholders will not be able to vote any shares through this webcast format. Details for joining the event are as follows: Follow Alvopetro on our social media channels at the following links: Twitter - Instagram - LinkedIn - Alvopetro Energy Ltd. is deploying a balanced capital allocation model where we seek to reinvest roughly half our cash flows into organic growth opportunities and return the other half to stakeholders. Alvopetro's organic growth strategy is to focus on the best combinations of geologic prospectivity and fiscal regime. Alvopetro is balancing capital investment opportunities in Canada and Brazil where we are building off the strength of our Caburé and Murucututu natural gas fields and the related strategic midstream infrastructure. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Abbreviations: boepd = barrels of oil equivalent ("boe") per day bopd = barrels of oil and/or natural gas liquids (condensate) per day BRL = Brazilian Real Mcf = thousand cubic feet Mcfpd = thousand cubic feet per day MMcf = million cubic feet MMcfpd = million cubic feet per day NGLs = natural gas liquids (condensate) BOE Disclosure The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil. Well Results Data obtained from the 183-D4 well identified in this press release, including hydrocarbon shows, cased-hole logging data, and potential net pay should be considered preliminary until testing, detailed analysis and interpretation has been completed. Hydrocarbon shows can be seen during the drilling of a well in numerous circumstances and do not necessarily indicate a commercial discovery or the presence of commercial hydrocarbons in a well. There is no representation by Alvopetro that the data relating to the 183-D4 well contained in this press release is necessarily indicative of long-term performance or ultimate recovery. The reader is cautioned not to unduly rely on such data as such data may not be indicative of future performance of the well or of expected production or operational results for Alvopetro in the future. Forward-Looking Statements and Cautionary Language This news release contains forward-looking information within the meaning of applicable securities laws. The use of any of the words "will", "expect", "intend", "plan", "may", "believe", "estimate", "forecast", "anticipate", "should" and other similar words or expressions are intended to identify forward-looking information. Forward‐looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking statements concerning potential net natural gas pay in the 183-D4 well and expectations regarding future completion plans for the well as well as timing of production commencement from the well, future production and sales volumes, plans relating to the Company's operational activities, and other exploration and development activities in both Canada and Brazil and the timing for such activities. Forward-looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to the success of future drilling, completion, testing, recompletion and development activities and the timing of such activities, the performance of producing wells and reservoirs, well development and operating performance, expectations and assumptions concerning the timing of regulatory licenses and approvals, equipment availability, environmental regulation, including regulations relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the outlook for commodity markets and ability to access capital markets, foreign exchange rates, the outcome of any disputes, the outcome of redeterminations, general economic and business conditions, forecasted demand for oil and natural gas, the impact of global pandemics, weather and access to drilling locations, the availability and cost of labour and services, and the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Current and forecasted natural gas nominations are subject to change on a daily basis and such changes may be material. In addition, the declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. Although we believe that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, reliance on industry partners, availability of equipment and personnel, uncertainty surrounding timing for drilling and completion activities resulting from weather and other factors, changes in applicable regulatory regimes and health, safety and environmental risks), commodity price and foreign exchange rate fluctuations, market uncertainty associated with trade or tariff disputes, and general economic conditions. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Although Alvopetro believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our AIF which may be accessed on Alvopetro's SEDAR+ profile at The forward-looking information contained in this news release is made as of the date hereof and Alvopetro undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. SOURCE Alvopetro Energy Ltd.
Calgary Herald
5 hours ago
- Calgary Herald
Why turning Canada's new defence spending into economic growth may be ‘easier said than done'
The Liberal government announced a shift towards a Canadian defence industrial strategy on Monday, which has the potential to add jobs and grow the Canadian economy — but only if executed correctly, economists say. Article content 'We will ensure every dollar is invested wisely, including by prioritizing made-in-Canada manufacturing and supply chains,' said Prime Minister Mark Carney during a speech in Toronto on Monday, where he announced Canada would be meeting its NATO two per-cent spending target. 'We should no longer send three quarters of our defence capital spending to America.' Article content Article content Article content Article content Goldy Hyder, president and chief executive of the Business Council of Canada, said he is hopeful this marks the beginning of a process that will both strengthen Canada's defence and grow the Canadian economy. Article content 'It's going to require a lot of work,' he said. 'I think the government has been given a licence to put more emphasis on things like this, which have been neglected for too long.' Article content Article content The plan included more investments in new submarines, ships, aircraft, artillery, and armed vehicles. Article content Carney said the investment in military capabilities could 'transform our economy' but acknowledged none of the goals set out in his plan will come easily or quickly, including reforming the department of national defence's procurement process. Article content The Royal Bank of Canada said the economic multiplier effects of the announcement in the short-run could be 'favourable' as the Canadian growth outlook is weak over the next couple of years and defence spending could help stimulate growth. Article content 'Multipliers vary with intellectual property being the highest, while machinery and equipment is the lowest, given its high import content,' said RBC economists Cynthia Leach and Salim Zanzana, in a note.
