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Jamieson Wellness Inc. Reports Fourth Quarter and Full Year 2018 Financial Results and Establishes 2019 Guidance

February 27, 2019

TORONTO--(BUSINESS WIRE)-- Jamieson Wellness Inc. (“Jamieson Wellness” or the “Company”) (TSX: JWEL) today reported financial results for its fourth quarter and twelve months ended December 31, 2018. All amounts are expressed in Canadian dollars. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures. See “Non-IFRS Financial Measures” below.

Highlights of Fourth Quarter 2018 Results versus Fourth Quarter 2017 Results

  • Revenue increased 18% to $99.1 million (see note on “IFRS 15 – Revenue Recognition” below);
  • Revenue increased 22% to $102.8 million excluding the new revenue recognition accounting impact;
  • Adjusted EBITDA increased 22% to $22.9 million;
  • Net Income was $10.0 million and Adjusted Net Income increased 25% to $12.2 million;
  • Earnings per Diluted Share were $0.25, and Adjusted Earnings per Diluted Share increased 24% to $0.31.

Highlights of Full Year 2018 Results versus Full Year 2017 Results

  • Revenue increased 6% to $319.8 million (see note on “IFRS 15 – Revenue Recognition” below);
  • Revenue increased 11% to $333.1 million excluding the new revenue recognition accounting impact;
  • Adjusted EBITDA increased 10% to $67.6 million;
  • Net income was $26.7 million and Adjusted Net Income increased 22% to $33.7 million;
  • Earnings per Diluted Share were $0.67, and Adjusted Earnings per Diluted Share increased 21% to $0.85;
  • Achieved full year 2018 guidance for revenue, Adjusted EBITDA and Adjusted Earnings per Share.

IFRS 15 – Revenue Recognition: Results for the fourth quarter and fiscal year 2018 reflect the impact of the application of IFRS 15. As a result, certain items previously included in costs of sales are now classified as a reduction of revenue. Application of this accounting policy reduced fourth quarter 2018 revenue by $3.6 million and reduced fiscal year 2018 revenue by $13.3 million. As the Company’s 2018 Guidance did not reflect the impact of this classification change, revenue is presented excluding the new revenue recognition accounting impact to improve comparability with Guidance and prior period results. The Company has provided a table which details the impact this classification change has had on revenue by quarter throughout 2018 (refer to “Summary of Consolidated Quarterly Results” below and within the MD&A). There is no impact on earnings from operations, Adjusted EBITDA or net income as a result of the application of IFRS 15. Results for the year ended December 31, 2018 are presented under the new guidance, while prior year results have not been adjusted and continue to be reported in accordance with historical accounting guidance.

“We finished 2018 on a strong note with a record level of performance, reporting 22% revenue growth during the fourth quarter excluding the IFRS 15 revenue recognition impact and met each of our 2018 guidance metrics. During the quarter and full year, we saw tremendous strength in our core Jamieson brand, both domestically and internationally, and robust growth in the Strategic Partners segment of the business,” said Mark Hornick, President and Chief Executive Officer of Jamieson Wellness. “During the fourth quarter, revenue in the branded segment was 12% higher than the previous year driven by a very strong 16% growth in the Jamieson brand domestically and 26% growth internationally. We have now implemented new leadership and structural improvements in our Specialty Brands division to improve performance. We expect Specialty Brands sales to return to growth in the second half of 2019. As we enter a new year, we remain confident in our Company-wide growth strategies and ability to achieve our strategic goals.”

Declaration of Fourth Quarter Dividend

On February 26, 2019, the board of directors declared a cash dividend for the fourth quarter of 2018 of $0.09 per common share, or approximately $3.4 million in the aggregate. The dividend will be paid on March 15, 2019 to all common shareholders of record at the close of business on March 7, 2019. The Company has designated this dividend as an “eligible dividend” for the purposes of the Income Tax Act (Canada).

Fourth Quarter 2018 Results

Revenue increased 18%, or $14.8 million, to $99.1 million in Q4 2018 and grew 22% to $102.8 million excluding the impact of the new revenue recognition accounting change. Jamieson Brands revenues increased by $7.8 million or 12% excluding the new revenue recognition accounting impact of $3.6 million and Strategic Partners revenues increased by $10.7 million or by 57%, all compared to the prior year period.

On a normalized basis, revenue growth in the Jamieson Brands segment was driven by higher domestic Jamieson sales of $7.3 million and international growth of $1.9 million, partially offset by lower volumes on Specialty Brands (formerly referred to as “Health Foods” including Body Plus and LVHS) of $1.4 million. Domestic Jamieson sales were 16% higher driven by increased volumes from consumer demand, the February price increase, innovations, and timing. International sales increased by 26% versus the fourth quarter of 2017, led by growth in Asia, Europe and the Middle East, while Specialty Brands volumes decreased by 11%. In the fourth quarter of 2018 the Company implemented improvement initiatives for its Specialty Brands division surrounding culture, customer and consumer. As the quarter progressed these initiatives began to take effect and revenue has improved on a month-over-month basis. Specialty Brands represent 15% of consolidated revenues and is expected to deliver approximately 1% of total Company long-term annual growth.

The Strategic Partners revenue increase was primarily driven by new contracts and increased shipments due to strong demand for customers’ branded products. Fourth quarter revenue was also impacted by the raw material delays from the third quarter of 2018, which led to a shift in production and delivery into the fourth quarter of 2018.

Gross profit increased 14%, or $4.3 million, to $35.2 million during the fourth quarter of 2018. Gross margin decreased to 35.5% from 36.6%, primarily reflecting the higher proportion of Strategic Partners revenue during the quarter compared to the prior year and the new revenue recognition accounting impact.

SG&A expenses increased by 18%, or $2.6 million, to $16.9 million during the fourth quarter of 2018. Excluding the $2.1 million in non-recurring costs related mainly to business integration, new international and e-commerce developments and other non-recurring costs, SG&A expenses were $0.5 million higher than the prior year period reflecting the reclassification of $0.4 million in fixed fee trade costs from Cost of Goods sold.

Earnings from operations increased 15%, or $2.2 million, to $17.1 million and operating margin decreased 50 basis points to 17.2% in the fourth quarter of 2018. On a normalized basis, adjusting for the non-recurring costs noted above, as well as the impact of share-based compensation related to the accelerated vesting in the prior year period, operating margin would have been 19.4% compared to 18.9% in the prior year period.

Interest expense and other financing costs increased by $0.3 million to $2.4 million in the fourth quarter of 2018 due to recent increases in benchmark interest rates.

Net income for the fourth quarter of 2018 was $10.0 million compared to $3.7 million in the fourth quarter of 2017. Adjusted Net Income, which excludes non-operating expenses, increased 25% to $12.2 million, or $0.31 per fully diluted shares, in the fourth quarter of 2018 from $9.7 million, or $0.25 per fully diluted share, in the fourth quarter of 2017.

Adjusted Net Income for the fourth quarter of 2018 excludes costs primarily related to the integration of the LVHS business with Body Plus, including the closure of two west coast distribution facilities and the consolidation of supply chain activities, international market expansion costs, other non-recurring items and the related tax effects. Adjusted Net Income for the fourth quarter of 2017 excludes costs associated with public offerings, acquisitions, restructuring activities, foreign exchange losses and the related tax effects. A detailed reconciliation of reported net income to non-IFRS Adjusted Net Income is included in the tables accompanying this release under the heading Non-IFRS Financial Measures.

Adjusted EBITDA increased 22% to $22.9 million in the fourth quarter of 2018 and Adjusted EBITDA margin increased to 23.1% from 22.4% in 2017.

Balance Sheet & Cash Flow

The Company generated $22.2 million of cash from operations during the fourth quarter of 2018 compared to $17.2 million for the same period in the prior year. The Company’s cash at December 31, 2018 was $12.4 million compared to $4.8 million on December 31, 2017. On November 20, 2018, the Company declared a quarterly dividend of $0.09 per common share to holders of record as of November 30, 2018 and paid such dividend on December 14, 2018. The dividend payment was approximately $3.4 million in the aggregate.

     
Three months ended
December 31
($ in 000's, except as otherwise noted) 2018     2017   $ Change   % Change  
 
Cash, beginning of period 2,815 1,196 1,619 135.4 %
Cash flows from (used in):
Operating activities 22,233 17,194 5,039 29.3 %
Investing activities (4,611 ) (2,056 ) (2,555 ) (124.3 %)
Financing activities (7,992 ) (11,501 ) 3,509   30.5 %
Cash, end of period 12,445   4,833   7,612   157.5 %
 

Initial 2019 Outlook

The Company is establishing its initial outlook for fiscal 2019 and anticipates generating net revenue in a range of $336.0 to $348.0 million, representing growth of 5% to 9% over $319.8 million. Excluding the new revenue recognition accounting impact, the Company’s net revenue expectation would have been in a range of $350.0 million - $362.0 million. The Company anticipates Adjusted EBITDA in a range of $73.0 to $76.0 million and Adjusted Diluted Earnings per Share in a range of $0.90 to $0.95.

This outlook reflects IFRS 15 revenue recognition accounting and the following assumptions:

  • Jamieson Brands segment growth of 5%-9%, including:
    • 3% to 5% growth of the Jamieson brand domestically
    • 25% to 35% international growth and
    • Specialty Brands growth of 1% to 5%
  • Strategic Partners segment growth of 5% to 8%
  • Normalized SG&A increases of 11% to 15% to support international market growth and e-commerce initiatives, among other costs
  • Increased depreciation expense reflecting higher capital expenditures to support capacity expansions and the capitalization of operating leases with the implementation of IFRS 16
  • A forecasted CAD/USD exchange rate of $1.33
  • Interest expense of $9.0 million to $9.5 million, based on interest rates ranging between 4.5% to 5.5%
  • Income tax rate of approximately 28%
  • A fully diluted share count of approximately 40.0 million shares.

Consolidated Financial Statements and Management’s Discussion and Analysis

The Company’s audited consolidated annual financial statements and accompanying notes as at and for the three and twelve months ended December 31, 2018 and related management’s discussion and analysis of financial condition and results of operations (“MD&A”) are available under the Company’s profile on SEDAR at www.sedar.com and on the Investor Relations section of the Company’s website at https://investors.jamiesonwellness.com.

Conference Call

Management will host a conference call to discuss the Company’s fourth quarter and full year 2018 results at 5:00 p.m. ET on February 27, 2019. The call can be accessed live over the telephone by dialing 1-877-425-9470 from Canada and the U.S. or 1-201-389-0878 from international locations. A replay will be available shortly after the call and can be accessed by dialing 1-844-512-2921 from Canada and the U.S. or 1-412-317-6671 from international locations. The passcode for the replay is 13686518 and it will be available until Wednesday, March 13, 2019.

Interested parties may listen to a simultaneous webcast of the conference call by logging on via the Investor Relations section of the Company’s website at https://investors.jamiesonwellness.com or directly at http://public.viavid.com/index.php?id=132840. A replay of the webcast will be available for approximately 30 days following the call.

About Jamieson Wellness

Jamieson Wellness is dedicated to improving the world’s health and wellness with its portfolio of innovative natural health brands. Established in 1922, Jamieson is the Company’s heritage brand and Canada’s #1 consumer health brand. Jamieson Wellness manufactures and markets sports nutrition products and specialty supplements under its Progressive, Precision and Iron Vegan brands. The Company also markets products by Lorna Vanderhaeghe Health Solutions (LVHS), the #1 women’s natural health focused brand in Canada. For more information please visit jamiesonwellness.com.

Jamieson Wellness’ head office is located at 1 Adelaide Street East, Toronto, Ontario, Canada.

Forward-Looking Information

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 growth opportunities and its outlook for its 2019 revenue, Adjusted EBITDA and Adjusted Diluted Earnings per Share. Words such as “expect,” “anticipate,” “intend,” “attempt,” “may,” “plan,” “will”, “can”, “believe,” “seek,” “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 final prospectus (“Prospectus”) dated June 29, 2017 in respect of its initial public offering, as modified by the disclosure under the “Risk Factors” section in the Company’s MD&A filed February 27, 2019. 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.

We caution 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”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Outlook” in the Company’s MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements.

   

Jamieson Wellness Inc.

Consolidated Statements of Operations

In thousands of Canadian dollars, except share and per share amounts

 
Three months ended For the year ended
December 31 December 31
2018     2017   2018     2017  
 
Revenue 99,145 84,318 319,776 300,619
Cost of sales 63,906   53,421   204,358   195,770  
Gross profit 35,239 30,897 115,418 104,849
 
Gross profit margin 35.5 % 36.6 % 36.1 % 34.9 %
 
Selling, general and administrative expenses 16,859 14,252 62,261 53,589
Share-based compensation 1,278   1,712   3,067   6,325  
Earnings from operations 17,102 14,933 50,090 44,935
 
Operating margin 17.2 % 17.7 % 15.7 % 14.9 %
 
Foreign exchange loss 89 116 608 331
Termination benefits and related costs 129 1,633 2,933 4,132
Public offering costs - 1,200 - 10,720
Acquisition costs - - - 2,444
Other expenses 64 2,981 298 9,410
Preferred share accretion - - - 28,796
Interest expense and other financing costs 2,390   2,140   9,000   4,733  
Income (loss) before income taxes 14,430 6,863 37,251 (15,631 )
Provision for income taxes 4,384   3,130   10,578   8,156  
 
Net income (loss) 10,046   3,733   26,673   (23,787 )
Adjusted net income 12,217   9,749   33,733   27,582  
 
EBITDA 19,220   11,194   55,297   26,400  
Adjusted EBITDA 22,933   18,848   67,628   61,477  
 
Adjusted EBITDA margin 23.1 % 22.4 % 21.1 % 20.5 %
 
Weighted average number of shares
Basic 38,166,594 37,729,359 38,009,443 18,669,758
Diluted 39,707,979 39,639,122 39,531,078 18,669,758
Adjusted Diluted 39,707,979 39,639,122 39,707,979 39,639,122
 
Earnings per share attributable to common shareholders:
Basic, earnings (loss) per share 0.26 0.10 0.70 (1.79 )
Diluted, earnings (loss) per share 0.25 0.09 0.67 (1.79 )
Adjusted Diluted, earnings per share 0.31 0.25 0.85 0.70
 
 
Jamieson Wellness Inc.

Consolidated Statements of Financial Position

In thousands of Canadian dollars

   

 

December 31,
2018

December 31,
2017

Assets
Current assets
Cash 12,445 4,833
Accounts receivable 82,227 71,996
Inventories 72,079 59,080
Derivatives 3,124 -
Prepaid expenses and other current assets 2,163   1,507  
172,038 137,416
Non-current assets
Property, plant and equipment 50,234 45,173
Goodwill 122,975 122,975
Intangible assets 201,371 204,264
Deferred income tax 2,403   2,727  
Total assets 549,021   512,555  
 
Liabilities
Current liabilities
Accounts payable and accrued liabilities 83,481 66,621
Income taxes payable 4,454 4,267
Derivatives - 1,081
Current portion of long-term debt 14,625   9,750  
102,560 81,719
Long-term liabilities
Long-term debt 151,287 153,459
Post-retirement benefits 2,923 4,856
Deferred income tax 51,529   51,697  
Total liabilities 308,299 291,731
 
Shareholders' equity
Share capital 239,404 234,908
Contributed surplus 9,037 7,437
Deficit (10,670 ) (19,486 )
Accumulated other comprehensive income (loss) 2,951   (2,035 )
Total shareholders' equity 240,722   220,824  
Total liabilities and shareholders' equity 549,021   512,555  
 
 
Jamieson Wellness Inc.

Segment Information

In thousands of Canadian dollars, except as otherwise noted

       
 
Jamieson Brands
 
Three months ended

December 31

2018 2017

$ Change

% Change

 
Revenue 69,715 65,545 4,170 6.4%
 
Gross profit 31,079 27,107 3,972 14.7%
Gross profit margin 44.6% 41.4% - 3.2%
 
Selling, general and administrative expenses 15,324 12,663 2,661 21.0%
 
Share-based compensation 1,278 1,712 (434) (25.4%)
 
Earnings from operations 14,477 12,732 1,745 13.7%
Operating margin 20.8% 19.4% - 1.4%
 
Adjusted EBITDA 19,742 16,308 3,434 21.1%
Adjusted EBITDA margin 28.3% 24.9% - 3.4%
 
 
Strategic Partners
 
Three months ended

December 31

2018 2017

$ Change

% Change

 
Revenue 29,430 18,773 10,657 56.8%
 
Gross profit 4,160 3,790 370 9.8%
Gross profit margin 14.1% 20.2% - (6.1%)
 
Selling, general and administrative expenses 1,535 1,589 (54) (3.4%)
 
Earnings from operations 2,625 2,201 424 19.3%
Operating margin 8.9% 11.7% - (2.8%)
 
Adjusted EBITDA 3,191 2,540 651 25.6%
Adjusted EBITDA margin 10.8% 13.5% - (2.7%)
 
 
Jamieson Wellness Inc.

Segment Information

In thousands of Canadian dollars, except as otherwise noted

       
 
Jamieson Brands
 
For the year ended

December 31

2018 2017

$ Change

% Change
 
Revenue 243,772 237,001 6,771 2.9%
 
Gross profit 104,115 91,559 12,556 13.7%
Gross profit margin 42.7% 38.6% - 4.1%
 
Selling, general and administrative expenses 55,877 47,639 8,238 17.3%
 
Share-based compensation 3,067 6,325 (3,258) (51.5%)
 
Earnings from operations 45,171 37,595 7,576 20.2%
Operating margin 18.5% 15.9% - 2.6%
 
Adjusted EBITDA 60,173 52,834 7,339 13.9%
Adjusted EBITDA margin 24.7% 22.3% - 2.4%
 
 
Strategic Partners
 
For the year ended

December 31

2018 2017

$ Change

% Change
 
Revenue 76,004 63,618 12,386 19.5%
 
Gross profit 11,303 13,290 (1,987) (15.0%)
Gross profit margin 14.9% 20.9% - (6.0%)
 
Selling, general and administrative expenses 6,384 5,950 434 7.3%
 
Earnings from operations 4,919 7,340 (2,421) (33.0%)
Operating margin 6.5% 11.5% - (5.0%)
 
Adjusted EBITDA 7,455 8,643 (1,188) (13.7%)
Adjusted EBITDA margin 9.8% 13.6% - (3.8%)
 
 

Summary of Consolidated Quarterly Results

The following is a summary of selected consolidated financial information for each of the eight most recently completed quarters prepared in accordance with IFRS. As of January 1, 2018, the Company has adopted IFRS 15 using the modified retrospective method. The adoption of IFRS 15 resulted in a reclassification in the presentation of certain consideration paid to customers, which was made to the annual consolidated financial statements for the year ended December 31, 2018. Management has revised all prior quarters in 2018 for this reclassification in the below summary.

  2018     2017  
($ in 000's, except per share amounts) Q4   Q3 *   Q2 *   Q1 * Q4   Q3   Q2   Q1
           
Revenue by segment
Jamieson Brands 69,715 61,787 55,701 56,569 65,545 61,889 56,647 52,920
Strategic Partners 29,430   17,872   18,492   10,210 18,773   18,256     14,608     11,981  
Total revenue 99,145 79,659 74,193 66,779 84,318 80,145 71,255 64,901
 
Earnings from operations 17,102 12,690 10,172 10,126 14,933 11,281 10,699 8,022
 
Net income (loss) 10,046 7,213 4,788 4,626 3,733 1,089 (6,958 ) (21,651 )
 
Adjusted net income 12,217 8,853 6,903 5,760 9,749 7,793 7,870 2,170
 
EBITDA 19,220 14,771 10,967 10,339 11,194 8,346 3,255 3,605
 
Adjusted EBITDA 22,933 17,856 14,153 12,686 18,848 16,134 15,071 11,424
 
Basic, earnings (loss) per share 0.26 0.19 0.13 0.12 0.10 (0.24 ) (13.37 ) (41.62 )
Diluted, earnings (loss) per share 0.25 0.18 0.12 0.12 0.09 (0.24 ) (13.37 ) (41.62 )
Adjusted Diluted, earnings per share 0.31 0.22 0.17 0.15 0.25 0.20 0.20 0.05

* Revised based on IFRS 15 revenue reclassification

Results for the year ended December 31, 2018 are presented under the new guidance, while prior year results have not been adjusted and continue to be reported in accordance with historical accounting guidance. If the IFRS 15 revenue recognition impact was applied retrospectively to 2017, total revenue for the year would have been $286.1 million compared to total revenue in 2018 of $319.8 million, representing year-over-year growth of 11.8%.

Non-IFRS Financial Measures

This press release makes reference to certain non-IFRS measures. Management uses these non-IFRS 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. We use non-IFRS measures, including “gross profit”, “gross profit margin”, “operating margin” “EBITDA”, “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted Net Income” and “Adjusted Diluted Earnings per Share” 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 measures in order to prepare annual operating budgets and to determine components of management compensation. Definitions of non-IFRS measures can be found in our MD&A.

   

Reconciliation of Adjusted Net Income

 
Three months ended For the year ended
($ in 000's) December 31 December 31
2018     2017   2018     2017  
 
Net income (loss) 10,046 3,733 26,673 (23,787 )
Adjustments to net income (loss):
Share-based compensation 383 978 535 4,171
Amortization of fair value adjustments - - - 1,694
Amortization of deferred financing fee - - - 3,078
Foreign exchange loss 89 116 608 331
Termination benefits and related costs 129 1,633 2,933 4,132
Acquisition costs - - - 2,444
Purchase consideration accounted for as compensation expense - 2,521 (1,066 ) 8,427
Public offering costs - 1,200 - 10,720
Net interest forgiveness - - - (11,001 )
Preferred share accretion - - - 28,796
International market expansion 669 - 929 -
Non-recurring business integration 844 - 4,142 -
Other 704 472 1,718 1,004
Related tax effects (647 ) (904 ) (2,739 ) (2,427 )
Adjusted net income 12,217   9,749   33,733   27,582  
 
 

Reconciliation of EBITDA and Adjusted EBITDA

   
Three months ended For the year ended
December 31 December 31
2018   2017 2018     2017  
 
Net income (loss) 10,046 3,733 26,673 (23,787 )
Add:
Provision for income taxes 4,384 3,130 10,578 8,156
Interest expense and other financing costs 2,390 2,140 9,000 4,733
Preferred share accretion - - - 28,796
Depreciation of property, plant, and equipment 1,532 1,336 5,551 5,106
Amortization of intangible assets 868 855 3,495   3,396  
 
Earnings before interest, taxes, depreciation, and amortization (EBITDA) 19,220 11,194 55,297 26,400
Add EBITDA adjustments:
Share-based compensation 1,278 1,712 3,067 6,325
Amortization of fair value adjustments - - - 1,694
Foreign exchange loss 89 116 608 331
Termination benefits and related costs 129 1,633 2,933 4,132
Acquisition costs - - - 2,444
Purchase consideration accounted for as compensation expense - 2,521 (1,066 ) 8,427
Public offering costs - 1,200 - 10,720
International market expansion 669 - 929 -
Non-recurring business integration 844 - 4,142 -
Other 704 472 1,718   1,004  
Adjusted EBITDA 22,933 18,848 67,628   61,477  

Investor Relations
Jamieson Wellness
Ruth Winker
416-705-5437
rwinker@jamiesonlabs.com

Source: Jamieson Wellness Inc.

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