Khiron Life Pushes Through Extensive Lockdowns In Second Quarter With Revenues Of $1.7 Million

Khiron Life Sciences (TSXV: KHRN) reported its second quarter financials this morning, recording $1.67 million in revenues for the three month period ended June 30, 2020, despite extensive lockdowns experienced within the firms home country of Colombia. The company reported a net loss of $5.7 million for the quarter.

Service revenues during the quarter amounted to $1.6 million, while product revenues totaled out at $0.1 million. Cost of sales came in at 1.4 million, resulting in a gross profit before fair value adjustments of $0.3 million. Revenues were down on a quarter over quarter basis due to strict lockdown measures that were in place during the quarter. The firms health centres saw a decline in visits as a result, along with the cancellation of surgeries.

The company was quick to react to the developing pandemic however, with total expenses coming in at $6.6 million for the quarter, of which $4.5 million were attributable to general and administrative expenses. This compares to expenses of $9.7 million in the first quarter, of which $5.8 million was administrative expenses.

Looking to the balance sheet, the company appears to have significantly reduced its cash outflows, with the company seeing its cash position fall from $24.5 million to $20.2 million, representing outflows of $4.3 million, as compared to $12 million in the first quarter and $10 million in the fourth quarter of 2019. Accounts receivable climbed marginally from $3.8 million to $4.0 million, while inventories rose to $2.7 million from $1.1 million. Total current assets overall fell from $35.2 million to $30.1 million.

Accounts payable meanwhile remained stagnant, remaining at $5.8 million through the quarter. The firms current portion of long term debt rose slightly however, from $1.0 million to $1.1 million, resulting in total current liabilities climbing to $6.9 million from $6.8 million.

Outside of hard figures, the company had several significant developments throughout the quarter as well that should be denoted, including:

Khiron Life Sciences last traded at $0.47 on the TSX Venture.


FULL DISCLOSURE: Khiron Life Sciences is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Khiron Life Sciences on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

Video Articles

Gold Drilling Scaled to 60,000 Meters: How Big Can This Get? | Roger Rosmus – Goliath Resources

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

Khiron Life Sciences Conducts Bought Deal Financing For Gross Proceeds Of $10.0 Million

Khiron Life Sciences (TSXV: KHRN) announced that it is conducting at $10.0 bought deal private...

Monday, November 9, 2020, 08:43:24 AM

Khiron Receives National Strategic Project Status From Colombian Government

This morning Khiron Life Sciences Corp (TSXV: KHRN) announced they received the status of National...

Tuesday, September 22, 2020, 09:43:55 AM

Khiron Life Sciences Records $2.8 Million In Revenue, $4.8 Million Net Loss In Q2 2021

Khiron Life Sciences Corp. (TSXV: KHRN) reported this morning its financial statements for the quarter...

Monday, August 23, 2021, 09:30:00 AM

Khiron Life Sciences Announces German Cannabis Distribution Deal

Khiron Life Sciences (TSXV: KHRN) has signed a German distribution deal with that of Nimbus...

Thursday, June 25, 2020, 10:42:43 AM

Khiron Passes 1,000 Patient Prescriptions in Colombia, Issues Corporate Update

Khiron Life Sciences (TSXV: KHRN) this morning issued a corporate update, chief among which included...

Monday, July 27, 2020, 09:00:38 AM