Trulieve Cannabis (CSE: TRUL) this morning reported its first quarter 2022 financial results. Results were notably in that the firm managed to break the trend currently being seen across the sector by demonstrating revenue growth on a quarter over quarter basis.
Revenue for the quarter came in at $318.3 million, a 4% improvement over the $305.3 million posted in the fourth quarter of 2021. Gross profits also improved, with the company posting $178.2 million in gross profits, or a 56.0% margin, versus the $132.4 million recognized in the fourth quarter at margins of 43.4%.
Expenses for the quarter meanwhile totaled $149.5 million, lead by sales and marketing expenses of $72.9 million. General and administrative expenses was the next largest line item at $33.5 million, while the company also recorded impairments of $13.8 million in the three month period. Overall, the company reported income from operations of $28.7 million.
However, with interest expenses of $17.9 million for the period, as well as $42.3 million in provisions for income taxes, the company ultimately posted a net loss for the period of $32.0 million, or $0.17 per share. The figure compares to a loss of $71.5 million in the fourth quarter. On an adjusted EBITDA basis, the company reported a figure of $105.5 million, versus adjusted EBITDA of $100.9 million in the fourth quarter.
Looking to the balance sheet, the company posted a cash and cash equivalents position of $267.2 million, versus $230.6 million at the end of the fourth quarter. Total current assets is currently pegged at $593.3 million, versus total current liabilities of $237.8 million.
In terms of guidance, the firm reiterated its prior revenue guidance for 2022 of $1.3 to $1.4 billion, while adjusted EBITDA is expected to be between $450 and $500 million. The firm currently expects the second half of the year to be stronger than the first half.
Trulieve Cannabis last traded at $17.66 on the CSE.
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