Cannabis Extracts Producer PharmaCielo Narrows Loss, Cuts Expenses In Q3, CEO Projects Higher Profitability
Portfolio Pulse from Jelena Martinovic
PharmaCielo Ltd. reported its Q3 2023 financial results, showing a narrowed net loss and reduced expenses compared to the previous year. Total revenue decreased, but selling, general, and administrative expenses were significantly lower, leading to a reduced net loss and adjusted EBITDA loss. CEO Marc Lustig highlighted the company's leaner organization and focus on higher margin products. PharmaCielo's shares dropped 6.8453% post-market on Tuesday. The company's assets and liabilities both increased compared to the end of the previous year.
November 29, 2023 | 2:44 pm
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PharmaCielo reported a decrease in revenue but improved net loss and reduced expenses in Q3 2023. Shares fell 6.8453% after the announcement, indicating market reaction to the mixed results.
The drop in share price following the earnings report suggests that the market is reacting negatively to the mixed financial results, despite the company's cost-cutting measures and narrowed losses. The short-term impact is likely negative as investors digest the lower revenues and the current share price movement.
CONFIDENCE 90
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