Franchise Global Reports Record First Quarter 2022 Financial Results; Revenues I… – Press Release

The Company’s German reportable segment achieved revenues of $16.6 million, gross profit of $1.2 million and net income of $0.3 million. 

VANCOUVER, BC, May 26, 2022 /CNW/ – Franchise Global Health Inc. (“Franchise Global” or the “Company“) FGH WV is pleased to announce its results for the first quarter of 2022.

“The Company’s German reportable segment experienced strong sales and gross profit through the first quarter of 2022,” said Clifford Starke, Executive Chairman and Chief Executive Officer of Franchise Global. “Those results reflect the quality of our team in Germany and our potential as we look ahead. Franchise Global is well positioned to extend its leadership position in Germany, and continue our trajectory as one of Germany’s most trusted pharmaceutical and medical cannabis companies”.

FINANCIAL AND OPERATING HIGHLIGHTS

• Revenues of $16.6 million, an increase of $16.2 million from the first quarter of 2021.
• Gross profit of $1.2 million, an increase of $1.1 million from the first quarter of 2021.
• Net loss of $17.0 million. Excluding one-time listing expenses of $15.6 million, share-based compensation of $0.4 million and impairment expense of $0.3 million, net loss for the first quarter of 2022 was $0.7 million.
• The Company’s German reportable segment achieved net income of $0.3 million.
• Cash of $5.3 million as at March 31, 2022.

FIRST QUARTER 2022 FINANCIAL RESULTS

Revenues
Revenues increased 4,050% from $0.4 million in the first quarter of 2021 to $16.6 million in the first quarter of 2022. The increase is primarily due to acquisition of Phatebo GmbH (“Phatebo”), which contributed $16.5 million revenues in the first quarter of 2022. The Company acquired 100% of Phatebo on December 31, 2021.

Gross Profit
Gross profit for the first quarter of 2022 was $1.2 million, up $1.1 million or 1,100% from $0.1 million for the same period in the prior year.

Net Loss
Net loss for the first quarter of 2022 was $17.0 million. Excluding one-time listing expenses of

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