Nova Cannabis Inc. and Indivior PLC Showcase Significant Q3 2023 Financial Results amid Cannabis Sector Growth

Nova Cannabis Inc. NOVC NVACF, a prominent player in the Canadian cannabis retail market, disclosed its unaudited condensed interim consolidated financial statements for the three and nine months that culminated on September 30, 2023. The company's report revealed substantial revenue growth and significant margins, marking an impressive performance for the quarter.

Nova Cannabis Inc. Q3 2023 Financial Achievements

Nova Cannabis Inc. reported a heightened total revenue reaching CA$67.7 million ($52.6 million), representing a 15.0% growth compared to the same timeframe the previous year. More so, this figure illustrated a 5.8% increase from the revenue reported in the preceding quarter. Notably, the recorded gross margin hit a new high at CA$17.0 million ($13.2 million), accounting for 25.1% of revenue—a leap of 52.8% from 2022's third quarter and a 16% hike from the second quarter of 2023. Turning to net earnings, Nova witnessed a conversion from a net loss to a gain, posting CA$2.1 million ($1.63 million), equating to CA$0.04 per share. This transition signals an immense rise from the CA$1.5 million net loss—or CA$0.03 loss per share—recorded in the comparative quarter of the previous year. Another marker of performance, Adjusted EBITDA, reached CA$6.8 million ($5.29 million), corresponding to 10.0% of revenue and marking significant improvements year-over-year.

Indivior PLC Reflects Strong YTD and Q3 Performance

Meanwhile, Indivior PLC INDV, specializing in the development and manufacture of buprenorphine-based prescription drugs for the treatment of opioid dependence, released its financial outcomes for the same period. The company exhibited a robust YTD revenue of $800 million, a solid 21% growth compared to the prior year. For Q3, a 17% increase brought the revenue to $271 million when matched against the previous year's figures. Despite reporting an operating loss for the period, the company drew attention with Sublocade's net revenue climbing to $167 million, a 55% surge from Q3 2022. The firm anticipates full-year revenue for this product to be between $610 million and $630 million, tweaking the forecast from initial projections.

financials, revenue, growth, earnings, pharmaceuticals, retail, consolidated, margins, cannabis, investment