Invictus MD Strategies Corp IVITF

First quarter financials

[TitanTrader]

Tmx Mobile QUOTE: GO LOOKUP RECENT NEWS Invictus MD Strategies Corp (GENE - TSXV) INVICTUS ANNOUNCES FIRST QUARTER FINANCIAL RESULTS Vancouver, British Columbia, June 28, 2019 (GLOBE NEWSWIRE) -- Vancouver, BC, June 28, 2019 - INVICTUS MD STRATEGIES CORP. ("Invictus" or the "Company") (TSXV: GENE; OTCQX: IVITF; FRA: 8IS2) today reported financial results for the first quarter ended April 30, 2019. We are pleased with the progress on reducing the cost of Invictus operations and the increases to date on the income generation capacity of the Company. Continued focus on increasing capacity and cost reduction is paramount in developing a profitable business, stated Mr. Trevor Dixon, Chief Executive Officer of Invictus. Summary Financial Results Revenue was $1.6 million in the first quarter, an increase of 35% from the prior quarter ($1.2 million) and an increase of 23% from the prior year quarter ($1.3 million). Increase in revenue from the prior quarter was primarily due to the Company commencing sales to Ontario in March 2019. Gross margin was $1.2 million (77%) in the first quarter, as compared to $0.6 million (44%) in the prior year quarter. Increase in gross margin was primarily due to fair value adjustments related to our biological assets. Sales and marketing (S&M) expense was $1.3 million in the first quarter, a decrease of 74% from the prior quarter ($4.9 million) and an increase of 31% from the prior year quarter ($1.0 million). Decrease in S&M expense from the prior quarter is due to cost reduction initiatives implemented during the period. General and administrative (G&A) expense was $2.7 million in the first quarter, consistent with the prior quarter ($2.7 million) and an increase of 51% from the prior year quarter ($1.8 million). Increase in G&A expense from the prior year quarter is primarily due to the ramp-up of operations as a result of the build-out of our cannabis cultivation facilities. Net loss was $4.6 million in the first quarter, a decrease of 68% from the prior quarter ($14.3 million) and an increase of 53% from the prior year quarter ($3.0 million). The Companys unaudited condensed interim consolidated financial statements and managements discussion and analysis of the results of operations and financial condition of Invictus for the three months ended April 30, 2019, are available under the Companys profile on SEDAR at www.SEDAR.com. On Behalf of the Board Trevor Dixon Chief Executive Officer Investor Relations 1-844-800-6086 E-Mail: [e-mail]