RE:here it is...tell me your thoughts please Not bad.
139% year-over-year increase in revenue, with 7% increase in SG&A expenses
Cash and equivalents of $43 million as at December 31, 2019
Successful launch of initial Cannabis 2.0 products
Proactive measures implemented re: COVID-19
Accelerated growth into Q1 2020
Financial Summary
The Company's gross revenue was $9.5 million for Q4 2019 and $31.8 million for 2019. Net revenue was $6.6 million for Q4 2019, a 5% increase over the previous quarter. Fourth quarter results were positive but were impacted by a considerable allocation of resources to the launch of VIVO's portfolio of Cannabis 2.0 products.
The Company's revenue for fiscal 2019 grew 139% over 2018, while sales, general and administrative (SG&A) expenses increased by 7% year-over-year. Sales and marketing costs were significantly higher in 2018, primarily related to the opening of the adult-use market on October 17, 2018 . Post legalization, greater restrictions were placed on advertising and promotional activities by cannabis companies, and the Company's marketing efforts were materially scaled back.
VIVO continued to sustain top-tier prices for its medical and adult-use dry flower products, with a net average selling price of $6.54 per gram in Q4 2019 and $7.02 for 2019. The majority of the Company's 2019 revenue (approximately 85%) was derived from cannabis product sales to patients and adult-use provincial wholesalers and retailers. The remaining 15% was derived from Harvest Medicine, VIVO's medical clinic network.
The Company's adjusted EBITDA(1) was ($2.7) million for Q4 2019 and ($15.2) million for 2019, an improvement of $2.6 million and $4.8 million when compared to the previous quarter and full year, primarily due to increased sales and operating cost containment.
VIVO continues to maintain a healthy balance sheet through prudent management of operational expenses and a measured approach to capital expenditures. Cash and cash equivalents (including short term investments but excluding strategic equity investments) as at December 31, 2019 stood at $43.2 million , compared with $74.8 million one year previously, a decrease of $31.6 million . Roughly half of this decrease was related to capital expenditures and increases in working capital, with the balance primarily attributed to funding operating losses. Equity investments in strategic partners as of December 31, 2019 were valued at approximately $5 million .
With most facility expansion projects materially completed and paid for, VIVO anticipates 2020 capital expenditures to be approximately $5 million , to be primarily spent in the first half of 2020. In addition, disciplined investments in product development and international market preparation are expected to continue to facilitate future profitable growth.