Q2 results posted again this morning !!!/R E P E A T -- VIVO Cannabis Announces Second Quarter 2020 Results/ Monday, August 17, 2020, 7:00 AM ET -- Net revenue of $9.4 million -- an increase of 15% over Q1 2020 and 79% over Q2 2019 -- Achieved 68% Ontario retail market share in the concentrates category, including first-to-market shatter by Fireside(TM) X -- Entered product supply and clinical services agreements with Medical Cannabis by Shoppers(TM) -- Canna Farms(TM) is the fourth most recognized cannabis brand, according to recent Brightfield Group independent survey -- Largest export shipment to Australia occurred during the quarter TORONTO, Aug. 14, 2020 /CNW/ - VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) ("VIVO" or the "Company") today released its second quarter 2020 financial and operating results. Management Commentary "This is our fifth consecutive quarter of sequential sales growth. We are pleased with our quarterly results, with Q2 2020 sales increasing 79% over the prior year quarter, while sales, general and administrative expenses decreased 18% over the same period," said Barry Fishman, CEO of VIVO. "Notable achievements include the expansion of our leadership position in the concentrates category across several provinces, the introduction of a first-to-market shatter by Fireside(TM) X, and the naming of Canna Farms(TM) as the fourth most recognized cannabis brand among Canadian cannabis consumers in a recent Brightfield Group survey. We also advanced several key medical cannabis initiatives in order to position the business for future success, including entering into product supply and clinical services agreements with Medical Cannabis by Shoppers(TM)." Financial Summary Gross and net revenue for Q2 2020 were $12.7 million and $9.4 million, respectively. On a net basis this represents a 15% increase quarter-over-quarter as compared to Q1 2020, driven largely by successful sales of VIVO's Cannabis 2.0 products. When compared to Q2 2019, net revenue grew by approximately 79%. Concentrates made up over half of VIVO's cannabis sales revenue during the quarter, a testament to the Company's strategic decision to be a leader in that space. This was offset by lower flower sales, resulting from decreased market demand in the wake of the COVID-19 pandemic. VIVO continued to sustain top-tier prices for its medical and adult-use dry flower products, with a net average selling price (net of excise) of $6.07 per gram in Q2 2020. The Company purchased third-party extraction inputs in Q2 2020. The internal extraction suite at its Vanluven facility is now able to provide these inputs and VIVO expects the gross margin on its vape and extract products will improve significantly. Sales, general and administrative expenses were $4.7 million in Q2 2020, compared to $5.5 million in the first quarter, a reduction of 15%. The Company's adjusted EBITDA(1) was ($2.2) million for the quarter, an improvement of $0.4 million over the first quarter of 2020. VIVO's Q2 2020 adjusted EBITDA(1) derived from Domestic Cannabis Operations was ($1.8) million. The additional ($0.4) million of adjusted EBITDA(1) in the quarter was related to Growth Initiatives (International Operations and New Product Development), which represent current investments that are expected to drive future profitable sales beyond 2020. VIVO continues to maintain a healthy balance sheet through prudent management of operational expenses and a measured approach to capital expenditures. During Q2 2020, VIVO repurchased certain of its outstanding 6% unsecured convertible debentures in the aggregate principal amount of $10.9 million, for a discounted purchase price of $10.1 million (plus accrued and unpaid interest), leaving remaining debentures in the aggregate principal amount of $27.1 million outstanding. As a result, the Company will save approximately $1.35 million in interest and principal. Cash and cash equivalents (including short term investments but excluding strategic equity investments) as at June 30, 2020 were $22.2 million.