Trulieve Sees Revenue Surge 150% to $70.7 Million
Trulieve Also Reported Net Income of $60.2 Million for the Third Quarter
Trulieve Cannabis (CSE: TRUL) (OTCQX: TCNNF) released earnings for the third quarter of 2019 today after the closing bell. The company reported its revenue increased 22% quarter over quarter and 150% over Q3 2018.
Analysts had projected Trulieve would report revenue of $64.6 million for the quarter which the company easily beat with total revenue for the third quarter coming in at $70.7 million. In the previous quarter, Trulieve reported revenue of $57.9 million.
Trulieve reported an increase in adjusted EBITDA which jumped from $31.6 million in Q2 2019 to $36.9 million in Q3 2019 blowing past the analyst forecast of $28.9 million for the third quarter.
Even more impressive, Trulieve was able to post net income of $60.2 million for the third quarter thanks in part to an $89.1 million gain from the growth of its biological assets as well as a $22.9 million adjustment from inventory sold. Despite these adjustments, the company would have still been able to report positive net income.
Due to another strong quarter of growth and fiscal responsibility, Trulieve has reaffirmed its full-year 2019 and long-term financial guidance.
Additional Q3 Highlights
- 19% increase in Florida patient count to 214,827 driven by the introduction of smokable flower.
- Opened 6 new Florida dispensaries upping their total to 35 in the state as of the end of Q3.
- Received $61 million in gross proceeds from the completion of its 2nd public debt deal.
- As of November 15, 2019, Trulieve had $100.8 million in proforma cash available.
- Closed a sale-leaseback deal on the Massachusetts cultivation and processing site Holyoke.
- Announced a 2nd sale-leaseback deal for proceeds of $17 million on a cultivation property in Quincy, Florida.
- Uplisted the company’s U.S. listed shares from the OTCPK to the OTCQX Best Market under the symbol “TCNNF”.
- Reported total current cultivation capacity of roughly 1.6 million sq ft.
Management Commentary From CEO Kim Rivers
“Our third-quarter results reflect our continued customer loyalty, growth, and leadership position. Trulieve’s strong brand, wide-ranging access to stores, and authentic customer experience have resonated with our customers and patients. The third quarter was also successful in further strengthening our position in our existing markets as well as preparing for new market entry. We continue to build operational efficiencies and financial discipline to ensure a solid foundation, cash reserves, and the right tools at our disposal to expand our footprint. Looking ahead, this is an exciting time as we execute on our strategic vision to be one of the top-performing cannabis companies in North America,” stated Trulieve CEO Kim Rivers.
Q3 Earnings Call Details
- Conference Call and Live Audio Webcast
- Tuesday, November 19, 2019, at 8:00 am EST
- Call-in Numbers: 1-888-231-8191 or 1-647-427-7450 | Conference ID: 2483475
- Trulieve suggests calling in 15 minutes early to secure your spot on the call.
- Click Here for the Live Audio Webcast
Shares of Trulieve closed trading today at $14.95, down 2.10% on the day. With another strong quarter in the books, keep an on TRUL stock tomorrow morning.
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