By Neighbourly Pharmacy has announced its financial results for the fiscal third quarter, revealing a narrowed loss and revenue growth that fell short of expectations. The Canadian community pharmacy network is also preparing to go private in March.
Fiscal Performance
In the period ending on December 30, Neighbourly Pharmacy reported a narrowed loss of 4.5 million Canadian dollars ($3.3 million), or C$0.11 per share. This is an improvement compared to the greater loss of C$8.6 million, or C$0.20 per share, in the same quarter of the previous year.
Adjusted earnings reached C$0.19 per share, just slightly below the analyst predictions of an increase to C$0.20 per share.
The company’s sales increased to C$284 million from C$265.3 million, with over a third of the growth attributed to recently acquired pharmacies. However, analysts had expected sales to reach C$291.7 million.
Going Private
Neighbourly Pharmacy agreed to be taken private by PCP in mid-January, in a deal worth around C$415 million. The transaction is expected to be finalized by the end of March.
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