Knight Therapeutics Reports First Quarter 2025 Results

MONTREAL, May 08, 2025 (GLOBE NEWSWIRE) -- Knight Therapeutics Inc. (TSX: GUD) ("Knight" or “the Company”), a pan-American (ex-US) specialty pharmaceutical company, today reported financial results for its first quarter ended March 31, 2025. All currency amounts are in thousands except for share and per share amounts. All currencies are Canadian unless otherwise specified.

Q1-25 Highlights

Financial results

• Revenues were $88,076, an increase of $1,472 or 2% over the same period in prior year. The increase was driven by the growth of our key promoted products including our recent launches, partly offset by declines of our mature products and the depreciation of select LATAM currencies.
• Gross margin was $34,866 or 40% of revenues compared to $41,699 or 48% of revenues in the same period in prior year. The decrease was driven by the impact of the hyperinflation accounting in Argentina.
• Operating loss was $5,537 compared to an operating income of $2,660 in the same period in prior year.
• Net income was $2,185, compared to a net loss $4,546 in the same period in prior year.
• Earnings per share was $0.02, compared to a loss per share of $0.04 in the same period in prior year.
• Cash inflow from operations was $3,670, a decrease of $27,211 or 88% over prior year.

Non-GAAP measures

• Adjusted Revenues¹ were $87,979, an increase of $2,184 or 3% or $6,631 or 8% on a constant currency¹ basis, driven by the growth of our key promoted products including our recent launches, partly offset by declines of our mature products.
• Adjusted Gross margin¹ was $40,934 or 47% of Adjusted Revenues¹ compared to $40,695 or 47% of Adjusted Revenues¹ in the same period in prior year.
• Adjusted EBITDA¹ was $12,113, a decrease of $1,476 or 11% over the same period in prior year.
• Adjusted EBITDA per share¹ was $0.12, a decrease of $0.01 or 8% over the same period in prior year driven by a decrease in the Adjusted EBITDA¹ offset by the impact of the common shares purchased through the NCIB.

Corporate developments

• Entered into an asset purchase agreement with Endo Operations Limited and Paladin Pharma Inc., to acquire the Paladin business for $100,000 and an additional $20,000 for inventory. Furthermore, Knight may pay up to an additional US$15,000 upon achieving certain sales milestones. The transaction is expected to close in the middle of 2025.
• Purchased 605,400 common shares through Knight’s NCIB at an average price of $5.53 for aggregate cash consideration of $3,345.

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1</sup>Adjusted Revenues, revenues at constant currency, Adjusted Gross Margin, Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP measures and do not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. Refer to section Financial Results under Non-GAAP measures for additional details.

Products

• In-licensed Onicit^® IV (palonosetron) for Mexico, Brazil, and select LATAM countries.
• Submitted Tavalisse^® (fostamatinib) for ANMAT approval in Argentina.
• Obtained regulatory approval for Pemazyre^® (pemigatinib) in Mexico.
• Launched Minjuvi^® (tafasitamab) in Mexico.
• Re-launched Onicit^® IV (palonosetron) in Mexico and Brazil.

Subsequent to quarter-end

• Obtained a working capital line of credit of USD 40,000 from Citibank, N.A., of which USD 35,000 was withdrawn.
• Shareholders re-elected Jonathan Ross Goodman, Samira Sakhia, James C. Gale, Robert N. Lande, Michael J. Tremblay, Nicolás Sujoy, and Janice Murray on the Board of Directors.

“I am pleased to announce that for the three months ended March 31, 2025, we reported adjusted revenues¹ of $88 million, a growth of 3% over the same period in prior year, with our promoted brands growing at 9% and an adjusted EBITDA¹ over $12 million. In addition, we have expanded an existing partnership with the addition of Onicit® and have advanced our pipeline with the submission of Tavalisse^® in Argentina and the regulatory approval of Pemazyre^® in Mexico. We continued our progress on the commercial font with the launch of Minjuvi^® in Mexico and re-launch of Onicit^® in Mexico and Brazil. In addition, we have announced the acquisition of Paladin. This transaction will add a profitable portfolio, critical mass and significantly increases the size of our business in Canada while bringing a stable source of cash flow that will help fund our growth in Canada and Latin American,” said Samira Sakhia, President and Chief Executive Officer of Knight Therapeutics Inc.



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¹ Adjusted revenues and adjusted EBITDA are non-GAAP measures and do not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. Refer to section - Financial Results under Non-GAAP measures for additional details.

¹ A positive variance represents a positive impact to net income (loss) and a negative variance represents a negative impact to net income (loss).

² Percentage change is presented in absolute values.

Revenues: For the quarter ended March 31, 2025, revenues increased by $1,472 or 2% compared to the same period in prior year, which included an offset of $712 due the Hyperinflation Impact¹. Excluding IAS 29, the increase was $2,184 or 3% and $6,631 or 8% on a constant currency² basis. The increase in revenues was driven by the growth of our key promoted products on a constant currency² basis by $9,468 or 16%, partly offset by declines in our mature products and the depreciation of select LATAM currencies.

Our revenues by therapeutic area is as follows:

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1</sup> The Hyperinflation Impact is due to the application of IAS 29 in Argentina. Refer to section - Hyperinflation for additional details.

² Revenues at constant currency is a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. Refer to section - Financial Results under Non-GAAP measures for additional details.

The increase in revenues is explained by the following:

• Oncology/Hematology: For the quarter ended March 31, 2025, the oncology/hematology portfolio increased by $430 or 1%, which included an offset of $403 due to the Hyperinflation Impact¹. Excluding IAS 29, the oncology/hematology portfolio increased by $833 or 3%. Revenues from our key promoted products increased by $3,935 or 13% on a constant currency² basis driven by the growth of Lenvima®, Akynzeo^®, Trelstar^®, the launch of Minjuvi^® and the assumption of commercial activities of Onicit^® in Brazil and Mexico. This growth was partially offset by a decline in our mature and branded generics products due to their lifecycle as well as the market entrance of new competitor, the termination of a non-strategic distribution agreement in Colombia in December 2024 and the depreciation of select LATAM currencies.

• Infectious Diseases: For the quarter ended March 31, 2025, the infectious diseases portfolio decreased by $1,805 or 5%, of which $184 is due to the Hyperinflation Impact¹. Excluding IAS 29, the infectious diseases portfolio decreased by $1,621 or 4% and increased by $1,100 or 3% on constant currency² basis. The increase was due to purchasing patterns of certain customers including Ambisome^® deliveries to the Ministry of Health in Brazil ("MOH").

The Company signed the following contracts with the MOH for Ambisome^®, with the following deliveries:

• Other Specialty: For the quarter ended March 31, 2025, the other specialty portfolio increased by $2,847 or 17%, which included an offset of $125 due to the Hyperinflation Impact¹. Excluding IAS 29, the other specialty portfolio increased by $2,972 or 18% and $3,695 or 23% on constant currency² basis mainly driven by the launch of Imvexxy^® and Bijuva^® in Canada and purchasing patterns of certain customers.

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¹ The Hyperinflation Impact is due to the application of IAS 29 in Argentina. Refer to section - Hyperinflation for additional details.

² Revenues at constant currency is a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. Refer to section - Financial Results under Non-GAAP measures for additional details.

Gross margin: For the quarter ended March 31, 2025, gross margin, as a percentage of revenues, was 40% compared to 48% in Q1-24. The decrease in the gross margin % is mainly explained by the Gross Margin Hyperinflation Impact¹. Excluding IAS 29, the Adjusted gross margin %² was 47% compared to 47% in Q1-24. There was no significant variance.

Selling and marketing (“S&M”) expenses: For the quarter ended March 31, 2025, selling and marketing increased by $1,275 or 10%, which included an offset of $72 due to the Hyperinflation Impact¹. The remaining variance is mainly driven by an expansion in our sales and commercial structure behind the launches of Minjuvi^® in Mexico and Jornay PM^® in Canada as well as an increase in marketing activities on our key promoted products.

General and administrative (“G&A”) expenses: For the quarter ended March 31, 2025, general and administrative increased by $1,681 or 16%, of which $309 is explained by the Hyperinflation Impact¹. The remaining variance is driven by transaction fees related to the acquisition of the Paladin business.

Research and development (“R&D”) expenses: For the quarter ended March 31, 2025, research and development expenses decreased by $194 or 4%, of which $162 is explained by the Hyperinflation Impact¹. The remaining variance was not significant.

Net income (loss)

For the quarter ended March 31, 2025, the net income was $2,185 compared to net loss $4,546 for the same period in prior year. The variance mainly resulted from the above-mentioned items and (1) a net loss $945 on the revaluation of financial assets measured at fair value through profit or loss versus a net loss of $16,267 in the same period in prior year, and (2) a foreign exchange gain of $5,551 in Q1-25 mainly driven by the revaluation of intercompany balances due to the appreciation of the BRL and COP vs USD, compared to a foreign exchange gain of $1,934 in Q1-24 mainly driven by the unrealized gains due to the revaluation of our financial assets including our cash and marketable securities, and (3) gain on hyperinflation of $574 in Q1-25 compared to a gain on hyperinflation of $4,296 in Q1-24.

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¹ The Hyperinflation Impact and the Gross Margin Hyperinflation impact are due to the application of IAS 29 in Argentina. Refer to section - Hyperinflation for additional details.

² Adjusted gross margin % is a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. Refer to section - Financial Results under Non-GAAP measures for additional details.

Cash, cash equivalents and marketable securities: As at March 31, 2025, Knight had $141,505 in cash, cash equivalents and marketable securities, a decrease of $826 or 1% as compared to December 31, 2024. The decrease is due to financing and investing activities of $5,355 driven by the NCIB, offset by cash inflows from operations of $3,670 and foreign exchange gains of $859.

Trade and other receivables: As at March 31, 2025, Trade and other receivables were $165,559, an increase of $11,041 or 7%, as compared to December 31, 2024, mainly due to the timing of collections from certain customers.

Inventories: As at March 31, 2025, Inventory were $140,161, an increase of $37,463 or 36%, as compared to December 31, 2024, mainly due to timing of purchases as well as investments on our new product launches.

Financial assets: As at March 31, 2025, financial assets were $126,866, a decrease of $7,066 or 5%, as compared to December 31, 2024, mainly driven by a net decrease in the value of our financial assets.

Accounts payable and accrued liabilities: As at March 31, 2025, accounts payable and accrued liabilities were $122,832, an increase of $39,659 or 48%, as compared to December 31, 2024, mainly driven by the purchase of inventory for our key promoted products.

Bank Loans: As at March 31, 2025, bank loans were $46,989, an increase of $3,604 or 8%, as compared December 31, 2024, mainly due to the appreciation of the BRL, COP, CLP and MXN.

Product Updates

Tavalisse^® (fostamatinib)

In Q1-25, Knight submitted Tavalisse^® for ANMAT approval in Argentina for the treatment of thrombocytopenia in adult patients with chronic immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment.

Pemazyre^® (pemigatinib)

In Q1-25, Knight obtained the regulatory approval in Mexico for Pemazyre^®, for the treatment of adults with locally advanced or metastatic cholangiocarcinoma with a FGFR2 fusion or rearrangement that have progressed after at least one prior line of systemic therapy.

Onicit^® (palonosetron)

Knight expanded its relationship with Helsinn with the in-licensing of the exclusive rights to distribute, and commercialize Onicit^® in Mexico, Brazil and select LATAM countries, where it is approved and marketed for the prevention of acute nausea and vomiting associated with the initial and repeated cycles of moderately and highly emetogenic chemotherapy for cancer, and for the prevention of delayed nausea and vomiting associated with the initial and repeated cycles of moderately emetogenic chemotherapy for cancer. Additionally, Onicit^® is indicated for the prevention of postoperative nausea and vomiting (PONV), for up to 24 hours after surgery. Knight assumed commercial activities for Onicit^® in Mexico and Brazil in Q1-25. Onicit^® is marketed under the trademark Aloxi^® in Canada.

Corporate Updates

Paladin Acquisition

On March 10, 2025, Knight entered into a definitive Asset Purchase Agreement with Endo Operations Limited and Paladin Pharma Inc. ("sellers"), to acquire the assets used by the sellers to conduct their international business which is mainly in Canada ("Paladin"). Upon closing, Knight will make a payment of $100,000 for the business and an additional $20,000 for inventory. In addition, Knight may pay future contingent payments of up to US$15,000 upon achieving certain sales milestones. The closing of the transaction is subject to the satisfaction of customary regulatory approvals including anti-trust clearance in Canada and is expected to occur in the middle of 2025. The acquisition of Paladin adds critical mass and expand the size of the Company´s business in Canada while adding a portfolio of cash flow generating products that will help fund Knights’ growth in Canada and Latin America.

Working capital line of credit

Subsequent to the quarter, Knight closed an uncommitted working capital line of credit with Citibank, N.A. for a total amount of USD 40,000 [$57,504], of which USD 35,000 [$50,316] was withdrawn. The working capital loan is at an interest rate of SOFR+2.30% and matures on September 30, 2025.

Financial Outlook¹

Knight reconfirmed its financial guidance targets for 2025. Knight expects to generate between $390 million to $405 million in revenues and adjusted EBITDA² to be approximately 13% of revenues. The guidance is based on a number of assumptions, including but not limited to the following:

• closing of the Paladin transaction in the middle of 2025
• no material impact on revenues due to the application of hyperinflation accounting for Argentina
• no revenues for business development transactions not completed as at May 7, 2025
• no unforeseen termination to our license, distribution & supply agreements
• no interruptions in supply whether due to global supply chain disruptions or general manufacturing issues
• no new generic entrants on our key pharmaceutical brands
• no unforeseen changes to government mandated pricing regulations
• successful commercial execution on product listing arrangements with HMOs, insurers, key accounts, and public payers
• successful execution and uptake of newly launched products
• no material increase in provisions for inventory or trade receivables
• no significant variations of forecasted foreign currency exchange rates
• inflation remaining within forecasted ranges

Should any of the assumptions differ, the financial outlook and the actual results may vary materially. Refer to the risks and assumptions referred to in the Forward-Looking Statements section of this news release for further details.

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¹ This forward looking information is based on assumptions specific to the nature of the Company’s activities with regard to annual revenue growth considering industry information, expected market share, pricing assumptions, actions of competitors, sales erosion rates after the end of patent or other intellectual property rights protection, the timing of the entry of generic competition, the expected results of tenders, among other variables.

² Adjusted EBITDA is a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. Refer to section Financial Results under Non-GAAP measures for additional details.

Conference Call Notice 

Knight will host a conference call and audio webcast to discuss its first quarter and year ended March 31, 2025, today at 8:30 am ET. Knight cordially invites all interested parties to participate in this call.

Date: Thursday, May 8, 2025

Time: 8:30 a.m. ET

Telephone: Toll Free: 1-888-699-1199 or International 1-416-945-7677

Webcast: or

This is a listen-only audio webcast. Media Player is required to listen to the broadcast.

Replay: An archived replay will be available for 30 days at 

About Knight Therapeutics Inc. 

Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing and commercializing pharmaceutical products for Canada and Latin America. Knight's Latin American subsidiaries operate under United Medical, Biotoscana Farma and Laboratorio LKM. Knight Therapeutics Inc.'s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's web site at or .

Forward-Looking Statement

This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.'s Annual Report and in Knight Therapeutics Inc.'s Annual Information Form for the year ended December 31, 2024 as filed on a. Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information or future events, except as required by law.

CONTACT INFORMATION:

HYPERINFLATION

The Company applies IAS 29, Financial Reporting in Hyperinflation Economies, as the Company’s Argentine subsidiary uses the Argentine Peso as it´s functional currency. IAS 29 requires that the financial statements of an entity whose functional currency is the currency of a hyperinflationary economy be adjusted based on an appropriate general price index to express the effects of inflation. After applying for the effects of hyperinflation, the statement of income (loss) is converted using the closing foreign exchange rate of the month.

Revenues & operating expenses in the local currency, i.e. ARS, are restated from the month of the sales or the month in which the expense was incurred to the end of the reporting period using the inflation index during that period. The restatement calculation is performed on a year to date basis based on IAS29 ("Inflation Adjusted Figures"). For the three-month period ended March 31, 2025 and 2024, the Company applied the following inflation index for the restatement of each respective month.

Under IAS 29, the translation from the local currency, to the reporting currency is performed on the Inflation Adjusted Figures using the end of period rate at the reporting date. The Inflation Adjusted Figures were converted to CAD using the following quarter-end closing rates for each of the respective periods.

¹ Depreciation of ARS vs CAD during each period, calculated as follows: (End of period rate - Beginning of period rate) / Beginning of period rate.

In Q1-25 the inflation rate used for the hyperinflation adjustment on revenues and operating expenses of the Company's subsidiary in Argentina was similar to the ARS depreciation in the same period. Therefore, the impact of the hyperinflation adjustment on revenues and operating expenses was not significant in Q1-25. Conversely, in Q1-24 the inflation rate was higher than the ARS depreciation, resulting in higher revenues and operating expenses reported under IAS 29 in CAD. Therefore the hyperinflation accounting under IAS 29 resulted in a decrease in the reported revenues and operating expenses of the Company's subsidiary in Argentina in CAD in Q1-25 when compared to the same prior year period ("Hyperinflation Impact").

Under hyperinflation accounting, the cost of goods sold in the local currency, i.e. ARS, are restated using the inflation index from the purchase or manufacturing date to the end of the reporting period, and are converted to CAD using the respective quarter-end closing rates. In Q1-25, the cumulative inflation index applied on the inventory sold was higher than the prior year period, leading to higher cost of goods sold reported under IAS 29 in CAD and consequently a lower gross margin in Q1-25 compared to Q1-24 ("Gross Margin Hyperinflation Impact").

FINANCIAL RESULTS UNDER NON-GAAP MEASURES

[In thousands of Canadian dollars]

The Company discloses non-GAAP measures and ratios that do not have standardized meanings prescribed by IFRS. The Company believes that shareholders, investment analysts and other readers find such measures helpful in understanding the Company’s financial performance. Non-GAAP financial measures and adjusted EBITDA per share ratio do not have any standardized meaning prescribed by IFRS and may not have been calculated in the same way as similarly named financial measures presented by other companies. The Company uses the following non-GAAP measures.

[i] Financial results excluding the impact of hyperinflation under IAS 29

The Company applies IAS 29, Financial Reporting in Hyperinflation Economies, as the Company's Argentine subsidiaries used the Argentine Peso as their functional currency. IAS 29 requires that the financial statements of an entity whose functional currency is the currency of a hyperinflationary economy be adjusted based on an appropriate general price index to express the effects of inflation.

Financial results under IFRS are adjusted to remove the impact of hyperinflation under IAS 29. The impact of hyperinflation under IAS 29 is calculated by applying an appropriate general price index to express the effects of inflation. After applying the effects of translation, the statement of income is converted using the closing foreign exchange rate of the month.

The Company believes that financial results excluding the impact of hyperinflation under IAS 29 represents a useful measure to investors as allow results to be viewed without the impact of IAS 29, thereby facilitating the comparison of results period over period. The presentation of financial results excluding the impact of hyperinflation under IAS 29 is considered to be a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

The following tables reconcile the financial results under IFRS to financial results excluding the impact of hyperinflation under IAS 29.

Select financial results excluding the impact of hyperinflation under IAS 29¹

¹ Adjusted EBITDA, Adjusted EBITDA per share and financial results excluding the impact of IAS 29 are non-GAAP measures and do not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

Adjusted Revenues¹ by Therapeutic Area

¹ Excluding the impact of hyperinflation under IAS 29. Adjusted Revenues is a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

[ii] Financial results at constant currency

Financial results at constant currency are obtained by translating the prior period revenues and financial results from the functional currencies to CAD using the conversion rates in effect during the current period. Furthermore, with respect to Argentina, the Company excludes the impact of hyperinflation and translates the revenues and results at the average exchange rate in effect for each of the periods.

The Company believes that financial results at constant currency represents a useful measure to investors because it eliminates the effect that foreign currency exchange rate fluctuations may have on period-to-period comparability given the volatility in foreign currency exchange markets and therefore, provides greater transparency to the underlying performance of our consolidated financial results. The presentation of revenues and financial results under constant currency is considered to be a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

The following tables are reconciliations of financial results under IFRS to financial results and financial results at constant currency.

¹Refer to Subsection - [i] Financial results excluding the impact of hyperinflation under IAS 29 for additional details.

Select financial results at Constant Currency¹

¹ Adjusted EBITDA and financial results at constant currency are a non-GAAP measures and do not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

Adjusted Revenues at Constant Currency¹ by Therapeutic Area

¹ Revenues at constant currency is a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

[iii] Adjusted Gross Margin

Adjusted Gross Margin is defined as revenues less cost of goods sold, excluding the impact of hyperinflation under IAS 29.

The Company believes that Adjusted Gross Margin represents a useful measure to investors as allow Gross Margin to be viewed without the impact of hyperinflation under IAS 29, thereby facilitating the comparison period over period. The presentation of Adjusted Gross Margin is considered to be a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

[iv] EBITDA

EBITDA is defined as operating income or loss adjusted to exclude amortization and impairment of non-current assets, depreciation, but to include costs related to leases.

The Company believes that EBITDA represents a useful measure to investors to assess profitability and measure the Company's ability to generate liquidity through operating activities. The presentation of EBITDA is considered to be a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

[v] Adjusted EBITDA

Adjusted EBITDA is defined as EBITDA adjusted for the impact of IAS 29 (accounting under hyperinflation), acquisition and transaction costs and non-recurring expenses. The Company believes that Adjusted EBITDA represents a useful measure to investors to assess profitability and measure the Company's ability to generate liquidity through operating activities.

The Company believes that Adjusted EBITDA represents a useful measure to investors to assess profitability and measure the Company's ability to generate liquidity through operating activities, without the impact of hyperinflation under IAS 29, thereby facilitating the comparison period over period. The presentation of adjusted EBITDA is considered to be a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

The following table is a reconciliation of operating income (loss) to EBITDA and adjusted EBITDA:

For the quarter ended March 31, 2025, adjusted EBITDA decreased by $1,476 or 11%. The decrease was driven by higher operating expenses.

Explanation of adjustments from EBITDA to Adjusted EBITDA

[vi] Adjusted EBITDA per share

Adjusted EBITDA per share is defined as Adjusted EBITDA over number of common shares outstanding at the end of the respective period.

The Company believes that Adjusted EBITDA per share represents a useful measure to investors to assess profitability and measure the Company's ability to generate liquidity through operating activities on a per common share basis, without the impact of hyperinflation under IAS 29, thereby facilitating the comparison period over period. The presentation of adjusted EBITDA per share is considered to be a non-GAAP ratio and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

The Company calculated adjusted EBITDA per share as follows: