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Neighbourly Announces Strong Third Quarter Results

Company delivers strong pharmacy same store sales performance as its retail footprint expands to 294 locations

TORONTO, Feb. 13, 2024 /CNW/ - Neighbourly Pharmacy Inc. ("Neighbourly" or the "Company") (TSX: NBLY), Canada's largest and fastest growing network of independent pharmacies, today announced its financial results for the sixteen-week period ended December 30, 2023 (the "third quarter 2024").

Neighbourly Pharmacy Logo (CNW Group/Neighbourly Pharmacy Inc.)
Neighbourly Pharmacy Logo (CNW Group/Neighbourly Pharmacy Inc.)

"Neighbourly's third quarter results reflect the continuing strength of our pharmacy business, thanks to our pharmacies' unwavering focus on delivering exceptional patient care," stated Skip Bourdo, the Company's Chief Executive Officer. "The team continued to deliver on our M&A and growth initiatives, adding another two pharmacies to the Neighbourly family," concluded Mr. Bourdo.

Third Quarter 2024 Highlights

  • Revenue for the third quarter increased to $284.0 million, up $18.7 million or 7.0% compared to prior year; 69% of the growth was driven by pharmacies acquired in the past 12 months.

  • Same store sales1 growth of 2.7% was driven by strong prescription and clinical services revenue, up 4.6% and 8.3% respectively; partially offset by softer front store sales, down 4.5% against the strong prior year performance of over the counter cold-and-flu medications.

  • Adjusted EBITDA2 for the third quarter increased to $31.2 million, up $2.6 million or 9.2% primarily due to the incremental contributions from pharmacies added to the Company's network in the past 12 months.

  • The Company acquired two pharmacy locations subsequent to the second quarter's earnings release, bringing the pharmacy network to 294 locations across Canada.

  • Adjusted Earnings per Share3 for the third quarter of $0.19, compared to $0.17 in the third quarter of 2023.

  • Pro-Forma Revenue3 of $905.9 million and Pro-Forma Adjusted EBITDA3 of $98.0 million.

_______________________________________

1 Same-store sales is a supplementary measure, which represents sales from comparable pharmacy locations that were owned and operated by the Company with more than 52 consecutive weeks of operations.

2 Adjusted EBITDA is a non-IFRS measure. See "Non-IFRS Measures" and the reconciliation to the most directly comparable IFRS measure at the conclusion of this news release.

3 Adjusted Earnings (Loss) per share, Proforma Revenue and Proforma EBITDA are non-IFRS measures. See "Non-IFRS Measures" and the reconciliation to the most directly comparable IFRS measure at the conclusion of this news release.

Neighbourly Privatization Highlights

  • On January 15, 2024, the Company entered into a definitive agreement (the "Arrangement Agreement"), whereby T.I.D. Acquisition Corp., a newly-formed entity controlled by PCP, would acquire all of the common shares in the capital of the Company, other than those common shares already owned by PCP or its affiliates, at a purchase price of $18.50 per common share, payable in cash plus one contingent value right ("CVR") per common share.

  • The CVR will entitle the holder to an additional cash payment of $0.61 per CVR if the Company's Pro-Forma Adjusted EBITDA target of $128.0 million for the fiscal year ending March 28, 2026 is achieved.

  • A circular in respect of the transaction was filed and mailed to all shareholders of record as of January 29, 2024 for a special meeting to be held on March 8, 2024.

  • The privatization transaction is expected to close by March 15, 2024, subject to shareholder approval and the satisfaction of customary closing conditions.

Selected Third Quarter 2024 Results 



Third quarter


Fiscal year

in 000's


2024

2023


2024

2023

Store count


294

284


294

284








Total Prescriptions 


4,692

4,379


11,412

9,341

Same-store prescription growth (%)


1.7 %

(2.2 %)


1.7 %

(1.4 %)








Revenue


$    283,958

$  265,286


$  684,000

$  558,537

Same-store sales growth (%)1


2.7 %

4.1 %


3.4 %

3.3 %

Pharmacy revenue as a % of revenue


79.0 %

77.4 %


79.6 %

78.3 %








Corporate, general & administrative ("CG&A") costs2


$     10,028

$       9,853


$    24,042

$    21,269

CG&A as a % of revenue


3.5 %

3.7 %


3.5 %

3.8 %








Adjusted EBITDA3


$     31,169

$    28,539


$     72,402

$     59,575

Adjusted EBITDA margin (%)


11.0 %

10.8 %


10.6 %

10.7 %








Pro-Forma Adjusted EBITDA for the 52 weeks ended4


$     98,007












Pro-Forma Revenue for the 52 weeks ended5


$   905,873





_____________

1 Same-store sales is a supplmentary measure, which represents sales from comparable pharmacy locations that were owned and operated by the
Company with more than 52 consecutive weeks of operations.

2 Corporate, general & administrative costs represents costs incurred at the corporate level (as opposed to costs incurred at the store level) and is a
component of Operating, general and administrative expenses. See reconciliation in the "Results of Operations".

3 Adjusted EBITDA is a non-IFRS financial measure and does not have any standard meaning under IFRS. Refer to "Reconciliation of Non-IFRS
Measures" of this MD&A for additional information including a reconciliation to the most comparable IFRS measure.

4 Pro-Forma Adjusted EBITDA is a non-IFRS financial measure and does not have any standard meaning under IFRS. Refer to "Reconciliation of Non-
IFRS Measures" of this MD&A for additional information including a reconciliation to the most comparable IFRS measure.

5 Pro-Forma Revenue is a non-IFRS financial measure and does not have any standard meaning under IFRS. Refer to "Reconciliation of Non-IFRS
Measures" of this MD&A for additional information including a reconciliation to the most comparable IFRS measure.

Dividend

Pursuant to the Arrangement Agreement, the Company will not pay any dividends (including the historical quarterly dividend of $0.045) to its shareholders until the closing of the Privatization transaction.

Third Quarter Financial Results 

Neighbourly's unaudited consolidated financial statements and accompanying notes, and Management's Discussion and Analysis for the third quarter 2024 are available on the Company's website at www.neighbourlypharmacy.ca and on SEDAR at www.sedar.com.

About Neighbourly Pharmacy Inc.

Neighbourly is Canada's largest and fastest growing network of community pharmacies. United by their patient first focus and their role as essential and trusted healthcare hubs within their communities, Neighbourly's pharmacies strive to provide accessible healthcare with a personal touch. Since 2015, Neighbourly has expanded its diversified national footprint to include 294 locations, reinforcing the Company's reputation as the industry's acquirer of choice.

Non-IFRS Measures

This press release makes reference to certain non-IFRS measures, such as "Adjusted EBITDA", "Adjusted EBITDA Margin", "Pro-Forma Adjusted EBITDA", "Pro-Forma Revenue", "Adjusted Net Income (Loss)" and "Adjusted Earnings (Loss) Per Share." Refer to the Company's Management's Discussion and Analysis dated February 13, 2024 for the sixteen weeks ended  December 30, 2023, which is available under the Company's profile on SEDAR at www.sedar.com, for an explanation of the composition of those non-IFRS measures, an explanation of how these non-IFRS measures provide useful information to investors and the additional purposes for which management uses these non-IFRS financial measures. These measures are not recognized under International Financial Reporting Standards ("IFRS") and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures are used to provide readers with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that market participants frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. See the financial table at the conclusion of this press release for a reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, Pro-Forma Adjusted EBITDA, Pro-Forma Revenue and Adjusted Net Income (Loss) to the most directly comparable IFRS measures.

Key-Performance Indicators

This press release makes reference to certain key performance indicators, such as Same-store sales and corporate, general & administrative costs. We monitor key performance indicators to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. These key performance indicators are also used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use industry metrics in the evaluation of issuers. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies.

Forward-Looking Statements

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may relate to our future financial results and may include information regarding our financial position, business strategy, growth strategies, financial results, taxes, dividend policy, plans and objectives. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "estimates", "outlook", "forecasts", "projection", "prospects", "intends", "anticipates", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking information in this news release includes, among other things, statements relating to the expected completion of acquisitions and timing thereof, the expected impact of acquisitions on the Company's financial results and expected accretion, the payment of dividends, and same store sales improvements.

Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that the Company considered appropriate and reasonable as of the date such statements are made in light of its experience and perception of historical trends, current conditions and expected future developments. Such estimates and assumptions include the satisfaction of all conditions of closing and the successful completion of probable acquisitions within the anticipated timeframe, including receipt of regulatory approvals. Further, forward-looking information is subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks and uncertainties related to probable acquisitions, including the failure to receive or delay in receiving regulatory approvals or otherwise satisfy the conditions to the completion such acquisitions, in a timely manner, or at all, and the reliance on information provided by the relevant sellers, as well as other factors discussed or referred to in the Company's Management's Discussion and Analysis for the sixteen weeks ended December 30, 2023 (the "MD&A") and under the heading "Risk Factors" in the Company's annual information form (the "AIF") filed on June 8, 2023. If any of these risks or uncertainties materialize, or if the opinions, estimates, or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. The opinions, estimates or assumptions referred to above and described in greater detail elsewhere in the MD&A as well as in the "Risk Factors" section of the AIF should be considered carefully by prospective investors. The pro forma information set forth in this press release should not be considered to be what the actual financial position or other results of operations would have necessarily been had the probable acquisitions discussed herein been completed as, at, or for the periods stated.

Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents the Company's expectations as of the date of this press release (or as the date they are otherwise stated to be made) and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events, or otherwise, except as required under applicable securities laws in Canada. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.

Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) 




16 weeks ended


40 weeks ended

000's


Dec 30, 2023

Dec 31, 2022


Dec 30, 2023

Dec 31, 2022









Revenue


$               283,958

$             265,286


$            684,000

558,537

Cost of sales


170,610

161,742


413,397

342,259









Gross Profit


113,348

103,544


270,603

216,278









Operating, general and administrative expenses


85,254

76,786


206,595

160,623

Acquisition, transaction and integration costs


3,619

3,437


6,402

15,547

Depreciation and amortization


21,515

27,398


53,333

43,601

Impairment loss


-

-


628

-









Operating (loss) income


2,960

(4,077)


3,645

(3,493)









Finance costs, net


11,211

9,016


26,779

6,350

Change in fair value of financial assets and liabilities


(3,227)

(2,568)


9,210

(2,605)









(Loss) income before income taxes


(5,024)

(10,525)


(32,344)

(7,238)









Income tax expense (recovery) 


(482)

(1,911)


(5,581)

1,984









Net loss and comprehensive loss for the period


(4,542)

(8,614)


(26,763)

(9,222)









Attributable to:








Shareholders of the Company


$                   (4,827)

(8,975)


(27,391)

(10,189)


Non-controlling interest


285

361


628

967




(4,542)

(8,614)


(26,763)

(9,222)









Net loss per share attributable to shareholders of the Company







basic and diluted


$                     (0.11)

(0.20)


(0.61)

(0.25)

Condensed Consolidated Statements of Financial Position

in 000's


December 30, 2023

March 25, 2023

Assets









Current assets:




          Cash


17,488

22,889

          Trade and other receivables


38,479

38,236

          Inventory


96,952

94,277

          Prepaid expenses and other assets


4,598

3,898

          Assets held for sale


2,593

2,099




160,110

161,399






Property and equipment, net


26,329

27,986

Right-of-use assets, net


73,086

80,207

Intangible assets, net


343,242

353,219

Goodwill


487,786

456,311

Deferred tax assets


20,238

19,750

Other assets


1,688

3,129




952,369

940,602









1,112,479

1,102,001






Liabilities and Equity









Current liabilities:




          Accounts payable and other liabilities


109,278

105,697

 

          Promissory notes payable


-

62

 

          Current portion of long-term borrowings

7,500

3,750

 


          Current portion of lease liabilities


23,715

22,808




140,493

132,317






Long-term borrowings


255,566

225,237

Lease liabilities


57,509

64,637

Deferred tax liabilities


61,838

64,322

Other liabilities



6,428

-




381,341

354,196




521,834

486,513






Equity:




          Share capital


868,284

867,052

          Contributed surplus


19,271

10,876

          Deficit


(300,945)

(267,513)



586,610

610,415

          Non-controlling interest


4,035

5,073



590,645

615,488









1,112,479

1,102,001

Condensed Consolidated Statements of Cash Flows





16 weeks ended


40 weeks ended

000's


December 30,
2023

December 31,
2022


December 30,
2023

December 31,
2022










Operating Activities:








Net loss for the period


(4,542)

(8,614)


(26,763)

(9,223)


Adjustments for non-cash items:








Depreciation and amortization


21,515

27,398


53,333

43,601


Impairment loss


-

-


628

-


Share-based compensation


3,075

1,781


8,395

3,920


Gain (loss) on disposal of property and equipment


-

16


-

27


Finance costs (income), net


11,211

9,016


26,779

6,351


Change in fair value of financial assets and liabilities


(3,227)

(2,568)


9,210

(2,605)


Provision for income taxes


(482)

(1,911)


(5,581)

1,984


Lease renewals and modifications


(55)

-


(13)

(137)


Loss on remeasurement of held for sale assets


-

90


-

534


Change in non-cash operating working capital


6,981

6,710


3,162

(8,408)


Income taxes recovered (paid)


862

12


(595)

256


Payment of contingent consideration


-

-


-

(12)





35,338

31,930


68,555

36,288










Financing Activities:








Proceeds from issuance of common shares, net of issuance costs


-

-


-

282,784


Proceeds from exercise of stock options


-

1,382


1,232

1,450


Proceeds from long-term borrowings


5,109

6,452


42,375

157,626


Repayment of long-term borrowing


(1,250)

-


(14,500)

-


Transaction costs related to long-term borrowings


(60)

(60)


(60)

(2,036)


Interest Paid


(6,814)

(4,883)


(16,347)

(10,079)


Dividends and distributions paid


(4,622)

(4,337)


(9,004)

(9,149)


Payment of lease liabilities


(6,457)

(6,512)


(19,196)

(16,230)


Proceeds from cancellation of shares


-

-


-

900





(14,094)

(7,958)


(15,500)

405,266










Investing Activities:








Acquisition of property and equipment


(1,936)

(2,020)


(4,415)

(7,062)


Acquisition of intangible assets


(386)

(131)


(580)

(463)


Acquisition of other assets


-

-


-

(3)


Business combinations, net of cash acquired


(13,514)

(13,389)


(54,185)

(456,991)


Proceeds from sale of assets held for sale


281

2,228


606

2,228


Interest received


18

34


118

115





(15,537)

(13,278)


(58,456)

(462,176)










Net change in cash for the period


5,707

10,694


(5,401)

(20,622)

Cash, beginning of the period


11,781

9,094


22,889

40,410

Cash, end of period


17,488

19,788


17,488

19,788

Reconciliation from IFRS to Non-IFRS Measures

The following tables provide a reconciliation of loss and comprehensive loss to Adjusted EBITDA, Adjusted Net Income (Loss) and Pro-Forma Adjusted EBITDA, and of Revenue to Pro-Forma Revenue, for the periods indicated:



16 weeks ended


40 weeks ended 


12 weeks ended 

in 000's (unless otherwise stated)


2024

2023


2024

2023


2023

Income (Loss) and Comprehensive Income (loss) for the period


(4,542)

(8,614)


(26,763)

(9,222)


(5,577)

Income tax expense (recovery)


(482)

(1,911)


(5,581)

1,984


(6,546)

Finance Costs, net


11,211

9,016


26,779

6,350


8,356

Fair value changes of financial liabilities


(3,227)

(2,568)


9,210

(2,605)


2,157

Depreciation and amortization


21,515

27,398


53,333

43,601


16,235

Impairment loss


-

-


628

-


723

Acquisition, transaction and integration costs


3,619

3,437


6,402

15,547


3,341

Share-based compensation1


3,075

1,781


8,395

3,920


925

Adjusted EBITDA


31,169

28,539


72,403

59,575


19,614










Revenue


283,958

265,286


684,000

558,537


190,612

Adjusted EBITDA margin


11.0 %

10.8 %


10.6 %

10.7 %


10.3 %

 

 

 

Pro-forma Adjusted EBITDA

 



Adjusted EBITDA for the 40 weeks ended December 30, 2023


72,403

Adjusted EBITDA for the 12 weeks ended March 25, 2023


19,614

Incremental Adjusted EBITDA for new stores acquired after December 31, 2022 as if owned on December 31, 20222


5,302

Incremental Adjusted EBITDA for stores acquired, or to be acquired on or after December 30, 2023 as if owned on December 31, 20223


688

Pro-forma Adjusted EBITDA for the 52 weeks ended December 30, 2023


98,007

 

Pro-forma Revenue

 



Revenue for the 40 weeks ended December 30, 2023


684,000

Adjusted EBITDA for the 12 weeks ended March 25, 2023


190,612

Incremental Revenue for the new stores acquired after December 31, 2022 as if owned on December 31, 20224


25,496

Incremental Revenue for the stores acquired, or to be acquired on or after  December 30, 2023 as if owned on December 31, 20225


5,765

Pro-forma Revenue for the 52 weeks ended December 30, 2023


905,873

Notes:

Represents non-cash expenses recognized in connection with share-based compensation in respect of our legacy stock option plan and omnibus long-term equity incentive compensation plans.

2 The Company regularly acquires pharmacies and estimates that if it had acquired each of the pharmacies that it acquired during the 52 weeks prior to December 30, 2023 on December 31, 2022, it would have recorded additional Adjusted EBITDA of $5,302 for the 52 weeks ended December 30, 2023. This estimate is based on the amount of EBITDA budgeted by the Company for each of the acquired pharmacies to be earned at the time of their acquisition. There can be no assurance that if the Company had acquired these pharmacies on  December 31, 2022, they would have actually generated such budgeted EBITDA, nor is this estimate indicative of future results.

3 The Company regularly acquires pharmacies and estimates that if it had acquired each of the pharmacies that it acquired or has announced to be acquired after December 30, 2023 on December 31, 2022, it would have recorded additional Adjusted EBITDA of $688 for the 52 weeks ending December 30, 2023. This estimate is based on the amount of EBITDA budgeted by the Company for each of the acquired pharmacies to be earned at the time of their acquisition. There can be no assurance that if the Company had acquired these pharmacies on December 31, 2022, they would have actually generated such budgeted EBITDA, nor is this estimate indicative of future results.

4 The Company regularly acquires pharmacies and estimates that if it had acquired each of the pharmacies that it acquired during the 52 weeks prior to December 30, 2023 on December 31, 2022, it would have recorded additional Revenue of $25,496 for the 52 weeks ended December 30, 2023. This estimate is based on the amount of Revenue budgeted by the Company for each of the acquired pharmacies to be generated at the time of their acquisition. There can be no assurance that if the Company had acquired these pharmacies on December 31, 2022, they would have actually generated such budgeted Revenue, nor is this estimate indicative of future results.

5 The Company regularly acquires pharmacies and estimates that if it had acquired each of the pharmacies that it acquired or has announced to be acquired after December 30, 2023 on December 31, 2022, it would have recorded additional Revenue of $5,765 for the 52 weeks ended December 30, 2023. This estimate is based on the amount of Revenue budgeted by the Company for each of the acquired pharmacies to be generated at the time of their acquisition. There can be no assurance that if the Company had acquired these pharmacies on December 31, 2022, they would have actually generated such Revenue, nor is this estimate indicative of future results.




Third quarter



40 weeks ended

in 000's



2024

2023



2024

2023










Loss and Comprehensive loss for the period



(4,542)

(8,614)



(26,763)

(9,222)

Adjustments, pre-tax:









Fair value changes of financial liabilities



(3,227)

(2,568)



9,210

(2,605)

Amortization on customer lists



12,342

18,470



30,202

24,635

Impairment loss



-

-



628

-

Acquisition, transaction and integration costs



3,619

3,437



6,402

15,547

Share-based compensation1



3,075

1,781



8,395

3,920

Gain on Debt Modification2



-

-



-

(8,703)

Income tax impact on non-GAAP adjustments



(931)

(3,221)



(1,927)

(7,595)

Deferred tax expense (recovery)3



(1,856)

(1,616)



(7,141)

351

Adjusted net income



8,480

7,667



19,006

16,327










Adjusted weighted average number of shares (000's)4



44,808

44,350



44,725

40,997

Adjusted Earnings per share



0.19

0.17



0.42

0.40










__________________________________

Notes:

Represents non-cash expenses recognized in connection with share-based compensation in respect of our legacy stock option plan and omnibus long-term equity incentive compensation plans.

2  Represents the non-cash gain on debt modification related to the revaluation of the Company's credit facility that was refinanced concurrent with the IPO with an extended maturity and more favourable interest rate terms.

3  Represents the portion of the Company's tax provision that is deferred as detailed in the notes to the Interim Financial Statements.

4  Adjusted weighted average number of shares outstanding adjusted to reflect all preferred shares and related accrued dividends outstanding as though they were converted to common shares at the beginning of the respective period.


SOURCE Neighbourly Pharmacy Inc.

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