{"id":381527,"date":"2020-11-16T07:33:24","date_gmt":"2020-11-16T12:33:24","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=381527"},"modified":"2020-11-16T07:33:24","modified_gmt":"2020-11-16T12:33:24","slug":"nuvo-pharmaceuticals-announces-third-quarter-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/nuvo-pharmaceuticals-announces-third-quarter-2020-results\/","title":{"rendered":"Nuvo Pharmaceuticals\u00ae Announces Third Quarter 2020 Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span>\u00a0<\/span>\n      <\/p>\n<p class=\"prntac\">\n        <i><br \/>\n          <i>&#8211;<\/i>\u00a0<i>Q3 2020 Adjusted Total Revenue &#8211; <span class=\"xn-money\">$16.7 million<\/span> &#8211;<\/i><br \/><i>&#8211;<\/i>\u00a0<i>Q3 2020 Adjusted EBITDA &#8211; <span class=\"xn-money\">$6.6 million<\/span> &#8211;<\/i><br \/><i>&#8211;<\/i><i> Blexten Canadian Prescriptions Increased 30% Year-Over-Year &#8211;<\/i><br \/><i>&#8211;<\/i>\u00a0<i>Cambia Canadian Prescriptions Increased 13% Year-Over-Year &#8211;<\/i><\/i>\n      <\/p>\n<p class=\"prntac\">\n<p class=\"prntac\">\u00a0 <b><i>Nuvo to Host Conference Call\/Audio Webcast <span class=\"xn-chron\">November 16<\/span> at <span class=\"xn-chron\">8:30 a.m. ET<\/span><\/i><\/b><\/p>\n<p>\n          <span class=\"xn-location\">MISSISSAUGA, ON<\/span>, <span class=\"xn-chron\">Nov. 16, 2020<\/span> \/PRNewswire\/ &#8211; Nuvo Pharmaceuticals Inc. (Nuvo or the Company) (TSX:\u00a0NRI) (OTCQX: NRIFF), a Canadian focused, healthcare company with global reach and a diversified portfolio of commercial products, today announced its financial and operational results for the three and nine months ended <span class=\"xn-chron\">September 30<\/span>, 2020.\u00a0 For further details on the results, please refer to Nuvo&#8217;s Management, Discussion and Analysis (MD&amp;A) and Condensed Consolidated Interim Financial Statements for the three and nine months ended <span class=\"xn-chron\">September 30, 2020<\/span> which are available on the Company&#8217;s website (<u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2982309-1&amp;h=4116638443&amp;u=http%3A%2F%2Fwww.nuvopharmaceuticals.com%2F&amp;a=www.nuvopharmaceuticals.com\" rel=\"nofollow noopener noreferrer\">www.nuvopharmaceuticals.com<\/a><\/u>).\u00a0 All figures are in Canadian dollars, unless otherwise noted.<\/p>\n<p>\n          <b>Key Developments<br \/><\/b>Three months ended <span class=\"xn-chron\">September 30, 2020<\/span> include the following: <\/p>\n<ul type=\"disc\">\n<li>Adjusted total revenue<sup>(1)<\/sup> was <span class=\"xn-money\">$16.7 million<\/span>, a decrease of 12% compared to <span class=\"xn-money\">$18.9 million<\/span> for the three months ended <span class=\"xn-chron\">September 30, 2019<\/span>.\n<\/li>\n<li>Adjusted EBITDA<sup>(1)<\/sup> was <span class=\"xn-money\">$6.6 million<\/span>, a decrease of 15% compared to <span class=\"xn-money\">$7.8 million<\/span> for the three months ended <span class=\"xn-chron\">September 30<\/span>, 2019.\u00a0\n<\/li>\n<li>The Company&#8217;s Commercial Business segment includes the promoted products &#8211; Blexten<sup>\u00ae<\/sup> and Cambia<sup> \u00ae<\/sup>.\u00a0 Revenue related to these products was <span class=\"xn-money\">$6.4 million<\/span>, an increase of 21% compared to revenue of <span class=\"xn-money\">$5.3 million<\/span> for the three months ended <span class=\"xn-chron\">September 30<\/span>, 2019.\u00a0 Canadian prescriptions of Blexten and Cambia increased by 30% and 13%, respectively compared to the three months ended <span class=\"xn-chron\">September 30, 2019<\/span>.\n<\/li>\n<li>Principal loan repayments of <span class=\"xn-money\">$3.7 million<\/span> (<span class=\"xn-money\">US$2.8 million<\/span>). <\/li>\n<\/ul>\n<p>Nine months ended <span class=\"xn-chron\">September 30, 2020<\/span> include the following: <\/p>\n<ul type=\"disc\">\n<li>Adjusted total revenue<sup>(1)<\/sup> was <span class=\"xn-money\">$53.6 million<\/span>, a decrease of 3% compared to <span class=\"xn-money\">$55.1 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>.\n<\/li>\n<li>Adjusted EBITDA<sup>(1)<\/sup> was <span class=\"xn-money\">$22.2 million<\/span>, an increase of 19% compared to <span class=\"xn-money\">$18.7 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30<\/span>, 2019.\u00a0\n<\/li>\n<li>Revenue related to Blexten and Cambia was <span class=\"xn-money\">$18.7 million<\/span>, an increase of 34% compared to revenue of <span class=\"xn-money\">$13.9 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30<\/span>, 2019.\u00a0 Canadian prescriptions of Blexten and Cambia increased by 37% and 13%, respectively compared to the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>.\n<\/li>\n<li>Principal loan repayments of <span class=\"xn-money\">$18.8 million<\/span> (<span class=\"xn-money\">US$14.0 million<\/span>). <\/li>\n<\/ul>\n<div>\n<table id=\"convertedTable10e0\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <sup>(1)<\/sup><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">Non-International Financial Reporting Standards (IFRS) financial measure defined by the Company below.<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n          <b>Business Update <\/b>\n        <\/p>\n<ul type=\"disc\">\n<li>As a result of the COVID-19 pandemic, the Company has made changes to operations to ensure our employees are safe and healthy, while the business continues to supply global partners, wholesalers, pharmacies, and ultimately patients, with our healthcare products. The Commercial Business segment had continued organic growth of its key promoted products &#8211; Blexten and Cambia. The possibility of future supply disruptions resulted in forward buying linked to the COVID-19 pandemic which increased revenue in the three months ended <span class=\"xn-chron\">March 31, 2020<\/span> and reduced revenue in the three months ended <span class=\"xn-chron\">June 30, 2020<\/span> as the pandemic progressed. Buying patterns stabilized in the three months ended <span class=\"xn-chron\">September 30, 2020<\/span>. It is anticipated that the COVID-19 pandemic may continue to impact the timing of revenue in future quarters and the Company will monitor market dynamics accordingly.\n<\/li>\n<li>In <span class=\"xn-chron\">September 2020<\/span>, Aralez Pharmaceuticals Canada, Inc. (Aralez Canada) received notice that Health Canada had issued a medical device license for two new line extensions of NeoVisc<sup>\u00ae<\/sup>. NeoVisc is a viscosupplement used to replenish the synovial fluid in the joints of patients with osteoarthritis. NeoVisc One contains the lowest injection volume (only 4ml) available for single-dose viscosupplements in <span class=\"xn-location\">Canada<\/span>. Neovisc Plus consists of a three injection dosing system that is administered to a patient over the course of a few weeks. In some patients, a three dose treatment may provide longer relief.\n<\/li>\n<li>In <span class=\"xn-chron\">September 2020<\/span>, Aralez Canada launched Suvexx<sup>\u00ae<\/sup> into the approximately <span class=\"xn-money\">$130 million<\/span> Canadian prescription acute migraine market. Suvexx (sumatriptan succinate and naproxen sodium tablets) is a fixed-dose combination prescription medication, indicated for the acute treatment of migraine attacks with or without aura in adults. Suvexx helps patients manage acute migraine attacks using a combination of sumatriptan succinate and naproxen sodium in a single tablet.\n<\/li>\n<li>In <span class=\"xn-chron\">August 2020<\/span>, the Blexten pediatric dossier was accepted for review by Health Canada. If approved, Blexten pediatric will be available in both an oral syrup formulation (2.5mg\/ml) and an orally dispersible tablet formulation (10mg tablets). A regulatory decision from Health Canada is anticipated by mid-2021.\n<\/li>\n<li>During the three months ended <span class=\"xn-chron\">September 30, 2020<\/span>, the Company made a <span class=\"xn-money\">$3.7 million<\/span> (<span class=\"xn-money\">US$2.8 million<\/span>) principal repayment on the Amortization Loan, included within the loans held by Deerfield Management Company, L.P and its related entities (the Deerfield Loans). Since <span class=\"xn-chron\">January 1, 2020<\/span>, the Company has repaid <span class=\"xn-money\">$18.8 million<\/span> (<span class=\"xn-money\">US$14.0 million<\/span>) of the Deerfield Loans &#8211; <span class=\"xn-money\">$4.5 million<\/span> (<span class=\"xn-money\">US$3.5 million<\/span>) to discharge the Bridge Loan which bore interest at 12.5% and <span class=\"xn-money\">$14.2 million<\/span> (<span class=\"xn-money\">US$10.5 million<\/span>) against the Amortization Loan which bears interest at 3.5%. As of <span class=\"xn-chron\">September 30, 2020<\/span>, the total remaining balances of the Deerfield Loans consisted of: <span class=\"xn-money\">US$49.5 million<\/span> on the Amortization Loan and <span class=\"xn-money\">US$52.5 million<\/span> on the Convertible Loan both of which bear interest at 3.5%.<\/li>\n<\/ul>\n<p>&#8220;In September, we launched our innovative treatment for acute migraine attacks, Suvexx, into the Canadian market.\u00a0 Thus far, the Suvexx launch has been well received with encouraging feedback from physicians and patients who now have access to this new medicine.\u00a0 Despite the COVID-19 pandemic, our key promoted products, Blexten and Cambia, have continued to grow both in terms of total prescriptions and market share versus 2019. \u00a0The loss of the guaranteed minimum royalty for Vimovo in the U.S. has negatively impacted our top-line sales revenue; however, the restructuring we implemented in Q2 2019 has helped to improve both our adjusted EBITDA and cash from operating activities during the quarter and year-to-date,&#8221; said\u00a0Jesse Ledger, Nuvo&#8217;s President &amp; CEO. \u00a0&#8220;In Q3, we made continued progress in repaying our debt to <span class=\"xn-location\">Deerfield<\/span> and have now repaid over <span class=\"xn-money\">$18 million<\/span> year-to-date.\u00a0 We continue to meet our growth strategy objectives and look forward to a strong finish to the year.&#8221;<\/p>\n<p>\n          <b>Third Quarter 2020 Financial Results\u00a0 <br \/><\/b>Total revenue is comprised of product sales, license revenue and contract revenue.\u00a0 Total revenue was <span class=\"xn-money\">$16.6 million<\/span> and <span class=\"xn-money\">$56.5 million<\/span> for the three and nine months ended <span class=\"xn-chron\">September 30, 2020<\/span> compared to <span class=\"xn-money\">$18.8 million<\/span> and <span class=\"xn-money\">$50.0 million<\/span> for the three and nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>. <\/p>\n<p>Adjusted total revenue was\u00a0$16.7 million and <span class=\"xn-money\">$53.6 million<\/span> for the three and nine months ended <span class=\"xn-chron\">September 30, 2020<\/span> compared to <span class=\"xn-money\">$18.9 million<\/span> and <span class=\"xn-money\">$55.1 million<\/span> for the three and nine months ended <span class=\"xn-chron\">September 30<\/span>, 2019.\u00a0 The <span class=\"xn-money\">$2.2 million<\/span> decrease in adjusted total revenue in the current quarter was primarily attributable to a decrease of <span class=\"xn-money\">$1.6 million<\/span> of revenue in the Licensing and Royalty Business segment, combined with a decrease of <span class=\"xn-money\">$0.4 million<\/span> of revenue in the Production and Service Business segment and a <span class=\"xn-money\">$0.1 million<\/span> decrease in revenue from the Commercial Business segment. The Commercial Business segment revenue had continued organic growth of its key promoted products &#8211; Blexten and Cambia.\u00a0 The possibility of future supply disruptions resulted in forward buying linked to the COVID-19 pandemic which increased revenue in the three months ended <span class=\"xn-chron\">March 31, 2020<\/span> and reduced revenue in the three months ended <span class=\"xn-chron\">June 30, 2020<\/span> and stabilized in the three months ended <span class=\"xn-chron\">September 30, 2020<\/span> as the pandemic progressed and buying patterns returned to normal. \u00a0The COVID-19 pandemic may impact the timing of revenue in future quarters and the Company will continue to monitor market dynamics accordingly.\u00a0 For the three months ended <span class=\"xn-chron\">September 30, 2020<\/span>, the Licensing and Royalty Business segment revenue decreased primarily due to a reduction in both U.S. and rest of world net sales of Vimovo. The Production and Service Business segment revenue decreased as a result of a decrease in the Company&#8217;s Pennsaid product sales.\u00a0 <\/p>\n<p>Adjusted EBITDA was <span class=\"xn-money\">$6.6 million<\/span> and <span class=\"xn-money\">$22.2 million<\/span> for the three and nine months ended <span class=\"xn-chron\">September 30, 2020<\/span> compared to <span class=\"xn-money\">$7.8 million<\/span> and <span class=\"xn-money\">$18.7 million<\/span> for the three and nine months ended <span class=\"xn-chron\">September 30<\/span>, 2019.\u00a0 The decrease in the current quarter was primarily attributable to the decrease in gross profit of <span class=\"xn-money\">$2.4<\/span> (net of revenue recognized upon recognition of contract assets, amounts billed to customers for existing contract assets and inventory-step up expenses, partially offset by a decrease in general and administrative (G&amp;A) expenses (net of amortization).\u00a0 This decline in gross profit was due to a decrease in adjusted total revenue, partially offset by an increase in gross margin percentage on product sales due to the receipt of the <span class=\"xn-location\">Canada<\/span> Emergency Wage Subsidy, as well as changes in product mix.<\/p>\n<p>Gross profit on total revenue was <span class=\"xn-money\">$10.2 million<\/span> or 61% and <span class=\"xn-money\">$39.1 million<\/span> or 69% for the three and nine months ended <span class=\"xn-chron\">September 30, 2020<\/span> compared to a gross profit of <span class=\"xn-money\">$11.3 million<\/span> or 60% and <span class=\"xn-money\">$30.0 million<\/span> or 60% for the three and nine months ended <span class=\"xn-chron\">September 30<\/span>, 2019.\u00a0 The decrease in gross profit for the current three was primarily attributable to a decrease in license revenue, partially offset by an increase in gross margin on product sales (See <i>Total Revenue<\/i> above).\u00a0 The increase in gross profit for the current nine-month period was primarily attributable to an increase in license revenue and gross margin on product sales (See <i>Total Revenue<\/i> above).<\/p>\n<p>\n          <b>Non-IFRS Financial Measures<br \/><\/b>The Company discloses non-IFRS measures (such as adjusted total revenue, adjusted EBITDA and adjusted EBITDA per share) that do not have standardized meanings prescribed by IFRS.\u00a0 The Company believes that shareholders, investment analysts and other readers find such measures helpful in understanding the Company&#8217;s financial performance and in interpreting the effect of the Aralez Transaction and the Deerfield Financing on the Company.\u00a0 Non-IFRS financial measures 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. <\/p>\n<p>The following is a summary of how adjusted total revenue is calculated:<\/p>\n<div class=\"prntal\">\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen5\">\n                \n              <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">Three months ended <br \/>September 30<\/span>\n                <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">Nine months ended <br \/>\u00a0September 30<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n                \n              <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>2020<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">2019<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>2020<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">2019<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">in thousands<\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>$<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">$<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>$<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">$<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b><br \/>\n                      <i>Total revenue <\/i><br \/>\n                    <\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>16,601<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">18,823<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>56,492<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">49,953<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">Add:<\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n                \n              <\/td>\n<td class=\"prngen5\">\n                \n              <\/td>\n<td class=\"prngen5\">\n                \n              <\/td>\n<td class=\"prngen5\">\n                \n              <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnml20\">\n                  <span class=\"prnews_span\">Amounts billed to customers for existing contract assets<\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>68<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">66<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>2,632<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">5,127<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">Deduct: <\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n                \n              <\/td>\n<td class=\"prngen5\">\n                \n              <\/td>\n<td class=\"prngen5\">\n                \n              <\/td>\n<td class=\"prngen5\">\n                \n              <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnml20\">\n                  <span class=\"prnews_span\">Revenue recognized upon recognition of a contract asset<\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>&#8211;<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">&#8211;<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>(5,496)<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">&#8211;<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>Adjusted total revenue<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>16,669<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">18,889<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>53,628<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">55,080<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n          <b>Adjusted EBITDA<br \/><\/b>EBITDA refers to net income (loss) determined in accordance with IFRS, before depreciation and amortization, net interest expense (income) and income tax expense (recovery).\u00a0 The Company defines adjusted EBITDA as net income before net interest expense (income), depreciation and amortization and income tax expense (recovery) (EBITDA), plus amounts billed to customers for existing contract assets, inventory step-up expenses, stock-based compensation expense, Other Expenses (Income), less revenue recognized upon recognition of a contract asset and other income.\u00a0 Managexment believes adjusted EBITDA is a useful supplemental measure to determine the Company&#8217;s ability to generate cash available for working capital, capital expenditures, debt repayments, interest expense and income taxes. <\/p>\n<p>The following is a summary of how EBITDA and adjusted EBITDA are calculated:<\/p>\n<div class=\"prntal\">\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen5\">\n                \n              <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">Three months ended <br \/>September 30<\/span>\n                <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">Nine months ended <br \/>\u00a0September 30<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n                \n              <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>2020<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">2019<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>2020<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">2019<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">in thousands<\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>$<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">$<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>$<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">$<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b><br \/>\n                      <i>Net income (loss) <\/i><br \/>\n                    <\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>(2,832)<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">4,425<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>(6,528)<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">3,817<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">Add back:<\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n                \n              <\/td>\n<td class=\"prngen5\">\n                \n              <\/td>\n<td class=\"prngen5\">\n                \n              <\/td>\n<td class=\"prngen5\">\n                \n              <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnml40\">\n                  <span class=\"prnews_span\">Income tax expense (recovery)<\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>(7)<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">(151)<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>1,587<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">(1)<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnml40\">\n                  <span class=\"prnews_span\">Net interest expense<\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>2,904<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">3,166<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>9,019<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">7,163<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnml40\">\n                  <span class=\"prnews_span\">Depreciation and amortization<\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>2,250<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">2,349<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>6,965<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">7,234<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbts prnsbr1 prnvab prnsbb1 prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>EBITDA<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>2,315<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">9,789<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>11,043<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">18,213<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">Add back:<\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n                \n              <\/td>\n<td class=\"prngen5\">\n                \n              <\/td>\n<td class=\"prngen5\">\n                \n              <\/td>\n<td class=\"prngen5\">\n                \n              <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnml40\">\n                  <span class=\"prnews_span\">Amounts billed to customers for existing contract assets<\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>68<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">66<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>2,632<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">5,127<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnml40\">\n                  <span class=\"prnews_span\">Stock-based compensation<\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>50<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">112<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>208<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">343<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">Deduct: <\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n                \n              <\/td>\n<td class=\"prngen5\">\n                \n              <\/td>\n<td class=\"prngen5\">\n                \n              <\/td>\n<td class=\"prngen5\">\n                \n              <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnml40\">\n                  <span class=\"prnews_span\">Revenue recognized upon recognition of a contract asset<\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>&#8211;<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">&#8211;<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>(5,496)<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">&#8211;<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <i>Other Expenses (Income):<\/i><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n                \n              <\/td>\n<td class=\"prngen5\">\n                \n              <\/td>\n<td class=\"prngen5\">\n                \n              <\/td>\n<td class=\"prngen5\">\n                \n              <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnml40\">\n                  <span class=\"prnews_span\">Change in fair value of derivative liabilities<sup>(1)<\/sup><\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>5,240<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">(3,890)<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>11,141<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">(31,471)<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnml40\">\n                  <span class=\"prnews_span\">Change in fair value of contingent and variable consideration<\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>(289)<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">(205)<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>1,586<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">(640)<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnml40\">\n                  <span class=\"prnews_span\">Contract asset impairment<sup>(2)<\/sup><\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>&#8211;<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">&#8211;<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>&#8211;<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">23,621<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnml40\">\n                  <span class=\"prnews_span\">Foreign currency loss (gain) <\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>(1,146)<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">201<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>1,441<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">(1,517)<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnml40\">\n                  <span class=\"prnews_span\">Inventory step-up<\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>358<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">1,580<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>1,059<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">4,104<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnml40\">\n                  <span class=\"prnews_span\">Other losses (gains)<\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>(31)<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">131<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>(1,413)<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">892<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>Adjusted EBITDA<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>6,565<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">7,784<\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>22,201<\/b><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">18,672<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table id=\"convertedTablee3c4\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prnsbtb0 prnrbrb0 prnvat prnsbtb0 prntal prnpl6 prnsblb0 prnpr8\">\n                \n              <\/td>\n<td class=\"prnsbtb0 prnrbrb0 prnvab prnsbtb0 prnpl6 prnsblb0 prnpr8\">\n                \n              <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <sup>(1)<\/sup><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">As a result of the increase in the share price in the current three-month period, combined with an increase in the volatility, partially offset by a decrease in the risk-adjusted discount rate, the value of the Company&#8217;s derivative liabilities increased and the Company recognized a net non-cash charge of $5.2 million and $11.1 million on the change in fair value of derivative liabilities for the three and nine months ended September 30, 2020.<\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <sup>(2)<\/sup><br \/>\n                  <\/span>\n                <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\">In the nine months ended September 30, 2019, the Company recognized a non-cash $23.6 million impairment charge related to the Vimovo contract asset.\u00a0 <\/span>\n                <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n          <b>Management to Host Conference Call\/Webcast<br \/><\/b>Management will host a conference call to discuss the results today (<span class=\"xn-chron\">Monday, November 16, 2020<\/span>) at <span class=\"xn-chron\">8:30 a.m. ET<\/span>.\u00a0 To participate in the conference call, please dial 416 764 8688 or 1 888 390 0546.\u00a0 Please call in 15 minutes prior to the call to secure a line.\u00a0 You will be put on hold until the conference call begins.<\/p>\n<p>A taped replay of the conference call will be available two hours after the live conference call and will be accessible until midnight on <span class=\"xn-chron\">November 23, 2020<\/span> by calling 416 764 8677 or 1 888 390 0541 \/ replay passcode: 499774#.<\/p>\n<p>A live audio webcast of the conference call will be available through <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2982309-1&amp;h=4116638443&amp;u=http%3A%2F%2Fwww.nuvopharmaceuticals.com%2F&amp;a=www.nuvopharmaceuticals.com\" rel=\"nofollow noopener noreferrer\">www.nuvopharmaceuticals.com<\/a><\/u>.\u00a0 Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to hear the webcast.<\/p>\n<p>\n          <b>About Nuvo Pharmaceuticals Inc<br \/><\/b>Nuvo (TSX: NRI; OTCQX: NRIFF) is a Canadian focused, healthcare company with global reach and a diversified portfolio of commercial products.\u00a0 The Company&#8217;s products target several therapeutic areas, including pain, allergy and dermatology. \u00a0The Company&#8217;s strategy is to in-license and acquire growth-oriented, complementary products for Canadian and international markets.\u00a0 Nuvo&#8217;s head office is located in <span class=\"xn-location\">Mississauga, Ontario, Canada<\/span>, the international operations are located in <span class=\"xn-location\">Dublin, Ireland<\/span> and its manufacturing facility is located in <span class=\"xn-location\">Varennes<\/span>, Qu\u00e9bec, Canada.\u00a0 The <span class=\"xn-location\">Varennes<\/span> facility operates in a Good Manufacturing Practices (GMP) environment respecting the U.S, <span class=\"xn-location\">Canada<\/span> and E.U. GMP regulations and is regularly inspected by Health Canada and the U.S. Food and Drug Administration.\u00a0 For additional information, please visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2982309-1&amp;h=4116638443&amp;u=http%3A%2F%2Fwww.nuvopharmaceuticals.com%2F&amp;a=www.nuvopharmaceuticals.com\" rel=\"nofollow noopener noreferrer\">www.nuvopharmaceuticals.com<\/a>.<\/p>\n<p>\n          <b>Forward-Looking Statements <br \/><\/b><br \/>\n          <i>This press release contains &#8220;forward-looking information&#8221; as defined under Canadian securities laws (collectively, &#8220;forward-looking statements&#8221;). The words &#8220;plans&#8221;, &#8220;expects&#8221;, &#8220;does not expect&#8221;, &#8220;goals&#8221;, &#8220;seek&#8221;, &#8220;strategy&#8221;, &#8220;future&#8221;, &#8220;estimates&#8221;, &#8220;intends&#8221;, &#8220;anticipates&#8221;, &#8220;does not anticipate&#8221;, &#8220;projected&#8221;, &#8220;believes&#8221; or variations of such words and phrases or statements to the effect that certain actions, events or results &#8220;may&#8221;, &#8220;will&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;should&#8221;, &#8220;might&#8221;, &#8220;likely&#8221;, &#8220;occur&#8221;, &#8220;be achieved&#8221; or &#8220;continue&#8221; and similar expressions identify forward-looking statements. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking statements.\u00a0 <\/i>\n        <\/p>\n<p>\n          <i>Forward-looking statements are not historical facts but instead represent management&#8217;s expectations, estimates and projections regarding future events or circumstances, including the anticipated receipt of certain milestone and royalty payments, the anticipated launch of certain products and the potential impact of COVID-19. Such forward-looking statements are qualified in their entirety by the inherent risks, uncertainties and changes in circumstances surrounding future expectations which are difficult to predict and many of which are beyond the control of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management of the Company as of the date of this press release, are inherently subject to significant business, economic and competitive uncertainties and contingencies and may prove to be incorrect. Material factors and assumptions used to develop the forward-looking statements, and material risk factors that could cause actual results to differ materially from the forward-looking statements, include but are not limited to, the validity of the &#8216;907 and &#8216;285 Patents claims, the outcome of ongoing patent litigation, the potential impact of COVID-19 on the Company&#8217;s operations, business and financial results and other factors, many of which are beyond the control of Nuvo.\u00a0 Additional factors that could cause Nuvo&#8217;s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the risk factors included in Nuvo&#8217;s most recent Annual Information Form dated <span class=\"xn-chron\">February 24, 2020<\/span> under the heading &#8220;Risks Factors&#8221;, and as described from time to time in the reports and disclosure documents filed by Nuvo with Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on Nuvo&#8217;s forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved.<\/i>\n        <\/p>\n<p>\n          <i>All forward-looking statements are based only on information currently available to the Company and are made as of the date of this press release. Except as expressly required by applicable Canadian securities law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements in this press release are qualified by these cautionary statements.<\/i>\n        <\/p>\n<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1334723\/Nuvo_Pharmaceuticals_Inc__Nuvo_Pharmaceuticals__Announces_Third.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1334723\/Nuvo_Pharmaceuticals_Inc__Nuvo_Pharmaceuticals__Announces_Third.jpg\" title=\"Nuvo Pharmaceuticals Inc. Logo (CNW Group\/Nuvo Pharmaceuticals Inc.)\" alt=\"Nuvo Pharmaceuticals Inc. Logo (CNW Group\/Nuvo Pharmaceuticals Inc.)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=TO92281&amp;sd=2020-11-16\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/nuvo-pharmaceuticals-announces-third-quarter-2020-results-301173499.html\">http:\/\/www.prnewswire.com\/news-releases\/nuvo-pharmaceuticals-announces-third-quarter-2020-results-301173499.html<\/a><\/p>\n<p>SOURCE  Nuvo Pharmaceuticals Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=TO92281&amp;Transmission_Id=202011160730PR_NEWS_USPR_____TO92281&amp;DateId=20201116\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire \u00a0 &#8211;\u00a0Q3 2020 Adjusted Total Revenue &#8211; $16.7 million &#8211;&#8211;\u00a0Q3 2020 Adjusted EBITDA &#8211; $6.6 million &#8211;&#8211; Blexten Canadian Prescriptions Increased 30% Year-Over-Year &#8211;&#8211;\u00a0Cambia Canadian Prescriptions Increased 13% Year-Over-Year &#8211; \u00a0 Nuvo to Host Conference Call\/Audio Webcast November 16 at 8:30 a.m. ET MISSISSAUGA, ON, Nov. 16, 2020 \/PRNewswire\/ &#8211; Nuvo Pharmaceuticals Inc. (Nuvo or the Company) (TSX:\u00a0NRI) (OTCQX: NRIFF), a Canadian focused, healthcare company with global reach and a diversified portfolio of commercial products, today announced its financial and operational results for the three and nine months ended September 30, 2020.\u00a0 For further details on the results, please refer to Nuvo&#8217;s Management, Discussion and Analysis (MD&amp;A) and Condensed Consolidated Interim Financial Statements for the three and nine &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/nuvo-pharmaceuticals-announces-third-quarter-2020-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Nuvo Pharmaceuticals\u00ae Announces Third Quarter 2020 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-381527","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Nuvo Pharmaceuticals\u00ae Announces Third Quarter 2020 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/nuvo-pharmaceuticals-announces-third-quarter-2020-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nuvo Pharmaceuticals\u00ae Announces Third Quarter 2020 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire \u00a0 &#8211;\u00a0Q3 2020 Adjusted Total Revenue &#8211; $16.7 million &#8211;&#8211;\u00a0Q3 2020 Adjusted EBITDA &#8211; $6.6 million &#8211;&#8211; Blexten Canadian Prescriptions Increased 30% Year-Over-Year &#8211;&#8211;\u00a0Cambia Canadian Prescriptions Increased 13% Year-Over-Year &#8211; \u00a0 Nuvo to Host Conference Call\/Audio Webcast November 16 at 8:30 a.m. ET MISSISSAUGA, ON, Nov. 16, 2020 \/PRNewswire\/ &#8211; Nuvo Pharmaceuticals Inc. (Nuvo or the Company) (TSX:\u00a0NRI) (OTCQX: NRIFF), a Canadian focused, healthcare company with global reach and a diversified portfolio of commercial products, today announced its financial and operational results for the three and nine months ended September 30, 2020.\u00a0 For further details on the results, please refer to Nuvo&#8217;s Management, Discussion and Analysis (MD&amp;A) and Condensed Consolidated Interim Financial Statements for the three and nine &hellip; Continue reading &quot;Nuvo Pharmaceuticals\u00ae Announces Third Quarter 2020 Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/nuvo-pharmaceuticals-announces-third-quarter-2020-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-16T12:33:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1334723\/Nuvo_Pharmaceuticals_Inc__Nuvo_Pharmaceuticals__Announces_Third.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"13 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/nuvo-pharmaceuticals-announces-third-quarter-2020-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/nuvo-pharmaceuticals-announces-third-quarter-2020-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Nuvo Pharmaceuticals\u00ae Announces Third Quarter 2020 Results\",\"datePublished\":\"2020-11-16T12:33:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/nuvo-pharmaceuticals-announces-third-quarter-2020-results\\\/\"},\"wordCount\":2612,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/nuvo-pharmaceuticals-announces-third-quarter-2020-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/1334723\\\/Nuvo_Pharmaceuticals_Inc__Nuvo_Pharmaceuticals__Announces_Third.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/nuvo-pharmaceuticals-announces-third-quarter-2020-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/nuvo-pharmaceuticals-announces-third-quarter-2020-results\\\/\",\"name\":\"Nuvo Pharmaceuticals\u00ae Announces Third Quarter 2020 Results - 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(Nuvo or the Company) (TSX:\u00a0NRI) (OTCQX: NRIFF), a Canadian focused, healthcare company with global reach and a diversified portfolio of commercial products, today announced its financial and operational results for the three and nine months ended September 30, 2020.\u00a0 For further details on the results, please refer to Nuvo&#8217;s Management, Discussion and Analysis (MD&amp;A) and Condensed Consolidated Interim Financial Statements for the three and nine &hellip; Continue reading \"Nuvo Pharmaceuticals\u00ae Announces Third Quarter 2020 Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/nuvo-pharmaceuticals-announces-third-quarter-2020-results\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-16T12:33:24+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/1334723\/Nuvo_Pharmaceuticals_Inc__Nuvo_Pharmaceuticals__Announces_Third.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"13 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/nuvo-pharmaceuticals-announces-third-quarter-2020-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/nuvo-pharmaceuticals-announces-third-quarter-2020-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Nuvo Pharmaceuticals\u00ae Announces Third Quarter 2020 Results","datePublished":"2020-11-16T12:33:24+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/nuvo-pharmaceuticals-announces-third-quarter-2020-results\/"},"wordCount":2612,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/nuvo-pharmaceuticals-announces-third-quarter-2020-results\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/1334723\/Nuvo_Pharmaceuticals_Inc__Nuvo_Pharmaceuticals__Announces_Third.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/nuvo-pharmaceuticals-announces-third-quarter-2020-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/nuvo-pharmaceuticals-announces-third-quarter-2020-results\/","name":"Nuvo Pharmaceuticals\u00ae Announces Third Quarter 2020 Results - 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