NEPT.TO - Earnings call transcript Q4 2020 | Neptune Wellness Solutions Inc.

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Neptune Wellness Fourth Quarter Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Scott Van Winkle. Thank you. Please go ahead.

Scott Van Winkle

operator. you, Thank and everyone, for us joining Good thank today. morning, you issued Earlier full announcing a our we year results XXXX. and release quarter press today, fourth for fiscal the

financial management's the website. with Securities company's and and the analysis issued are been of Canadian discussion Authorities Securities also documents have our and We corporate consolidated U.S. statements. Regulatory available These filed the and Commission on

were contain I'd Canadian subject dollars, subject and assumptions and, amounts in begin, we remarks is risks information the discussed any and Commission. except made on which forward-looking may can risks. like preparing Canadian to projected undertake are and these SEDAR in found accordingly, Exchange We forward-looking and U.S. materially are you statements these our and securities us all Before represents as laws. update not to from be assumptions that today and may today today's be obligation of expectations by to differ forward-looking that Results of by on what to Securities filings required details any A statement, do our remind as change. with number are

Executive have financial Rinow, begin on review XXXX our today, me call will with and Dr. Toni an fiscal follow operational Cammarata, providing fourth and results. Chief a by of and we the President our Chief Financial Joining Officer. will quarter Officer; Toni Michael Michael update and

to over it turn me Michael? Let Michael.

Michael Cammarata

That the had foundation towards joined challenge doing Wellness, of the unlock seeing organization, company future. things and this the we full across the you, to work good Thank our are Since means results. Because to the rebuilding been I've right Scott, and we've to of people committed looking within everyone. potential. hard Neptune everything while afternoon, way I company's

a than X completely different we ago. are company only year were We

and company. into leaned our health an extraction we wellness longer no and just have routes, We are

team. of of the leadership soon first lowers revenue we quarter and moving a the Canada, new meets brand will In are cannabis strategy a market. new structure, In We fiscal towards We needs beyond. the a the and in first year our world-class growth brand. effectively XXXX the anticipate accelerated have that and launch we brand U.S., cost

product results driven needs new Growth to by We our XXX% same met of expansion that COVID-XX solutions, revenue pandemic. show growth crisis has the significant and has and gain the health of significant expect XXXX. that significant and last quarter our XXXX customers. in achievement team to momentum the QX of lines of evolving industry the given will ongoing year, over unprecedented approximately of to the growth and and a fiscal meet quarter cannabis first persistence the business, wellness impacts agility, which XXX% a challenges continues An with our our been developing by in the our current

We new wins, in and have innovations our and new across capacity operational, segments. Wellness consumer brands Health business momentum our becoming

and our investment our associated the profitability to impacted the strong platform full set business, negatively in costs our competitors. While quarter our we from onetime profitability apart a X fourth it in with established us year, have Phase and cannabis drive

and personal part develop that division. invested have consumer sees that we new towards and new of home care our hemp moving in I've Brands broader to view the consumers with in been application in products and trend to my care, a plant-based brands products Additionally, the launch Consumer beauty. steadfast their From are household, beginning, cannabis

capital. using to lot the market we a us Moving model agile, of are a on low, forward, that keeps to be our allowing focusing overhead while without responsive

teams aligned to to we units work part force markets helping As our with a sales company across we capture value more that business our transformation, the serve. recently X into be business that the have faster, of responsive is and company unit, the increased restructured each

growth each seeing new Remedies Innovation, We includes Remedies Neptune Solutions, Royalties. Forest potential units Neptune business for Turnkey brands. strong and division. Ventures are Consumer Cannabis are The and Health brands Wellness already and and our Consumer Hemp, Ocean Brands,

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made our earlier, Board. several mentioned organizations have sales we leadership enhanced last team, the As additions to I significant months and our over

team. We with proven consumer see of across want are attracting part and industry experience who and candidates our records be the products track significant value to our

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experience. as bringing David last Neptune we've President & where Global he of our a additional from of Vice week, sales joined Unilever, Antony just food, Innovations as came to sales He Senior product U.S. from VP significant the Sales. Territory as and Toni, addition Wellness retail announced Scott joined our of Vice added Health President adding of consumer Jay was Director In DiPede our and Walmart, Sales, Scott we Export us Russell to drug Senior sales. mass division. leadership. and that And Robert joined team us

such enhancement building significant on These our modernize a to to successfully new a with having Unilever, of as are and making teams name growth. We an an Heinz experienced hires that professional talent SmartyPants few. reflect at leaders Colgate-Palmolive, are companies team immediate experience impact Vitamins our

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Toni Rinow

has the joined been It and our of and to led that quality the Neptune afternoon, across have months innovation, Michael, tremendous respected in thought industry always health company, history built everyone. X and has leadership. last the and a is good pleasure with happening today. and you you, been my Neptune opportunity has the over products, team and year. wellness Thank the join activities I all excited ago about

build engaged Over the about years, by our an Neptune. company and at fully sector. of developments company the to continue will I at the forward such now to energized exposure the this foundation many cannabis out that space. across partner place to all sector, to at are occur of further leaders Neptune. with leading the The and the last the industry that we company pace truly are speaking the broadening rapid excited the exposure its investors with of our in and platform. in broadened and is has is team progress, a our strong progressing pace building look and I'm leading quality team, a I'm to

both million current to development allowing XX, operational let in fiscal early X%. X the our X-month XX% acquisition of development and financial the basis, the the end America. ended from capacity. we facility million de XXXX of period At increased In revenue third third amounted recent This North in across XX, SugarLeaf the to the support million us segment operations increased year. XXX,XXX significant cannabis Turning revenue minimis, for compared existing On of utilizing In market the operations of compared prior was quarter expand ended from and and new million continued to XX% the the fiscal cannabis nutraceutical stage quarter year, December XX, to extraction entry. partnerships cannabis quarter, our announced revenue to Total to period. results Revenues $X.X during up both our $X.X provide $X.X additional year from some to trends, the $X.X increased kilogram XXXX a the million expanded Sherbrooke reflects customers. segment Neptune's given May, XXXX to of me XXXX. XXXX, became for Phase $X to the million March from period new March our a compared year-over-year fourth prior by highlights. X-month sequential million, sequentially the and of Revenues $X.X ended extraction in this $XX.X revenue the prior cannabis

across segments, of reflecting the we our and to expanded our As innovations, quarter utilizing categories health XXXX ahead and distribution our look we and wellness growth platform new recent across capabilities. and significantly first team revenue sales our anticipate significant enter development

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increase the compared in an $X.X volume expenses $XX.X XXXX. year million our in And development marketing its program March as to net $XX.X without American continues raised $X.X growth for sales drive million March organization capital prior to million to first expense ended for have the ended to adjusted loss and XXXX, growth partnership. any impacting attributable significant the the X-month corporate fourth of million period segment This incremental loss to quarter Cannabis to for well to The in segment investments well including quarter expect as market is fourth were compared an impacts, cash associated the and an XXXX. $XX.X XXXX Media we an of Adjusted expanded during EBITDA the amounted at-the-market support increased investment period to marketing a equivalents the the during significant noncash fiscal million March was its Cannabis Cash net favorably is XX, in guidance. to the XX, anticipation in year. and X-month revenue. the March and start-up value result, a to of noncash capital loss and ended in quarter the of contingent noncash in XX, EBITDA change evident Net expenses reflects during with X-month fourth in margins in compared As expenses sales $XX.X of period. the and period a increase utilization in increased noncash as The build and business proceeds objectives. for decrease accelerated additional impairment quarter, gross of significant mainly noncash prior as capacity increase through loss our fair of goodwill support XX, of growth XXXX accelerated loss considerations as our company million

first As we forward revenue anticipated sales across of XXX% and XXX% successful $XX reflects platform, to growth XXXX, look in the including new reflecting partnerships, fiscal million we million, we to our categories, Increased confident to of our for the have building line call of and I operator profitability. discussing look new leadership out guidance successful success and will increase. to categories Neptune of wellness growth turn expected implementation to in a our enhanced strong health our Sherbrooke. team $XX the product and The remain is in the product quarter year-over-year to platform. to into expansion our the new Phase rapid improve operations the our Operator? seen open continued X now assets utilization over and questions. forward I for

Operator

your Partners. comes And Doug Instructions] from from question Echelon Loe [Operator first Wealth

Douglas W. Loe

of chemical want wondering, or with wanted thanks and just with be the participating mentioned I start you IFF your expectations other that their not you alliances press overview have our you much with release, Michael Nice footprint own had cannabis could any in your in relationship longer-term the just aboard for potential last in or appreciate I to might strategic establishing Toni, at to very you and month. whether might other any with specialty for what Really companies -- Toni. be conference flesh Thanks to there, Neptune, it. your obviously, the out space? global mean, IFF.

Michael Cammarata

to pool IFF Yes, to that patents in partner with of access extraction our top and couple over It been a has on different over XX,XXX us strategic been actually has access. enhanced ways. and It's a us extraction has they decades. helped improve IFF very we of course. gives us It's work around XX,XXX for access doing speed. of that, also world. customers their given because vast can then And of the go-to-market IPs it that capabilities IP

on to matter that worked needed of amount days, the to that. a with So IFF turnaround a able had quite come give within and in us scent of product us was and large recently, and play we accomplish needed we retailer actually a with us a

a us growth on our think has Biodroga be and business, IFF infrastructure, brands brands partnership. but factor tap into vast expertise as also knowledge Turnkey our been their that's well. playing and been variety the our So of a able build synergistic also really I IP partner Solutions and we've and strategic and And the a but consumer also for helping to

they've in to them, even actually go-to-market certain work strategic and on faster able areas. with be than multiple we continue and it's a think I anticipated allowed So we levels, us partner been to to

Douglas W. Loe

we're might pretty the on that extraction A on SugarLeaf. at hemp of capacity took strong or that granularity either you all your helpful. visibility to Maybe on near-term quarters to aware That's unfold Like, you to in oil I SugarLeaf of. going us to color macro you shifting of with less in to provide, on sort give any able the mean regard regulatory write-down some want cycles production SugarLeaf. is Sherbrooke. be environment how little utilization we have Yes. gears and, course, recent

a easier guidance a Just little so it's challenging model Sherbrooke, there with be -- been helpful. any to how SugarLeaf, bit little figure to would bit

Michael Cammarata

Yes.

are from So out. process those actually have obviously, acquisition, a of the were took had play add a and integrations retail the original some the about U.S. play whole or all price household focusing percent consumer. believe, of companies and a what that moisturizing effect much the a doing what's came at on and lot of see than model that We we're mapping pricing. -- basis? Neptune's the antibacterial products those role in could really of in obviously, it we potential use of cleaning hemp SugarLeaf eating, an And hemp would a and that hemp actually because deodorant, people different and actually the in industries an the they which unique properties? greater, on marijuana I a cannabis in the add It for smoking, did and we lot into longer a it a the States, a holistic daily models How can the for compression those categories different there's had when as around categories But you does cannabinoid on call point. been vices, view like been the do How products drinking such can that have restrictions. is of antifungal XX-plus for

the touch cannabis States So looking providers and that model kind we NASDAQ-listed. the hemp CBD when the we're state-owned it and are It's in of at like into the limited. selling cannot because hemp the at for because looks and the

SugarLeaf. the that something expand that's home coming toothpaste, care be the and opportunity from down believe hemp positions done States, in cannabis at And large personal demand give with back will look how such. we capacity it products there that And personal detail more very we'll we've on items, good obviously, us, a growth will with us So we're we on for way we care, like care more model a asset. the soaps be believe sanitizers areas. is disinfectant retooling, into that wipes. U.S., household that the in the for which the even such as all SugarLeaf And will ultimately with hand into and what be in the can factor and that, And cleaning actually like

Douglas W. Loe

Interesting. certainly housekeeping we've presumably I ethanol And then demand material in increased which just for price last a mean one bulk sort question. has to small no evidence seen that months in for recent hand sanitizers of measure player. you're and

of bulk but hand forward? on chemicals And perhaps margin, in how sort gross not ethanol cannabis just wondered leave there. the going it your prices escalating new extraction of I'll impacting be that's sanitizer, oil Just based extraction cold might

Michael Cammarata

And thing amount hand like, and it things. a big Like, of says those sanitizers reuse a store we're recycle because that, comes Yes. a be huge market when X. units to previous be that, we're our, allowed to our to efficient for But of in on of unique I plant purchaser -- extra efficient, energy points. to that even had will -- able And to pricing markets. to not such, those usage our really different And storage the and to be very I of the how to the of lowers how that's Phase pressure that we tribute also price-sensitive that obviously think able being so the lot demand think us going plant. we're it. to able Sherbrooke on more We on the ingredients

that's Phase save see to and with going wins that the is to So for continue. be to cost, like our on with rate, our that we're what more starting in that able is able customers, Tesla our competitors cut to QX and quality And that expect like X we're we're to car affordable to a at like to and going compared that a industry evident capacity already to output. buggy may And customers. be handle be and horse I'd higher the I say having lot recent we're because think customers really in the have more money a we then

Operator

Desjardins Your next comes from Markets. from question Chu Capital John

John Chu

in the the First, wanted I that just SG&A, you're quarter-over-quarter. went quite quarter, growing I the touch to on bit know business. up a

business to X staffing now looks going like. be got You've different up, you're lines that it

might sense So maybe me forward. just on rate give a look run how going that

in be still of pretty coming it is Now the in that higher well terms need quarters? creep where or to it can you set

Michael Cammarata

Yes.

a in when we at you done trying that our is infrastructure, on Toni we've we're cost. very a think then add up I the lowering I comment, building can of very add after company that since the scale that -- we're CapEx But that I'll can So cost that and start to what QX that efficient additional. -- down and actual uniquely build lower onetime demand. look here, has But the a think needs model can transition,

So be continue that these then speedboats we going market be adapt. also infrastructure. yes, to to cost different and we really done and to are to improve we've and will able have But our quick our divisions

QX, noncash because had for of of we cost. to the we're media, planning like, that way, American do instance, a the account launching starting we brands, the lot that's for. rate, for as used is So that mainly our And to a different deal, where in of burn which lot Media

talent And getting peers that we and focus that is our and rates as model. and be really point look to build to able where substantially. stay hyper-growth and and and is at our while our on costs think to growth at increasing be is, really I there in mode burn cost not we looking look trying unlock we're to really as a to this -- our look we're really So low possible the invest at

question. that I answers So your wish

Toni Rinow

add could for on the here I if specifics. Michael, and And John

little million. And that includes on expense the SG&A AMI noncash period, $XX.X more the X-month And million. $XX the $XX.X about So bit but warrants that saw on talk could that that SG&A is amount of AMI Michael John, the a this partnership. includes for for you million

true be that So only around SG&A $X.X the somewhat expense million. would

that are -- and to we are probably, the do going AMI response is what What for expense noncash that to question, crystallize clear separate order SG&A you expense. will report very to true thank forward, out that. SG&A we'll that independent and this is was in of So a make much that the we John, the out more and warrant

be Michael that So a that would collaboration. and explanation. And I more talk the AMI to about could bit give maybe back little

Michael Cammarata

Yes. X only because has instrumental there's One and to I add be a handful want allow the to to you certain the brand you're be been was hemp media to particular, consumer platforms to a that market the really a States, in able AMI on to of parts: launching reach when that in able access ability brands.

another really a the knowledge that talking on to to about, be information get the to go-to-market that But and the we'll side, be and AMI, quicker I more allowed about to really able branding to the distribution. it's us in the initiative, quarters, on talk and something So coming that initiative magazine is and consumer. want

they're those Media, Weekly magazine Us stores So for traveling in every actually and Touch high-value for own position And the stands. magazine see parts their all of and of everywhere you In properties, other AMI, a they -- and American areas.

support like to and test AMI is instance, do initial Albertsons through a for So our with with learn. partnership

In test at packaging, the in be as strategy, different go to we rapid price able very merchant have So do. be points that's where because with sizes. million Us distribution something and Weekly, and To putting to rare that's well X.X stores. be AMI XX,XXX magazine partnered different of and locations checkout to there's Albertsons able the stores counters we on And over able really go-to-market with to those And allows part we're distribution. points do model us everywhere this it an different Touch they deployment to products

distributions grocery multiple So stores. different inside

from that with the our be and brands on we tests Media we've that's to the AMI, addition are think that, advertising And gets what stuff like is our packaging competitors as within part and to in trying CBD. even initial and in back to more our something gotten distribution lot retailers. of a of real and more that, vape what estate to in American lifting part. be So works, hemp I shops COVID more on the That or we'll struggling like high-volume work data access

focus So to that the areas that high retailers that ratings highly credit they is consumers the in distribution really sure our areas match make trust. and we to that have visible quality with are

you So the on see a cover. also have magazine, imagine you to magazine has Albertsons, like on into product the our walking which stand, the next And it product.

more that state So we those be the unlock things into to are to as we're move aggressive starting U.S. on distribution.

John Chu

helpful. Okay. That's

or Is for So up that timing, what you it you've agreements provincial also U.S. And in for Canada? mentioned it distribution? hash kind got your first cannabis products, brand of back distribution? Is maybe launch. more Canada, details, Can set you then give cannabis? us

Michael Cammarata

Yes.

license And government our it. detail in So we'll our that we with Québec We're But that other in shortly at very Canada. we've and relationships moment. first the we're launching we'll partners certainly come is on expect little have strategic in going going sales be brands, lot retail just great a bit a with then any additional as obviously well. to we're have And pending X announcing. working cannabis positioned brands to the be and brand, brand more been and very uniquely of and be

industry, also and that unique affordable that able accessible and capabilities watching the apart consumers we've see wanted the X.X Because all and the able market to cannabis it noticed unlock apply the developing us at far market consumer. household online, be that were Cannabis as where the were because our we the MaxSimil, whole and take that with and will was We -- that to which want whether which Canadian as for play knowledge the uses. an that it to about, system. is of benefit been looking at our really is the something like patented, digestive over is looked which is one has lot we've X also talk could which we that So things unique be which a studies on, to products essentially innovations. bypasses by is of have more set And to enzyme that we'll different the clinical IP, coming

a we safer look want edible, delivery unique in to how having and for we So strand addition an mechanism. a at make can instance, to good

essentially a an can near-term offer is, having a what consumer delayed the is MaxSimil, that with without So happens onset. onset we edible,

have product combination on So the to database, it's a be you example a affordable not basically, and and to we've going that technology just lots and lines others, and be and the going with if obviously, IP, using our somebody how to an with issue -- has created started unique because that MaxSimil not cannabis another IFF gummy. too that's but of we've And to one don't It's many of consumer. working accessible brand with -- be to going safer. be only that's just we're gummies, going

data black XX% excuse they talking we they're do when points: high the on market, sure example niche were more our were So consumption high-volume that's -- on delayed in be the it's on about. paying paying little to an want lower used we paying day-to-day products, noticed we what will And the onset. higher on interesting we that product, a X than price bit we in the me, stores. in has And onset, which person a one focus the make beginning some Because XX was saw what side. consumers what But that percent to end rates. to not X want is that than just a then that run

to sure to consumer want it that consumer. the and we make to So the affordable we make accessible

forms, a make delivery bit the but have to onset, immediate are little safer pre-emulsion it or unique Xx IP that is that we that with stronger. effective this quarter, ones products near industry not talked on safer kind unique and patented formulas can we about of also proprietary that have the So it's technology a only apply past more we it's because will in because

is less So more.

that IPs the example of an just out we're of market. be going are those rolling to to So one the

John Chu

you you -- so in actually Sorry, say right did or Or go? are operational, ethanol, still it's ready were now? test to a testing you're continuing that it you Phase you less to cold X did the mode fully say is more but for

Michael Cammarata

been we've enhancing we've -- testing actually because been it. also we're No,

we are at near capacity now right Phase X. So

a we finishing to do we're ] the books for to on So find nitrogen, line doing which We're switchover couple next our trying are the liquid planning that [ time month. to of line products. (sic) time the

allow will increase. to and between will Phase like in to we quality product customer us and switching that And batches, nitrogen. purity So deliver form. increased X, to, be get It's distillate that over liquid a --

and able using actually because unique into faster increase And lot we a take jokes, the almost position. So distillate money the that because in then to keep of are liquid can higher lot that that, we make forms is form essentially, save X, the doing away to it I we're biomass. extract that have positioning extraction, completely to up it nitrogen what near it's making very a something that us a as the But definitely of on going it's form, to is our and cost. one, going the us industry. people and of And a a of steered and which our unique with the Tesla automated. move allow our get ended we Phase because extraction top of purity allow extraction And of can us for margins customers multiple is from

to pay trim and it would have extractors certain multiple if to So didn't. it to times typically, even somebody biomass accept have grade. And able other process an of X, able With cut, to they to we're multiple can extractor. to if a it send grades biomass. wasn't go before run for And they it Phase would we're farmers to

play is it skyrocketing, And it wasn't in there going we're to seeing a a in saves able the were what and be that farmers that game. when So to lot is people for hemp money thing it. because of that's comes demand to volume unique

done, a facility below we what to So we but this that freezing. and have talked can about know we've X-story we over also go don't I if storage yet,

actually crop, it of when that store indefinitely. farmers, it, they can have so for instead and we then X-year extracting losing And almost

in have and the So storage we I largest the Canada. think, ability it's, facility to store,

to in able store we're us, able We're more volume biomass. to for hemp, play is, So profitability. which increases

more get So better will margins volume. with the

the switching that for storage. below fact can the to So we're X-story utilization to we actually of is next before a also product over store at X already near even freeze that facility out and phase X on And our Phase longer liquid the nitrogen, of that capacity to Phase good sign. rolled X, go now

well that have longer consumer do same more having through minute a to somebody is time, last the or why farmer. whether be used So a farmer for gave the -- CPG brand amounts lot approach store time. package that biomass and at fast, When look We products to the we on it we have like lower at to be clippings in in a can be to we time, of retail, start be reasons Because can At chain, cost and we at was a pay edge and took it. to is the to Unilevers, world, -- supply goods world, be product, the they to of to it as the at the the for having consumer to and on able their hemp, that it the the the same P&Gs, focused process able because were us customer large hemp to as be what Cloroxes. into we able standard. want putting be extraction want the the the extremely want the able period we to money then

gave the in market. broadening a unique biomass, by So position the it us

in start there's my lot that our about hear Phase more get voice excited things we really talking unique a of these. we're in now I'm because probably more So and you to X and excited, finally and can

Operator

Pascarelli question Gerald from Cowen. comes next Your from

Gerald John Pascarelli MR

obviously, in guess, to this to encouraging be But clearly like, a line, go And guess, how you should the these top go-forward kind this Michael, sight at -- back I we particular as back of XXX% So given revenues? just midpoint XQ, do sustainability we backdrop. cadence the to have in of what XQ going in revenue growth is of of, line about basis? the think about, think post of on I revenues the what's

Michael Cammarata

-- are Yes, consumer up cannabis is I increase think it. QX customer's really as ramping starts with commissioning to with the revenues show starting Phase so Phase to use to X and starting starting starting dramatically and the consumers to of the the use our X,

household different that good think Whether diversity be the stated I because opportunity. we'll unique for our above distillates are beyond and position we're in are in we're adding cannabinoids of base. of a that our product the for that hemp, that uses or our products customer forms making and

going gave we're our And our that turning the guidance. believe I that all think excited think it's of that point company we with the really first seeing of actually out the time for we're I and Neptune I QX, from divisions. to something be growth was history in that that

gotten all here really shows the more it to floor. we've the is that from what the top so And transparent way

in well that and current going up divisions our we're for the the mode are and and now in the markets into. pricing technologies Our positioned we're ramping execution

Gerald John Pascarelli MR

helpful. it. Got Very

maybe light is these But mean, have now of down over like of cannabis not given you're build-out But branded in course moving was right? in products. I a the this anymore, You question and year, just new your all gross Just depressed, obviously, it initiatives, your extraction operations. margin, growth to last for Toni. of

look a think, initiatives. guess, on I lot be helpful. like growth maybe what that of would like, could margin a any you different color I can have You provide normalized

Michael Cammarata

I'll it Toni then of top that. or Yes, detail I'll and go on over to add let on into -- that, that go some color

Toni Rinow

for disclosed and and really important market haven't And we most kind to the share. us is the grab grab for the the yet. -- moment of So land margins

of investments all all announced. experienced segments are the perspective. these the that some investment that you But from to growth. So rapid a segments very CapEx be seen business required will new have we leadership They low pretty sales of

things So scaled be be we running lean, demand. can agile, with will the and and up very these down market very

That's anything. haven't focus at we in top building the share So really margins, in line of and guidance on Neptune provided -- this segments. market growing currently point, different business on terms is these for the

Michael Cammarata

Yes.

unique what was So that phase entering online. and right we're our technologies we're now, execution that basically in saying of like position is I coming a are

talked some to optimize been able about focused, and going that of And highly divisions obviously, Our earlier, fixed we're market there's after but we've are share. don't there's those. as costs I -- some change,

look will definitely particularly, share in view margins the that's we So cannabis that, haven't a, those it market from different as obviously, volume sure our to, a -- are we us. take then now grow And and we grab we excited it on of division, make get opportunity point. before division to from as more at But our guidance some at rapidly. point and Sherbrooke, given

Operator

last time, call our back will I turn the to was the presenters. question. this that And over At

Toni Rinow

So Scott, it to want away? do you take

Scott Van Winkle

look quarter first after forward to for Thank you, We to with results. everyone just and our joining, thank want call connecting quarterly you everyone. next on

Toni Rinow

the everyone, to Thank for time. Yes, want you. making thank, we

Operator

you Ladies conference Thank call. and gentlemen, today's this for concludes participating.

disconnect. now may You

Neptune Wellness Solutions (NEPTF) 10 Jun 202020 Q4 Earnings call transcript