Digipath, Inc. (OTCQB: DIGP) (“DIGP” or the “Company”), a service oriented independent testing laboratory, data acquisition and media firm focused on the developing cannabis market, today announced financial and operating results for the fiscal year ended September 30, 2018.
| LAS VEGAS, /PRNewswire/ -- Digipath, Inc. (OTCQB: DIGP) (“DIGP” or the “Company”), a service oriented independent testing laboratory, data acquisition and media firm focused on the developing cannabis market, today announced financial and operating results for the fiscal year ended September 30, 2018.
2018 Company Highlights
The complete quarterly filing can be found on our website: Management Comment Todd Denkin, Digipath’s President & CEO, commented, “Fiscal 2018 was a year of many accomplishments for the Company. We saw increased revenue due to the continued growth of recreational cannabis, and subsequently received ISO-17025:2017 accreditation in December. We look forward to further growth in the coming year as both the medical and recreational markets continue to grow, along with the recent addition of testing for hemp and CBD producers. We believe that it is most important to note that over the past few years, we have created an operational template that is now exportable to other states and countries around the world. With a leading scientific team creating important standardization methods to propel the cannabis economy, we are extremely well-positioned to participate in emerging legal markets and we intend to aggressively pursue these opportunities in the near-term.” The table below shows the preliminary results and key metrics:
Adjusted EBITDA We define Adjusted EBITDA as net earnings (loss) before (i) other income (expense), (ii) bad debts (recoveries), (iii) depreciation and amortization, (iv) non-cash expenses relating to share-based payments recognized under ASC Topic 718, and (v) impairment of securities available-for-sale costs. We believe the use of this non-GAAP financial measure provides useful information to investors regarding our current financial performance; however, Adjusted EBITDA does not represent, and should not be considered an alternative to GAAP measurements. Specifically, we believe Adjusted EBITDA results provide useful information to both management and investors by excluding certain income and expenses that our management believes are not indicative of our core operating results, we believe that non-GAAP financial measures have limitations and do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP and that Adjusted EBITDA should only be used to evaluate our results of operations in conjunction with the corresponding GAAP financial measures. A reconciliation of Adjusted EBITDA to net loss is included below:
About Digipath, Inc. (OTCQB: DIGP) Digipath, Inc., supports the cannabis industry’s best practices for reliable testing, data acquisition, cannabis education and training, and brings unbiased cannabis news coverage to the cannabis industry. Digipath Labs provides pharmaceutical-grade analysis and testing to the cannabis industry to ensure producers, consumers and patients know exactly what is in the cannabis they ingest and to help maximize the quality of its client’s products through analysis, research, development, and standardization. Information about Forward-Looking Statements This press release contains “forward-looking statements” that include information relating to future events. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. Important factors that could cause these differences include, but are not limited to: the Company’s need for additional funding, the demand for the Company’s products, governmental regulation of the cannabis industry, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, and other risks that may be detailed from time-to-time in the Company’s filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting Digipath, please refer to the Company’s recent Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Digipath Investor Relations & Financial Media
SOURCE Digipath, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Codes: OTC-QB:DIGP, OTC-PINK:DIGP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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