Columbia Care Inc. (OTCQX: CCHWF) released preliminary results for the fourth quarter and full year ended December 31, 2020 and issued 2021 guidance. Actual revenue rose 228% in the fourth quarter to $76 million versus $23 million for the same time period in 2019.
While this is a solid performance, it does miss the analyst estimates for revenue of $79 million in the fourth quarter according to Yahoo Finance. The combined results for the fourth quarter are listed as $81 million.
“Our record breaking fourth quarter and full year performance was driven by continued revenue growth and margin expansion. We generated robust sequential and year-over-year increases in Combined Revenue, Gross Profit and Adjusted EBITDA,” said Nicholas Vita, CEO of Columbia Care. “Including the full fourth quarter’s financial contribution of Project Cannabis, Columbia Care generated approximately $87M in Combined Revenue and $12M in Adjusted EBITDA. We have continued to see sequential revenue growth and margin improvements in the first quarter 2021, affirming Columbia Care’s position as the fastest growing top-tier multi-state operator.”
The company’s full-year 2020 actual revenue increased 132% to $179 million versus $77 million in 2019. The combined results for revenue were $197 million, which was a 151% increase over 2019’s $78 million.
The company’s guidance for combined revenue in 2021 is in the range of $500 million to $530 million. Columbia Care said this outlook assumes its pending acquisition of Green Leaf Medical closes in the third quarter, “ but does not include any contribution from future acquisitions nor does it assume any changes in the regulatory environment in markets where Columbia Care currently operates, such as the pending adult-use program in New Jersey. This also excludes markets where a conversion from medical only to adult use is under consideration by the Governor and/or legislature, such as New York and Virginia.”
Vita added, ““We effectively navigated the challenges of the COVID-19 pandemic and, in spite of those headwinds, delivered an exceptional year as we exceeded every milestone target set forth in our 2020 outlook. Highlighting our position as an industry consolidator, we closed key acquisitions with The Green Solution and Project Cannabis and announced the transformational acquisition of Green Leaf Medical, which remains on target to close in the 3 rd quarter of this year. Most notably, corporate profitability continued to expand as we further leverage our national scale.”