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MAV Beauty Brands Reports Third Quarter 2021 Financial Results • Total revenue of $ 24.7 million versus $ 31.7 million in Q3 2020 Adjusted EBITDA of $ 3.1 million versus $ 8.7 million in Q3 2020 • • Free cash flow of $ 1.8 million , versus $ 4.4 million in Q3 2020 • Net loss of $ 103.1 million , including impairment of goodwill of $ 129.0 million • Adjusted Net Income of $ 0.3 million versus $ 4.2 million in Q3 2020 • Amendments to credit facilities allowing for additional flexibility VAUGHAN , ON , Nov. 8 , 2021 / CNW / - MAV Beauty Brands Inc. ( " MAV Beauty Brands " or the " Company " ) , a global personal care company , today announced its financial results for the three and nine months ended September 30 , 2021. Unless otherwise indicated , all amounts are expressed in U.S. dollars . Certain metrics , including those expressed on an adjusted basis , are non - IFRS measures ( see " Non - IFRS Measures " below ) . " We are disappointed with the Q3 financial results , including the non - cash goodwill impairment . Third - quarter net sales decreased versus the prior year as we continued to experience the negative impact of net distribution losses from retailer planogram resets , as well as the subsequent customer inventory adjustments , " said Serge Jureidini , President & CEO of MAV Beauty Brands . " From a financing perspective , the recent amendments to our credit facilities were an important step for the organization , providing additional flexibility while we manage through these near - term headwinds . With the benefits of the integration of The Mane Choice steadily materializing and multiple process improvement initiatives underway , the organization is gradually improving operational execution across the platform . We are hard at work on initiatives across all areas of the business with this goal in mind . In a market that continues to show signs of recovery , we remain confident in the fundamental strengths of our business – the unique and complementary brand portfolio , the efficiency of a common operating platform , the team's expertise , and our entrepreneurial culture – as we strive to achieve improved and consistent results for our stakeholders . " - Selected Financial Highlights ( 1 ) ( 2 ) - ( in thousands of US dollars except per share amounts ) ( unaudited ) Q3 2021 Q3 2020 YTD 2021 YTD 2020 Revenue 31,741 Gross profit Net income ( loss ) for the period 24,739 10,349 15,748 35,627 -103,146 3,559 -97,494 82,496 92,761 44,668 6,398 Earnings per share ( basic ) -2.81 0.10 -2.65 0.17 Adjusted EBITDA 3,114 8,700 13,346 25,073 Cash flow from operating activities 1,898 4,675 6,173 9,715 Adjusted Free Cash Flow 1,760 4,380 5,661 8,601 Adjusted Net Income 266 4,179 3,617 11,837 Adjusted Earnings per Share ( diluted ) 0.01 0.10 0.08 0.28 ( 1 ) See " Non - IFRS Measures " ( 2 ) Earnings per share ( basic ) calculation does not include the impact of 2,463,963 common shares of the Company issuable upon the exchange of the units issued as part of The Mane Choice acquisition . Q3 2021 Business and Financial Review Q3 2021 revenue decreased by 22.1 % to $ 24.7 million , compared to $ 31.7 million in Q3 2020. For the Canada / US region , revenue decreased by 23.6 % to $ 22.9 million in Q3 2021 , compared to $ 30.0 million in Q3 2020. The year - over - year decrease mainly reflects the impact of previously disclosed net distribution decreases for two brands , which took effect in the first half of 2021 , as