Led by Significant Increase in Duramed
Adjusted EBITDA Loss Decreased by 25% to
Key Financial Highlights for 2022
- Revenue increased 45% to
$6.7 million . - Gross profit decreased 13% to
$2.6 million . - Gross margin decreased to 39.1%, due to a higher revenue percentage mix from Duramed.
- Adjusted EBITDA loss decreased by 25% to
$2.1 million . - Accounts receivable at
$6.6 million . - Inventory at
$2.0 million . - Total assets at
$15.6 million . - Total stockholders’ equity at
$2.7 million .
Key Business Highlights for 2022
- Solidified and integrated vertical processing capabilities.
- Signed Manufacturing and Distribution Agreement for Superfood Products with Forever Brands and
Brooke Burke viaBB Body, Inc. - Consolidated hemp processing operations from
Florida andTennessee toColorado . - Expanded CBD isolate production into new isomers in expanded
Colorado lab. - Expanded durable medical devices to include back support devices for Duramed division.
Corporate Debt Restructuring to Position for Uplisting to National Securities Exchange
Through the restructuring,
Highlight Growth Opportunities
The implementation of the business plan across all three operating divisions will allow the Company to get on a more solid footing for future growth and expansion. Explicitly, some of the new working capital will be used for the installation of existing hemp processing equipment moved in the 4th quarter of 2022 during the consolidation of the Company’s
Management Commentary
Alfonsi concluded, “While we generated an all-time high in annual revenue, we were able to also reduce our cash burn as demonstrated by the 25% decrease in Adjusted EBITDA loss to
Financial Results for the Twelve Months Ended
- Revenue: For the twelve months ended
December 31, 2022 , revenue was$6.7 million , an increase of$2.1 million , or 45%, compared with$4.6 million for the twelve months endedDecember 31, 2021 . The increase is largely due to an increase in the Company’s Duramed division of$1.8 million due to surgical procedures and healthcare services which enabled the Company to continue to grow within the ultrasound device sales associated with patient recovery.
- Gross Profit: For the twelve months ended
December 31, 2022 , gross profit was$2.6 million , a decrease of$0.4 million , or 13%, compared with$3.0 million for the twelve months endedDecember 31, 2021 . The resulting gross margin was 39.1%, compared with 65.0% for the twelve months endedDecember 31, 2021 , due to higher revenue percentage mix from Duramed.
- Total Operating Expenses: For the twelve months ended
December 31, 2022 , total operating expenses were$16.8 million , an increase of$3.5 million , or 27%, compared with$13.3 million for the twelve months endedDecember 31, 2021 . The increase in operating expenses was primarily due to the non-cash stock-based compensation expense of$7.2 million and$1.4 million of depreciation of property and equipment related to the acquisition of property and equipment via asset purchases.
- Operating Loss: For the twelve months ended
December 31, 2022 , operating loss was$14.2 million , an increase of$3.9 million , or 38%, compared with an operating loss of$10.3 million for the twelve months endedDecember 31, 2021 . Contributing to the increase in operating loss was additional incurred costs to start the Company’s operations inMiami andTennessee during the first quarter of 2022 and a decrease in the Company’s gross margin due to unforeseen integration issues at the Company’s operations inMiami andTennessee resulting in the relocation and consolidation inColorado .
- Adjusted EBITDA Loss: For the twelve months ended
December 31, 2022 , Adjusted EBITDA loss was$2.1 million , a decrease of$0.7 million , or 25%, compared with an Adjusted EBITDA loss of$2.8 million for the twelve months endedDecember 31, 2021 , after deducting a total of$12.1 million in non-cash and one-time expenses, including$9.6 million non-cash stock-based compensation,$1.4 million depreciation,$0.5 million amortization,$0.3 million impairment and$0.3 million loss on sale of property and equipment.
- Net Loss: For the twelve months ended
December 31, 2022 , net loss was$14.9 million , or ($4.18 ) per share, an increase of$2.8 million , or 23%, compared with a net loss of$1.2 million , or a net loss of ($9.06 ) per share, for the twelve months endedDecember 31, 2021 . On a per-share basis this loss is a 46% reduction over 2021.
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Forward-Looking Statements
Forward-looking statements and risks and uncertainties discussed in this release contain forward-looking statements. The words "anticipate," "believe," "estimate," "may," "intend," "expect," and similar expressions identify such forward-looking statements. Expected, actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. Forward-looking statements are subject to a number of risks and uncertainties, including but not limited to, risks and uncertainties associated with, among other things, the impact of economic, competitive, and other factors affecting our operations, markets, products, and performance. The matters discussed herein should not be construed in any way, shape, or manner of our future financial condition or stock price. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of latest information, future events, or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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