Led by a Significant Increase in Duramed, Music City Botanical and Botanical Biotech Brands
Adjusted EBITDA Loss Decreased by 25% to
Key Financial Highlights for Q3 2022
- Revenue increased 51% to
$2.9 million - Gross profit increased 36% to
$1.9 million - Gross margin decreased to 64.3%
- Adjusted EBITDA loss decreased by 25% to
$1.5 million - Accounts receivable at
$7.0 million - Inventory at
$2.3 million - Total assets at
$16.7 million - Total stockholders’ equity at
$4.5 million
Key Financial Highlights for 9 Months Ended
- Revenue increased 130% to
$6.0 million - Gross profit increased 59% to
$2.8 million - Gross margin decreased to 46.0%
- Adjusted EBITDA loss decreased by 15% to
$4.5 million
Key Business Highlights for Q3 2022
- Signed Manufacturing and Distribution Agreement for Superfood Products with Forever Brands and
Brooke Burke viaBB Body, Inc. - Consolidated Hemp Division Operations in
Colorado
Management Commentary
Alfonsi concluded, “We had a vision and were confident in the assets we were assembling over the past year. It is great to see all the challenging work pay off and result in accelerating revenue growth and a reduction in cash losses. With our proven manufacturing and distribution capabilities, we are now executing major strategic agreements, such as the recently announced deal with
Manufacturing and Distribution Agreement for Superfoods Products with Forever Brands and
The initial 3-year worldwide agreement covers the sale, manufacturing, and distribution of Superfoods and related nutritional products.
Subsequent to the end of the third quarter, the product launched.
Financial Results for the Three Months Ended
- Revenue: For the three months ended
September 30, 2022 , revenue was$2.9 million , an increase of$1.0 million , or 51%, compared with$1.9 million for the three months endedSeptember 30, 2021 . The increase is due to the ` winddown of restrictions related to the Covid-19 Pandemic surrounding elective surgeries, enabling an increase in the usage of the Company’s Duramed product lines and ultrasound devices associated with patient recovery. Additionally, due to asset acquisitions in 2021, the Company’s Music City Botanical and Botanical Biotech brands related to an increase of sales compared to 2021 of approximately$1.5 million . - Gross Profit: For the three months ended
September 30, 2022 , gross profit was$1.9 million , an increase of$0.5 million , or 36%, compared with$1.4 million for the three months endedSeptember 30, 2021 . The resulting gross margin was 64.3%, compared with 71.7% for the same quarter last year. - Total Operating Expenses: For the three months ended
September 30, 2022 , total operating expenses were$8.7 million , an increase of$4.8 million , or 223%, compared with$3.9 million for the same quarter last year. The increase in operating expenses was primarily due to the non-cash stock-based compensation expense of$4.5 million and$0.8 million of other non-cash and non-recurring one-time items. - Operating Loss: For the three months ended
September 30, 2022 , operating loss was$6.8 million , an increase of$4.3 million , or 271%, compared with an operating loss of$2.5 million for the same quarter last year. - Adjusted EBITDA Loss: For the three months ended
September 30, 2022 , Adjusted EBITDA loss was$1.5 million , a decrease of$0.5 million , or 25%, compared with an Adjusted EBITDA loss of$2.0 million for the same period last year, after deducting non-cash and one-time expenses. - Net Loss: For the three months ended
September 30, 2022 , the net loss was$6.9 million , or ($1.98 ) per share, compared with a net loss of$3.2 million , or a net loss of ($1.61 ) per share, for the three months endedSeptember 30, 2021 .
Financial Results for the Nine Months Ended
- Revenue: For the nine months ended
September 30, 2022 , revenue was$6.0 million , an increase of$3.4 million , or 130%, compared with$2.6 million for the same period last year. The increase is due to the winddown of restrictions related to the Covid-19 Pandemic surrounding elective surgeries, enabling an increase in the usage of the Company’s Duramed product lines and ultrasound devices associated with patient recovery. Additionally, due to asset acquisitions in 2021, the Company’s Music City Botanical and Botanical Biotech brands related to an increase of sales compared to 2021 of approximately$2.2 million . - Gross Profit: For the nine months ended
September 30, 2022 , gross profit was$2.8 million , an increase of$1.0 million , or 59%, compared with$1.7 million for the same period last year. The resulting gross margin was 46%, compared with 66% for the same period last year. - Total Operating Expenses: For the nine months ended
September 30, 2022 , total operating expenses were$14.3 million , an increase of$5.7 million , or 243%, compared with$8.6 million for the same period last year. The increase in operating expenses was primarily due to the non-cash stock-based compensation expense of$5.1 million . - Operating Loss: For the nine months ended
September 30, 2022 , operating loss was$11.6 million , an increase of$4.7 million , compared with an operating loss of$6.9 million for the same period last year. - Adjusted EBITDA Loss: For the nine months ended
September 30, 2022 , Adjusted EBITDA loss was$4.5 million , a decrease of$0.8 million , or 15%, compared with an Adjusted EBITDA loss of$5.3 million for the same period last year, after deducting non-cash and one-time expenses. - Net Loss: For the nine months ended
September 30, 2022 , net loss was$12.0 million , or ($3.56 ) per share, compared with$8.2 million , or ($5.39 ) per share, for the same period last year.
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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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