CANB - Can B Corp Reports 96% YoY Revenue Growth in Q2 2021
03 Septiembre 2021 - 8:34AM
InvestorsHub NewsWire
September 3, 2021 -- InvestorsHub NewsWire -- via pennymillions
--
Facts About CBD - By Roland Perry
Can B Corp (OTCMKTS:
CANB) has announced its Q2 2021 financial results
for the three months ending June 30, 2021, in which revenue was up
96% YoY to $0.4 million.
Can B had an EBITDA loss of $2.1
million
The company reported an adjusted EBITDA loss of $2.1 million for
the first six months of 2021. The increase in revenue was mainly a
result of the resumption of elective surgeries that were halted
temporarily last year because of the COVID-19 pandemic. Also, the
growth was attributed to the enhanced operations connected to the
Delta-8 synthesizing operations and medical equipment revenue for
devices used in elective surgery.
Gross profit dropped $0.1 million from $0.2 million a year ago
with a gross margin of $35.6 relative to 76.6% in Q2 2020. Net loss
in Q2 2021 was $2.8 million or $0.12 per share versus a net loss of
$1.2 million or net loss of $0.33 per share a year ago.
CEO Marco Alfonsi said, “We witnessed a nice uptick in business
during the quarter as elective surgeries resumed and our medical
durable equipment segment benefitted. Our business pipeline remains
strong for both our own branded lines and our private label
contract manufacturing. Additionally, our high activity of
strategic corporate discussions and negotiations have led to
meaningful opportunities such as the TWS Pharma asset acquisition
announced via an 8K filing on August 17, 2021, adding over $5
million in assets to our balance sheet. Opportunities like these we
believe will accelerate our growth and further solidify our balance
sheet.”
Resumption and surge of elective surgeries impacted
revenue.
For the six months ending June 30, 2021, revenue was $0.7
million, which is a 9% decline compared to $0.8 million in Q2 2020.
Can B saw a rebound and revenue increase in Q2 2021 compared to
prior periods because of the surge and resumption of elective
surgeries. Gross profit was $0.4 million, dropping by $0.2 million
from a year ago with a gross margin of 52.7%.
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Source - https://factsaboutcbd.org/can-b-corp-otcmkts-canb-reports-96-yoy-revenue-growth-in-q2-2021-4852
Other stocks on the move include
NSAV,
AABB, and
GVSI.
SOURCE: pennymillions
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