Neptune Wellness Solutions Inc. (NASDAQ:NEPT) (TSX:NEPT) announced its financial and operating results for the quarter ended on December 31, 2021, reporting revenue of CA$18.4 million (US$14.52 million), up buy 17% sequentially, and 457.57% year-over-year.
Fiscal Third Quarter 2022 Financial Highlights (all amounts in CAD unless otherwise noted):
- Gross profit totaled $2.0 million as compared to a loss of $10.0 million, an improvement of $12.0 million from the year-ago period.
- Gross margin of 11.1% compares to (300.8%) in the year-ago period.
- Net loss of $20.9 million compares to $74.9 million in the year-ago period.
- Adjusted EBITDA loss improved $2.7 million, or 22%, to a loss of $9.8 million compared to a loss of $12.5 million in the year-ago period.
"Over the past 12 months we have worked hard to transform Neptune into a high-growth branded CPG company. This quarter, we achieved several notable milestones," Michael Cammarata, president and CEO of Neptune Wellness, stated. "We delivered our fourth consecutive quarter of sequential revenue growth and reached positive gross margins, driven by acceleration of our cannabis sales and supply chain improvements for Sprout Foods. We also took measures to improve our overall operating efficiencies and reduce corporate overhead, as outlined in our Strategic Review. As we look ahead, we will continue to focus on controlling our costs while executing on our high-growth opportunities within our food & beverage, cannabis, and personal care & beauty brands. I could not be more excited about the opportunities in front of us."
Fiscal Third Quarter 2022 Business Highlights
- Implemented cost-cutting initiatives across Neptune and improved Sprout Foods' supply chain efficiencies.
- Launched Mood Ring pre-roll products in Ontario and Alberta, marking Neptune's entrance into all major cannabis product categories.
- Launched high-quality and sustainable Mood Ring vapes in Canada.
- Granted U.S. Patent for cannabis extraction process, unlocking future licensing opportunities.
Julie Phillips Appoined As Chair Of Board Of Directors
In addition, the company also confirmed that Julie Phillips has been appointed as chair of Neptune's board of directors.
"Julie has provided Neptune with valuable guidance and broad industry connections as a board member and we are excited as she takes on a larger role in the strategic development of Neptune as our first female chair," Cammarata said. "Julie has the experience and forethought to ensure Neptune hits its operational milestones and remains focused on creating new opportunities for profitable growth while maintaining strong principles of ESG management. We continue to push towards achieving gender parity at Neptune, with women representing 45% of our workforce in what is historically a male-dominated industry."
Price Action
Neptune shares traded 18.07% higher at $0.3306 per share during Thursday pre-market session.
