Nutriband Inc. Reports Second Quarter 2023 Financial Results and Provides Business Update
- Second quarter 2023 revenues increased 48% compared to second quarter 2022
ORLANDO, FL / ACCESSWIRE / September 11, 2023 / Nutriband Inc. (NASDAQ:NTRB)(NASDAQ:NTRBW), a developer of transdermal pharmaceutical products, today announced financial and operational results for the second quarter ended July 31, 2023.
Key Highlights:
- Generated quarterly revenue of $655,928, up 48% over Q2 2022
- Revenue for six-months ended July 31, 2023, was $1,132,869, up 21% year-over-year
- Increased Existing Credit Line to $5 Million supporting the continued development of AVERSA
- Launched AI Tape Brand and announced Donovan McNabb as AI Tape Brand Ambassador
- Stockholders’ equity of $6.9 million as of July 31, 2023
“We are encouraged by the continued revenue growth from Nutriband’s subsidiaries, especially our Pocono Pharmaceuticals segment. The recent launch of our AI Tape brand, our first products targeting the consumer market, and the addition of 6-time Pro-Bowl NFL quarterback, Donovan McNabb as a brand ambassador for AI Tape, is a huge milestone for the Company,” stated Gareth Sheridan, Nutriband CEO. “We look forward to updating our shareholders as we continue to drive revenue growth and work towards commercializing our innovative transdermal abuse deterrent technology, AVERSA™.”
Q2 2023 Financial Highlights:
Revenue for the three months ended July 31, 2023 was $655,928, up 48% from revenue of $456,149 in the second quarter of fiscal year 2022. Revenue growth was driven primarily by increasing demand for the Company’s Pocono Pharmaceuticals segment.
Cost of revenues for the three months ended July 31 2023 were $356,256 with gross margins of $299,672, or 46% of revenues, compared to costs of revenue of $304,353 and gross margins of $151,796 in the second quarter of fiscal year 2022.
Research and development expenses for the three months ended July 31, 2023 were $445,122, compared to $277,869 in the second quarter of fiscal year 2022, driven primarily by the development of the Company’s Aversa™ product.
Selling, general and administrative expenses for the three months ended July 31, 2023 were $678,738, compared to $908,173 in the second quarter of fiscal year 2022.
Net loss attributable to common shareholders for the three months ended July 31, 2023 was $829,173, or $0.11 per share compared to a net loss of $1,038,675, or $0.12 per share in the second quarter of fiscal year 2022.
About Nutriband Inc.
We are primarily engaged in the development of a portfolio of transdermal pharmaceutical products. Our lead product under development is an abuse deterrent fentanyl patch incorporating our AVERSA™ abuse deterrence technology. AVERSA™ technology can be incorporated into any transdermal patch to prevent the abuse, misuse, diversion, and accidental exposure of drugs with abuse potential.
The Company’s website is www.nutriband.com. Any material contained in or derived from the Company’s websites or any other website is not part of this press release.
Forward-Looking Statements
Certain statements contained in this press release, including, without limitation, statements containing the words ‘’believes,” “anticipates,” “expects” and words of similar import, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve both known and unknown risks and uncertainties. The Company’s actual results may differ materially from those anticipated in its forward-looking statements as a result of a number of factors, including those including the Company’s ability to develop its proposed abuse deterrent fentanyl transdermal system and other proposed products, its ability to obtain patent protection for its abuse technology, its ability to obtain the necessary financing to develop products and conduct the necessary clinical testing, its ability to obtain Federal Food and Drug Administration approval to market any product it may develop in the United States and to obtain any other regulatory approval necessary to market any product in other countries, including countries in Europe, its ability to market any product it may develop, its ability to create, sustain, manage or forecast its growth; its ability to attract and retain key personnel; changes in the Company’s business strategy or development plans; competition; business disruptions; adverse publicity and international, national and local general economic and market conditions and risks generally associated with an undercapitalized developing company, as well as the risks contained under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Form S-1, Form 10-K for the year ended January 31, 2022 and Forms 10-Q, and the Company’s other filings with the Securities and Exchange Commission. Except as required by applicable law, we undertake no obligation to revise or update any forward-looking statements to reflect any event or circumstance that may arise after the date hereof.
For more information, contact:
Patrick Ryan
CTO Nutriband Inc
paddyr@nutriband.com / support@nutriband.com
121 S Orange Ave, Orlando, FL, 32407
+1 (407) 377-6695
SOURCE: Nutriband Inc.
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