Earnings Roundup: Neptune, Item9, GW Pharmaceuticals
Neptune Revenue Declines 63% YoY, Shifts To CPG And Branded Products
Global health and wellness company Neptune Wellness Solutions Inc. (NASDAQ:NEPT) (TSX:NEPT) revealed Monday its third-quarter financial results, on the heels of announcing the purchase of a 50.1% stake in baby food and snack company Sprout Foods, for $6 million in cash and $12 million in shares.
The Laval, Quebec-based company generated around CA$3.32 million ($2.62 million) over the quarter. Gross profits and margin declined over the same period to a loss of CA$8.9 million and 268.3%, respectively.
Even though the company didn't achieve a positive adjusted EBITDA — reporting a loss of CA$8.48 million for the third quarter — it expects to reach the goal with its focus being shifted to the production and sale of consumer-packaged goods and branded products.
Neptune also posted a net loss of approximately CA$73.8 million versus a CA$5.6 million net income in the corresponding quarter of 2019.
"The third quarter represented a pivotal point in Neptune's transformation to a B2C provider of plant-based health and wellness products," the company's CEO and President Michael Cammarata disclosed.
Item 9 Generates $3M In Q1, Arizona Operations Boost Revenue
Cannabis company Item 9 Labs Corp. (OTCQX:INLB) has generated record revenue of $3 million in the first quarter of fiscal 2021.
Besides a 98% year-over-year increase in revenue, the Phoenix-based company also posted an increase in gross profit and gross margin of 195% and 15%, respectively.
Over the year, operating loss declined by 70% to $0.4 million in the first quarter.
The company, which recently merged with ONE Cannabis Group., also posted a positive adjusted EBITDA of $400,000 compared to a $700,000 loss in the corresponding quarter of fiscal 2020.
During the first quarter, the company also got a green light for a 45-acre marijuana cultivation site expansion in Coolidge, Arizona.
"The high penetration of our award-winning products in existing Arizona dispensaries, coupled with the operational expansion, puts us in a strong position to capture additional market share," Item 9 CEO Andrew Bowden said.
Item 9 debuted in the US and the OTCQX Market in August.
GW Pharmaceuticals Reports Strong Epidiolex Sales Ahead Of Jazz Pharmaceuticals Deal
GW Pharmaceuticals plc (NASDAQ:GWPH) disclosed Tuesday that total net product sales of Epidiolex amounted to $144.1 million in the last three months of fiscal 2020 and $510.5 million for the full year.
In August, the FDA approved the new indication for the medicine, which was initially meant to treat patients suffering from seizures linked to Lennox-Gastaut and Dravet syndromes.
Currently, Epidiolex can help in managing seizures related to tuberous sclerosis complex as well.
According to a recent study, those receiving Epidiolex as a treatment had less TCS-associated seizures (48.6%) compared to placebo (26.5%).
Meantime, GW Pharmaceuticals also said its total revenue for the fourth quarter was $148.2 million, versus $109.1 million. For the full year, total revenue amounted to $527.2 million, up by 69% year-over-year.
The quarter's net loss was $29.1 million, versus a $24.9 million loss in the corresponding period of last year.
As of Dec. 31, GW Pharmaceuticals had $486.8 million in cash and cash equivalents.
"We have strong momentum and a tremendous opportunity to continue to build on our global cannabinoid leadership position as we prepare to join Jazz Pharmaceuticals and transform the lives of even more patients and families," GW Pharmaceuticals CEO Justin Gover said.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.