Irwin Naturals Inc. IWIN IWINF released financial results for the fiscal fourth quarter and the financial year ended December 31, 2021.
The company, active in the natural supplements market since 1994, added CBD products in 2018 and this year entered the psychedelics space with the purchase of several mental health clinics providing Ketamine treatment.
“In our 28th consecutive year of profitable operations, the core business continues to grow,” said Klee Irwin, president and CEO.
“These record-breaking top and bottom-line numbers are fueling our accretive rollup of psychedelic mental health clinics featuring psychedelic treatment with ketamine. It is noteworthy that our roll up is occurring without sacrificing profitability.”
Yearly revenues were $100.3 million. These were divided between:
Mass Market nutraceuticals: $57.7M (+10.8% vs prior year)
Note: not including products with CBD
CBD products: $9.8M (+24.4% vs prior year)
Note: includes $2.8M from Mass Market sales
Other: $32.8M (+11.6% vs prior year)
Growth in income from operations in fiscal 2021 was driven primarily by a growth in business volume.
The 33.3% year-over-year increase in operating cash flows to $11.0 million was driven primarily by higher operating revenue from sales, temporary favorability to working capital driven by the timing of payments to the Company’s primary product manufacturer and non-cash share capital issuance related to the going public event. The increase was offset partially by investments made into our new Irwin Naturals Emergence psychedelic mental health clinic business, predominantly related to staffing, legal and marketing expenses.
Solid revenue growth resulted in a 32.2% increase in Adjusted EBITDA to $12.0 million.
Positive cash flow from operations, combined with a largely undrawn line of credit, provides the Company with the financial resources to drive execution of its strategy.
“We are the first household name in the space, and we intend to execute on a similar path to expansion via both acquisition of clinics and organic clinic openings as that taken by other major national brand consumer focused chain outlets during their expansion phases,” continued Irwin.
Klee Irwin gave a keynote at the 2022 edition of the Benzinga Psychedelics Capital conference in April, 2022. You can see his presentation here:
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