Braxia Scientific Fiscal 2022 Revenue Grows 47.5% YoY, What About Net Loss?

Braxia Scientific Corp. BRAXF RAX (FWB:4960) recorded revenue of $1.49 million for the fiscal 2022 year ended March 31, 2022 compared with revenue of $1.008 million for the year ended March 31, 2021. On a year-over-year basis, revenue increased 47.5%.

Fiscal 2022 Financial Highlights

  • In the fourth quarter of fiscal 2022, the company recorded revenue of $369,654 compared with revenue of $246,673 in the fourth quarter of 2021. On a year-over-year basis, fourth quarter revenues increased 49.9%.

  • The increase in revenue primarily reflects an increase in the number of treatments from the administering of ketamine at the Braxia Health clinics in Ontario.

  • Net loss was $12.1 million for the year ended March 31, 2022, compared to a net loss of $88.8 million for the year ended March 31, 2021.

  • The company's cash and cash equivalents as of March 31, 2022 was $8.6 million compared with December 31, 2021 at $7.64 million reflecting the impact of a private placement the company closed on January 31, 2022.

"We have established Braxia as a trusted and advanced clinic group and research platform enabling us to deliver on our vision to provide significantly greater access to innovative ketamine treatments for depression. We have also expanded our clinic footprint and launched several research initiatives to provide access to novel treatments such as psilocybin," stated Dr. Roger McIntyre, CEO, Braxia Scientific.

Management Changes

Jason Wolkove, joins Braxia as chief information officer, and Daniel Herrera, joins as vice president, research & development and growth.

Photo: Benzinga; Sources: courtesy of Tumisu, sergeitokmakov via Pixabay

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Posted In: CannabisEarningsNewsPsychedelicsMarketsDaniel HerreraDr. Roger McIntyreJason Wolkove
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