CV Sciences CVSI shares were trading 10.69% higher at $0.044 per share at the time of writing Monday morning on company's third-quarter financial results. The company reported Q3 revenue of $3.8 million, a decrease of 27% compared to $5.1 million in Q3 2021.
Q3 2022 Highlights
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Gross margin of 41.6% for third quarter of 2022, compared to 46.2% for the third quarter of 2021.
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Total cash balance of $1.1 million at quarter end, compared to $1.4 million at year end.
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Reduced operating expenses by 54.0% compared to the third quarter of 2021 resulting in best quarterly operating results since the second quarter of 2019.
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Extinguished entire outstanding convertible debt.
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The company reduced its operating loss to $900,000 in the third quarter of 2022, compared to an operating loss of $3.0 million in the third quarter of 2021.
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The company had negative adjusted EBITDA for the third quarter of 2022 of $1.2 million, compared to negative adjusted EBITDA of $2.7 million in the third quarter of 2021.
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Received preliminary approval of proposed settlement of six shareholder derivative lawsuits.
"Our third quarter bottom line results met our expectations and we are encouraged by improvements we have made to reduce operating expense. In addition, we continue to receive very positive consumer response to several new product launches" stated Joseph Dowling, CEO.
"Our recently launched Reserve Collection and Wellness Line of products are evidence of our strong pipeline, and demonstrate our ability to develop innovative products that address the need-states of our customers. Our flagship PlusCBD brand continues to gain market share in the natural product channel, and, with our portfolio of high-quality, proven products, and favorable regulatory momentum, we believe the company is positioned for future growth," continued Dowling.
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