Vinco Ventures Stock Slides After 11.5% Revenue Decline, Margin Pressure In Q3

by Shivani Kumaresan, Benzinga Staff Writer

November 23, 2021 6:14 AM | 1 min read | Make a Comment

Vinco Ventures Inc BBIG reported a third-quarter FY21 sales decline of 11.5% year-on-year, to $2.23 million.
The company attributed the revenue decline to a decrease in personal protective equipment sales in the Edison Nation Medical division.
Selling, general and administrative expenses jumped nearly 10-fold to $25.8 million.
The gross profit margin contracted by 890 basis points Y/Y to 31.4%, and the gross profit declined 31.1% to $0.70 million.
The operating loss for the quarter widened to $(25.2) million.
EPS loss widened to $(7.59) from $(0.30) last year.
The company held $149.9 million in cash and equivalents as of September 30, 2021.
Price Action: BBIG shares are trading lower by 5.63% at $3.69 in premarket on the last check Tuesday.