CANB - Can B Corp Reports 96% YoY Revenue Growth in Q2 2021

September 3, 2021 -- InvestorsHub NewsWire -- via pennymillions --

Facts About CBD - By Roland Perry

Can B Corp (OTCMKTS: CANB) has announced its Q2 2021 financial results for the three months ending June 30, 2021, in which revenue was up 96% YoY to $0.4 million.

Can B had an EBITDA loss of $2.1 million

The company reported an adjusted EBITDA loss of $2.1 million for the first six months of 2021. The increase in revenue was mainly a result of the resumption of elective surgeries that were halted temporarily last year because of the COVID-19 pandemic. Also, the growth was attributed to the enhanced operations connected to the Delta-8 synthesizing operations and medical equipment revenue for devices used in elective surgery.

Gross profit dropped $0.1 million from $0.2 million a year ago with a gross margin of $35.6 relative to 76.6% in Q2 2020. Net loss in Q2 2021 was $2.8 million or $0.12 per share versus a net loss of $1.2 million or net loss of $0.33 per share a year ago.

CEO Marco Alfonsi said, “We witnessed a nice uptick in business during the quarter as elective surgeries resumed and our medical durable equipment segment benefitted. Our business pipeline remains strong for both our own branded lines and our private label contract manufacturing. Additionally, our high activity of strategic corporate discussions and negotiations have led to meaningful opportunities such as the TWS Pharma asset acquisition announced via an 8K filing on August 17, 2021, adding over $5 million in assets to our balance sheet. Opportunities like these we believe will accelerate our growth and further solidify our balance sheet.”

Resumption and surge of elective surgeries impacted revenue.

For the six months ending June 30, 2021, revenue was $0.7 million, which is a 9% decline compared to $0.8 million in Q2 2020. Can B saw a rebound and revenue increase in Q2 2021 compared to prior periods because of the surge and resumption of elective surgeries. Gross profit was $0.4 million, dropping by $0.2 million from a year ago with a gross margin of 52.7%.

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Source - https://factsaboutcbd.org/can-b-corp-otcmkts-canb-reports-96-yoy-revenue-growth-in-q2-2021-4852

Other stocks on the move include NSAV, AABB, and GVSI.

SOURCE: pennymillions

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