Excellent 3rd Quarter Results for CANB! :
Can B Corp Announces Third Quarter 2020 Results
Can B Corp
Wed, November 18, 2020, 6:00 AM EST·7 min read
CANB
+3.77%
Efficiencies and Lower Expenses Lead to a Significant Reduction in Operating Loss
HICKSVILLE, NY, Nov. 18, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Can B Corp. (OTCQB: CANB) (“Can B” or the “Company”), a diversified health and wellness company, announced today operating and financial results for the third quarter ended September 30, 2020.
Management Commentary:
Scroll to continue with contentAd
You pay how much for unlimited phone service?
Marco Alfonsi, Can B’s Chief Executive Officer, commented, “Our focused efforts on reducing costs has led to a significant reduction in operating losses. Additionally, when backing out non-cash expenses, our adjusted operating loss decreased by 37% to just over $200,000 for the quarter, largely attributable to the lay-offs due to COVID-19 circumstances.
Mr. Alfonsi continued, “With that said, our team is driven to execute on our strong pipeline and evolve opportunities into sales and return to revenue growth. We are well-positioned with a diversified product line up, exclusive license to use LifeGuard® on various products, multi-channel distribution strategy, our R&D and production facility in Lacey, WA, and our Green Grow Farms, a licensed hemp grow and cultivation in New York. We look forward to a return to more normalcy and expect to return to growth mode in 2021.”
Pure Leaf Oil Brand Products Available at United Grocery Outlet
The initial product offerings are 3 oz. Roll-On CBD products and the first order has been delivered and sold out in several stores. Pure Leaf Oil, a product of Pure Health Products, LLC, is fulfilling reorders currently. Our team has been working to develop our white label business offerings and this is another step in growing this segment. In business since 1974, United Grocery Outlets are a highly reputable closeout grocery merchant buying and selling most products sold in supermarkets. From its distribution center in Athens, Tennessee, it operates retail outlets in Tennessee, Georgia, North Carolina, Kentucky, Virginia, and Alabama. The company currently operates 38 stores in 6 States and www.myugo.com.
Financial Highlights for the Three Months Ended September 30, 2020, vs. 2019:
· Gross Profit Increased from 77% in 2019 to 85% in 2020 an 8% Increase
· Operating Expenses Decreased $247,085 an 18% Decrease
· Operating Loss Decreased $162,628 a 17% Decrease
· Adjusted Operating Loss Decreased $122,212 a 37% Decrease
Financial Results for the Three Months Ended September 30, 2020:
Revenue for the three months ended September 30, 2020, was $459,496, a decrease of $155,926, or 25%, compared to $615,422 for the three months ended September 30, 2019. This decrease was due to the impact of the COVID-19 outbreak.
Gross profit for the three months ended September 30, 2020, was $389,115, a decrease of $84,457, or 18%, compared to $473,572 for the three months ended September 30, 2019. The resulting gross margin was 85% for the three months ended September 30, 2020, compared to 77% for the three months ended September 30, 2019.
Operating expenses for the three months ended September 30, 2020 were $1,161,751, a decrease of $247,085, or 18%, compared to $1,408,836 for the three months ended September 30, 2019. Operating expenses for the three months ended September 30, 2020, included non-cash expenses resulting from stock-based compensation for employees and consultants of $397,976 and amortization of intangible assets of $169,398, compared to $602,823 and $4,967 for the three months ended September 30, 2019.
Operating loss for the three months ended September 30, 2020, was $772,636, a decrease of $162,628, or 17%, compared to $935,264 for the three months ended September 30, 2019.
Adjusted operating loss for the three months ended September 30, 2020, was $205,262, a decrease of $122,212, or 37%, compared to $327,474 for the three months ended September 30, 2019. Adjusted operating loss does not include non-cash stock-based compensation and amortization of intangible assets.
Net loss for the three months ended September 30, 2020 was $1,233,175, an increase of $292,077, or 31%, compared to $941,099 for the three months ended September 30, 2019. The resulting EPS loss for the three months ended September 30, 2020, was a ($0.29), as compared to an EPS loss of ($0.32) for the three months ended September 30, 2019.
Financial Results for the Nine Months Ended September 30, 2020:
Revenue for the nine months ended September 30, 2020 was $1,234,287, a decrease of $531,874, or 30%, compared to $1,766,161 for the nine months ended September 30, 2019. This decrease was due to the impact of the COVID-19 outbreak.
Gross profit for the nine months ended September 30, 2020 was $994,312, a decrease of $68,242, or 6%, compared to $1,062,554 for the nine months ended September 30, 2019. The resulting gross margin was 81% for the nine months ended September 30, 2020, compared to 60% for the nine months ended September 30, 2019.
Operating expenses for the nine months ended September 30, 2020 were $3,998,414, a decrease of $608,884, or 13%, compared to $4,607,298 for the nine months ended September 30, 2019. Operating expenses for the nine months ended September 30, 2020, included non-cash expenses resulting from stock-based compensation for employees and consultants of $916,386 and amortization of intangible assets of $446,556, compared to $1,018,786 and $12,127 for the nine months ended September 30, 2019.
Operating loss for the nine months ended September 30, 2020 was $3,004,102, a decrease of $540,642, or 15%, compared to $3,544,744 for the nine months ended September 30, 2019.
Adjusted operating loss for the nine months ended September 30, 2020 was $1,641,160, a decrease of $872,671, or 35%, compared to $2,513,831 for the nine months ended September 30, 2019. Adjusted operating loss does not include non-cash stock-based compensation and amortization of intangible assets.
Net loss for the nine months ended September 30, 2020 was $3,598,208, an increase of $47,104, or 1%, compared to $3,551,104 for the nine months ended September 30, 2019. The resulting EPS loss for the nine months ended September 30, 2020, was a ($0.95), as compared to an EPS loss of ($1.30) for the nine months ended September 30, 2019.
About Can B Corp.
Can B Corp. (OTCQB: CANB) is a Health & Wellness company providing the highest quality cannabidiol (CBD) products under the brands of Canbiola, Seven Chakras, NuWellness, Pure Leaf Oil, and Duramed. Can B utilizes multi-channel distribution to reach consumers, including medical facilities, doctor offices, retailers, online and direct. Can B is also an exclusive partner of the LifeGuard® Brand in developing a line of consumer products. The Company is also launching Super Foods, a line of nutritional supplements. Can B Corp. owns and operates an R&D and production facility in Lacey, WA, and Green Grow Farms, a licensed hemp grow and cultivation in New York. To learn more about Can B Corp. and our comprehensive line of high-quality CBD products, please visit: Canbiola.com and www.CanBCorp.com, follow Can B Corp on Instagram and Facebook, or visit one of the 1,000+ retail outlets that carry Can B Corp. products.
For more information about Can B Corp., please visit: CanBCorp.com
Twitter @CanBCorp
Instagram @canbcorp
Facebook @ Can B Corp
