Neptune Wellness Solutions Inc (NEPT)

[FUNMAN]

Neptune Wellness Solutions EPS misses by C$0.46, misses on revenue

Feb. 15, 2021 11:05 PM ET

Neptune Wellness Solutions Inc. (NEPT)
By: Gaurav Batavia, SA News Editor

Neptune Wellness Solutions (NASDAQ:NEPT): FQ3 GAAP EPS of -C$0.59 misses by C$0.46.

Revenue of C$3.32M (-63.8% Y/Y) misses by C$11.48M.



Neptune Reports Third Quarter Fiscal 2021 Results

Mon February 15, 2021 7:09 PM

LAVAL, QC, Feb. 15, 2021 /PRNewswire/ - Neptune Wellness Solutions Inc. ("Neptune" or the "Company") (NASDAQ: NEPT) (TSX: NEPT), a diversified and fully integrated health and wellness company focused on plant-based, sustainable and purpose- driven lifestyle brands, today announced its financial and operating results for the three- month and nine-month periods ending December 31, 2020.

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During the third fiscal quarter, Neptune substantially completed its strategic transition from extraction of hemp and cannabis to the production and sale of consumer-packaged goods and branded products. Neptune believes the shift to consumer-packaged goods and branded products will ultimately result in higher margins and lower risk and will enable the company to generate positive adjusted EBITDA sooner than in its prior B2B model. In addition, the transition has allowed Neptune to prepare logistics to build scale and situated the Company for accelerated growth.

With Senate Majority Leader Chuck Schumer (D-NY), along with Senator Cory Booker (D-NJ) and Senator Ron Wyden (D-OR) having released a statement on February 1, 2021 that cannabis reform would be a priority for the 117th Congress (CACOX), Neptune will continue its focus on the use of cannabinoids as a "super ingredient" that promotes improved health and wellness. With Neptune's production facilities in the United States — together with the positive early adoption of our Canadian Mood Ring™ brand (named as the "best hash you can buy right now"1) — the Company has positioned itself to be the leader for cannabis consumer-packaged goods in the U.S.

Neptune has also recently demonstrated the power of our M&A and diversification strategy with the acquisition of Sprout Foods ("Sprout"), a three-brand portfolio of organic plant-based baby food and toddler snacks with USD$28 million in annual net revenues. With this acquisition, investment funds managed by Morgan Stanley Expansion Capital ("MSEC") have become a major shareholder in Neptune. Neptune expects that further M&A will be an important component of its growth strategy of creating a broad health and wellness solutions organization.

With regards to our third quarter fiscal 2021, all amounts are in thousands of Canadian dollars except if specified otherwise.

Read the rest at this link:

https://www.prnewswire.com/news-releases/neptune-reports-third-quarter-fiscal-2021-results-301228557.html