CV SCIENCES, INC. REPORTS FISCAL YEAR-END 2022 FINANCIAL RESULTS
Download as PDFMarch 29, 2023
SAN DIEGO, March 29, 2023 /PRNewswire/ -- CV Sciences, Inc. (OTCQB:CVSI) (the "Company", "CV Sciences", "our", "us" or "we"), a preeminent consumer wellness company specializing in hemp extracts and other proven science-backed, natural ingredients and products, today announced its financial results for the year and quarter ended December 31, 2022.
(PRNewsfoto/CV Sciences, Inc.)
Fiscal 2022, Fourth Quarter 2022 and Recent Financial and Operating Highlights
Generated revenue of $16.2 million for fiscal year 2022 compared to $20.0 million for 2021; Revenue of $3.9 million for the fourth quarter 2022 sequential increase of 3% from $3.8 million in the third quarter 2022; Recognized gross margin of 34.2% for fiscal year 2022 compared to 43.0% for 2021; Gross margin of 40.4% for the fourth quarter 2022 compared to 41.6% in the third quarter 2022; Cash balance of $0.6 million at year end compared to $1.4 million at the end of 2021; Reduced operating expenses by 54% to $12.4 million for fiscal year 2022 compared to $27.1 million for 2021; Generated cash flow from operations of $0.2 million in the fourth quarter of 2022 resulting in best quarterly operating cash results since the second quarter of 2019; Regained number one position as top-selling hemp extract brand in the natural product retail sales channel, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry; Launched four unique Over-the-Counter (OTC) pain relief topical products (Q1 2022); Launched PlusCBD™ Relief softgels to wellness line of CBD products (Q1 2022); Claimed refundable employee retention credit (ERC) under the CARES Act for a total of $2.5 million (Q1 and Q3 2022). Completed move to more efficient and cost effective facility in San Diego (Q2 2022); Launched PlusCBD™ Reserve Collection 30ct softgels to support stress relief and relaxation (Q3 2022); Extinguished entire outstanding convertible debt (Q3 2022); Settled six shareholder derivative lawsuits (Q3 2022); Launched PlusCBD™ Daily Balance, a new line of THC-free gummies and softgels (Q1 2023); Received formal notice of patent issuance from Japan Patent Office for formulations containing CBD and nicotine for treating smokeless tobacco addiction (Q1 2023); Received preliminary approval of proposed settlement of shareholder derivative lawsuit (Q1 2023); and Continued to evaluate strategic opportunities, including consideration of inbound and outbound merger, sale, acquisition or other options for the Company.
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