Business
Avenir Wellness Solutions Reports First Quarter 2023 Results with Strong Sequential and Year Over Year Revenue Increases and Continued High Gross Margins
New Product Showing Encouraging Early ResultsSHERMAN OAKS, CA / ACCESSWIRE / July 31, 2023 / Avenir Wellness Solutions, Inc. (OTC:CURR) ("Avenir" or the
About this update from Currenc Group Inc.
[{"type":"text","content":"New Product Showing Encouraging Early ResultsSHERMAN OAKS, CA / ACCESSWIRE / July 31, 2023 / Avenir Wellness Solutions, Inc. (OTC:CURR) (\"Avenir\" or the \"Company\"), a proprietary broad platform technology and wellness company, today announced results for the quarter ended March 31, 2023.Key operational highlights for the first quarter included the following:Net revenue in the first quarter of 2023 increased 15.1% year-over-year and 35.6% sequentially from Q4 2022 to $1.2 million with further increases expected in the second half of the year.Gross margins for the first quarter improved by 102 basis points to 78.9% in 2023 compared to the same period in 2022 with expectations of continuing high margin sales with the launch of new products and marketing initiatives.SG&A expenses (excluding non-cash charges) for the first quarter increased by $0.5 million in 2023 compared to 2022 driven by increased investment spend on advertising and promotion.Net operating loss from continuing operations (excluding the non-cash charges) decreased by $0.5 million in 2023.Cost reductions and operating leverage are expected to help narrow the operating loss (excluding non-cash charges) in the second half.\"We are very pleased with our results and accelerating sales in the first quarter which reflect the improving trajectory of the business. The proceeds from the July 2022 asset sale allowed us to continue to invest in the future of the Company, however, the delay in receiving the balance of the proceeds versus our expectations will have a negative impact on our second quarter. Our margin expansion initiatives continue to deliver results, and we are moving forward with our efforts to reduce SG&A expenses and to maximize operating leverage.We are also very excited by the continued success of the advertising and marketing campaigns for DNA Complex, which is our new addition to the Seratopical Revolution family of products. DNA Complex, which boasts a proprietary delivery system technology developed for the Company by Rob Davidson and his team, has gone viral with Beauty editors praising this instant line reducer in InStyle, People, Glamour, Zoe Report, Vogue, theSkimm, ET Online and many more,\" said Nancy Duitch, Avenir CEO.Operational HighlightsOther operational highlights during the first quarter of 2023 included:The Company is focused on becomin...