Business
Delivra Health and its Brands LivRelief and Dream Water Report Improved Fiscal Year End 2022 Financial Results
Strategic transformation to a uniquely positioned health and wellness company that provides h...
About this update from Delivra Health Brands Inc
[{"type":"text","content":"Delivra Health and its Brands LivRelief and Dream Water Report Improved Fiscal Year End 2022 Financial ResultsStrategic transformation to a uniquely positioned health and wellness company that provides high-quality brands to the global marketplace Improved net revenue by 2.3% growth year over year despite challenging business environmentImproved gross profit margin, 32% in fiscal 2022 vs. 24% in fiscal 2021 Lowered selling, general and administrative (\"SG&A\") expenses by 32% year over yearImproved adjusted earnings before interest, taxes, depreciation and amortization (\"EBITDA\")(1) by 54% year over yearVancouver, British Columbia--(Newsfile Corp. - October 28, 2022) - Delivra Health Brands Inc. (TSXV: DHB) (OTCQB: DHBUF) (formerly, Harvest One Cannabis Inc.) (\"Delivra Health\" or the \"Company\"), a consumer packaged goods company uniquely positioned in the health and wellness sector, is pleased to announce its financial and operating results for the three and twelve months ended June 30, 2022.Management Commentary\"Our fiscal year-end financial results illustrate the successful strategic repositioning of the Company to a health and wellness company, successfully restructuring our internal and external teams to increase revenues, operating margins and profitability,\" said Gord Davey, President and Chief Executive Officer of Delivra Health. \"The past year has been challenging given increasing inflation, supply chain disruptions and slower activity in capital markets. Throughout the year, management has focused on the execution of customer-specific programs, expanding e-commerce platforms, launching innovation products and improving distribution in international markets. In the coming fiscal year, we expect to continue to increase our revenues and profitability through a combined focus on US, international and e-commerce markets.\" Financial Highlights Net revenue: The Company reported total net revenue of $8.14 million in fiscal 2022 compared to $7.96 million in fiscal 2021 from continued operations. This 2.3% increase in net revenue is driven by higher sales in our US operations. Gross profit and gross profit margin: The Company reported gross profit of $2.60 million and a 32% gross profit margin compared to $1.91 million and a 24% gross profit margin from continued operations in fiscal 2021. This increase is attribut...