Business
Delivra Health and its Brands LivRelief (TM) and Dream Water (TM) Report Continued Improvement in Adjusted EBITDA(1) Results for First Quarter of Fiscal 2023
Vancouver, British Columbia--(Newsfile Corp. - November 28, 2022) - Delivra Health Brands Inc....
About this update from Delivra Health Brands Inc
[{"type":"text","content":"Delivra Health and its Brands LivRelief (TM) and Dream Water (TM) Report Continued Improvement in Adjusted EBITDA(1) Results for First Quarter of Fiscal 2023Vancouver, British Columbia--(Newsfile Corp. - November 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 months ended September 30, 2022.Management Commentary\"The first quarter of fiscal 2023 reflects our continued progress of executing on our key objectives and creating shareholder value as we work towards achieving profitability. Despite a reduction in revenue this quarter due to the timing of customer ordering patterns, we improved our gross profit margin to 51% from 33%, in the comparable quarter last year. We also reduced selling, general and administrative (\"SG&A\") expenses by 30% and further improved our adjusted earnings before interest, taxes, depreciation and amortization (\"Adjusted EBITDA\")(1) to $(0.15) million from $(0.78) million in the same period last year, bringing our financial results closer to a breakeven position which is a milestone for a health and wellness company operating in a very competitive environment,\" said Gord Davey, President and Chief Executive Officer of Delivra Health. Mr. Davey continued, \"Furthermore, our team has increased the distribution of our Dream Water products by partnering with over 2,400 Casey's General Stores, as well as launching our new innovative six count gummies and Dream Water Immunity shots. We expect these initiatives to strengthen the Company's business in the coming quarters.\"Financial Highlights Net revenue: For the three months ended September 30, 2022, net revenue was $1.73 million compared to $2.13 million in the same period in the prior year. The $0.40 million or 19% reduction in net revenue was mainly due to a reduction in the sales of Dream Water™ in the US, which was driven by the timing of customer ordering patterns. Gross profit and gross profit margin: For the three months ended September 30, 2022, the Company reported gross profit of $0.88 million and a 51% gross profit margin compared to $0.71 million and a 33% gross profit margin...