Business
Delivra Health and Its Brands LivRelief (TM) and Dream Water (TM) Report Positive Adjusted EBITDA(1) for Second Quarter of Fiscal 2023
Vancouver, British Columbia--(Newsfile Corp. - February 22, 2023) - Delivra Health Brands Inc. (T...
About this update from Delivra Health Brands Inc
[{"type":"text","content":"Delivra Health and Its Brands LivRelief (TM) and Dream Water (TM) Report Positive Adjusted EBITDA(1) for Second Quarter of Fiscal 2023Vancouver, British Columbia--(Newsfile Corp. - February 22, 2023) - 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 six months ended December 31, 2022.Management Commentary\"The second quarter of fiscal 2023 (\"Q2 2023\") reflects the start of a new phase in our history as Delivra Health has now become a profitable business,\" said Gord Davey, President and Chief Executive Officer of Delivra Health. \"In Q2 2023, the Company reported positive adjusted earnings before interest, taxes, depreciation and amortization (\"Adjusted EBITDA\")(1). Since the start of our strategic reorganization in March 2020, the Delivra Health team has worked diligently on its customer mix, margins and achieving a responsible level of selling, general and administrative expenses (\"SG&A\"). These positive Q2 2023 results demonstrate that our business model is effective and scalable without burning significant cash going forward. With the sale of our Lucky Lake facility, Delivra Health's balance sheet is now well positioned for future growth. The Company will be increasing its investment in further innovation projects, customer programs and marketing campaigns.\" Financial Highlights for the Quarter Ending December 31, 2022Net revenue: The Company reported total net revenue from continued operations of $2.39 million in the second quarter of fiscal 2023 as compared to $1.74 million in same period last year, representing an approximate 37% increase. This increase was primarily due to higher sales of Dream Water™ in US to international distributors and higher sales of the Company's licensed LivRelief™ cannabis-infused topical creams in Canada. Gross profit and gross profit margin: The Company reported for the 3 months ended December 31, 2022 gross profit of $0.98 million and a gross profit margin of 41% from continued operations as compared to $0.64 million and 37% in same period last year. The increase in gross profit and gross profit margin was the result of i...