Business
Delivra Health and Its Brands LivRelief (TM) and Dream Water (TM) Report Positive Adjusted EBITDA(1) for Third Quarter of Fiscal 2023
Vancouver, British Columbia--(Newsfile Corp. - May 23, 2023) - Delivra Health Brands Inc. (TSXV: ...
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 Third Quarter of Fiscal 2023Vancouver, British Columbia--(Newsfile Corp. - May 23, 2023) - Delivra Health Brands Inc. (TSXV: DHB) (OTCQB: DHBUF) (\"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 nine months ended March 31, 2023 (\"Q3 2023\").Management Commentary\"For the second time this year, the Company is profitable from an adjusted EBITDA (\"Adjusted EBITDA\")(1) perspective, for the three months ended March 31, 2023, and we are looking to repeat this moving forward by reinvesting in our business in the form of innovation and new distribution channels,\" said Gord Davey, President and Chief Executive Officer of Delivra Health. \"As indicated when the Company reported on its performance for the three and six months ended December 31, 2022, the Company increased its investment in further innovation projects, customer programs and marketing campaigns in Q3 2023, and this is now supporting the Company's brands and its future prospects.\"Financial Highlights for Q3 2023Net revenue: The Company reported total net revenue from continued operations of $2.35 million in Q3 2023 as compared to $2.34 million in same period last year. The Company maintained approximately the same level of net revenue due to higher sales of Dream Water™ in the US to international distributors. Gross profit and gross profit margin: The Company reported for Q3 2023 gross profit of $0.96 million and a gross profit margin of 41% compared to $0.91 million and 39% in same period last year. The increase in gross profit and gross profit margin was the result of increased sales volume higher margin sales from the US.Expenses including SG&A and excluding non-cash items: For Q3 2023, the Company reported expenses of $1.25 million as compared to $1.55 million in the same period last year, representing a 19% reduction. The reduction was mainly driven by the implementation of certain operational improvements and cost reduction measures identified in the Company's strategic review, which was completed on March 29, 2021 (the \"Strategic Review\"), and which resulted in lower salaries and sales and mark...