Business
Delivra Health Brands and its Leading Brands Dream Water (R) and LivRelief (TM) Report Positive Adjusted EBITDA(1) for First Quarter of Fiscal 2024
Vancouver, British Columbia--(Newsfile Corp. - November 28, 2023) - Delivra Health Brands Inc. (T...
About this update from Delivra Health Brands Inc
[{"type":"text","content":"Delivra Health Brands and its Leading Brands Dream Water (R) and LivRelief (TM) Report Positive Adjusted EBITDA(1) for First Quarter of Fiscal 2024Vancouver, British Columbia--(Newsfile Corp. - November 28, 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 months ended September 30, 2023. The Delivra Health portfolio features innovative brands Dream Water® and LivRelief™, which deliver relief from common health issues such as sleeplessness, chronic pain and anxiety.Management CommentaryIn the first quarter of fiscal 2024, Delivra Health extended the positive adjusted earnings before interest, taxes, depreciation and amortization (\"Adjusted EBITDA\") results it reported for fiscal 2023. The Company reported $683 in its first quarter of fiscal 2024. \"Our commitment to Delivra Health shareholders to increase revenue has been achieved with a substantial increase in net revenue of 112% year over year and a strong margin of 52%,\" said Gord Davey, President and Chief Executive Officer of Delivra Health. \"These first quarter results are a testament to the execution of our commercial plan in all verticals of our Company. Delivra will continue to invest in customer-specific programs and its e-commerce strategy, launching innovation products and improving distribution across several channels.\"Financial Highlights (Expressed in thousands of Canadian dollars, except share and per share amounts)Net revenue: For the three months ended September 30, 2023, net revenue was $3,671 compared to $1,729 in the same period in the prior year. The $1,942 or 112% increase in net revenue was mainly due to an increase in sales of Dream Water™ in the US, which was driven by the favorable timing of increased purchase order activity in the US market. Gross profit and gross profit margin: For the three months ended September 30, 2023, the Company reported gross profit of $1,922 and a 52% gross profit margin compared to $879 and a 51% gross profit margin in same period last year. This increase is attributed to lower sales fees and lower indirect cost of sales incurred relative to the increase. Expenses including selling, genera...