Business
Delivra Health Brands and its Leading Brands Dream Water(R) and LivRelief(TM) Reports Positive Adjusted EBITDA(1) and Improved Fiscal Year End 2023 Financial Results
A unique consumer packaged goods company strategically positioned in the health and wellness sect...
About this update from Delivra Health Brands Inc
[{"type":"text","content":"Delivra Health Brands and its Leading Brands Dream Water(R) and LivRelief(TM) Reports Positive Adjusted EBITDA(1) and Improved Fiscal Year End 2023 Financial ResultsA unique consumer packaged goods company strategically positioned in the health and wellness sector that provides high-quality brands to the global marketplace Net revenue growth of 20% year over year despite challenging business environmentsImproved gross profit margin of 49% in fiscal 2023 vs. 32% in fiscal 2022 Lowered selling, general and administrative (\"SG&A\") expenses by 23% year over year Achieved positive adjusted earnings before interest, taxes, depreciation and amortization (\"Adjusted EBITDA\")(1)Cash used in operating activities decreased by 76% year over yearVancouver, British Columbia--(Newsfile Corp. - October 18, 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 twelve months ended June 30, 2023 (\"fiscal 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 Commentary\"In fiscal 2023, Delivra Health achieved positive Adjusted EBITDA(1) for the first time in the Company's history. This is a commitment we made to our shareholders and other stakeholders at the beginning of the year, and we are delighted to have achieved this milestone,\" said Gord Davey, President and Chief Executive Officer of Delivra Health. \"We kept our promise to shareholders, capital markets partners and our internal team, by remaining focused on the execution of customer-specific programs, optimizing e-commerce platforms, launching innovation products and improving distribution across several markets. In the coming year, we expect to continue to increase our revenues and profitability through a combined focus on Canada, USA, international and e-commerce markets.\" Financial Highlights Net revenue: The Company reported total net revenue of $9,791 in fiscal 2023 compared to $8,139 in the twelve months ended June 30, 2022 (\"fiscal 2022\") from continued operations. This 20% increase in net revenue is driv...