Business
NCS Multistage Holdings, Inc. Announces Second Quarter 2022 Results
Second Quarter Results Total revenues of $27.5 million, a 28% year-over-year increaseNet loss of $(5.5) million and loss per diluted share of $(2.25)Adjusted
About this update from Ncs Multistage Holdings, Inc.
[{"type":"text","content":"Second Quarter Results Total revenues of $27.5 million, a 28% year-over-year increaseNet loss of $(5.5) million and loss per diluted share of $(2.25)Adjusted EBITDA of $(2.0) million$14.9 million in cash and $8.2 million of total debt as of June 30, 2022 HOUSTON, Aug. 01, 2022 (GLOBE NEWSWIRE) -- NCS Multistage Holdings, Inc. (Nasdaq: NCSM) (the “Company,” “NCS,” “we” or “us”), a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies, today announced its results for the quarter ended June 30, 2022. Financial Review Total revenues were $27.5 million for the quarter ended June 30, 2022, which was an increase of 28% compared to the second quarter of 2021. This increase reflected higher product sales and services volumes in Canada and the United States as well as higher international services volumes, partially offset by a decrease in international product sales, for which individual orders can be larger and less frequent, and lower pricing for certain products and services. We believe the overall increase in revenues largely resulted from higher industry drilling and completion activity in the second quarter of 2022 as compared to 2021, particularly in North America, attributable primarily to higher oil and natural gas demand and more favorable commodity prices. Total revenues decreased by 30% as compared to the first quarter of 2022 with a decrease of 55% in Canada, primarily attributable to seasonality, partially offset by increases of 34% in the United States and 65% in international markets. Gross profit, which we define as total revenues less total cost of sales exclusive of depreciation and amortization, was $8.9 million, or 33% of total revenues, for the second quarter of 2022, compared to $7.5 million, or 35% of total revenues, for the second quarter of 2021. Cost of sales as a percentage of total revenues increased due to lower pricing for certain products and services, a reduction in international revenue as a percentage of total revenue, and increased costs impacting our supply chain, including raw materials, purchased materials, labor costs and outsourced service activity. The decline was partially offset by increased revenues and higher utilization of manufacturing capacity and field...