Nutriband Inc. Reports Record Revenue Up 118% YoY in Q3

About this update from Nutriband Inc.

[{"type":"text","content":"ORLANDO, FL / ACCESSWIRE / December 5, 2022 / Nutriband Inc. (NASDAQ:NTRB) (NASDAQ:NTRBW), a developer of transdermal pharmaceutical products, today announced financial and operational results for the third quarter ended October 31, 2022.Key Highlights:Generated record quarterly revenue of $620,000, up 118% over Q3 2021Revenue for nine-months ended October 31, 2022, was $1,552,074, up 67% year-over-yearContinued to expand AVERSA™ intellectual property portfolio with patents now issued in 44 countries; AVERSA™ patent coverage includes the U.S., Canada, Europe, Japan, Korea, Mexico, Australia, and Russia, with patents pending in ChinaDemonstrated with Kindeva Drug Delivery enhanced abuse-deterrent characteristics for Aversa FentanylApplied for Dual Listing on UpstreamStockholders' equity of $9.7 million as of October 31, 2022\"Once again, we have had a record quarter for our revenue generating subsidiaries. Building on these revenue streams remains an important focus for us as we continue to develop AVERSA Fentanyl.,\" commented Gareth Sheridan, CEO of Nutriband. \"According to the assessment by Health Advances, AVERSA Fentanyl could reach peak annual sales of between $80 to $200 million. If the entire transdermal fentanyl market moves toward abuse deterrent patches, similar to what occurred in the extended-release oral opioid market, the potential could be significantly greater. We are continually thankful to our shareholders for their ongoing support as we continue to execute on our vision of commercializing AVERSA''.Q3 2022 Financial Highlights:Revenue for the three-months ended October 31, 2022 was $0.6 million, up 118% from revenue of $0.28 million in the third quarter of fiscal year 2021. Revenue growth was driven primarily by increasing demand for the Company's Pocono Pharmaceuticals segment.Cost of revenues for the three-months ended October 31, 2022 were $0.34 million with gross margins of $0.3 million, or 50% of revenues, compared to costs of revenue of $0.2 million and gross margins of $0.07 in the third quarter of fiscal year 2021.Research and development expenses for the three-months ended October 31, 2022 were $0.29 million, compared to $0.16 in the third quarter of fiscal year 2021, driven primarily the development of the Company's Aversa™ product.Selling, general and administrative expenses for the three-months end...

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