CV Sciences Q1 Revenue Down 8.33%, CEO Encouraged As PlusCBD Brand Gains Market Share

CV Sciences, Inc. CVSI released its financial results for the quarter ended March 31, 2022, revealing a revenue drop of 8.33% to $4.4 million YoY.

First Quarter 2022 and Recent Financial and Operating Highlights

• Gross margin of 26.0% for first quarter of 2022, compared to 32.4% for the fourth quarter of 2021;

• Total cash balance of $2.4 million at quarter-end, compared to $1.4 million at year end;

• Launched four unique over-the-counter pain relief topical products formulated to pinpoint sources of minor pain and aches using active ingredients including camphor and menthol along with premium hemp-derived CBD;

• Launched PlusCBD Relief softgels to its wellness line of CBD products

• Completed new lease agreement of approximately 6,000 square feet for the company's main facility in San Diego;

• Claimed refundable employee retention credit under the CARES Act of $2.0 million.

• Negative adjusted EBITDA for the first quarter of 2022 of $2.5 million, compared to negative adjusted EBITDA of $2.3 million in the first quarter of 2021.

• Reduced its operating loss to $1.5 million in the first quarter of 2022, compared to an operating loss of $3.1 million in the first quarter of 2021.

“First quarter results met our expectations and we are encouraged by improvements in the retail channel including an increase in units shipped on a year over year basis, and a very strong consumer response to several new product launches during Q1” said Joseph Dowling, CEO. “Our new OTC products, along with our Reserve Collection and our Wellness Line of products are evidence of our strong pipeline, and demonstrate our ability to develop innovative products that address the need states of our customers. Our flagship brand PlusCBD continues to gain market share in the natural product channel, and, with our portfolio of high-quality, proven products, and favorable regulatory momentum, we believe the company is positioned for growth in 2022.”

The company will host a conference call and webcast to discuss these results on May 16, at 10:00 am EDT/7:00 am PDT.

Photo: Courtesy of Ryan Lange on Unsplash

Related News