Delivra Health Brands Inc. DHB DHBUF, a prominent player in the health and wellness consumer packaged goods (CPG) sector, recently disclosed its financial and operational results for the fiscal year ending June 30, 2023.
The company, known for its innovative brands Dream Water and LivRelief, focuses on delivering high-quality products to the global market.
Financial Highlights
- Net revenue increased by 20% to $9,791 compared to $8,139 in fiscal 2022, primarily due to higher sales in the USA.
- Gross profit reached $4,823 with a 49% gross profit margin, compared to $2,604 and a 32% margin in fiscal 2022, driven by reduced fees, lower indirect cost of sales and fewer financial inventory write-downs.
- Total expenses, including SG&A and excluding non-cash items, decreased by 23% to $4,704 compared to $6,145 in fiscal 2022, resulting from operational changes and cost reductions.
- Adjusted EBITDA improved by 119% to $517 in fiscal 2023, up from $2,765 in fiscal 2022, attributed to higher net sales, a stronger gross margin, and overall expense reduction.
Gord Davey, president and CEO of Delivra Health, expressed satisfaction with the company's achievements and outlined future growth plans. "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," he said.
In May, the company announced that its wholly owned subsidiary, Delivra Inc., granted a subsidiary of Canopy Growth Corporation CGC a strategic licensing agreement to manufacture, distribute, and sell LivRelief brand-infused topical products in Canada.
Price Action
DHBUF shares were trading down at 38.27% at $0.01 per share Wednesday afternoon.
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