CV Sciences FY22 Revenue Declines 19% To $16.2M

CV Sciences, Inc. CVSI FY 2022 revenue was $16.2 million, a 19% decrease compared to $20.0 million for 2021.

Q4 2022 Financial Highlights

• Revenue of $3.9 million sequential increase of 3% from $3.8 million in the third quarter 2022, and a decrease of 22% compared to the same prior year period.

• Gross margin of 40.4% compared to 41.6% in the third quarter 2022;

• Cash balance of $611,000 at year end compared to $1.4 million at the end of 2021;

FY 2022 Financial Highlights

• Gross profit of $5.6 million compared to $8.6 million in FY 2021.

• Gross margin of 34.2% for fiscal year 2022 compared to 43.0% for 2021.

• Net loss of $8.2 million compared to $15.6 million in 2021.

• The company had negative adjusted EBITDA for fiscal 2022 of $6.1 million, compared to negative adjusted EBITDA of $10.0 million in 2021.

"We are focused on building for the future with several key initiatives, including: introduction of new exciting products; growing our existing sales channels; pursuing new sales channels including international opportunities; and continue to operate our business cost efficiently," stated Joseph Dowling, CEO of CV Sciences. "Our fourth quarter positive operating cash results of $0.2 million exceeded our expectations and we are encouraged by improvements we have made to reduce operating expense. In addition, we received very positive consumer response from our most recent new product launches. Our product quality and innovation team helped broaden our business in 2022.”

“We believe our recently launched Reserve Collection and 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 PlusCBD brand continues to improve its number one position and gain market share in the natural product channel, and, with our portfolio of high-quality and proven products, we believe the Company is positioned for future growth. We have strengthened our balance sheet and continue to operate cost efficiently and plan to continue participating in the consolidation and brand contraction of the CBD market by continuing to execute on our key strategic initiatives, and leveraging core competitive advantages to drive long-term growth and shareholder value."

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