Neptune Wellness Solutions Inc. (NASDAQ: NEPT) stock plunged by 4.26% at last close while the NEPT stock price declines by 3.03% in the after-hours trading. Neptune is a diverse health and wellness firm based in Laval, Quebec, with a purpose to redefine health and wellbeing.
NEPT Stock Financial Results
Neptune Wellness released its first-quarter fiscal 2022 financial outcome. Given below is the summary:
- For the first quarter, fiscal 2022 revenues of $12.4 million were recorded above their pre-announced revenue estimate of $10 to $12 million, up from $11.2 million in the same time of the fiscal year 2021. Revenues of $12.4 million in the first quarter were up 83 percent from $6.8 million in the fourth quarter of the fiscal year 2021.
- Gross profit was $2.9 million, or 23.0%, lower than the similar quarter in fiscal 2021 when gross profit was $3.3 million, or 29.0%. When depreciation and amortization expenditures, other fixed and indirect costs, and costs connected to SugarLeaf are excluded from costs of sales, a combined gross profit of 13% may be calculated, a difference of 36 percentage points when contrasted to the quarter’s gross profit loss of 23%.
- In the first quarter of fiscal 2022, the company lost $23.0 million, relative to $11.4 million in the first quarter of the previous year.
- The Adjusted EBITDA loss was $15.9 million, opposed to a $2.5 million Adjusted EBITDA loss in the same quarter of the fiscal year 2021.
Michael Cammarata, President, and CEO of Neptune Wellness stated,
They provided innovative solutions across various sectors and extended the Sprout distribution in the first quarter, while the revenue surpassed their projections by 83 percent. The management team realized that more could be done to increase shareholder value, so they requested the Board of Directors to form a Strategic Review Committee to look into alternatives for speeding up their road to profitability.
NEPT Stock Business Highlights
- PanHash which is Neptune’s cannabis brand has debuted in Quebec.
- Sprout and CoComelon, the world’s top children’s entertainment brand, owned and run by Moonbug Entertainment, have signed a multi-year license arrangement, according to Neptune.
- Neptune has announced the availability of Mood Ring cannabis products in British Columbia, including flowers.