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CV Sciences, Inc. (CVSI) is a consumer wellness company dedicated to improving health through the integration of science and nature. Specializing in hemp extracts and science-backed natural ingredients, CV Sciences offers a range of products such as hemp extracts, softgels, and plant-based foods. The company's commitment to consumer well-being is evident in its mission to make healthy people healthier. With a focus on research-supported, plant-based alternatives, CV Sciences aims to provide high-quality products that cater to the well-being of both humans and pets. The recent launch of +PlusCBD™ Pet wellness treats, including the Pet Hip and Joint Health Chews and Pet Calming Care Chews, showcases CV Sciences' dedication to innovation and safety, validated by the National Animal Supplement Council (NASC). These premium CBD-infused chews, designed to support pet health, are crafted using organic hemp-derived CBD and a blend of antioxidants, anti-inflammatory agents, and essential supplements. The safety, efficacy, and quality of each product are ensured through rigorous testing by independent laboratories, aligning with NASC's stringent standards.
CV Sciences' strategic acquisitions, such as Elevated Softgels, further enhance its operational capabilities, allowing for in-house manufacturing and new product development. By leveraging Elevated Softgels' manufacturing expertise, CV Sciences aims to streamline production, increase operational efficiency, and expand its product offerings. The company's financial performance reflects its resilience and growth trajectory, with sequential revenue increases, improved gross margins, and strategic investments driving long-term value creation. As CV Sciences continues to innovate and expand its product portfolio, it remains committed to delivering science-backed, plant-based solutions that promote holistic well-being.
CV Sciences, Inc. announced the launch of +PlusCBD™ Reserve Collection Extra Gummies on April 3, 2023. These gummies offer a potent blend of 25mg CBD and 5mg THC, aimed at enhancing wellness through improved sleep, recovery, and relaxation. The new formulation features organic ingredients, is gluten-free, soy-free, and vegan. With a focus on customizable wellness, the company positions these Extra Gummies as a higher THC alternative in their product range. CV Sciences emphasizes their commitment to high-quality manufacturing practices, third-party lab testing, and science-backed products, making them a top-selling brand in the hemp extract market.
CV Sciences reported revenue of $16.2 million for fiscal 2022, down from $20.0 million in 2021, reflecting a 19% decline primarily due to reduced retail sales and supply chain challenges. In Q4 2022, revenue rose 3% sequentially to $3.9 million, but was down 22% year-over-year. Gross margin decreased to 34.2% for the year compared to 43.0% in 2021. Operating expenses were cut by 54% to $12.4 million, resulting in a reduced operating loss of $6.8 million. The company generated positive cash flow of $0.2 million in Q4 2022, the best since Q2 2019. Initiatives for future growth include new product launches and cost efficiency improvements.
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