Integrated BioPharma Reports Results for its Quarter Ended December 31, 2023
- Revenue decreased by 6.5% in the quarter ended December 31, 2023, compared to the same period in 2022.
- Operating losses increased for the quarter but decreased for the six-month period ended December 31, 2023, compared to 2022.
- Net loss per share of common stock was higher in 2023 compared to 2022.
- The Company's two largest customers in the Contract Manufacturing Segment accounted for approximately 90% and 91% of total revenue in the six-month periods of 2023 and 2022, respectively.
- The Co-CEOs plan to focus on core businesses and expand the customer base to reduce reliance on major customers by fiscal year ending June 30, 2025.
- Revenue declined for both the quarter and six-month period ended December 31, 2023, compared to the same periods in 2022.
- Operating losses increased for the quarter ended December 31, 2023, indicating potential financial challenges.
- Net loss per share of common stock was higher in 2023, reflecting a negative trend in profitability.
- The Company's significant reliance on two major customers poses a risk to revenue stability.
- The goal to reduce reliance on major customers by 2025 may face challenges in implementation and achieving diversification.
HILLSIDE, NJ / ACCESSWIRE / February 12, 2024 / Integrated BioPharma, Inc. (OTCQX:INBP) (the "Company" or "INBP") reports its financial results for the quarter ended December 31, 2023.
Revenue for the quarter ended December 31, 2023 was
Revenue for the six-month period ended December 31, 2023 was
For the quarters ended December 31, 2023 and 2022, the Company had a net loss of approximately
For the six-month periods ended December 31, 2023 and 2022, the Company had a net loss of approximately
"Our revenues were substantially the same in the six months ended in December 31, 2023 and 2022. Our revenue from our two largest customers in our Contract Manufacturing Segment remained consistent; representing approximately
A summary of our financial results for the three months and six months ended December 31, 2023 and 2022 follows:
| INTEGRATED BIOPHARMA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) (Unaudited) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
Total revenue | $ | 11,509 | $ | 12,254 | $ | 24,424 | $ | 24,580 | |||||||
Cost of sales | 10,989 | 11,184 | 23,072 | 22,513 | |||||||||||
Gross profit | 520 | 1,070 | 1,352 | 2,067 | |||||||||||
Selling and administrative expenses | 972 | 1,103 | 1,858 | 2,070 | |||||||||||
Operating loss | (452 | ) | (33 | ) | (506 | ) | (3 | ) | |||||||
Other income (expense), net (1) | - | (12 | ) | 8 | (26 | ) | |||||||||
Loss before income taxes | (452 | ) | (45 | ) | (498 | ) | (29 | ) | |||||||
Income tax benefit (expense), net | 70 | (10 | ) | 57 | (61 | ) | |||||||||
Net loss | $ | (382 | ) | $ | (55 | ) | $ | (441 | ) | $ | (90 | ) | |||
Basic and diluted net loss per share | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.02 | ) | $ | (0.00 | ) | |||
Weighted average common shares | |||||||||||||||
outstanding- basic and diluted | 30,099,610 | 29,949,610 | 30,032,762 | 29,929,610 | |||||||||||
| (1) Includes interest expense of | |||||||||||||||
About Integrated BioPharma Inc. (INBP)
Integrated BioPharma, Inc. ("INBP") is engaged primarily in the business of manufacturing, distributing, marketing and sales of vitamins, nutritional supplements and herbal products. Further information is available at ir.ibiopharma.com.
Contact: Dina Masi, CFO
Integrated BioPharma, Inc.
investors@ibiopharma.com
888.319.6962
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, as well as assumptions, that, if they never materialize or prove incorrect, could cause the results of INBP to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements generally are identified by the words "expects," "anticipates," believes," intends," "estimates," "should," "would," "strategy," "plan" and similar expressions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements and are not guarantees of future performance. Such statements speak only as of the date hereof, are subject to change and should not be relied upon for investment purposes. INBP undertakes no obligation to revise or update any statements for any reasons. The risks, uncertainties and assumptions include, among others, changes in general economic and business conditions; loss of market share through competition; introduction of competing products by other companies; the timing of regulatory approval and the introduction of new products by INBP; changes in industry capacity; pressure on prices from competition or from purchasers of INBP's products; regulatory changes in the pharmaceutical manufacturing industry and nutraceutical industry; regulatory obstacles to the introduction of new technologies or products that are important to INBP; availability of qualified personnel; the loss of any significant customers or suppliers; the impact of the war in Ukraine; the tightened labor markets and inflation; the impact of the Israel-Hamas war; our ability to expand our customer base and other risks and uncertainties described in the section entitled "Risk Factors" in INBP's most recent Annual Report on Form 10-K and its subsequent Quarterly Reports on Form 10-Q. Accordingly, INBP cannot give assurance that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of INBP.
SOURCE: Integrated BioPharma, Inc.
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