Nutriband Inc. Reports Record Revenue Up 118% YoY in Q3

Rhea-AI Summary

Nutriband Inc. (NASDAQ:NTRB, NTRBW) reported a record revenue of $620,000 for Q3 2022, marking a 118% increase from Q3 2021. Year-to-date revenue reached $1,552,074, a 67% year-over-year growth. The company continues to expand its AVERSA™ intellectual property portfolio with patents granted in 44 countries. Net loss decreased to $1.07 million from $1.57 million in the prior year. CEO Gareth Sheridan highlighted potential peak sales for AVERSA Fentanyl could range between $80 million to $200 million.

Positive

• Record Q3 2022 revenue of $620,000, up 118% YoY.
• Year-to-date revenue reached $1,552,074, up 67% YoY.
• Expansion of AVERSA™ patent portfolio to 44 countries.
• Net loss decreased to $1.07 million from $1.57 million YoY.

Negative

• Ongoing net losses indicate financial challenges.

ORLANDO, FL / ACCESSWIRE / December 5, 2022 / Nutriband Inc. (NASDAQ:NTRB) (NASDAQ:NTRBW), a developer of transdermal pharmaceutical products, today announced financial and operational results for the third quarter ended October 31, 2022.

Key Highlights:

• Generated record quarterly revenue of $620,000, up 118% over Q3 2021
• Revenue for nine-months ended October 31, 2022, was $1,552,074, up 67% year-over-year
• Continued to expand AVERSA™ intellectual property portfolio with patents now issued in 44 countries; AVERSA™ patent coverage includes the U.S., Canada, Europe, Japan, Korea, Mexico, Australia, and Russia, with patents pending in China
• Demonstrated with Kindeva Drug Delivery enhanced abuse-deterrent characteristics for Aversa Fentanyl
• Applied for Dual Listing on Upstream
• Stockholders' equity of $9.7 million as of October 31, 2022

"Once again, we have had a record quarter for our revenue generating subsidiaries. Building on these revenue streams remains an important focus for us as we continue to develop AVERSA Fentanyl.," commented Gareth Sheridan, CEO of Nutriband. "According to the assessment by Health Advances, AVERSA Fentanyl could reach peak annual sales of between $80 to $200 million. If the entire transdermal fentanyl market moves toward abuse deterrent patches, similar to what occurred in the extended-release oral opioid market, the potential could be significantly greater. We are continually thankful to our shareholders for their ongoing support as we continue to execute on our vision of commercializing AVERSA''.

Q3 2022 Financial Highlights:

Revenue for the three-months ended October 31, 2022 was $0.6 million, up 118% from revenue of $0.28 million in the third quarter of fiscal year 2021. Revenue growth was driven primarily by increasing demand for the Company's Pocono Pharmaceuticals segment.

Cost of revenues for the three-months ended October 31, 2022 were $0.34 million with gross margins of $0.3 million, or 50% of revenues, compared to costs of revenue of $0.2 million and gross margins of $0.07 in the third quarter of fiscal year 2021.

Research and development expenses for the three-months ended October 31, 2022 were $0.29 million, compared to $0.16 in the third quarter of fiscal year 2021, driven primarily the development of the Company's Aversa™ product.

Selling, general and administrative expenses for the three-months ended October 31, 2022 were $1.05 million, compared to $1.45 million in the third quarter of fiscal year 2021.

Net loss attributable to common shareholders for the three-months ended October 31, 2022 was $1.07 million compared to a net loss of $1.57 million in the third quarter of fiscal year 2021.

About Nutriband Inc.

We are primarily engaged in the development of a portfolio of transdermal pharmaceutical products. Our lead product under development is an abuse deterrent fentanyl patch incorporating our AVERSA^™ abuse deterrence technology. AVERSA™ technology can be incorporated into any transdermal patch to prevent the abuse, misuse, diversion, and accidental exposure of drugs with abuse potential.

The Company's website is www.nutriband.com. Any material contained in or derived from the Company's websites or any other website is not part of this press release.

Forward-Looking Statements

Certain statements contained in this press release, including, without limitation, statements containing the words "believes,'' "anticipates," "expects" and words of similar import, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve both known and unknown risks and uncertainties. The Company's actual results may differ materially from those anticipated in its forward-looking statements as a result of a number of factors, including those including the Company's ability to develop its proposed abuse deterrent fentanyl transdermal system and other proposed products, its ability to obtain patent protection for its abuse technology, its ability to obtain the necessary financing to develop products and conduct the necessary clinical testing, its ability to obtain Federal Food and Drug Administration approval to market any product it may develop in the United States and to obtain any other regulatory approval necessary to market any product in other countries, including countries in Europe, its ability to market any product it may develop, its ability to create, sustain, manage or forecast its growth; its ability to attract and retain key personnel; changes in the Company's business strategy or development plans; competition; business disruptions; adverse publicity and international, national and local general economic and market conditions and risks generally associated with an undercapitalized developing company, as well as the risks contained under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Form S-1, Form 10-K for the year ended January 31, 2022 and Forms 10-Q, and the Company's other filings with the Securities and Exchange Commission. Except as required by applicable law, we undertake no obligation to revise or update any forward-looking statements to reflect any event or circumstance that may arise after the date hereof.

For more information, contact:

Investor Relations
RedChip Companies
Dave Gentry
NTRB@redchip.com
1-800-RED-CHIP (733-2447)
407-491-4498

SOURCE: Nutriband Inc.

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FAQ

What were Nutriband's Q3 2022 revenues?

Nutriband reported Q3 2022 revenues of $620,000, up 118% compared to Q3 2021.

What is the total revenue for Nutriband for the nine months ended October 31, 2022?

The total revenue for Nutriband for the nine months ended October 31, 2022, was $1,552,074, reflecting a 67% increase year-over-year.

What is the significance of the AVERSA™ product for Nutriband?

AVERSA™ has potential peak sales estimated between $80 million to $200 million, focusing on abuse deterrent technology.

What was Nutriband's net loss for Q3 2022?

Nutriband's net loss for Q3 2022 was $1.07 million, down from $1.57 million in the previous year.

In how many countries does Nutriband hold patents for AVERSA™?

Nutriband holds patents for AVERSA™ in 44 countries.