Nutriband Inc. Reports Revenue Up 113% YoY in Q2
Nutriband Inc. (NASDAQ:NTRB) reported significant growth in its Q2 2022 financial results, achieving record quarterly revenue of $0.5 million, a 113% increase year-over-year. Over six months, revenue rose 44%. The company received a favorable court ruling enabling the cancellation of 1.2 million shares, representing 15% of outstanding shares at the time. Nutriband continues to expand its AVERSA™ intellectual property, now protected in 45 countries. However, net loss increased to $1.0 million from $0.5 million year-over-year.
- Record quarterly revenue of $0.5 million, up 113% year-over-year.
- Revenue for six months ended July 31, 2022, increased by 44%.
- Favorable court judgment allows cancellation of 1.2 million shares, reducing outstanding shares by 15%.
- Expanded AVERSA™ intellectual property with patents issued in 45 countries.
- Net loss increased to $1.0 million from $0.5 million year-over-year.
- Selling, general, and administrative expenses rose to $0.9 million from $0.5 million.
ORLANDO, FL / ACCESSWIRE / September 8, 2022 / Nutriband Inc. (NASDAQ:NTRB), a developer of transdermal pharmaceutical products, today announced financial and operational results for the second quarter ended July 31, 2022.
Key Highlights:
- Generated record quarterly revenue of
$0.5 million , up113% over Q2 2021 - Revenue for six-months ended July 31, 2022 up
44% year-over-year - Received favorable final court judgment, related to a previously rescinded acquisition in 2017; the ruling enabled the Company to cancel the 1.2 million shares ( 1.4M shares when adjusted for 7 for 6 forward split), representing
15% of Nutriband's outstanding shares at the time, held by the defendants. The court judgement is binding and cannot be appealed. - Continued to expand AVERSA™ intellectual property portfolio with patents now issued in 45 countries; AVERSA™ patent coverage includes the U.S., Canada, Europe, Japan, Korea, Mexico, Australia, and Russia, with patents pending in China
- The Company's Active Intelligence LLC subsidiary registered with FDA as a medical device manufacturer for its AI Tape, a kinesiology tape product
- Stockholders' equity of
$10.4 million as of July 31, 2022
"Revenues from our Pocono Pharmaceuticals segment continue to grow, providing a solid foundation for Nutriband as we continue to move our lead Aversa™ Fentanyl product through our development pipeline," commented Gareth Sheridan, CEO of Nutriband. "According to the assessment by Health Advances, AVERSA Fentanyl could reach peak annual sales of between
Q2 2022 Financial Highlights:
Revenue for the three-months ended July 31, 2022 was
Cost of revenues for the three-months ended July 31, 2022 were
Research and development expenses for the three-months ended July 31, 2022 were
Selling, general and administrative expenses for the three-months ended July 31, 2022 were
Net loss attributable to common shareholders for the three-months ended July 31, 2022 was
As of July 31, 2022, cash and cash equivalents were
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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