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.
- Generated record quarterly revenue of $0.5 million, up 113% 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- Received favorable final court judgment, related to a previously rescinded acquisition in 2017; the ruling enabled the Company to cancel the 1.2 million shares ( 1.4M shares when adjusted for 7 for 6 forward split), representing 15%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 $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. I want to thank our shareholders for their ongoing support as we continue to execute on our vision of commercializing our innovative transdermal abuse deterrent technology."
Q2 2022 Financial Highlights:
Revenue for the three-months ended July 31, 2022 was $0.5 million, up 113% from revenue of $0.2 million in the second quarter of fiscal year 2022. Revenue growth was driven primarily by increasing demand for the Company's Pocono Pharmaceuticals segment.
Cost of revenues for the three-months ended July 31, 2022 were $0.3 million with gross margins of $0.2 million, or 33% of revenues, compared to costs of revenue of $0.2 million and negative gross margins in the second quarter of fiscal year 2022.
Research and development expenses for the three-months ended July 31, 2022 were $0.3 million, compared to $0 in the second quarter of fiscal year 2022, driven primarily the development of the Company's Aversa™ product.
Selling, general and administrative expenses for the three-months ended July 31, 2022 were $0.9 million, compared to $0.5 million in the second quarter of fiscal year 2022. The increase was primarily driven by increases in administrative salaries and other overhead, including professional fees and travel.
Net loss attributable to common shareholders for the three-months ended July 31, 2022 was $1.0 million, or $0.12 per share, compared to a net loss of $0.5 million, or $0.08 per share, in the second quarter of fiscal year 2022.
As of July 31, 2022, cash and cash equivalents were $3.3 million and the Company had working capital of $3.3 million, as compared to cash and cash equivalents of $4.9 million and a working capital of $4.7 million as of January 31, 2022.
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.
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.
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SOURCE: Nutriband Inc.
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