CV Sciences Inc (OTCMKTS: CVSI) Releases Its Financial Report
CV Sciences Inc (OTCMKTS: CVSI) has released its Q2 2018. It revealed its financial report for the period ending June 30, 2018.
CV Sciences which manages two separate departments, one for Pharmaceuticals and the other for Consumer Products was able to register some growth. It was able to register total sales of $12.35 million for the Q2 period which is between April 1, 2018 and June 30, 2018. This was a stunning 203% increase compared to the same period in 2017.
Increased gross profit
Consequently, the pharmaceutical company was able to record an increase in its gross profit that stood at $9.06 million for the period. Similarly, it was a stunning increase of 219% in comparison to its Q2 performance last year.
CV Sciences whose departments are assisted by a medical and a scientific advisory board registered an improved GAAP income as well. The Net GAAP Revenue stood at $3,186,000 for the period, which had risen by $4.18 million compared to a similar period in 2017.
The company’s Adjusted EBITDA was at $381 million, which was a $4.09 million rise over last years Q2 period. Additionally, CV Sciences managed to add its retail channel distribution to 1,968 stores during the said period. This was an 11% rise in the number of retail stores compared to the Q1, 2018 period.
Expanding distribution networks
CV Sciences attributed its increase in sales for the period to its current expansion of all its distribution networks. It grew its direct-to-consumer network, retail of its natural product and its wholesale channel. Natural product retail currently boasts of 1,968 outlets countrywide. Since its branded products are doing well in the market, the company plans on growing more sales channels. Its product, PlusCBD is currently the leading natural product in the hemp CBD market.
As for the improved Q2 Gross profits, the company said that it was as a result of growing its sales while sustaining good gross margins. Meanwhile, the company was able to increase its Adjusted EBITDA by leveraging its high investments in distribution, inventory, marketing, product development, and systems.