Q1 2024 CV Sciences Inc Earnings Call Transcript
Key Points
- CV Sciences Inc (CVSI) reported a sequential revenue increase from $3.8 million in Q4 2023 to $4 million in Q1 2024.
- The company achieved its highest gross margin in the last 12 quarters at 46.3% during Q1 2024.
- CV Sciences Inc (CVSI) successfully acquired Elevated Softgels, enhancing operational flexibility and potential cost efficiencies.
- The company maintained its number one position in the natural product retail channel and increased its market share.
- New product development continues to be a strong focus, with several launches planned for 2024 that are expected to drive organic growth.
- CV Sciences Inc (CVSI) experienced a year-over-year revenue decline of 4% from $4.1 million in Q1 2023 to $4 million in Q1 2024.
- Unit sales declined by 15% in Q1 2024 compared to the same period in 2023.
- The company reported an operating loss of $0.6 million in Q1 2024, a significant decrease from an operating income of $5.8 million in Q1 2023.
- Adjusted EBITDA also showed a loss of $0.5 million in Q1 2024, worsening from a $0.2 million loss in Q1 2023.
- CV Sciences Inc (CVSI) ended Q1 2024 with a reduced cash balance of $0.7 million, down from $1.3 million at the end of fiscal 2023.
Greetings. Welcome to CV Sciences' first quarter 2024 conference call. (Operator Instructions) Please note this conference is being recorded.
At this time, I'll turn the conference over to Brendan Hawkins with Investor Relations. Brendan, you may now begin your presentation.
Thank you, and good morning, everyone. With us today with prepared remarks are CV Sciences' Chief Executive Officer, Joseph Dowling; and Joerg Grasser, Chief Financial Officer. After the prepared remarks, we will take questions from the analyst community.
I would like to remind you that on today's call, management's prepared remarks may contain forward looking statements. These forward-looking statements are subject to risks and uncertainties that may cause the actual results to differ materially from those anticipated by CV Sciences at this time.
When used in this call, the words anticipate, should, could, estimate, intend, expect, believe, potential, will, project and similar expressions as they relate to CV Sciences are
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