Q2 2024 CV Sciences Inc Earnings Call Transcript
Key Points
- CV Sciences Inc (CVSI) maintained a stable revenue of $4 million for Q2 2024, consistent with the same period in 2023 and Q1 2024, despite a competitive market.
- The company achieved its highest gross margin in the last 13 quarters at 47%, showing sequential improvement from previous quarters.
- CV Sciences Inc (CVSI) continues to hold the number one position in the natural product retail channel, increasing its market share.
- The acquisition of Elevated Softgels provides operational flexibility and potential for significant cost-efficiency improvements.
- New product introductions, such as pet chews and wellness products, have been successful, contributing significantly to revenue and supporting organic growth.
- Unit sales declined by 12.5% in Q2 2024 compared to the previous year, although this was offset by higher average sales prices.
- The regulatory environment remains challenging, with slow progress at the federal level regarding hemp and cannabis regulations.
- The company reported an operating loss of $0.6 million for Q2 2024, although this was an improvement from the previous year.
- Cash reserves decreased to $0.5 million at the end of Q2 2024, down from $1.3 million at the end of fiscal 2023.
- Legal and professional fees increased due to a legal dispute with the company's founder, impacting overall expenses.
Greetings and welcome to CV Sciences' second quarter 2024 conference call. (Operator Instructions)
It is now my pleasure to introduce your host, Brendan Hawkins of Investor Relations. Thank you. You may begin.
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'd like to remind you that during this 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 as such forward-looking statements. Finally, please
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