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Can B Corp OTCQB CANB April 19, 2023
Led by Significant Increase in Duramed
Adjusted EBITDA Loss Decreased by 25% to $2.1 Million
HICKSVILLE, NY, April 19, 2023 (GLOBE NEWSWIRE) — via NewMediaWire – Can B Corp. (OTCQB: CANB) (“Can B” or the “Company”), a health and wellness company specializing in developing, producing, and selling hemp-derived cannabinoid products, today announced the Company’s financial results for the twelve months ended December 31, 2022.
Key Financial Highlights for 2022
- Revenue increased 45% to $6.7 million.
- Gross profit decreased 13% to $2.6 million.
- Gross margin decreased to 39.1%, due to a higher revenue percentage mix from Duramed.
- Adjusted EBITDA loss decreased by 25% to $2.1 million.
- Accounts receivable at $6.6 million.
- Inventory at $2.0 million.
- Total assets at $15.6 million.
- Total stockholders’ equity at $2.7 million
