Canbiola Reports Third Quarter 2019 Results
Ryan Allway
November 20th, 2019
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Revenue Growth of 277% Demonstrates Successful Traction in the Medical Community; Gross Margin of 77% HICKSVILLE, NY, Nov. 20, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Canbiola, Inc. (OTCQB: CANB) (“Canbiola” or the “Company”), a developer, manufacturer and seller of a variety of hemp-derived THC-Free Cannabidiol (CBD) Isolate products such as oils, drops/tinctures, creams, moisturizers, chews, and capsules, announced today the company’s financial results for the third quarter ended September 30, 2019. Key Financial Highlights for Q3 2019:
Key Business Highlights for Q3 2019:
Management Commentary “We are very pleased with our third quarter results as we continue to ramp our business across all of our brands, with Pure Leaf Oil and Seven Chakras targeting consumers through retail and internet channels and the Canbiola brand and product line focused on marketing through the medical professionals’ market,” commented Marco Alfonsi, Canbiola’s Chief Executive Officer. “Our 277% year-over-year revenue growth is reflective of our increasing traction with existing and new customers and sales channels. Our high gross margins of 77% demonstrate our ability to efficiently source and manufacture our ingredients and formulations.” Mr. Alfonsi concluded, “Our all-natural ingredients and state-of-the-art processing and packaging equipment in a “clean room” environment add to the product quality story of the company. Our portfolio of 120+ products span oils, creams, moisturizers, chews, gel caps, bath bombs, massage oils, and concentrate continue to lead the way in the CBD category. We look forward to continuing to communicate our business progress.” Financial Results for the Three Months Ended September 30, 2019: Revenue for the three months ended September 30, 2019, was $615,422, an increase of $452,094 or 277%, compared to $163,328 for the three months ended September 30, 2018. Gross profit for the three months ended September 30, 2019, was $473,572, an increase of $399,882 or 543%, compared to $73,690 for the three months ended September 30, 2018. The resulting gross margin was 76.9% for the three months ended September 30, 2019, compared to 45.1% for the three months ended September 30, 2018. Operating expenses for the three months ended September 30, 2019 were $1,408,836, an increase of $668,233 or 90%, compared to $740,603 for the three months ended September 30, 2018. For the three months ended September 30, 2019, operating expenses included non-cash stock-based compensation of $602,823 paid to officers, employees, and service of consultants, compared to $518,317 for the three months ended September 30, 2018. Operating loss for the three months ended September 30, 2019 was $935,264, an increase of $268,351, or 40%, compared to $666,913 for the three months ended September 30, 2018. Adjusted operating loss for the three months ended September 30, 2019 was $332,441, an increase of $183,845, or 124%, compared to $148,596 for the three months ended September 30, 2018. Adjusted operating loss does not include non-cash stock-based compensation. Net loss for the three months ended September 30, 2019, was $941,099, a decrease of $3,214,600, or 77%, compared to $4,155,699 for the three months ended September 30, 2018. The resulting EPS loss for the three months ended September 30, 2019 was ($0.00) per diluted share, compared to ($0.00) per diluted share for the three months ended September 30, 2018. Financial Results for the Nine Months Ended September 30, 2019: Revenue for the nine months ended September 30, 2019 was $1,766,161, an increase of $1,387,873 or 356%, compared to $387,288 for the nine months ended September 30, 2018. Gross profit for the nine months ended September 30, 2019, was $1,062,554, an increase of $856,343 or 415%, compared to $206,211 for the nine months ended September 30, 2018. The resulting gross margin was 60.2% for the nine months ended September 30, 2019, compared to 53.2% for the nine months ended September 30, 2018. Operating expenses for the nine months ended September 30, 2019 were $4,607,298, an increase of $2,631,048 or 133%, compared to $1,976,250 for the nine months ended September 30, 2018. For the nine months ended September 30, 2019, operating expenses included non-cash stock-based compensation of $2,390,967 paid to officers, employees, and service of consultants, compared to $1,276,493 for the nine months ended September 30, 2018. Operating loss for the nine months ended September 30, 2019 was $3,544,744, an increase of $1,774,705, or 100%, compared to $1,770,039 for the nine months ended September 30, 2018. Adjusted operating loss for the nine months ended September 30, 2019 was $1.153.777, an increase of $660,231, or 134%, compared to $493,546 for the nine months ended September 30, 2018. Adjusted operating loss does not include non-cash stock-based compensation. Net loss for the nine months ended September 30, 2019, was $3,551,104, a decrease of $1,171,913, or 25%, compared to $4,723,017 for the nine months ended September 30, 2018. The resulting EPS loss for the nine months ended September 30, 2019 was ($0.00) per diluted share, compared to ($0.00) per diluted share for the nine months ended September 30, 2018. About Canbiola, Inc. Canbiola, Inc. (OTCQB: CANB) is a vertically integrated conglomerate specializing in the manufacturing, formulation, and sale of THC-Free Cannabidiol (CBD) Isolate products such as oils, drops/tinctures, gels, creams, moisturizers, chews, and capsules. All Canbiola products are organic and Non-GMO, free of impurities and contaminants, and formulated with the finest ingredients to the highest manufacturing standards. All products are certified for purity and accuracy by third-party laboratory verification. Canbiola pursues an aggressive growth strategy through the continual development of proprietary products and the expansion of its offerings via strategic acquisitions in the healthcare and CBD industries. Canbiola has created several innovative CBD product lines, marketed through targeted channels including: The Canbiola clinical line, which is marketed and promoted through healthcare practitioners in the medical setting. The Pure Leaf Oil (consumer brand) and Seven Chakras (spa brand) lines are sold through both online and brick & mortar retail outlets. Canbiola’s state-of-the-art manufacturing facility in Lacey, WA is operated by Pure Health Products LLC (PHP), a wholly-owned subsidiary that produces all of the Company’s CBD Isolate products, in addition to providing private label and white label solutions for companies looking to add high-quality CBD items to their offerings. Canbiola is passionate about improving people’s lives and we take pride in providing pure CBD products infused with organic and natural ingredients. We want customers to know that they are buying lab-tested, high-quality natural products at a great price. Canbiola’s Radical Tactical LLC subsidiary produces CBD products in other forms including vapes and gums. Duramed Inc. and Duramed NJ LLC, wholly-owned subsidiaries of Canbiola, further the mission of providing innovative products designed to improve people’s lives, aiming to reduce their use of opioid substances through the utilization of durable medical devices. This product line includes a wearable low-intensity ultrasound SAM (Sustained Acoustic Medicine) device delivering multi-hour treatment intended to accelerate healing, improve function for musculoskeletal injuries (muscle, tendon, ligament) and reduce chronic pain (without opioid pain medication). With the creation of its newest wholly owned subsidiary, NY Hemp Depot LLC, Canbiola has attained complete vertical integration, allowing it to fully control the supply chain from seed to sale, develop customized products and maximize profit margins. Through the utilization of its newly acquired NY State Hemp Cultivation License, the Company contracts with farmers throughout the state of NY to cultivate specific strains of hemp, which is then processed into CBD Isolate products to Canbiola’s exacting manufacturing standards and specifications at the Company’s laboratory and production facility. For more information about Canbiola, Inc., please visit: Canbiola.com Forward-Looking Statements Forward-looking statements and risks and uncertainties discussed in this letter contain forward-looking statements. The words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect,” and similar expressions identify such forward-looking statements. Expected, actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. Forward-looking statements are subject to a number of risks and uncertainties, including but not limited to, risks and uncertainties associated with, among other things, the impact of economic, competitive, and other factors affecting our operations, markets, products, and performance. The matters discussed herein should not be construed in any way, shape or manner of our future financial condition or stock price. We undertake no responsibility to update forward-looking statements should actual results differ. Follow Canbiola on: Twitter @CanbiolaHealth Instagram @canbiola.inc or @canbiola_cbd or @canbiola_medical_cbd Investors and Media: IR@canbiola.com
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About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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