Cannabis Health-Tech Reports YoY Drop In Q3 Revenue As It Moves To Diversify Wellness Business
Portfolio Pulse from Jelena Martinovic
Lifeist Wellness Inc. reported a 30% YoY drop in Q3 net revenue to CA$4.8 million ($3.45 million). The company is focusing on transforming into a diversified wellness company with high-margin business units. The strategic focus on high-margin activities and operational efficiency has improved gross margins to 30% compared to 20% in the same quarter of 2022. Operating costs and professional fees dropped 21.4% to CA$3.1 million. The company's shares traded 0.9901% lower at $0.01 per share after the market close on Friday.
October 30, 2023 | 1:50 pm
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Lifeist Wellness reported a 30% YoY drop in Q3 net revenue. The company's shares traded 0.9901% lower at $0.01 per share after the market close on Friday.
The company reported a significant drop in revenue, which is a negative signal for investors. This could lead to a decrease in the company's stock price in the short term. The company's shares already traded lower after the market close on Friday.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100