Hemp-Focused Wellness Company: Revenue Jumps To $4.1M, Gross Margin Peaks At 45.1%
Portfolio Pulse from Joana Scopel
CV Sciences, Inc. (OTCQB:CVSI), a wellness company specializing in hemp extracts, reported a revenue increase to $4.1 million in Q3 2023, up 9% from Q3 2022. Gross margin improved to 45.1%, and the company ended the quarter with a cash balance of $1.6 million. Positive cash flow from operations was $2.4 million, aided by a $2.5 million employee retention credit under the CARES Act. The company's shares were down 0.82% at $0.0302 per share.
November 14, 2023 | 8:03 pm
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NEUTRAL IMPACT
CV Sciences, Inc. reported increased revenue and gross margin for Q3 2023, with a higher cash balance and positive cash flow from operations. However, the stock price was down slightly at the time of reporting.
The positive financial results, including revenue growth and improved gross margin, suggest a strong performance by CV Sciences, which could be favorable for the stock. However, the slight decline in stock price at the time of reporting indicates a neutral short-term impact, as the market may have already anticipated these results or there may be other factors influencing investor sentiment.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100