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Neptune Reports Fiscal First Quarter 2023 Financial Results

Neptune Reports Fiscal First Quarter 2023 Financial Results
PR Newswire
LAVAL, QC, Aug. 15, 2022

Fiscal Q1 2023 revenue totaled $16.3 million, an increase of 61% year-over-year
Sprout recorded $8.2 million in revenue, its largest net sales quarter …

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Neptune Reports Fiscal First Quarter 2023 Financial Results

PR Newswire

LAVAL, QC, Aug. 15, 2022

Fiscal Q1 2023 revenue totaled $16.3 million, an increase of 61% year-over-year

Sprout recorded $8.2 million in revenue, its largest net sales quarter on record

Personal Care and Beauty recorded $5.1 million in revenue, the highest in over two years  

Company will host a conference call at 5:00 p.m. (Eastern Time) Monday, August 15, 2022, to discuss these results

LAVAL, QC, Aug. 15, 2022 /PRNewswire/ - Neptune Wellness Solutions Inc. ("Neptune" or the "Company") (NASDAQ: NEPT) (TSX: NEPT), a diversified and fully integrated health and wellness company focused on plant-based, sustainable and purpose-driven lifestyle brands, today announced its financial and operating results for the three-month period ending June 30, 2022.

Statement from Neptune Management and Board of Directors:

"The results Neptune achieved in the first quarter of fiscal 2023 reflect the impacts of strategic decisions we have made over the past year to become a leading consumer packaged goods company. We reported revenue of $16.3 million, an increase of 61% year-over-year, led by Sprout, which had its largest net sales quarter yet, and our personal care and beauty products, which generated the largest quarter of revenue in two years."

"We are also continually striving to reduce expenses. Since our strategic review in late 2021, and including our most recent payroll reductions at cannabis and corporate, we have now reduced expenditures by approximately $18 million. This figure includes $7.6 million of reduced payroll expense across corporate and business units, with total headcount decreasing from 170 to 56, a 67% reduction. While it has been a year of tough strategic decisions, we are laser-focused on a path to growth and profitability and believe we are well-positioned to create value going forward."

First Quarter 2023 Financial Highlights:

  • Fiscal first quarter 2023 revenue totaled $16.3 million, as compared to $10.1 million or an increase of 61% for the same period in fiscal 2022.
  • Reported fiscal first quarter 2023 gross profit loss of $2.9 million compared to a gross profit loss of $2.3 million for the fiscal first quarter 2022.
  • Adjusted EBITDA (non-GAAP)1 loss for fiscal first quarter 2023 was $9.8 million compared to an Adjusted EBITDA (non-GAAP)1 loss of $12.9 million for fiscal first quarter 2022.
  • Reported first quarter net loss of $6.5 million compared to a reported net loss of $18.9 million in the prior comparable period in fiscal 2022.

First Quarter Business Highlights:

Subsequent Events and Business Updates:

Conference Call Details: 
The Company will host a conference call at 5:00 p.m. (Eastern Time) on Monday, August 15, 2022, to discuss these results. The conference call will be webcast live and can be accessed by registering on the Events and Presentations portion of Neptune's Investor Relations website at www.investors.neptunewellness.com. The webcast will be archived for approximately 90 days.

____________________________

1 This is a non-GAAP measure. For further information on non-GAAP measures, please refer to the "Non-GAAP Measures" section of this news release. Please also refer to the tables in this news release for a reconciliation of this Non-GAAP measure to the most directly comparable GAAP measure. 

NEPTUNE WELLNESS SOLUTIONS INC. 
Condensed Consolidated Interim Balance Sheets 
(Unaudited) (in U.S. dollars)




As at


As at




June 30,
2022


March 31,
2022

Assets












Current assets:






Cash and cash equivalents



$6,231,968


$8,726,341

Short-term investment



18,715


19,255

Trade and other receivables



6,182,876


7,599,584

Prepaid expenses



2,865,974


3,983,427

Inventories



14,056,514


17,059,406

Assets held for sale



21,834,039


—

Total current assets



51,190,086


37,388,013







Property, plant and equipment



1,412,323


21,448,123

Operating lease right-of-use assets



2,046,835


2,295,263

Intangible assets



21,013,953


21,655,035

Goodwill



22,093,222


22,168,288

Total assets



$97,756,419


$104,954,722







Liabilities and Equity












Current liabilities:






Trade and other payables



$21,296,277


$22,700,849

Current portion of operating lease liabilities



626,928


641,698

Deferred revenues



351,551


285,004

Provisions



1,229,462


1,118,613

Liability related to warrants



3,167,947


5,570,530

Liabilities directly associated with assets held for sale



3,537,176


—

Total current liabilities



30,209,341


30,316,694







Operating lease liabilities



1,873,919


2,063,421

Loans and borrowings



11,881,589


11,648,320

Other liability



12,931


88,688

Total liabilities



43,977,780


44,117,123







Shareholders' Equity:






Share capital - without par value  (7,614,434  shares issued and outstanding as of
     June 30, 2022; 5,560,829  shares issued and outstanding as of March 31, 2022)



318,921,917


317,051,125

Warrants



6,079,890


6,079,890

Additional paid-in capital



56,346,589


55,980,367

Accumulated other comprehensive loss



(10,605,642)


(7,814,163)

Deficit



(327,466,047)


(323,181,697)

Total equity attributable to equity holders of the Corporation



43,276,707


48,115,522







Non-controlling interest



10,501,932


12,722,077

Total shareholders' equity



53,778,639


60,837,599







Commitments and contingencies






Subsequent events






Total liabilities and shareholders' equity



$97,756,419


$104,954,722

NEPTUNE WELLNESS SOLUTIONS INC.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss 
(Unaudited) (in U.S. dollars) 
For the three-month periods ended June 30, 2022 and 2021










June 30,
2022


June 30,
2021








Revenue from sales, net of excise taxes



$15,968,098


$9,821,640

Royalty revenues



284,189


236,067

Other revenues



19,941


20,802

Total revenues



16,272,228


10,078,509








Cost of sales other than loss on inventories, net of subsidies



(16,086,578)


(12,401,043)

Impairment loss on inventories



(3,079,997)


—

Total Cost of sales



(19,166,575)


(12,401,043)

Gross profit (loss)



(2,894,347)


(2,322,534)








Research and development expenses



(214,687)


(259,666)

Selling, general and administrative expenses, net of subsidies



(10,553,734)


(16,014,634)

Impairment loss related to property, plant and equipment



(815,661)


(529,732)

Net gain on sale of assets



85,002


—

Loss from operating activities



(14,393,427)


(19,126,566)








Finance income



1,424


7,339

Finance costs



(916,522)


(358,116)

Loss on issuance of derivatives



(2,126,955)


—

Foreign exchange gains (losses)



1,407,285


(1,287,387)

Change in revaluation of marketable securities



—


(12,212)

Gain on revaluation of derivatives



9,523,700


1,933,330





7,888,932


282,954

Loss before income taxes



(6,504,495)


(18,843,612)








Income tax expense



—


(12,098)

Net loss



(6,504,495)


(18,855,710)








Other comprehensive (loss) income






Net change in unrealized foreign currency (losses) gains on translation of
     net investments in foreign operations



(2,791,479)


1,976,562

Total other comprehensive (loss) income



(2,791,479)


1,976,562








Total comprehensive loss



$(9,295,974)


$(16,879,148)








Net loss attributable to:






Equity holders of the Corporation



$(4,284,350)


$(16,907,628)

Non-controlling interest



(2,220,145)


(1,948,082)

Net loss



$(6,504,495)


$(18,855,710)








Total comprehensive loss attributable to:






Equity holders of the Corporation



$(7,075,829)


$(14,931,066)

Non-controlling interest



(2,220,145)


(1,948,082)

Total comprehensive loss



$(9,295,974)


$(16,879,148)








Basic and diluted loss per share attributable to:






Equity holders of the Corporation



$(0.72)


$(3.56)

Non-controlling interest



$(0.37)


$(0.41)

Total loss per share



$(1.09)


$(3.97)








Basic and diluted weighted average number of common shares



5,958,266


4,744,685

Adjusted EBITDA1 reconciliation, in millions of dollars



Three-month periods ended



June 30,
2022


June 30,
2021






Net loss for the period


$(6.504)


$(18.856)

Add (deduct):





Depreciation and amortization


1.039


1.344

Revaluation of derivatives


(9.524)


(1.933)

Net finance costs


1.635


1.638

Equity classified stock-based compensation


2.706


3.080

Non-employee compensation related to warrants


—


0.093

Litigation provisions


(0.263)


0.116

Business acquisition and integration costs


—


1.048

CEO D&O insurance


(3.154)


—

Signing bonuses, severances and related costs


0.390


—

Write-down of inventories and deposits


3.080


—

Impairment loss on long-lived assets


0.816


0.530

Change in revaluation of marketable securities


—


0.012

Income tax expense (recovery)


—


0.012

Adjusted EBITDA1


$(9.779)


$(12.916)

1 The Adjusted EBITDA is not a standard measure endorsed by US GAAP requirements.

ADJUSTED EBITDA

Although the concept of Adjusted EBITDA is not a financial or accounting measure defined under US GAAP and it may not be comparable to other issuers, it is widely used by companies. Neptune obtains its Adjusted EBITDA measurement by adding to net loss, net finance costs (income) and depreciation and amortization, and income tax expense (recovery). Other items such as equity classified stock-based compensation, non-employee compensation related to warrants, litigation provisions, business acquisition and integration costs, signing bonuses, severances and related costs, impairment losses on non-financial assets, write-downs of non-financial assets, revaluations of derivatives, system migration, conversion and implementation, CEO directors and officers insurance, costs related to conversion from IFRS to US GAAP and other changes in fair values are also added back. The exclusion of net finance costs (income) eliminates the impact on earnings derived from non-operational activities. The exclusion of depreciation and amortization, stock-based compensation, non-employee compensation related to warrants, litigation provisions, impairment losses, write-downs revaluations of derivatives and other changes in fair values eliminates the non-cash impact, and the exclusion of acquisition costs, integration costs, signing bonuses, severance and related costs, costs related to cybersecurity and costs related to conversion from IFRS to US GAAP present the results of the on-going business. From time to time, the Company may exclude additional items if it believes doing so would result in a more effective analysis of underlying operating performance. In Q4 2022, the Company added the costs related to the conversion from IFRS to US GAAP as an adjustment to the definition of Adjusted EBITDA. Adjusting for these items does not imply they are non-recurring. For purposes of this analysis, the Net finance costs (income) caption in the reconciliation below includes the impact of the revaluation of foreign exchange rates.

About Neptune Wellness Solutions Inc.

Headquartered in Laval, Quebec, Neptune is a diversified health and wellness company with a mission to redefine health and wellness. Neptune is focused on building a portfolio of high quality, affordable consumer products in response to long-term secular trends and market demand for natural, plant-based, sustainable and purpose-driven lifestyle brands. The Company utilizes a highly flexible, cost-efficient manufacturing and supply chain infrastructure that can be scaled to quickly adapt to consumer demand and bring new products to market through its mass retail partners and e-commerce channels. For additional information, please visit: https://neptunewellness.com/.

Disclaimer – Safe Harbor Forward–Looking Statements

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates, and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements include, among other things, statements with respect to the Company's strategic review, expected cost savings, projected growth of Sprout and Biodroga, the success of the Company's action plan, including the divestiture of the Company's cannabis business, future increased revenues, expectations regarding expenses, cash needs, cash flow, liquidity and sources of funding, future expansion plans, initiatives and strategies of the Company, and the Company's performance, growth initiatives, profitability, future product launches and plans and gain in market share, as well as the timing for the filing of the Restated Filings.

These forward-looking statements are based on assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the ability of the Company to successfully implement its strategic initiatives; implications of the COVID-19 pandemic on the Company's operations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; changing consumer habits; the ability of the Company to successfully achieve its business objectives and cost cutting plans; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; the ability of the Company to obtain financing on acceptable terms, the adequacy of our capital resources and liquidity, including but not limited to, availability of sufficient cash flow to execute our business plan (either within the expected timeframe or at all); the ability of the Company to obtain financing on acceptable terms, expectations regarding the resolution of litigation and other legal and regulatory proceedings, reviews and investigations; employee relations; and the presence of laws and regulations that may impose restrictions in the markets where the Company operates. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

Additional information regarding these and other risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K dated July 7, 2022, for the year ended March 31, 2022.

Neither NASDAQ nor the Toronto Stock Exchange accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Neptune Wellness Solutions Inc.

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International

Who Owns The Most Satellites?

Who Owns The Most Satellites?

Nearly 7,000 satellites orbit the Earth, serving vital functions such as communication, navigation, and scientific…

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September 28, 2023

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Who Owns The Most Satellites?

Nearly 7,000 satellites orbit the Earth, serving vital functions such as communication, navigation, and scientific research.

In 2022 alone, more than 150 launches took place, sending new instruments into space, with many more expected over the next decade.

But who owns these objects? In this graphic, Visual Capitalist's Bruno Venditti and Miranda Smith utilize data from the Union of Concerned Scientists to highlight the leaders in satellite technology.

SpaceX’s Dominance in Space

SpaceX, led by Elon Musk, is unquestionably the industry leader, currently operating the largest fleet of satellites in orbit—about 50% of the global total.

The company has already completed 62 missions this year, surpassing any other company or nation, and operates thousands of internet-beaming Starlink spacecraft that provide global internet connectivity.

Starlink customers receive a small satellite dish that self-orients itself to align with Starlink’s low-Earth-orbit satellites.

Percentages may not add to 100 due to rounding.

In second place is a lesser-known company, British OneWeb Satellites. The company, headquartered in London, counts the UK government among its investors and provides high-speed internet services to governments, businesses, and communities.

Like many other satellite operators, OneWeb relies on SpaceX to launch its satellites.

Despite Starlink’s dominance in the industry, the company is set to face intense competition in the coming years. Amazon’s Project Kuiper plans to deploy 3,236 satellites by 2029 to compete with SpaceX’s network. The first of the fleet could launch as early as 2024.

The Rise of China’s Space Program

After the top private companies, governments also own a significant portion of satellites orbiting the Earth. The U.S. remains the leader in total satellites, when adding those owned by both companies and government agencies together.

American expenditures on space programs reached $62 billion in 2022, five times more than the second one, China.

China, however, has sped up its space program over the last 20 years and currently has the highest number of satellites in orbit belonging directly to government agencies. Most of these are used for Earth observation, communications, defense, and technology development.

Satellite Demand to Rise Over the Decade

Despite the internet being taken for granted in major metropolitan areas and developed countries, one out of every three people worldwide has never used the web.

Furthermore, the increasing demand for data and the emergence of new, more cost-effective satellite technologies are expected to present significant opportunities for private space companies.

In this context, satellite demand is projected to quadruple over the next decade.

Tyler Durden Thu, 09/28/2023 - 19:20

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International

NIH Doctor Flagged Wuhan Virus Lab Safety Problems As Early As 2017

NIH Doctor Flagged Wuhan Virus Lab Safety Problems As Early As 2017

Authored by Tom Ozimek via The Epoch Times,

A doctor working for the…

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September 28, 2023

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NIH Doctor Flagged Wuhan Virus Lab Safety Problems As Early As 2017

Authored by Tom Ozimek via The Epoch Times,

A doctor working for the U.S. government in 2017 visited the China-based virus research facility that may have leaked the pathogen that causes COVID-19, and sounded the alarm on safety issues at the lab earlier than previously reported, according to documents obtained by The Epoch Times.

Dr. Ping Chen, who worked for the National Institute of Allergy and Infectious Diseases (NIAID), visited the Wuhan Institute of Virology (WIV) in October 2017 and prepared a report for her superiors after her visit.

While a version of her report obtained by a Freedom of Information Act (FOIA) request was fully redacted, Sen. Ron Johnson (R-Wis.) and his team were granted an opportunity to carry out an in-camera review of the report that had some of the redactions removed.

“It is clear to me by talking to the technician that certainly there is a need for training support” at the Wuhan lab, Dr. Chen wrote in the report, parts of which were attached to a letter sent by Mr. Johnson to Department of Health and Human Services (HHS) Secretary Xavier Becerra on Sept. 21.

The letter, which was obtained by The Epoch Times, includes fragments of Dr. Chen's report and suggests that HHS and the U.S. National Institutes of Health (NIH) were aware of safety issues at the Wuhan facility as early as October 2017.

The P4 laboratory on the campus of the Wuhan Institute of Virology in Wuhan, Hubei Province, China, on May 13, 2020. (Hector Retamal/AFP via Getty Images)

Earlier reporting based on two State Department cables and correspondence records obtained by Judicial Watch indicate that NIH was made aware of safety problems at the Wuhan lab in 2018, the year after Dr. Chen's report.

“I think the institute would welcome any help and technical support by NIAID,” Dr. Chen wrote in her 2017 report.

Mr. Johnson wrote in his letter to Mr. Becerra that Dr. Chen's 2017 report partially served as the basis for a Jan. 19, 2018, State Department cable that raised safety concerns about the Wuhan virus lab.

Evidence suggests that SARS-CoV-2, the virus that causes COVID-19, leaked from the Wuhan facility before spreading across the world. According to the so-called lab leak theory, the deadly pathogen that caused the pandemic escaped the Chinese facility, which was conducting risky gain-of-function research on bat coronaviruses that was partially funded by U.S. taxpayer dollars.

Demands

Mr. Johnson demanded that HHS provide a version of Dr. Chen's 2017 report that contains fewer redactions in order to scrutinize its contents more closely and determine how closely it aligned with the cable.

“In the public FOIA document, HHS redacted Dr. Chen’s entire report claiming that it contains privacy and deliberative information,” Mr. Johnson wrote.

“It seems apparent that the only reason that HHS redacted this information was to hide the report’s contents from the American people. Perhaps HHS did not want the public to fully understand the fact that NIH and NIAID officials were aware of safety concerns at the WIV dating as far back as 2017,” he added.

Mr. Johnson also accused NIH and HHS of obstructing his probe.

"HHS and NIH continue to obstruct my oversight efforts," he wrote. "It is unacceptable that HHS and NIH had Dr. Chen's report in its possession and only provided a slightly less redacted version for my staff to review in camera."

He demanded that HHS provide unredacted copies of Dr. Chen's report and all documents and communications relating to the report and to the Wuhan lab.

Mr. Johnson also asked for Dr. Chen to sit before a congressional panel and testify.

He set an Oct. 5 deadline for HHS to comply with his request.

HHS officials didn't immediately respond to a request by The Epoch Times for comment.

Chinese virologist Shi Zhengli is seen inside the P4 laboratory in Wuhan, China, on Feb. 23, 2017. (Johannes Eisele/AFP via Getty Images)

'Preponderance of Evidence' for Lab Leak

In August 2021, a report by Republican lawmakers noted a "preponderance of evidence" that the virus that caused the COVID-19 pandemic leaked from the Wuhan lab.

Chinese officials have denied the lab leak claim, insisting that the virus made a natural jump from animals to humans.

Rep. Michael McCaul (R-Texas) said in testimony before the Coronavirus Select Subcommittee Republicans that evidence points to a lab leak as the likely origin of the virus, saying that "it's time to completely dismiss the wet market as the source of the outbreak" and "the preponderance of the evidence that it came from the lab is very convincing."

U.S. intelligence agencies later said in a report that a natural origin and a lab leak are both plausible hypotheses but that a lack of evidence makes a definitive conclusion either way impossible.

It's a sentiment echoed by Mr. McCaul in his testimony.

"Unfortunately, we may never know for certain because the Chinese Communist Party went to great lengths to cover up this outbreak," he said. "They detained the doctors in order to silence them. They disappeared journalists. They destroyed lab samples. They hid the fact there was clear evidence of human-to-human transmission. And they have refused to allow a real investigation into the origins."

Wuhan Lab Funding Controversy

The U.S. Agency for International Development awarded a total of $1.1 million to the WIV between October 2009 and May 2019, the agency wrote in a May 2021 letter (pdf) to Rep. Guy Reschenthaler (R-Pa.).

Mr. Reschenthaler alleged that the funding was used for a study that used gain-of-function research to create "a hybrid, man-made virus by inserting a spiked protein from a wild coronavirus into a mouse-adapted SARS-CoV backbone, which could infect human airways."

The agency said the funds were channeled through EcoHealth Alliance and were meant for the purpose of advancing research on critical viruses that could pose a threat to humans. It also denied claims that the money was used for gain-of-function research, which seeks to boost viral lethality for the purpose of studying it.

In June 2022, the House Appropriations Committee approved a ban on sending any further funding to the Wuhan Institute of Virology.

More recently, the NIH quietly removed the WIV from a list of foreign facilities that are eligible to receive U.S. taxpayer funds to conduct animal experiments.

Tyler Durden Thu, 09/28/2023 - 19:40

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Government

Murder Crisis Plagues DC As Mayor Begs For More Officers After ‘Defunding Police’

Murder Crisis Plagues DC As Mayor Begs For More Officers After ‘Defunding Police’

How it started. 

How it’s going? 

#NEW – Mayor Bowser…

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September 28, 2023

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Murder Crisis Plagues DC As Mayor Begs For More Officers After 'Defunding Police'

How it started. 

How it's going? 

D.C. Mayor Muriel Bowser, a former supporter of the 'defund the police' movement, urgently calls for increased policing as the nation's capital faces an out-of-control murder crisis. 

"What I can say is this: To me, numbers are just numbers. When we lose one person — whether it's one or 200 — that's too many," Bowser said at a press conference earlier this week. 

Of course, Bowser, like many Democrat mayors, blames firearms as the issue, deflecting any possibility her disastrous social justice reforms only embolden criminals - while punishing law-abiding taxpayers -across the imploding Washington, DC metro area. 

Even the Washington Post can't ignore the murder crisis: 

For the first time in a quarter-century, the year's homicide toll in Washington has surpassed 200 before October — a mark of surging violence that has angered and distressed local leaders, drawn scrutiny from Congress and made some residents question whether they can safely live in the nation's capital.

WaPo added:

The last time D.C. logged its 200th homicide before October was Aug. 12, 1997, in a year that ended with 303 people slain, according to police data. After that, annual totals generally trended downward, staying below 200 from 2004 to 2020, with a low of 88 in 2012. But the killing pace has picked up again, reaching 226 in 2021.

Heading into the 2024 presidential election cycle, Democrats will never admit their social justice reforms have failed. They conveniently blame guns. 

Directly north of D.C. lies another crime-ridden metro area: Baltimore City. And this week, mass looting was seen in Philadelphia. And just north of Baltimore and Philadelphia, New York City's progressive mayor recently warned of financial ruins due to a migrant crisis. 

Democrats have transformed cities into absolute messes. 

Tyler Durden Thu, 09/28/2023 - 20:00

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