CV Sciences (CVSI), a company dedicated to developing CBD oil products and novel therapeutics utilizing synthetic CBD, today announced its financial results for the second quarter, which ended on June 30, 2018. The stock popped almost 5% on the news sending the price to approximately $3.31 for a 52-week high. Most recently the company announced that it has applied to list its stock on the NASDAQ Capital Market.
Overall results were positive. Sales for the quarter rose to $12.3 million, representing a 203% increase compared to the same period last year and a 53% increase over the previous quarter.
Gross profit for the quarter was $9.06 million, compared to $2.8 million in the same period last year, and its GAAP net income was $3.1 million. The company’s EBITDA for the quarter was $3.3 million, and its Adjusted EBITDA was $3.8 million. During the same quarter last year, the company’s EBITDA was $811,488, and its Adjusted EBITDA was 280,939.
Over the last quarter, the company increased its retail distribution channels by 11% to 1,968 stores nationwide. The company increased its cash position by $3.3 million in the second quarter, with approximately $6.4 million in unrestricted cash and $7.2 million in total cash.
On August 1, 2018, the company will hold a conference call, led by CV Sciences CEO Joseph Dowling, to provide an operational and financial summary of the second quarter and year-to-date results. The call begins at 4:15 PM EDT and will be available for live stream on the company’s website. For those unable to attend, a recording of the call will be made available for the following two weeks.
“CV Sciences delivered strong financial results for the second quarter of 2018, including our second consecutive quarter of profitability. We also reported record key performance metrics that include triple-digit year-over-year revenue growth and double-digit sales growth on a sequential quarterly comparison,” said CV Sciences CEO, Joseph Dowling, in a statement. “To date, we have been able to successfully execute our planned strategy of aggressively and consistently growing our sales distribution channels, further penetrate the market and increase our market share within the natural products industry…”