Neptune Revenue Declines 63% YoY, Shifts To CPG And Branded Products
Global health and wellness company Neptune Wellness Solutions Inc. (NASDAQ: NEPT) (TSX: NEPT) revealed Monday its third-quarter financial results, on the heels of announcing the purchase of a 50.1% stake in baby food and snack company Sprout Foods, for $6 million in cash and $12 million in shares.
The Laval, Quebec-based company generated around CA$3.32 million ($2.62 million) over the quarter. Gross profits and margin declined over the same period to a loss of CA$8.9 million and 268.3%, respectively.
Even though the company didn't achieve a positive adjusted EBITDA — reporting a loss of CA$8.48 million for the third quarter — it expects to reach the goal with its focus being shifted to the production and sale of consumer-packaged goods and branded products.
Neptune also posted a net loss of approximately CA$73.8 million versus a CA$5.6 million net income in the corresponding quarter of 2019.
"The third quarter represented a pivotal point in Neptune's transformation to a B2C provider of plant-based health and wellness products," the …