CV Sciences Inc (OTCMKTS:CVSI) provides an excellent case study in understanding market forces at work. The company is arguably one of the most impressive growth stories in the CBD space, and the company’s recent earnings data continue to exemplify this trend. However, bears have attacked the company, led by Andrew Left’s Citron Research, who put out some research on the company back in August that suggested improper messaging around a patent application.
However, that narrative doesn’t detract from the sales growth trend in play. To further drive home that point, the company just announced Record Sales of $13,600,000, an increase of 143% compared to Q3 2017, Record Gross Profit of $9,945,000, an increase of 149% compared to Q3 2017, Record GAAP Net Income of $3,295,000, an improvement of $3,885,000 compared to Q3 2017, and Record Adjusted EBITDA of $4,128,000, an improvement of $3,253,000 compared to Q3 2017.
CV Sciences Inc (OTCMKTS:CVSI) bills itself as a company that operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors.
CV Sciences, Inc. has primary offices and facilities in San Diego, California and Las Vegas, Nevada.
Moreover, CV Sciences, Inc. operates as a life science company. It operates through two segments, Specialty Pharmaceuticals and Consumer Products. The company focuses on developing and commercializing prescription drugs utilizing synthetic cannabidiol (CBD) as the active pharmaceutical ingredient. Its initial drug candidate is CVSI-007 that combines CBD and nicotine for the treatment of smokeless tobacco use and addiction.
The company also engages in the development, manufacture, marketing, and sale of consumer products containing plant-based CBD under the PlusCBD Oil name in various market sectors, including nutraceutical, beauty care, specialty foods, and vape.
CV Sciences, Inc. was founded in 2010 and is based in Las Vegas, Nevada.
“We are encouraged by our performance as we delivered another strong quarter, including our third consecutive quarter of profitability. This was led by initiatives that include accelerating our brand recognition and brand loyalty and growing sales distribution channels that have generated triple-digit year-over-year revenue growth and double-digit sales growth on a sequential quarterly comparison. The demand continues to respond strongly to our leading PlusCBD™ product line, #1 in the hemp CBD product category in the natural products retail channel and we believe this is just the beginning for the vast and nascent hemp CBD market. Most notably during the quarter, we earned the industry’s first self-affirmed Generally Recognized as Safe (GRAS) status for our Gold Formula product line, a move that shows our dedication to building consumer confidence, trust and safety of our products. In conjunction with that, our product innovation was on full display with the introduction of our new PlusCBD Oil™ Gummies in two flavors, Cherry Mango and Citrus Punch as additional factors for driving revenue,” stated Joseph Dowling, Chief Executive Officer of CV Sciences.
CV Sciences Inc (OTCMKTS:CVSI) pulled in sales of $13.6M in its last reported quarterly financials, representing top line growth of 143.3%. In addition, the company has a strong balance sheet, with cash levels far exceeding current liabilities ($11M against $3M).
Mr. Dowling added, “Our drug development program is making steady progress in advancing our proprietary lead drug candidate – CVSI-007 – which addresses the multibillion dollar smokeless tobacco use and addiction market. We continue to make progress with our pre-clinical program, anticipating filing an Investigational New Drug application in 2019. We are confident that our continued growth and profitability will allow us to initially pursue our drug development plans without the need for additional outside capital in the near term. Given the industry’s robust growth momentum, we believe we have the right strategies in place and remain committed to achieve a strong 2018 finish.”
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