Delivra Health Brands Inc. (TSX-V:DHB) announced that it has achieved positive adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the first time in the company’s history for fiscal 2023, the 12 months ended June 30, 2023.
The company, whose portfolio of consumer packaged goods for the health and wellness sector includes the brands Dream Water and LivRelief, reported adjusted EBITDA of $517 for fiscal 2023, compared to a loss of $2,765 in the previous financial year.
This 119% year-over-year improvement was driven by higher net sales, a higher gross margin, and a reduction in expenses, Delivra said.
For fiscal 2023, the company achieved a 20% increase in revenue from $8,129 to $9,791, driven by higher net sales in the United States.
It narrowed its net loss year-over-year from $7,009 to $184 for fiscal 2023 and reduced its expenses by 23% from $6,145 in the previous financial year to $4,704 in fiscal 2023.
"In fiscal 2023, Delivra Health achieved positive adjusted EBITDA for the first time in the company's history. This is a commitment we made to our shareholders and other stakeholders at the beginning of the year, and we are delighted to have achieved this milestone," Delivra Health CEO Gord Davey said in a statement.
“In the coming year, we expect to continue to increase our revenues and profitability through a combined focus on Canada, USA, international and e-commerce markets."
The company’s shares moved higher following the release of its earnings, up 17.4% before the opening bell in New York.
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