Delivra Health Brands Inc. (TSX-V:DHB) has seen its revenue increase and achieved positive earnings before interest, taxes, depreciation and amortization (EBITDA) for the financial year to date driven by an improved customer mix and sustainable margins.
The company, whose brands include Dream Water and LivRelief, on Tuesday reported results for the first half of fiscal 2024, which ended December 31, 2023.
For the six-month period, it reported revenue of $5,722, up 39% from $4,121 due to higher sales of Dream Water in the United States.
Adjusted EBITDA was $601, up from a loss of $15 for the same period in the previous year.
Its gross profit was $3,027 with a gross profit margin of 53%, up from $1,865 and 45% respectively for the same period in fiscal 2023.
"The results of the second quarter of fiscal 2024 demonstrates that the company's business model is a resilient model, that works well with changes in sales volume when it comes to producing sustainable margins,” Delivra CEO Gord Davey said in a statement.
“The company is on track, producing an over 39% increase in year-over-year net revenue and positive year-to-date EBITDA.”
The CEO said that during the fiscal second quarter, Delivra focused on increasing its marketing activity and investing in consumer promotional programs in the US, in addition to new product listings, new customer listings and other initiatives that he believes will deliver an impact in future quarters.
“The company will continue to expand its product portfolio in North America and abroad in multiple markets and channels,” Davey said.