Reviv3 Procare Reports Record First Quarter Financial Results
Results reflect a record 213% year-over-year revenue growth driven by strong demand for premium hair care products in the direct to consumer and distribution channels.
LOS ANGELES, CA / ACCESSWIRE / October 14, 2021 / Reviv3 Procare Company (OTCQB:RVIV), an emerging global e-commerce brand in the premium hair care products industry, today announced its financial and operational results for its first quarter ended August 31, 2021.
First Quarter Fiscal Year 2022 Financial Summary
- Revenues increased to $839,272 or 213% compared to $268,454 in the prior year period, driven by revenue growth in the direct-to-consumer and distribution sales channels.
- Gross profit increased to $475,376, or 57% of revenues, compared to gross profit of $132,195 or 49% of revenues, in the prior year period, representing a 16% year-over-year increase, primarily attributable to our continued focus on higher margin, direct-to-consumer sales.
- Cost of sales as a percentage of net revenues decreased to 43%, compared to 51% for the prior year period. The overall decrease in cost of sales is primarily attributable to the Company's increased efficiencies in procurement and manufacturing systems, and increased sales in the higher margin, direct-to-consumer sales channels.
- Operating expenses increased to $489,850, or 58% as a percentage of sales, compared to $200,235, or 75% as a percentage of sales, for the prior year period. The dollar increases in the first quarter of fiscal year 2022, were primarily the result of higher marketing and advertising expenses in the direct-to-consumer sales channels.
- Net loss was $16,039 compared to a net loss of $69,269 for the prior year period.
"Reviv3 delivered record revenues for the first quarter driven by broad-based momentum across our sales channels and continued execution in our direct sales customer acquisition and maintenance." commented Jeff Toghraie, Chairman and CEO of Reviv3 Procare. "We remain highly focused in revenue expansion as we continue to enhance our marketing platforms with new tools and deliver positive customer responses to our product offerings."
"In our first quarter, revenues increased by 213 percent year-over-year generating $839,272. We achieved a gross profit of 57 percent to $475,356, representing a 16 percent year-over-year margin increase. Our performance reflects the impact of the strategies we implemented several quarters ago to optimize revenue and improve efficiencies of our operations. Looking ahead, our primary focus remains generating revenues while enhancing our margin profile, which we expect will continue to drive performance and create value over the long term," concluded Toghraie.
About Reviv3 Procare Company
Reviv3 Procare Company (OTCQB:RVIV) is an emerging global e-commerce brand in the $90 billion hair care products industry. The Company is a predominantly direct-to-consumer marketer of premium hair and skincare products under its in-house Reviv3 Procare brand - selling products in the United States, Canada, the European Union, and throughout Asia. To learn more, please visit the Company's website at www.reviv3.com.
This press release contains a number of forward-looking statements within the meaning of the federal securities laws. The use of words such as "anticipates," "expects," "intends," "plans," "confident that" and "believes," among others, generally identify forward-looking statements.
These forward-looking statements are based on currently available information, and management's beliefs, projections, and current expectations subject to a number of significant risks and uncertainties. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things: (i) Reviv3's ability to grow net sales and adjusted EBITDA, as anticipated; (ii) our ability to fund our operating expenses; (iii) potential difficulties or delays Reviv3 may experience in implementing its cost savings and efficiency initiatives; (iv) Reviv3's ability to compete effectively with other hair and skincare companies; (v) the concentration of our customers, potentially increasing the negative impact to Reviv3 by changing purchasing or selling patterns; (vi) changes in laws or regulations in the United States and/or in other major markets, such as China, in which Reviv3 operates, including, without limitation, with respect to taxes, tariffs, trade policies, or product safety, which may increase Reviv3's product costs and other costs of doing business, and reduce Reviv3's earnings. Current and potential investors are urged to consider these factors carefully in evaluating the forward-looking statements. These forward-looking statements speak only as of the date hereof. Except as required by law, Reviv3 does not assume any obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.
SOURCE: REVIV3 PROCARE COMPANY
View source version on accesswire.com: