Reviv3 Procare Reports Third-Quarter 2022 Financial Results
LOS ANGELES, CA / ACCESSWIRE / April 12, 2022 / Reviv3 Procare Company (OTCQB:RVIV), an emerging global e-commerce brand in the premium hair care products industry, announced its financial and operational results for its third quarter ended February 28, 2022.
Third Quarter Fiscal 2022 Financial Highlights
- Revenue increase of 31% to $476,384 for the third quarter as compared to $364,966 in the prior-year quarter, with continued impact from supply chain disruptions of materials and components, offset by revenue increase in our distribution and direct-to-consumer channels.
- Gross profit increased to $341,775, or 72% of revenues, compared to gross profit of $271,475 or 74% of revenues, in the prior-year quarter, reflecting increased costs in freight due to supply chain constraints.
- Cost of sales as a percentage of net revenues increased to 28%, as compared to 26% for the prior-year period. The increase reflects the increase in freight costs due to the continued constraints in our supply chain.
- Operating expenses increased to $439,276, compared to $392,503 primarily as the result of increased marketing and advertising expenses, higher freight costs, and product delivery charges.
- Net loss was $99,314 compared to a net loss of $106,460 for the prior-year quarter.
Nine Months Fiscal 2022 Financial Highlights
- Revenues increased 42% to $1,809,472 as compared to $1,277,480 for the prior year period.
- Gross profit increased to $1,198,167 compared to $799,902 for the prior year period. Gross profit as a percentage of sales increased to 66% as compared to 63% for the same comparable period in the prior year.
- Operating expenses increased to $1,315,379 compared to $934,411 reflecting our increased marketing and advertising expenses and operational costs including significant increases in freight and shipping costs as a result of supply chain constraints.
- Net loss was $87,152 compared to a net loss of $122,626 for the prior-year period.
"For the third quarter, we achieved a thirty-one percent increase in our revenues over the same comparable period while maintaining a gross profit of seventy-two percent. Although we continue to experience higher costs, most notably in raw materials and freight, we've made significant efforts in improving our supply chain processes and operational efficiencies," commented Jeff Toghraie, Chairman and CEO of Reviv3 Procare. "We are excited for the progress and opportunities ahead and remain focused on revenue expansion in existing and new markets," 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
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