Major consumer wellness company CV Sciences Inc (OTCMKTS:CVSI) which specializes in hemp extracts and other forms of similar products, could be in focus today after it announced its financial results for the quarter and the fiscal year ended on December 31, 2022 yesterday.
On Wednesday, CVSI stock decreased 0.23% to $0.0430 with more than 86.14K shares, compared to volume of 284.19K shares. The stock moved within a range of $0.0423 – 0.0430 after opening trade at $0.0423.
CV Sciences, Inc. Reports Fiscal Year-End 2022 Financial Results
It may be a good time to take a look at some of the highlights from the financial results. The company generated revenues of $16.2 million in the fiscal year, which was lower than the $20 million it generated in the previous year. However, in the fourth quarter, the revenues actually went up by 3% on a sequential basis to hit $3.9 million.
The recognized gross margins for the 2022 fiscal year stood at 34.2% and that was much lower than the 43% that had been recorded in 2021. The gross margins in the fourth quarter were 40.4%, which was again lower than the gross margins of 41.6% in the previous quarter.
The cash balance with the company at the end of the year stood at $0.6 million, as compared to $1.4 million at the end of 2021. The operating expenses for the 2022 fiscal year was $12.4 million, which reflected a year on year reduction of as much as 54%.