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Nutriband Inc. Reports Revenue Up 46% in Fiscal 2023



ORLANDO, FL / ACCESSWIRE / April 27, 2023 / Nutriband Inc. (NASDAQ:NTRB) (NASDAQ:NTRBW), a developer of transdermal pharmaceutical products, today announced financial and operational results for the fiscal year ended January 31, 2023.


Key Highlights:


  • Generated record revenue of $2.1 million, up 46% over the prior fiscal year

  • Successfully obtained court verdict for recovery of shares constituting 15% of its total outstanding shares

  • Announced a Seven-for-Six Forward stock split to reward shareholders following the successful court verdict

  • Received notice of allowance from the Canadian Intellectual Property Office for AVERSA™ patent completing patent issuance in all of North America

  • Demonstrated with Kindeva Drug Delivery enhanced abuse-deterrent characteristics for AVERSA™ Fentanyl

  • Announced plans to officially launch AI tape brand in Q1 of 2023

  • Company COO, Alan Smith Ph.D selected for FDA Centre for Research on Complex Generics Expert Committee

  • With Kindeva Drug Delivery, selected AVERSA™ Fentanyl Abuse Deterrent Formulation for commercial scale manufacturing process development

"Our 2022 results and milestones have shown that we remain laser focused on hitting the targets we set ourselves as a company each year. We have made significant progress with AVERSA™ and our goal to improve the safety profile of easily abused transdermal drugs. Our record financial results and multiple major achievements in fiscal 2022 were a direct result of the hard work and exceptional execution of our dedicated team," commented Gareth Sheridan, CEO of Nutriband. "We look forward to continuing to positively update our shareholders as we have laid out major milestone targets for 2023 which we intend to achieve as in previous years.''


"According to an assessment by Health Advances, AVERSA™ Fentanyl could reach peak annual sales of between $80 million and $200 million. If the entire transdermal fentanyl market moves toward abuse deterrent patches, similar to what occurred in the extended-release oral opioid market, the potential could be significantly greater," continued Sheridan. "I want to thank our shareholders for their ongoing support as we continue to execute on our vision of commercializing our innovative transdermal abuse deterrent technology, AVERSA™."


Fiscal 2023 Financial Highlights:


Revenue for the year ended January 31, 2023, was $2.08 million, up 46% from revenue of $1.4 million in fiscal year 2022. Revenue growth was driven primarily by an increase in sales of contract manufacturing services by the Company's wholly owned subsidiary, Pocono Pharmaceuticals.

Cost of revenues for the year ended January 31, 2023 were $1.3 million with gross margins of $ 0.7million, or 36% of revenues, compared to costs of revenue of $0.9 million in fiscal year 2022 and gross margins of $0.5million, or35% of revenues.


Research and development expenses for the year ended January 31, 2023 were $0.98 million, compared to $0.4 million in fiscal year 2022.


Selling, general and administrative expenses for the year ended January 31, 2023 were $3.9 million, compared to $4 million in fiscal year 2022.


Net loss attributable to common shareholders for the 12-months ended January 31, 2023 was $4.48 million, or $0.53 per share, compared to a net loss of $6.37 million, or $0.80 per share, in fiscal year 2022.


About Nutriband Inc.


We are primarily engaged in the development of a portfolio of transdermal pharmaceutical products. Our lead product under development is an abuse deterrent fentanyl patch incorporating our AVERSA™ abuse deterrence technology. AVERSA™ technology can be incorporated into any transdermal patch with a goal to prevent the abuse, misuse, diversion, and accidental exposure of drugs with abuse potential.


The Company's website is www.nutriband.com. Any material contained in or derived from the Company's websites or any other website is not part of this press release.


Forward-Looking Statements


Certain statements contained in this press release, including, without limitation, statements containing the words ‘'believes,'' "anticipates," "expects" and words of similar import, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve both known and unknown risks and uncertainties. The Company's actual results may differ materially from those anticipated in its forward-looking statements as a result of a number of factors, including those including the Company's ability to develop its proposed abuse deterrent fentanyl transdermal system and other proposed products, its ability to obtain patent protection for its abuse technology, its ability to obtain the necessary financing to develop products and conduct the necessary clinical testing, its ability to obtain Federal Food and Drug Administration approval to market any product it may develop in the United States and to obtain any other regulatory approval necessary to market any product in other countries, including countries in Europe, its ability to market any product it may develop, its ability to create, sustain, manage or forecast its growth; its ability to attract and retain key personnel; changes in the Company's business strategy or development plans; competition; business disruptions; adverse publicity and international, national and local general economic and market conditions and risks generally associated with an undercapitalized developing company, as well as the risks contained under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Form S-1, Form 10-K for the year ended January 31, 2020 and Forms 10-Q, and the Company's other filings with the Securities and Exchange Commission. Except as required by applicable law, we undertake no obligation to revise or update any forward-looking statements to reflect any event or circumstance that may arise after the date hereof. 

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