CV Sciences Inc (OTCMKTS:CVSI) Puts Out Validating Financial Results

CV Sciences Inc (OTCMKTS:CVSI) Puts Out Validating Financial Results

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CV Sciences Inc (OTCMKTS:CVSI) is down slightly for the day but there might be some room to run here on the company’s Q4 data. Both sales and profits have exploded more than 100%. Sales for Q4 2017 were $7.2 million and $20.7 million for the full year 2017 demonstrating the CVSI’s continued organic expansion into all multiple channels including the natural product retail, wholesale and direct-to-consumer channels.

CVSI’s leadership said this about the results: “We ended 2017 with tremendous momentum by hitting record metrics for Q4 and an overall impressive and record year. Our operating performance further validates our ability to grow profitably and generate cash flow . In every aspect, we set new financial performance records and laid the groundwork for continued profitable growth.”

CV Sciences Inc (OTCMKTS:CVSI) frames itself as a life science company, focuses on developing and commercializing novel therapeutics utilizing synthetic Cannabidiol (CBD).

CVSI operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division in manufacturing, marketing and selling plant-based CBD products to a range of market sectors, including nutraceutical, beauty care, specialty foods, and vape.

Following the CanX Acquisition in December 2015, CV Sciences commenced its preclinical drug development program during the second quarter of 2016. The Company’s drug development efforts include pursuing synthetic-based Cannabidiol drug candidates in areas that have the potential to provide significant improvements in therapeutic patient treatments with sizable addressable markets.

The company was formerly known as CannaVEST Corp. and changed its name to CV Sciences, Inc. in January 2016. CV Sciences, Inc. has primary offices and facilities in Las Vegas, Nevada and San Diego, California.

CV Sciences Inc is led by Michael J. Mona, JR. founder of CV Sciences, Mr. Mona possesses over 30 years of senior management experience in a range of industries including real estate/construction, industrial farming, chemical processing and consumer products. Mr. Mona is a recognized industry leader in hemp farming operations and chemical extraction and has established a global supply chain of hemp-derived products.

According to company materials, “CV Sciences, Inc. (CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division in manufacturing, marketing and selling plant-based CBD products to a range of market sectors. CV Sciences, Inc. has primary offices and facilities in Las Vegas, Nevada and San Diego, California.”

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According to CVSI’s press, here is a breakdown of the recent results:

  • Record Q4 2017 Sales of $7,242,000, an increase of 126% compared to Q4 2016
  • Record Q4 2017 Gross Profit of $5,213,600, an increase of 187% compared to Q4 2016
  • Record Full Year 2017 Sales of $20,679,200, an increase of 87% compared to full year 2016
  • Record Full Year 2017 Gross Margin of $14,488,700, an increase of 107% compared to full year 2016
  • Record Full Year 2017 Adjusted EBITDA of $2,067,200, an improvement of $5,040,500, a 170% increase when compared to full year 2016
  • Record Total 2017 Cash Flow from Operations of $3,615,000, an improvement of $5,519,700, a 276% increase when compared to full year 2016
  • Increased Retail Channel Distribution to 1,548 Stores as of December 31, 2017, an increase of 57% compared to December 31, 2016
  • Strong Progress in Drug Development Division including preclinical progress with CVSI-007, the Company’s patent pending synthetic-based cannabidiol, which will be co-administered with nicotine to provide treatment options for smokeless tobacco use and addiction, currently a multibillion market with no currently FDA-approved drugs available to help patients.

By year end, CVSI had unrestricted cash of $2,013,000 and total cash of $2,792,000. During the year ended December 31, 2017, the Company increased its total cash position by $1,734,000.

Earning a current market cap value of $42.55M and a  float of 76.29M, CVSI is going to look to turn this positive data into some stock price gains. The market might still be catching up to CVSI here or there might be reserves about its R&D initiatives. We will be writing more updates on the company soon. For continuing coverage on shares of CVSI stock and other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!

 

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