Neptune Reports Fiscal Fourth Quarter and Full Year 2022 Financial Results

3 min readPublished On: July 8th, 2022By

LAVAL, QC – Neptune Wellness Solutions Inc. (NASDAQ: NEPT) (TSX: NEPT), announced its financial and operating results for the three-month and twelve-month periods ending March 31, 2022.

Statement from Neptune Management and Board of Directors:

“Neptune made significant progress on our path to become a pure play CPG company, with growth year-over-year and positive momentum in our key focus areas of Sprout and Biodroga during the fourth quarter. We expect this trend to continue into our fiscal 2023, with both Sprout and Biodroga continuing to expand their existing popular product offerings, as well as releasing new product lines that cater to different customer groups.”

“Neptune’s management and Board have made several strategic decisions recently that we believe are in the best interest of the company and its shareholders. In particular, significant cost saving initiatives, the planned divestiture of our cannabis business, and a refocusing of resources on our renewed mission of becoming a leading CPG company. In addition, we have continued our strategic review to help identify further synergies and cost savings. We are looking forward to the next phase for Neptune as we seek to capitalize on our large target addressable markets of personal care & beauty and organic food & beverages, which we believe have the most exciting growth potential. We remain steadfast in our goal to deliver on profitability and shareholder value.”

Fourth Quarter and Full Year Financial Highlights:
  • Fiscal fourth quarter revenue totaled $11.5 million, an increase of 147% as compared to $4.7 million for the same period the year prior.
  • Fiscal year 2022 revenue totaled $48.8 million, an increase of 37.8% as compared to $35.4 million for the same period the year prior.
  • Reported fiscal year 2022 gross profit loss of $7.5 million compared to a gross profit loss of $27.4 million for the fiscal year 2021. Gross margin of (15.4%) compares to (77.3%) in the year-ago period.
  • Reported fourth quarter net loss of $36.2 million compared to a reported net loss of $43.5 million in the comparable period in fiscal 2021 and reported fiscal year 2022 net loss of $84.4 million compared to a net loss of $124.3 million for the fiscal year 2021.
  • Adjusted EBITDA (non-GAAP)1 loss for fiscal year 2022 was $43.8 million compared to an Adjusted EBITDA (non-GAAP)1 loss of $39.4 million for the fiscal year 2021.
Fourth Quarter Business Highlights:
  • Announced further reductions of corporate overheads by expanding in-house legal capabilities.
  • Announced the appointment of Julie Phillips as Chair of Neptune’s Board of Directors.
  • Launched and expanded a first of its kind co-branded product line with “CoComelon” across North America.
  • Received a 180 calendar day extension from Nasdaq’s Listing Qualification Department to meet Nasdaq’s minimum bid requirement.
  • Launched Forest Remedies Multi-Omega 3-6-9 Supplements in 340+ Sprouts Farmers Market stores across the U.S.
  • Announced a US$8,000,000 Registered Direct Offering.
Subsequent Events and Business Updates:
  • Launched new CPG-focused strategic plan to profitability.
  • Announced appointment of Raymond Silcock as Chief Financial Officer.
  • Announced the appointment of  Philip Sanford as Audit Chair of Neptune’s Board of Directors.
  • Launched new line of CoComelon co-branded organic snack bars.
  • Announced completion of share consolidation from approximately 198 million Common Shares to approximately 5.7 million.
  • Announced a US$5,000,000 Registered Direct Offering Priced At-the-Market Under Nasdaq Rules.
Conference Call Details:

The Company will host a conference call at 11:00 a.m. (Eastern Time) on Monday, July 11, 2022, to discuss these results. The conference call will be webcast live and can be accessed by registering on the Events and Presentations portion of Neptune’s Investor Relations website at www.investors.neptunewellness.com. The webcast will be archived for approximately 90 days.

(This information is primarily sourced from Neptune Wellness Solutions Inc.  Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).

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