$CANB Financial Results for the Year Ended Decembe
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Posted On: 04/16/2021 2:08:03 PM
$CANB Financial Results for the Year Ended December 31, 2020:
Revenue for the year ended December 31, 2020 was $1,709,669, a decrease of $595,834 or 26%, compared to $2,305,503 for the year ended December 31, 2019. The decrease was due to the COVID-19 pandemic. Essentially, nationally elective surgeries were curtailed in favor of emergency use of all operating rooms and facilities, which dramatically curtailed the use of our ultrasound device associated with patient recovery. Additionally, distributor and medical office sales of our main-line CBD products such as tinctures and salves, were diminished due to closing and limited access to medical office facilities, again directly tied to the COVID pandemic.
Gross profit for the year ended December 31, 2020 was $1,431,607, resulting in a gross margin of 83.7%, compared to $1,706,919 and 74.0% for the year ended December 31, 2019. Absolute gross profit decreased due to an oversupply of Hemp and CBD biomass in the market. Gross margin increased due favorable product mix to higher margin products and outreach into additional market segments such as wholesale and private label opportunities.
Operating expenses for the year ended December 31, 2020 were $5.8 million, a decrease of $1.8 million or 24%, compared to $7.6 million for the year ended December 31, 2019. This decrease was mainly attributable due to a decrease of $2.8 million in officer's, director's compensation and consulting fees.
Operating loss for the year ended December 31, 2020 was $4.4 million, a decrease of $1.5 million or 26%, compared to $5.9 million for the year ended December 31, 2019.
Net loss for the year ended December 31, 2020 and 2019, was $5.7 million and $5.9 million, respectively, a decrease of $0.2 million, or 3%. The resulting EPS loss for the year ended December 31, 2020 was a ($1.36), as compared to an EPS loss of ($2.20) for the year ended December 31, 2019.
Revenue for the year ended December 31, 2020 was $1,709,669, a decrease of $595,834 or 26%, compared to $2,305,503 for the year ended December 31, 2019. The decrease was due to the COVID-19 pandemic. Essentially, nationally elective surgeries were curtailed in favor of emergency use of all operating rooms and facilities, which dramatically curtailed the use of our ultrasound device associated with patient recovery. Additionally, distributor and medical office sales of our main-line CBD products such as tinctures and salves, were diminished due to closing and limited access to medical office facilities, again directly tied to the COVID pandemic.
Gross profit for the year ended December 31, 2020 was $1,431,607, resulting in a gross margin of 83.7%, compared to $1,706,919 and 74.0% for the year ended December 31, 2019. Absolute gross profit decreased due to an oversupply of Hemp and CBD biomass in the market. Gross margin increased due favorable product mix to higher margin products and outreach into additional market segments such as wholesale and private label opportunities.
Operating expenses for the year ended December 31, 2020 were $5.8 million, a decrease of $1.8 million or 24%, compared to $7.6 million for the year ended December 31, 2019. This decrease was mainly attributable due to a decrease of $2.8 million in officer's, director's compensation and consulting fees.
Operating loss for the year ended December 31, 2020 was $4.4 million, a decrease of $1.5 million or 26%, compared to $5.9 million for the year ended December 31, 2019.
Net loss for the year ended December 31, 2020 and 2019, was $5.7 million and $5.9 million, respectively, a decrease of $0.2 million, or 3%. The resulting EPS loss for the year ended December 31, 2020 was a ($1.36), as compared to an EPS loss of ($2.20) for the year ended December 31, 2019.
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