Flora Growth (NASDAQ: FLGC), a consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000-plus points of distribution around the world, is reporting on its three-month and six-month performance, for the period ending June 30, 2023. Highlights for the quarter include a 140% increase in year-over-year revenue, which came in at $21.5 million; a 19% increase in gross profits, which totaled $4 million; and a net loss of $44.6 million, which includes the impact of impairment expenses of $34.9 million, losses on discontinued operations of $7.6 million, depreciation and amortization of $0.9 million and share-based compensation of $0.3 million. Year-to date highlights include an overall 210% increase in year-over-year revenue, which was $40.8 million; gross profit of $9.3 million, which represents a 68% year-over-year increase; and net loss of $48.5 million, which the report noted includes the impact of impairment expenses of $34.9 million, losses on discontinued operations of $8.3 million, depreciation and amortization of $1.7 million and share-based compensation of $1.0 million.
The company has scheduled a conference call hosted by senior management to discuss the report. The call is slated for Aug. 15, 2023, at 9 a.m. EST. Those interested can access the call by dialing toll-free 1-800-319-4610 (North America) or 1-604-638-5340 (international toll). “The second quarter marked a transitional phase for Flora,” said Flora Growth CEO Clifford Starke in the press release. “Our dedicated efforts were focused on cost reductions and resource optimization, the effects of which are expected to be felt in quarters to come. Throughout this rebuilding phase, we will continue to prioritize Flora as a leading consumer brand globally.”
To view the full press release, visit https://ibn.fm/x3w0E
About Flora Growth Corp.
Flora Growth is a consumer-packaged goods leader serving all 50 states with 20,000-plus points of distribution around the world. For more information about the company, please visit www.FloraGrowth.com.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://ibn.fm/FLGC
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