CA - Entourage Health reports Q1 results

2023-05-30 09:00:56 ET

• Entourage Health press release ( OTCQX:ETRGF ): Q1 Revenue of $15.1M (+24.8% Y/Y).
• Gross profit before changes in fair value was $3.0 million for Q1 2023, representing an increase in gross profit of $10.5 million compared to Q4 2022 due to improved operational efficiencies and partly due to lower inventory write-down in Q1 2023.
• Gross margins were 25% in Q1 2023 compared to (86%) for Q4 2022 and 22% in Q1 2022. The improvement in Q1 2023 over Q4 2022, resulted from increased automation in the production process of finished and semi-finished goods, resulting in lower direct labour costs.
• The cost of goods sold was reduced by $7.4 million for the three months ended March 31, 2023, compared to Q4 2022. This reduction was achieved by continued efforts to optimize our operational platform and further automation initiatives.
• Adjusted EBITDA improved by $5,890,211 to $(3,374,484) in Q1, 2023, compared with $(9,264,695) in Q4, 2022, primarily driven by strategic transformation initiatives to lower costs and partly due to generating higher-margin revenue.

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