CV Sciences Inc (OTCMKTS:CVSI) has today reported its 2018 first quarter financial results. It reported sales of about $8.1 million and this was a clear demonstration of its continued organic expansion into all sales channels ranging from natural product retail, direct-to-consumer channels and wholesale.
A breakdown of the performance
One of the officials has disclosed that it was the company’s 11% sequential quarterly increase from the $7.2 million in the fourth quarter. The Company’s natural product retail channel currently covers almost 1,771 locations spread out across the nation.
CV Sciences has plans underway to come up with new sales channels and feels very much encouraged by strength of its wide range of branded products as was brought out clearly by SPINS® Scan data. This data has placed the company at the topmost position among the various natural products in the diverse industry.
The CFO of CV Sciences Joseph Dowling says that they are off to a strong start in 2018 and hope to succeed at delivering a record financial performance on all the major metrics including a double-digit sales growth on a sequential quarterly comparison and a triple digit year-over-year revenue growth.
A focus into the future
The company’s operating performance is being given a major boost by the strong demand for products, the combination of core revenue growth, and a market currently in its infancy. The company’s management is focusing on laying down the groundwork to facilitate continued profitable growth.
Looking at matters from the perspective of the drug’s development face, the business giant has made steady progress in advancing CVSI-007 which is fundamentally its lead drug candidate. It is about addressing the addiction market as well as the multibillion dollar smokeless tobacco use.
Dowling sees the quarter as a major validation of the company’s capacity to generate cash flow a time when business dynamics tend to be shifting pretty fast.
CV Sciences Inc is pleased after it succeeded at settling the SEC matter. It is a transformative moment considering that the company has now resolved all the claims and matters linked to the body’s enforcement action. The Company did not admit any wrong doing and that left quite much to be speculated over.