Neptune has announced its financial and operating results for the first quarter ended May 31, 2016. Revenues were up 270% to CAN $11.3 million. Gross margin on sales was 30.5%.
Neptune has announced its financial and operating results for the first quarter ended May 31, 2016. Revenues were up 270% to CAN $11.3 million. Gross margin on sales was 30.5%. The company revised its revenues guidance to CAN$41-43 million."We are very pleased with our results for the first quarter, which increased significantly over last year and also improved sequentially over the fourth quarter of Fiscal 2016. These results reflect the contribution from sales growth and our productivity improvement initiatives put in place during the second quarter of last year," said Jim Hamilton, President and CEO of Neptune."We have evolved from pioneering the krill oil ingredient market to much more. With the recent acquisition of Biodroga, we are now in the business of customized unique nutrition solutions, speciality ingredients and consumer brands which is now reflected in our new corporate image. Neptune's new positioning was designed to better communicate to our customers, investors and employees our capabilities and commitment to innovation, health and wellness included in our vision: to provide great nutrition solutions for optimal health and wellbeing.""In this respect we recently obtained the exclusive North American rights to MaxSimil, a novel, patented delivery platform that enhances the absorption of lipid-based and lipid-soluble nutraceuticals. Statistically significant results suggest that the EPA & DHA from MaxSimil fish oils were absorbed 3 times better than the regular fish oils in a clinical study. We recently completed in July our first sales of this new branded ingredient."We are also pleased to have completed our first sales in China, as Canada is one of only two countries allowed to sell krill into that market. Our growth and diversification strategy is starting to gain momentum. As such, we have revised our revenue guidance for Fiscal 2017 and now expect revenues of above $43 million (from $41 million) and continue to anticipate a double-digit Adjusted EBITDA margin," concluded Hamilton.