- Wellness company, CB2 Insights (CSE:CBII) has reported a 25 per cent increase in revenue for the year ending December 31, 2019
- Total revenue for the year jumped from C$10.8 million the year before to $13.4 million
- However, net loss also increased from $3.6 million in 2018 to $10.9 million last year
- The results come off the back of a reverse takeover, completed on February 27, 2019, in which the company listed on the Canadian Securities Exchange
- CB2 Insights (CBII) is currently up 4.55 per cent and is trading at 12 cents per share
Wellness company, CB2 Insights (CSE:CBII) has reported a 25 per cent increase in revenue for the year ending December 31, 2019.
Headquartered in Mississauga, Canada, the company offers integrative medicine services, primarily to treat patients seeking alternative treatments due to the ineffectiveness of conventional medicine, and the inability to find support through their existing care network.
Total revenue for the year jumped from C$10.8 million in 2018 to $9.3 million. This was largely due to the company’s acquisition of MedEval, ROSH and NJAM over the course of the year.
However, despite the improvements in revenue, net loss also increased to $10.9 million from $3.6 million the year before. This increase is primarily attributable to CB2 Insights’ reverse takeover process to list on the Canadian Stock Exchange, which was completed on February 27, 2019.
These additional professional fees were then compounded by the impact of higher depreciation and amortisation on the company’s assets.
Increased loss in 2019 was a result of higher professional fees pertaining to the company’s going public process, higher depreciation and amortization
Prad Sekar, CEO of CB2 Insights, said 2019 was a building year for the company.
“As reported in previous releases, our preliminary unaudited financial results for April and May 2020 demonstrate strong revenue growth and the turn to EBITDA positive.
“These results demonstrate that the foundation we laid in 2019 has been quick to yield results. We are excited for the growth we expect in 2020 and in building long-term value for our shareholders,” he said.
CB2 Insights (CBII) is currently up 4.55 per cent and is trading at 12 cents per share at 2:09pm EDT.