{"id":383676,"date":"2020-11-18T06:03:10","date_gmt":"2020-11-18T11:03:10","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=383676"},"modified":"2020-11-18T06:03:10","modified_gmt":"2020-11-18T11:03:10","slug":"can-b-corp-announces-third-quarter-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/can-b-corp-announces-third-quarter-2020-results\/","title":{"rendered":"Can B Corp Announces Third Quarter 2020 Results"},"content":{"rendered":"
\n

Efficiencies and Lower Expenses Lead to a Significant Reduction in Operating Loss<\/p>\n

HICKSVILLE,\u00a0NY, Nov. 18, 2020 (GLOBE NEWSWIRE) — via NewMediaWire<\/u><\/a> — Can B Corp. (OTCQB:<\/a>\u00a0CANB<\/a>)\u00a0(\u201cCan B\u201d or the \u201cCompany\u201d),\u00a0a\u00a0diversified health and wellness company, announced today\u00a0operating and financial results for the third quarter ended September 30, 2020.<\/p>\n

\n Management Commentary:<\/strong>\n <\/p>\n

Marco Alfonsi, Can B\u2019s Chief Executive Officer, commented, \u201cOur focused efforts on reducing costs has led to a significant reduction in operating losses. Additionally, when backing out non-cash expenses, our adjusted operating loss decreased by 37% to just over $200,000 for the quarter, largely attributable to the lay-offs due to COVID-19 circumstances.\u00a0 \u00a0<\/p>\n

Mr. Alfonsi continued, \u201cWith that said, our team is driven to execute on our strong pipeline and evolve opportunities into sales and return to revenue growth. We are well-positioned with a diversified product line up, exclusive license to use LifeGuard\u00ae on various products, multi-channel distribution strategy, our R&D and production facility in Lacey, WA, and our Green Grow Farms, a licensed hemp grow and cultivation in New York. We look forward to a return to more normalcy and expect to return to growth mode in 2021.\u201d<\/p>\n

\n Pure Leaf Oil Brand Products Available at United Grocery Outlet<\/strong>\n <\/p>\n

The initial product offerings are 3 oz. Roll-On CBD products and the first order has been delivered and sold out in several stores. Pure Leaf Oil, a product of Pure Health Products, LLC, is fulfilling reorders currently. Our team has been working to develop our white label business offerings and this is another step in growing this segment. In business since 1974, United Grocery Outlets are a highly reputable closeout grocery merchant buying and selling most products sold in supermarkets. From its distribution center in Athens, Tennessee, it operates retail outlets in Tennessee, Georgia, North Carolina, Kentucky, Virginia, and Alabama. The company currently operates 38 stores in 6 States and\u00a0www.myugo.com<\/a>.<\/p>\n

\n Financial Highlights for the Three Months Ended September 30, 2020, vs. 2019:<\/strong>\n <\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Gross Profit\u00a0Increased\u00a0<\/strong>from 77% in 2019 to 85% in 2020\u00a0 \u00a0 \u00a0 an 8% Increase<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Operating Expenses\u00a0Decreased\u00a0<\/strong>$247,085\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 an 18% Decrease<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Operating Loss\u00a0Decreased\u00a0<\/strong>$162,628\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 a 17% Decrease<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Adjusted Operating Loss\u00a0Decreased\u00a0<\/strong>$122,212\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 a 37% Decrease<\/p>\n

\n Financial Results for the Three Months Ended September 30, 2020:<\/strong>\n <\/p>\n

Revenue for the three months ended September 30, 2020, was $459,496, a decrease of $155,926, or 25%, compared to $615,422 for the three months ended September 30, 2019. This decrease was due to the impact of the COVID-19 outbreak.<\/p>\n

Gross profit for the three months ended September 30, 2020, was $389,115, a decrease of $84,457, or 18%, compared to $473,572 for the three months ended September 30, 2019. The resulting gross margin was 85% for the three months ended September 30, 2020, compared to 77% for the three months ended September 30, 2019.<\/p>\n

Operating expenses for the three months ended September 30, 2020 were $1,161,751, a decrease of $247,085, or 18%, compared to $1,408,836 for the three months ended September 30, 2019. Operating expenses for the three months ended September 30, 2020, included non-cash expenses resulting from stock-based compensation for employees and consultants of $397,976 and amortization of intangible assets of $169,398, compared to $602,823 and $4,967 for the three months ended September 30, 2019.<\/p>\n

Operating loss for the three months ended September 30, 2020, was $772,636, a decrease of $162,628, or 17%, compared to $935,264 for the three months ended September 30, 2019.<\/p>\n

Adjusted operating loss for the three months ended September 30, 2020, was $205,262, a decrease of $122,212, or 37%, compared to $327,474 for the three months ended September 30, 2019. Adjusted operating loss does not include non-cash stock-based compensation and amortization of intangible assets.<\/p>\n

Net loss for the three months ended September 30, 2020 was $1,233,175, an increase of $292,077, or 31%, compared to $941,099 for the three months ended September 30, 2019. The resulting EPS loss for the three months ended September 30, 2020, was a ($0.29), as compared to an EPS loss of ($0.32) for the three months ended September 30, 2019.<\/p>\n

\n Financial Results for the Nine Months Ended September 30, 2020:<\/strong>\n <\/p>\n

Revenue for the nine months ended September 30, 2020 was $1,234,287, a decrease of $531,874, or 30%, compared to $1,766,161 for the nine months ended September 30, 2019. This decrease was due to the impact of the COVID-19 outbreak.<\/p>\n

Gross profit for the nine months ended September 30, 2020 was $994,312, a decrease of $68,242, or 6%, compared to $1,062,554 for the nine months ended September 30, 2019. The resulting gross margin was 81% for the nine months ended September 30, 2020, compared to 60% for the nine months ended September 30, 2019.<\/p>\n

Operating expenses for the nine months ended September 30, 2020 were $3,998,414, a decrease of $608,884, or 13%, compared to $4,607,298 for the nine months ended September 30, 2019. Operating expenses for the nine months ended September 30, 2020, included non-cash expenses resulting from stock-based compensation for employees and consultants of $916,386 and amortization of intangible assets of $446,556, compared to $1,018,786 and $12,127 for the nine months ended September 30, 2019.<\/p>\n

Operating loss for the nine months ended September 30, 2020 was $3,004,102, a decrease of $540,642, or 15%, compared to $3,544,744 for the nine months ended September 30, 2019.<\/p>\n

Adjusted operating loss for the nine months ended September 30, 2020 was $1,641,160, a decrease of $872,671, or 35%, compared to $2,513,831 for the nine months ended September 30, 2019. Adjusted operating loss does not include non-cash stock-based compensation and amortization of intangible assets.<\/p>\n

Net loss for the nine months ended September 30, 2020 was $3,598,208, an increase of $47,104, or 1%, compared to $3,551,104 for the nine months ended September 30, 2019. The resulting EPS loss for the nine months ended September 30, 2020, was a ($0.95), as compared to an EPS loss of ($1.30) for the nine months ended September 30, 2019.<\/p>\n

\n
\n About\u00a0Can B Corp.<\/u>
\n <\/strong>\n <\/p>\n

Can B Corp. (OTCQB:<\/a>\u00a0CANB<\/a>) is a Health & Wellness company providing the highest quality cannabidiol (CBD) products under the brands of Canbiola, Seven Chakras, NuWellness, Pure Leaf Oil, and Duramed. Can B utilizes multi-channel distribution to reach consumers, including medical facilities, doctor offices, retailers, online and direct. Can B is also an exclusive partner of the LifeGuard\u00ae Brand in developing a line of consumer products. The Company is also launching Super Foods, a line of nutritional supplements. Can B Corp. owns and operates an R&D and production facility in Lacey, WA, and Green Grow Farms, a licensed hemp grow and cultivation in New York. To learn more about Can B Corp. and our comprehensive line of high-quality CBD products, please visit:\u00a0Canbiola.com<\/a>\u00a0and\u00a0www.CanBCorp.com<\/a>, follow Can B Corp on\u00a0Instagram<\/a>\u00a0and\u00a0Facebook<\/a>, or visit one of the 1,000+ retail outlets that carry Can B Corp. products.<\/p>\n

For more information about Can B Corp., please visit:\u00a0<\/u>CanBCorp.com<\/a><\/p>\n

\n Twitter @CanBCorp<\/a>\n <\/p>\n

\n Instagram @canbcorp<\/a>\n <\/p>\n

\n Facebook @ Can B Corp<\/a>\n <\/p>\n

\n
\n Forward-Looking Statements<\/u>
\n <\/strong>\n <\/p>\n

Forward-looking statements and risks and uncertainties discussed in this release contain forward-looking statements. The words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect,” and similar expressions identify such forward-looking statements. Expected, actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. Forward-looking statements are subject to a number of risks and uncertainties, including but not limited to, risks and uncertainties associated with, among other things, the impact of economic, competitive, and other factors affecting our operations, markets, products, and performance. The matters discussed herein should not be construed in any way, shape, or manner of our future financial condition or stock price. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.<\/p>\n

Investors and Media:<\/p>\n

IR@canbiola.com<\/p>\n

(917) 658-7878<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Efficiencies and Lower Expenses Lead to a Significant Reduction in Operating Loss HICKSVILLE,\u00a0NY, Nov. 18, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — Can B Corp. (OTCQB:\u00a0CANB)\u00a0(\u201cCan B\u201d or the \u201cCompany\u201d),\u00a0a\u00a0diversified health and wellness company, announced today\u00a0operating and financial results for the third quarter ended September 30, 2020. Management Commentary: Marco Alfonsi, Can B\u2019s Chief Executive Officer, commented, \u201cOur focused efforts on reducing costs has led to a significant reduction in operating losses. Additionally, when backing out non-cash expenses, our adjusted operating loss decreased by 37% to just over $200,000 for the quarter, largely attributable to the lay-offs due to COVID-19 circumstances.\u00a0 \u00a0 Mr. Alfonsi continued, \u201cWith that said, our team is driven to execute on our strong pipeline and evolve … <\/p>\n

Continue reading “Can B Corp Announces Third Quarter 2020 Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-383676","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCan B Corp Announces Third Quarter 2020 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/can-b-corp-announces-third-quarter-2020-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Can B Corp Announces Third Quarter 2020 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Efficiencies and Lower Expenses Lead to a Significant Reduction in Operating Loss HICKSVILLE,\u00a0NY, Nov. 18, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — Can B Corp. (OTCQB:\u00a0CANB)\u00a0(\u201cCan B\u201d or the \u201cCompany\u201d),\u00a0a\u00a0diversified health and wellness company, announced today\u00a0operating and financial results for the third quarter ended September 30, 2020. Management Commentary: Marco Alfonsi, Can B\u2019s Chief Executive Officer, commented, \u201cOur focused efforts on reducing costs has led to a significant reduction in operating losses. Additionally, when backing out non-cash expenses, our adjusted operating loss decreased by 37% to just over $200,000 for the quarter, largely attributable to the lay-offs due to COVID-19 circumstances.\u00a0 \u00a0 Mr. Alfonsi continued, \u201cWith that said, our team is driven to execute on our strong pipeline and evolve … Continue reading "Can B Corp Announces Third Quarter 2020 Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/can-b-corp-announces-third-quarter-2020-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-18T11:03:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4Nzk0NyMzODMyMzY2IzUwMDA0NTUzMg==\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/can-b-corp-announces-third-quarter-2020-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/can-b-corp-announces-third-quarter-2020-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Can B Corp Announces Third Quarter 2020 Results\",\"datePublished\":\"2020-11-18T11:03:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/can-b-corp-announces-third-quarter-2020-results\\\/\"},\"wordCount\":1163,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/can-b-corp-announces-third-quarter-2020-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODA4Nzk0NyMzODMyMzY2IzUwMDA0NTUzMg==\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/can-b-corp-announces-third-quarter-2020-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/can-b-corp-announces-third-quarter-2020-results\\\/\",\"name\":\"Can B Corp Announces Third Quarter 2020 Results - 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(OTCQB:\u00a0CANB)\u00a0(\u201cCan B\u201d or the \u201cCompany\u201d),\u00a0a\u00a0diversified health and wellness company, announced today\u00a0operating and financial results for the third quarter ended September 30, 2020. Management Commentary: Marco Alfonsi, Can B\u2019s Chief Executive Officer, commented, \u201cOur focused efforts on reducing costs has led to a significant reduction in operating losses. Additionally, when backing out non-cash expenses, our adjusted operating loss decreased by 37% to just over $200,000 for the quarter, largely attributable to the lay-offs due to COVID-19 circumstances.\u00a0 \u00a0 Mr. Alfonsi continued, \u201cWith that said, our team is driven to execute on our strong pipeline and evolve … Continue reading \"Can B Corp Announces Third Quarter 2020 Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/can-b-corp-announces-third-quarter-2020-results\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-18T11:03:10+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4Nzk0NyMzODMyMzY2IzUwMDA0NTUzMg==","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/can-b-corp-announces-third-quarter-2020-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/can-b-corp-announces-third-quarter-2020-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Can B Corp Announces Third Quarter 2020 Results","datePublished":"2020-11-18T11:03:10+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/can-b-corp-announces-third-quarter-2020-results\/"},"wordCount":1163,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/can-b-corp-announces-third-quarter-2020-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4Nzk0NyMzODMyMzY2IzUwMDA0NTUzMg==","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/can-b-corp-announces-third-quarter-2020-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/can-b-corp-announces-third-quarter-2020-results\/","name":"Can B Corp Announces Third Quarter 2020 Results - 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