Abacus Health Products Reports First Quarter 2020 Financial Results - Seite 2

“During the first quarter Abacus continued to grow the number of stores in which its products are available to consumers and it continues to have one of the largest footprints for topical products containing hemp-extract within the food, drug and mass (“F/D/M”) channel. We have also continued to build on the strength of CBD CLINIC^tm brand’s market leading position with health care practitioners while preparing to launch our ingestible product strategy, which we are particularly excited about,” said Perry Antelman, CEO.

Financial Review

All figures in US$	Three Months Ended March 31,		Chg.
	2020	2019
Revenue	$4,070,460	$3,822,207	6.5%
Gross profit	$2,089,984	$2,421,091	(13.7%)
Gross margin	51.3%	63.3%
Loss before other expenses and income taxes	$(4,272,110)	$(2,773,627)	54.0%
Net and comprehensive loss	$(2,349,350)	$(12,517,605)	(81.2%)
Earnings Per Share – Basic	$(0.11)	$(0.79)	86.1%
Earnings Per Share – Diluted	$(0.11)	$(0.79)	86.1%

First Quarter Financial Review

Revenue for the first quarter of 2020 of $4.1 million represents an increase of $0.3 million year-over-year (“YoY”), or 6.5%. Sales attributable to CBD CLINIC^tm were $2.7 million during the first quarter of 2020, representing approximately 66% of total sales. Abacus recognized $1.3 million of revenues for CBDMEDIC^tm and Harmony Hemp products in the first quarter of 2020 representing approximately 33% of total sales.