U.S. Markets closed

CV Sciences, Inc. (CVSI)

Other OTC - Other OTC Delayed Price. Currency in USD
Add to watchlist
0.4370-0.0255 (-5.51%)
At close: 3:59PM EDT
Full screen
Trade prices are not sourced from all markets
Gain actionable insight from technical analysis on financial instruments, to help optimize your trading strategies
Chart Events
Neutralpattern detected
Previous Close0.4625
Open0.4620
Bid0.0000 x 0
Ask0.0000 x 0
Day's Range0.4300 - 0.4650
52 Week Range0.3500 - 1.1200
Volume529,051
Avg. Volume516,617
Market Cap46.668M
Beta (5Y Monthly)0.35
PE Ratio (TTM)N/A
EPS (TTM)-0.2230
Earnings DateMar 18, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est0.60
  • CV Sciences, Inc. Reports First Quarter 2021 Financial Results
    GlobeNewswire

    CV Sciences, Inc. Reports First Quarter 2021 Financial Results

    SAN DIEGO, May 13, 2021 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our”, “us” or “we”), a preeminent supplier and manufacturer of hemp cannabidiol (CBD) products, today announced its financial results for the quarter ended March 31, 2021. First Quarter 2021 and Recent Operating Highlights Revenue of $4.8 million for first quarter of 2021, compared to $8.3 million for the first quarter of 2020;Gross margin of 48.7% for first quarter of 2021, improved from 48.5% for the first quarter of 2020;Improved total cash balance of $5.7 million at quarter end, compared to $4.5 million at year end;Total retail distribution of more than 7,300 stores as of March 31, 2021, an increase from 5,799 stores as of March 31, 2020;Launched ProCBD™, a full product line of clinical strength products supported by clinical research and available exclusively through health practitioners;Launched PlusCBD™ Calm and Sleep, two flavorful gummies that support healthy stress responses and sleep cycles for people getting back to their normal routines; andEntered into a partnership with Alkemist Labs to support the National Institute of Standards and Technology's Cannabis Quality Assurance program. “We continued to make progress on our strategic priorities during the first quarter and are encouraged by recent trends, including vaccination programs and reopening of the economy. Our digital platform investment is driving customer engagement and improving metrics as well as resulting in sequential B2C revenue growth. We continue to broaden store distribution in the FDM channel, knowing that the shelf space and relationships represent an important future revenue source. We are starting to see slight improvement in the overall retail environment and continue to see significant potential in the Convenience channel. We are pleased with results from new product introductions including our immunity and pet line products, both of which launched in 2020, targeting some of the fastest growing CBD markets. Our January launch of ProCBD™, a line of clinical strength products targeting health practitioners and natural, plant-based alternatives has also been well received. Just this week, we launched PlusCBD™ Calm and Sleep, two flavorful gummies that support healthy stress response and sleep cycles for people getting back to their normal routines. Quality and innovation remain key points of differentiation for CV Sciences, and we anticipate further strategic product introductions during 2021. The recently announced partnership with Alkemist Labs is further evidence of our leadership position in product safety, quality and customer trustworthiness. We remain optimistic about the potential for positive regulatory development in our industry for 2021, and believe the Company is well positioned financially and strategically to deliver long-term value for our shareholders," stated Joseph Dowling, Chief Executive Officer of CV Sciences. Operating Results - First Quarter 2021 Compared to First Quarter 2020Sales for first quarter of 2021 were $4.8 million, a decrease of 41% from $8.3 million in the first quarter of 2020. Current quarter sales were impacted by the ongoing COVID-19 pandemic and increased market competition, which is largely due to the uncertain regulatory environment for CBD. First quarter sales of 2020 were partially impacted by COVID-19. The Company's products were sold in 7,346 retail stores nationwide as of March 31, 2021, up from 5,799 stores as of March 31, 2020. The Company recognized an operating loss of $3.1 million in the first quarter of 2021, compared to an operating loss of $5.3 million in the first quarter of 2020. The Company had negative adjusted EBITDA for the first quarter of 2021 of $2.3 million, compared to negative adjusted EBITDA of $3.9 million in the first quarter of 2020. Conference Call and WebcastThe Company will host a conference call and webcast to discuss these results today at 4:30 pm EDT/1:30 pm PDT. The webcast of the conference call will be available on the Investor Relations section of the Company's website at https://ir.cvsciences.com/news-events or directly at http://public.viavid.com/index.php?id=144697. Investors interested in participating in the live call can also dial (877) 407-0784 from the U.S. or international callers can dial (201) 689-8560. A telephone replay will be available approximately two hours after the call concludes, and will be available through Thursday, May 20, 2021, by dialing (844) 512-2921 from the U.S. or (412) 317-6671 from international locations, and entering confirmation code 13719303. About CV Sciences, Inc.CV, or Curriculum Vitae, is Latin for "course of life", and science is the pursuit of truth. CV Sciences: our name is our mission --improving quality of life through nature and science. CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based dietary supplements and CBD products to a range of market sectors; and a drug development division focused on developing and commercializing CBD-based novel therapeutics. The Company’s PlusCBD™ products are sold at more than 7,300 retail locations throughout the U.S. and it is the top-selling brand of hemp-derived CBD in the natural products market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry. CV Sciences follows all guidelines for Good Manufacturing Practices (GMP) and the Company’s products are processed, produced, and tested throughout the manufacturing process to confirm strict compliance with company standards and specifications. With a commitment to science, PlusCBD™ product benefits in healthy people are supported by human clinical research data, in addition to three published clinical case studies available on PubMed.gov. PlusCBD™ was the first hemp CBD supplement brand to invest in the scientific evidence necessary to receive self-affirmed Generally Recognized as Safe (GRAS) status. CV Sciences, Inc. has primary offices and facilities in San Diego, California. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com. Forward Looking StatementsThis press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risk and uncertainties. Contact Information Investor Contact:ICRReed Anderson646-277-1260reed.anderson@icrinc.com Media Contact:ICRCory Ziskind646-277-1232cory.ziskind@icrinc.com CV SCIENCES, INC.CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)(in thousands, except per share data) Three months ended March 31, 2021 2020Product sales, net$4,844 $8,270 Cost of goods sold 2,486 4,262 Gross Profit 2,358 4,008 Operating expenses: Research and development186 1,509 Selling, general and administrative 5,285 7,819 5,471 9,328 Operating Loss(3,113) (5,320) Interest (income) expense, net14 (10) Loss before income taxes(3,127) (5,310) Income tax benefit— (158) Net Loss$(3,127) $(5,152) Weighted average common shares outstanding, basic and diluted104,508 99,678 Net loss per common share, basic and diluted$(0.03) $(0.05) CV SCIENCES, INC.CONDENSED BALANCE SHEETS (UNAUDITED)(in thousands, except per share data) March 31,2021 December 31, 2020Assets Current assets: Cash and cash equivalents$5,165 $4,024 Restricted cash501 501 Accounts receivable, net949 1,126 Inventory9,008 8,840 Prepaid expenses and other1,902 2,372 Total current assets17,525 16,863 Property & equipment, net2,688 2,877 Operating lease assets2,912 3,057 Intangibles, net3,730 3,730 Goodwill2,788 2,788 Other assets1,035 1,310 Total assets$30,678 $30,625 Liabilities and stockholders' equity Current liabilities: Accounts payable$1,083 $1,677 Accrued expenses10,243 9,805 Current portion of operating lease liability670 680 Current portion of long-term debt2,907 2,174 Total current liabilities14,903 14,336 Debt363 1,453 Operating lease liability3,291 3,467 Deferred tax liability157 157 Total liabilities18,714 19,413 Commitments and contingencies Stockholders' equity Preferred stock, par value $0.0001; 10,000 shares authorized; no shares issued and outstanding— — Common stock, par value $0.0001; 190,000 shares authorized, 106,791 and 100,664 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively11 10 Additional paid-in capital79,001 75,123 Accumulated deficit(67,048) (63,921) Total stockholders' equity11,964 11,212 Total liabilities and stockholders' equity$30,678 $30,625 CV SCIENCES, INC.CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)(in thousands) Three months ended March 31, 2021 2020OPERATING ACTIVITIES Net loss$(3,127) $(5,152) Adjustments to reconcile net loss to net cash flows used in operating activities: Depreciation and amortization204 185 Stock-based compensation657 1,258 Deferred taxes— (158) Non-cash lease expense145 287 Other124 144 Change in operating assets and liabilities: Accounts receivable133 570 Inventory(168) 970 Prepaid expenses and other692 1,479 Accounts payable and accrued expenses(349) (1,274) Net cash used in operating activities(1,689) (1,691) INVESTING ACTIVITIES Purchase of property and equipment(35) (480) Net cash flows used in investing activities(35) (480) FINANCING ACTIVITIES Repayment of unsecured debt(357) — Proceeds from issuance of common stock3,222 — Proceeds from exercise of stock options— 161 Net cash flows provided by financing activities2,865 161 Net increase (decrease) in cash, cash equivalents and restricted cash1,141 (2,010) Cash, cash equivalents and restricted cash, beginning of period4,525 9,608 Cash, cash equivalents and restricted cash, end of period$5,666 $7,598 Supplemental cash flow disclosures: Interest paid$— $— Income taxes paid— 18 Supplemental disclosure of non-cash transactions: Purchase of property and equipment in accounts payable and accrued expenses$7 $76 CV SCIENCES, INC.NON-GAAP FINANCIAL MEASURES (UNAUDITED) We prepare our condensed financial statements in accordance with generally accepted accounting principles for the United States (GAAP). The non-GAAP financial measures such as net income and loss per share and Adjusted EBITDA included in this press release are different from those otherwise presented under GAAP. We use non-GAAP measures internally to evaluate our performance and make financial and operational decisions that are presented in a manner that adjusts from their equivalent GAAP measures or that supplement the information provided by our GAAP measures. The non-GAAP financial measures exclude non-cash compensation expense for stock options. When evaluating the performance of our business and developing short and long-term plans, we do not consider share-based compensation charges. Although share-based compensation is necessary to attract and retain quality employees, our consideration of share-based compensation places its primary emphasis on overall shareholder dilution rather than the accounting charges associated with such grants. Because of the varying availability of valuation methodologies and subjective assumptions, we believe that the exclusion of share-based compensation allows for more accurate comparison of our financial results to previous periods. In addition, we believe it useful to investors to understand the specific impact of the application of the fair value method of accounting for share-based compensation on our operating results. Adjusted EBITDA is defined by us as EBITDA (net income (loss) plus depreciation expense, amortization expense, and interest expense, minus income tax benefit and interest income), further adjusted to exclude certain non-cash expenses and other adjustments as set forth below. We use Adjusted EBITDA because we believe it more clearly highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures, since Adjusted EBITDA eliminates from our results specific financial items that have less bearing on our core operating performance. We use Adjusted EBITDA in communicating certain aspects of our results and performance, including in this press release, and believe that Adjusted EBITDA, when viewed in conjunction with our GAAP results and the accompanying reconciliation, can provide investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone. In addition, we believe the presentation of Adjusted EBITDA is useful to investors in making period-to-period comparison of results because the adjustments to GAAP are not reflective of our core business performance. A reconciliation from our GAAP net loss to non-GAAP net loss for the three months ended March 31, 2021 and 2020 is detailed below (in thousands, except per share data): Three months ended March 31, 2021 2020Net loss - GAAP$(3,127) $(5,152) Stock-based compensation (1)657 1,258 Net loss - non-GAAP$(2,470) $(3,894) Diluted EPS - GAAP$(0.03) $(0.05) Stock-based compensation (1)0.01 0.01 Diluted EPS - non-GAAP$(0.02) $(0.04) Shares used to calculate diluted EPS - GAAP and non-GAAP104,508 99,678 _____________ (1)Represents stock-based compensation expense related to stock options awarded to employees, consultants and non-executive directors based on the grant date fair value using the Black-Scholes valuation model. A reconciliation from our net loss to Adjusted EBITDA, a non-GAAP measure, for the three months ended March 31, 2021 and 2020 is detailed below (in thousands): Three months ended March 31, 2021 Three months ended March 31, 2020 Consumer Products Specialty Pharma Total Consumer Products Specialty Pharma TotalNet loss$(3,054) $(73) $(3,127) $(3,939) $(1,213) $(5,152) Depreciation204 — 204 176 — 176 Amortization— — — — 9 9 Interest expense (income)14 — 14 (10) — (10) Income tax benefit— — — (158) — (158) EBITDA(2,836) (73) (2,909) (3,931) (1,204) (5,135) Stock-based compensation (1)656 1 657 1,258 — 1,258 Adjusted EBITDA$(2,180) $(72) $(2,252) $(2,673) $(1,204) $(3,877) ______________ (1)Represents stock-based compensation expense related to stock options awarded to employees, consultants and non-executive directors based on the grant date fair value using the Black-Scholes valuation model.

  • CV Sciences, Inc. Announces Launch of PlusCBD™ Calm and Sleep Gummies
    GlobeNewswire

    CV Sciences, Inc. Announces Launch of PlusCBD™ Calm and Sleep Gummies

    PlusCBD™’s latest offerings support healthy stress responses and sleep cycles CV Sciences, Inc. CV Sciences Announces Launch of PlusCBD™ Calm and Sleep Gummies SAN DIEGO, May 11, 2021 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our”, “us” or “we”), a preeminent leader in hemp derived cannabidiol (CBD) products, today announced the launch of PlusCBD™ Calm and Sleep: two flavorful gummies that support healthy stress responses and sleep cycles for people getting back to their normal routines. Each PlusCBD™ Calm gummy contains 10mg of CBD derived from sustainable hemp and two neurologically-active amino acids: 5-HTP and L-Theanine. Studies have shown that 5-HTP (5-hydroxytryptophan) is a direct precursor for synthesis of the neurotransmitter serotonin, which may facilitate calm feelings and a positive mood. L-Theanine is an amino acid found in green tea that has been extensively researched for stress management. The synergy between L-Theanine and 5-HTP, together with PlusCBD™ promotes a balanced brain chemistry, which may help consumers manage occasional anxiety that can result from life’s stressors. PlusCBD™ Sleep gummies also contain 10mg of CBD, in addition to active ingredients – including melatonin, magnolia bark and lemon balm, which work together to support a healthy circadian rhythm. Pre-clinical studies have shown that compounds found in magnolia bark extract may soothe nerves through the modulation of certain neurotransmitters, including GABA and also work with the endocannabinoid system to support relaxation. Lemon balm, which has been used as an herbal medicine around the world for decades, also contains active compounds that support the GABA neurotransmitter system, which studies have linked to promoting restful sleep. CV Sciences’ latest offerings are third-party tested and formulated by trusted experts to ensure each product contains meaningful amounts of active ingredients that are scientifically researched. PlusCBD™ Calm and Sleep gummies contain no artificial flavoring or sweeteners, making them an attractive option for those looking to support their stress response and sleep cycle without artificial additives. Both products will be available for purchase online at www.pluscbdoil.com/cbd-gummies-for-sleep-and-calm.html beginning today, May 11, 2021, and at retailers later this year. “We are excited to expand our line of PlusCBD™ gummies to help even more consumers sleep and relax in the face of daily stressors that we encounter as we transition back to work and school,” said Joseph Dowling, Chief Executive Officer of CV Sciences. “Our Calm and Sleep gummies underscore the Company’s ongoing commitment to advancing the CBD industry through science-backed formulations.” About CV Sciences, Inc.CV, or Curriculum Vitae, is Latin for “course of life”, and science is the pursuit of truth. CV Sciences: our name is our mission -- improving quality of life through nature and science. CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based dietary supplements and CBD products to a range of market sectors; and a drug development division focused on developing and commercializing CBD-based novel therapeutics. The Company’s PlusCBD™ products are sold at more than 7,300 retail locations throughout the U.S. and it is the top-selling brand of hemp-derived CBD in the natural products market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry. CV Sciences follows all guidelines for Good Manufacturing Practices (GMP) and the Company’s products are processed, produced, and tested throughout the manufacturing process to confirm strict compliance with company standards and specifications. With a commitment to science, PlusCBD™ product benefits in healthy people are supported by human clinical research data, in addition to three published clinical case studies available on PubMed.gov. PlusCBD™ was the first hemp CBD supplement brand to invest in the scientific evidence necessary to receive self-affirmed Generally Recognized as Safe (GRAS) status. CV Sciences, Inc. has primary offices and facilities in San Diego, California. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com. FORWARD-LOOKING DISCLAIMERThis press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties. Media ContactMATTIO CommunicationsMark Sinclaircv@mattio.com Media Contact:ICRCory Ziskind646-277-1232cory.ziskind@icrinc.com Investor ContactICRReed Anderson646-277-1260CVSciences@icrinc.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5ff86066-5cef-46c2-a777-c1cc8ae66847

  • Will CV Sciences, Inc. (CVSI) Report Negative Q1 Earnings? What You Should Know
    Zacks

    Will CV Sciences, Inc. (CVSI) Report Negative Q1 Earnings? What You Should Know

    CV Sciences, Inc. (CVSI) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.