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Nov. 11, 2019, 6:52 a.m. EST

Neptune Wellness reports wider loss, enters CBD co-development deal with International Flavors & Fragrances

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By Tomi Kilgore

Neptune Wellness Solutions Inc. /zigman2/quotes/207537677/composite NEPT +4.84% /zigman2/quotes/203840062/delayed CA:NEPT +4.02% reported Monday a fiscal second-quarter net loss that widened to C$20.78 million ($15.7 million), from a loss of $3.05 million a year ago. The Canada-based cannabis extraction company said the increased loss is due primarily to an increase in stock-based compensation expense, depreciation and amortization and increased expenses on contingent consideration. Revenue fell to C$6.51 million ($4.9 million) from C$7.07 million. Cannabis revenue reached C$1.22 million after having no cannabis revenue last year, while nutraceutical revenue fell to C$5.15 million from C$7.07 million, due to the timing of orders of the nutrition business. Separately, Neptune announced an agreement with International Flavors & Fragrances Inc. /zigman2/quotes/206698429/composite IFF -3.78% to develop hemp-derived cannabidiol (CBD) products for the mass retail and health and wellness markets. Under terms of the agreement, Neptune will issue 2 million warrants to IFF, which each warrant allowing the purchase of one Neptune common share at an exercise price of $12.00 per share. The co-development agreement will include a variety of topical aromatherapy products. Neptune's U.S.-listed stock, which was still inactive in premarket trading, has tumbled 27% over the past three months, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ +0.17% has plunged 31% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -3.37% has gained 6.0%.

/zigman2/quotes/207537677/composite
US : U.S.: Nasdaq
$ 1.30
+0.06 +4.84%
Volume: 1.90M
March 27, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$123.44 million
Rev. per Employee
N/A
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/zigman2/quotes/203840062/delayed
CA : Canada: Toronto
$ 1.81
+0.07 +4.02%
Volume: 227,221
March 27, 2020 3:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$171.87 million
Rev. per Employee
N/A
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/zigman2/quotes/206698429/composite
US : U.S.: NYSE
$ 110.22
-4.33 -3.78%
Volume: 1.01M
March 27, 2020 6:30p
P/E Ratio
27.58
Dividend Yield
2.72%
Market Cap
$11.77 billion
Rev. per Employee
$305,965
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/zigman2/quotes/204332491/composite
US : U.S.: NYSE Arca
$ 12.13
+0.02 +0.17%
Volume: 1.00M
March 27, 2020 8:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
2,541.47
-88.60 -3.37%
Volume: 3.59B
March 27, 2020 5:12p
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