LAS VEGAS, Aug. 01, 2018 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the Company, CV Sciences, our or we) announced today its financial results for the second quarter ended June 30, 2018.
Second Quarter 2018 Financial and Operating Highlights
Record Sales of $12,349,000, an increase of 203% compared to Q2 2017 Record Gross Profit of $9,060,000, an increase of 219% compared to Q2 2017 Record GAAP Net Income of $3,186,000, an improvement of $4,178,000 compared to Q2 2017 Record Adjusted EBITDA $3,806,000, an improvement of $4,087,000 compared to Q2 2017 Increased Retail Channel Distribution to 1,968 Stores as of June 30, 2018, an 11% sequential increase over the Companys retail store count for the first quarter of 2018 Continued Progress in Drug Development Division including preclinical progress with CVSI-007, the Companys patent-pending synthetic-based cannabidiol, which will be co-administered with nicotine to provide treatment options for smokeless tobacco use and addiction, currently a multibillion-dollar market with no currently FDA-approved drugs available to help patients. First Six Months 2018 Financial Highlights
Record Sales of $20,419,000, an increase of 160% compared to the first six months of 2017 Record Gross Profit of $14,622,000, an increase of 177% compared to the first six months of 2017 GAAP Net Income of $3,805,000, an improvement of $8,582,000 compared to the first six months of 2017 Record Adjusted EBITDA of $5,628,000, an improvement of $6,099,000 compared to the first six months of 2017 Cash Flow from Operations of $5,369,000, with a cash balance increase of $3,344,000 during Q2 2018..........
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