Best Science Co., Ltd. VEXTF VEXT 2022 Revenue was $35.41 million, 4.92% reduction compared to $37.24 million in 2021.
Gross margin before fair value adjustments was 59% in 2022 compared to 44% in 2021.
Adjusted EBITDA in 2022 was $15.12 million, compared with $13.39 million in 2021.
Revenue in Q4 2022 was $8.18 million, down 12.1% from $9.3 million in Q4 2021.
Gross margin before fair value adjustments was 50% in Q4 2022 compared to 42% in Q4 2021.
Adjusted EBITDA for the fourth quarter of 2022 was $3.18 million, compared with $3.37 million for the fourth quarter of 2021.
Eric OffenbergerVext’s CEO said: Sales were flat in 2022, with full-year earnings he had at $35.4 million and fourth-quarter earnings at $8.2 million. Our team continued to meet business goals, launch targeted promotions to drive traffic, maximize baskets, and find consistent efficiencies. Up 12.8% from 2021, he drives his EBITDA adjusted to $15.1 million for the year. ”
“The 2022 financial performance reaffirms Vext’s track record as a profitable operator focused on improving efficiency. However, we expect continued results from our operations in Arizona, and we believe the Ohio market will be a catalyst for Vext upon completion of our recently announced acquisition of a vertical business in the state. With a significantly growing population, a steady increase in patient numbers, and the potential for future transitions to adult use, Ohio is poised to drive Vext’s growth and earnings over the next few years. It is expected to contribute significantly to profitability, cash flow and value for shareholders,” concludes Offenberger.
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