Neptune Reports Fiscal Q1 2024 Financial Results

August 18, 2023

(24/7 MARKET NEWS) – Neptune Wellness Solutions Inc. (NASDAQ:NEPT) reported, last night, its first quarter 2024 financial and operating results. Sprout, Neptune’s organic baby food product line, realized 26% gross profit margins, well ahead of its projection of 22% in 2024, but its consolidated net revenue of $10.6 million is $5.7 million lower than the $16.3 million for the same period last year, mostly as a result of the lost revenues from its now-divested Cannabis business and a $2.9 million decrease in nutraceutical revenues versus the same period last year due to timing of orders.

Neptune Wellness is trading at $0.2245, up $0.0866 (+62.80%), on 16.83M premarket shares traded.

Its 52-week range is $0.11 to $3.7399. It’s way down from its 52-week highs and is trying to bounce off its 52-week lows, but if it can continue to gain on increased trading volume, it’s nearing the gap to $0.40 and then has very little resistance to the 50-cent range. Not saying that today’s the day, but it’s a very interesting possibility to look for.

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