Nutriband Inc. Reports Second Quarter 2023 Financial Results and Provides Business Update

• Second quarter 2023 revenues increased 48% compared to second quarter 2022

ORLANDO, FL / ACCESSWIRE / September 11, 2023 / Nutriband Inc. (NASDAQ:NTRB)(NASDAQ:NTRBW), a developer of transdermal pharmaceutical products, today announced financial and operational results for the second quarter ended July 31, 2023.

Key Highlights:

• Generated quarterly revenue of $655,928, up 48% over Q2 2022
• Revenue for six-months ended July 31, 2023, was $1,132,869, up 21% year-over-year
• Increased Existing Credit Line to $5 Million supporting the continued development of AVERSA
• Launched AI Tape Brand and announced Donovan McNabb as AI Tape Brand Ambassador
• Stockholders' equity of $6.9 million as of July 31, 2023

"We are encouraged by the continued revenue growth from Nutriband's subsidiaries, especially our Pocono Pharmaceuticals segment. The recent launch of our AI Tape brand, our first products targeting the consumer market, and the addition of 6-time Pro-Bowl NFL quarterback, Donovan McNabb as a brand ambassador for AI Tape, is a huge milestone for the Company," stated Gareth Sheridan, Nutriband CEO. "We look forward to updating our shareholders as we continue to drive revenue growth and work towards commercializing our innovative transdermal abuse deterrent technology, AVERSA™."

Q2 2023 Financial Highlights:

Revenue for the three months ended July 31, 2023 was $655,928, up 48% from revenue of $456,149 in the second quarter of fiscal year 2022. Revenue growth was driven primarily by increasing demand for the Company's Pocono Pharmaceuticals segment.

Cost of revenues for the three months ended July 31 2023 were $356,256 with gross margins of $299,672, or 46% of revenues, compared to costs of revenue of $304,353 and gross margins of $151,796 in the second quarter of fiscal year 2022.

Research and development expenses for the three months ended July 31, 2023 were $445,122, compared to $277,869 in the second quarter of fiscal year 2022, driven primarily by the development of the Company's Aversa™ product.

Selling, general and administrative expenses for the three months ended July 31, 2023 were $678,738, compared to $908,173 in the second quarter of fiscal year 2022.

Net loss attributable to common shareholders for the three months ended July 31, 2023 was $829,173, or $0.11 per share compared to a net loss of $1,038,675, or $0.12 per share in the second quarter of fiscal year 2022.