189 0 Kommentare Guardion Health Sciences Announces

-- Financial Results for the Three Months Ended March 31, 2024

-- Institutional Shareholder Services Issues Report Recommending that Institutional Stockholders Vote in Favor of All Proposals at the Upcoming Special Meeting of Stockholders on May 23, 2024

Board of Directors Urges Stockholders to Vote to Approve the Sale of the Company’s Viactiv Brand and Business and Plan of Liquidation and Dissolution

If both proposals are approved, stockholders would receive one or more liquidating cash distributions, which combined are expected to represent a premium over our recent stock price

HOUSTON, TEXAS, May 13, 2024 (GLOBE NEWSWIRE) -- Guardion Health Sciences, Inc. (Nasdaq: GHSI) (“Guardion” or the “Company”), a clinical nutrition company that offers a portfolio of science-based, clinically-supported products designed to support the health needs of consumers, healthcare professionals and providers and their patients, announced its financial results for the three months ended March 31, 2024, as described below.

The Company is also providing an update regarding proposals to be considered at its upcoming Special Meeting of Stockholders. On April 8, 2024, the Company filed a Definitive Proxy Statement with the U.S. Securities and Exchange Commission (the “SEC”) in order to solicit the approval of the Company’s stockholders of record on April 5, 2024 in connection with the sale of the Viactiv brand and business and the Plan of Liquidation and Dissolution. The Company established May 23, 2024 as the date of the Special Meeting of its Stockholders to vote on these transactions.

Financial highlights for the three months ended March 31, 2024 include the following:

Total revenue was $2,999,645 for the three months ended March 31, 2024, as compared to $3,185,689 for the three months ended March 31, 2023, a decrease of $186,044 or 5.8%. Sales of the Viactiv product line accounted for approximately 97.3% and 97.0% of the Company’s total revenue for the three months ended March 31, 2024 and 2023, respectively.
Gross profit was $1,179,000 for the three months ended March 31, 2024, as compared to $1,335,302 for the three months ended March 31, 2023, a decrease of $156,302 or 11.7%.
Gross margin for the three months ended March 31, 2024 was 39.3%, as compared to 41.9% for the three months ended March 31, 2023, a decrease of 2.6 percentage points.
Total operating expenses for the three months ended March 31, 2024 were $2,732,801, as compared to $2,799,309 for the three months ended March 31, 2023, a decrease of $66,508 or 2.4%.
Loss from operations for the three months ended March 31, 2024 was $(1,553,801), as compared to $(1,464,007) for the three months ended March 31, 2023, an increase of $89,794 or 6.1%.
Other income (expense) for the three months ended March 31, 2024 was $(3,192,943), as compared to $1,997,098 for the three months ended March 31, 2023, primarily as a result of the non-cash (loss) gain of $(3,268,588) and $1,898,100, respectively, relating to the change in fair value of the warrant derivative liability during such periods.
Net loss was $(4,746,744) for the three months ended March 31, 2024, as compared to net income of $533,091 for the three months ended March 31, 2023.
The Company had 1,284,156 shares of common stock outstanding on May 13, 2024.
Cash used in operations for the three months ended March 31, 2024 was $754,611, as compared to $1,879,210 for the three months ended March 31, 2023.
The Company had unrestricted cash and cash equivalents of $5,605,035 as of March 31, 2024.