Sativa Wellness Group Inc (AQSE:SWEL) has announced today a second quarterly profit in Q3 2021. The Company has filed the Financial Statements and Management’s Discussion and Analysis for Q3 September 2021, demonstrating continued strong growth. All amounts unless stated otherwise are presented in British Pounds (GBP).
The Company has continued to exceed all targets set to meet its ambition of diversifying within the Health and Wellness sector by offering wellness testing through a network of Goodbody clinics. As at the date of this announcement, the Company has over 80 clinics in operation and the Company is rolling out a range of additional tests to supplement its COVID testing.
Excluding currency exchange, the profit showed a stronger operational result and materially outperformed Q2 as well as all previous quarters.
Q3 2021 Highlights compared to Q3 2020 and Q2 2021:
· Q3 2021 Revenue 977% higher vs comparative quarter 2020. £5.02m revenue, £4.55m more than the equivalent period the previous year, making it the highest revenue quarter since inception and the third quarter in succession to exceed the turnover of previous quarters. This is a £1.54m or 44% increase on Q2.
· YTD 2021 Revenue 724% higher vs comparative period in 2020. £9.88m revenue, £8.68m more than the equivalent period the previous year.
· Q3 2021 Gross profit 990% higher vs comparative quarter 2020. £2.68m, which is £2.43m more than the equivalent period the previous year. The gross profit percentage margin at 53% was in line with the previous year.
· Net profit of £8k, compared to £(696K) loss in the same period the previous year.
· Q3 2021 EBITDA £268K, compared to £(595K) negative EBITDA in the same period the previous year and £82K EBITDA in Q2.
· German Distribution Agreement for CBD products signed with partners Lexamed GMBH
· Announced launch of its ‘Best Price, Best Quality CBD Oil’ with Guarantee.
· Launch of website membership scheme and new product range to include larger 30ml bottles.
Subsequent to Q3 2021:
· Launch of the Company’s online UK telemedical GP service.
· Number of tests booked in a day exceeding 850 tests and £100,000
· Number of clinics exceeding 80
Geremy Thomas, Executive Chairman, says; “I am so pleased the significant growth of the business accelerated through Q3. We are exceeding expectations and the strategy introduced earlier in the year continues to validate our mission to deliver to consumers and partners a diverse health and wellness company. Whilst we remain cautious in managing our CBD investment, focussing on ‘Best Price, Best Quality, our work with our pharmacy partners in creating local community diagnostic hubs continues, consistent with the published NHS long-term plan”