Irwin Naturals Inc. I WIN IWINF published financial results for the fourth fiscal quarter and year ended December 31, 2021.
The company, which has been in the natural supplement market since 1994, added CBD products in 2018 and entered the psychedelic space this year with the purchase of several mental health clinics offering ketamine treatment.
“In our 28th consecutive year of profitable operations, the core business continues to grow,” said Klee IrwinPresident and CEO.
“These record-breaking numbers fuel our accretive list of psychedelic mental health clinics offering psychedelic ketamine treatment. It should be noted that our deployment is taking place without sacrificing profitability. »
Annual revenues were $100.3 million. These were divided between:
Consumer nutraceuticals: $57.7 million (+10.8% compared to the previous year)
CBD products: $9.8M (+24.4% over the previous year)
Other: $32.8 million (+11.6% over the previous year)
The growth in operating profit in fiscal 2021 is mainly attributable to a growth in business volume.
The 33.3% year-over-year increase in operating cash flow to $11.0 million was primarily due to higher operating revenue from sales, the temporary favor of working capital due to the timing of payments to the Company’s primary product manufacturer and the issuance of non-cash share capital related to the public event. The increase was partially offset by investments made in our new Irwin Naturals Emergence psychedelic mental health clinic business, primarily related to personnel, legal and marketing costs.
Solid revenue growth resulted in a 32.2% increase in adjusted EBITDA to $12.0 million.
Positive cash flow from operations, combined with a largely unused line of credit, provides the Company with the financial resources to successfully execute its strategy.
“We are the first known name in the space, and we intend to take a similar path of expansion through the acquisition of clinics and the opening of biologic clinics to that taken by other large national chains. focused on consumers during their expansion phases,” continued Irvin.
Klee Irwin spoke at the 2022 edition of the Benzinga Psychedelics Capital conference in April 2022. You can see his presentation here: