InvestorNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Release Q2 2023 Financial and Operating Report, Schedules Conference Call

Flora Growth (NASDAQ: FLGC), a consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000-plus points of distribution around the world, is reporting on its three-month and six-month performance, for the period ending June 30, 2023. Highlights for the quarter include a 140% increase in year-over-year revenue, which came in at $21.5 million; a 19% increase in gross profits, which totaled $4 million; and a net loss of $44.6 million, which includes the impact of impairment expenses of $34.9 million, losses on discontinued operations of $7.6 million, depreciation and amortization of $0.9 million and share-based compensation of $0.3 million. Year-to date highlights include an overall 210% increase in year-over-year revenue, which was $40.8 million; gross profit of $9.3 million, which represents a 68% year-over-year increase; and net loss of $48.5 million, which the report noted includes the impact of impairment expenses of $34.9 million, losses on discontinued operations of $8.3 million, depreciation and amortization of $1.7 million and share-based compensation of $1.0 million.

The company has scheduled a conference call hosted by senior management to discuss the report. The call is slated for Aug. 15, 2023, at 9 a.m. EST. Those interested can access the call by dialing toll-free 1-800-319-4610 (North America) or 1-604-638-5340 (international toll). “The second quarter marked a transitional phase for Flora,” said Flora Growth CEO Clifford Starke in the press release. “Our dedicated efforts were focused on cost reductions and resource optimization, the effects of which are expected to be felt in quarters to come. Throughout this rebuilding phase, we will continue to prioritize Flora as a leading consumer brand globally.”

To view the full press release, visit https://ibn.fm/x3w0E

About Flora Growth Corp.

Flora Growth is a consumer-packaged goods leader serving all 50 states with 20,000-plus points of distribution around the world. For more information about the company, please visit www.FloraGrowth.com.

NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://ibn.fm/FLGC

About InvestorWire

InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent.

As part of its service, InvestorWire provides coverage of noteworthy announcements. To further expand visibility of achievements being made throughout a multitude of sectors, InvestorWire’s syndication partners have extended the digital coverage to include individual broadcasts on financial websites and platforms visited by millions of investors daily.

For more information, please visit https://www.InvestorWire.com

Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer

InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.InvestorWire.com
Editor@InvestorWire.com

InvestorWire is part of the InvestorBrandNetwork

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.