Reviv3 ProCare Company and its subsidiary have released their consolidated financial data for the third quarter of 2023.
REVIV3 PROCARE REPORTS Q3 2023 NET INCOME OF $154,452 AND REVENUE OF $6,106,269
Reviv3 ProCare(RVIV) reported a net inco me of $154,452 for the third quarter of 2023, which reflects the profit generated during this period. This figure indicates how much money the company has left after covering its operating expenses and taxes.
Revenue
The company reported total revenue of $6,106,269 for the same quarter, showing an increase in sales compared to the previous year. This is a crucial metric as it represents the company's total earnings from its primary operations.
Balance Sheet Highlights
Current Assets
The balance sheet as of August 31, 2023, reveals that the company's current assets have increased to $8,073,186, compared to $7,362,922 on May 31, 2023. This growth primarily results from higher cash reserves, accounts receivable, and inventory.
Other Assets
The company's other assets, including property and equipment, intangible assets, right of use asset, other assets, and goodwill, amount to $2,813,380. The goodwill figure remains unchanged from the previous quarter.
Liabilities and Stockholders' Equity
The company's current liabilities increased to $3,429,039, reflecting higher accounts payable, customer deposits, and other current liabilities. Long-term liabilities slightly decreased to $580,009.
Stockholders' equity remained stable, totaling $6,877,518 as of August 31, 2023.
Income Statement Highlights
Sales and Gross Profit
The company achieved sales of $6,106,269 during Q3 2023, a notable increase from the same period in 2022, when the company reported $4,237,358 in sales. The gross profit for Q3 2023 was $4,647,566, reflecting a margin of approximately 76%.
Operating Expenses
Operating expenses for the quarter amounted to $4,473,809, with marketing and selling expenses being the largest component.
Net Income
Reviv3 ProCare reported a net income of $154,452 for the quarter, representing the company's profitability after accounting for all operating costs and taxes.
Cash Flows
Operating Activities
The company generated $397,172 in net cash provided by operating activities. This positive cash flow indicates that the company's core business operations were cash flow positive for the quarter.
Investing Activities
The company spent $50,960 on property and equipment and acquired no additional cash from business acquisitions during the period.
Financing Activities
Financing activities showed a net outflow of $117,171, primarily due to equipment financing repayments.
Cash Position
As of August 31, 2023, Reviv3 ProCare had $5,061,723 in cash, reflecting an increase from $4,832,682 at the end of May 2023.
Reviv3 ProCare's financial report for Q3 2023 indicates positive growth in net income and revenue. The company's balance sheet demonstrates an increase in current assets and relatively stable equity. The strong sales performance and gross profit margin show healthy financial growth, while the positive cash flow from operating activities indicates a robust financial position. The company's strategic activities in the quarter have contributed to its solid financial performance.
