Guardion Health Swings To Annual Net Profit, Revenue Improves

(RTTNews) - Guardion Health Sciences, Inc. (GHSI), a clinical nutrition and diagnostics company, on Friday registered a net profit for the full year.

Jan Hall, CEO of Guardion, said: "We are pleased with the progress made during 2023, which was driven by strong top line growth combined with improved operating margins and a reduced cash burn."

For the 12-month period, the firm registered a net profit of $0.158 million or $0.12 per share, compared with a loss of $14.922 million or $14.15 per share, posted last year.

Other income was $4.494 million, higher than previous year's $2.498 million, due to a higher non-cash gain from the change in fair value of the warrant derivative liability of $3.984 million in 2023, compared with $2.345 million a year ago.

Loss from operations narrowed to $4.336 million from $17.420 million in 2022.

Revenue was $12.248 million, up from $11.049 million in the previous year.

The Viactiv product line generated net revenues of $11.907 million, higher than $10.640 million a year ago.