COCONUT CREEK, FL, April 08, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – NutraLife Biosciences, Inc. (the “Company” or “NutraLife”) (OTCQB: NLBS) is pleased to announce revenue growth of approximately 107.3% in 2018, the filing of its revenue growth of approximately 107.3% in 2018, the filing of its Annual Report on Form 10-K and audited financial results. Highlights from the Company’s financial results reported in its Form 10-K for the year ended December 31, 2018 include:
- Sales increased to $3,711,327 for the year ended December 31, 2018 compared to $1,790,168 for the year ended December 31, 2017, an increase of approximately 107.3%.
- Cost of sales was $2,211,039 compared to $1,055,042 for the years ended December 31, 2018 and 2017, respectively, or a 109.6% increase.
- Net Loss decreased approximately 91.3% to $2,074,537 in the year ended December 31, 2018 from $23,629,117 in 2017.
- Gross margin for the year ended December 31, 2018 was $1,500,288, a 104.1% increase over the year ended December 31, 2017.
- Sales of CBD products increased from approximately $1,380,000 for the year ended December 31, 2017 to $2,400,000 for the year ended December 31, 2018 representing 77% and 78% of our revenues for such periods.
“We are pleased to announce our audited financial statements with improved quarter-to-quarter and annual growth as our revenue grew to $3,711,327 for the year ended December 31, 2018, an increase of approximately 107.3% over 2017. We look forward to continued growth and new opportunities in the Nutraceutical, CBD and Life Sciences markets as we enter the second quarter of 2019,” said Edgar Ward, CEO and Founder of NutraLife.
2018 Operational Overview
NutraLife’s manufacturing facility has been registered with the Food and Drug Administration and its manufacturing facility has operated in accordance with the Good Manufacturing Processes Standard (GMP) for more than five years. The Company’s products are tested by its in-house laboratory chemists for strength, purity and contaminants such as heavy metals, pesticides, and solvents. The Company offers thirteen (13) different core formulations which it modifies to meet the specifications of its private label customers. NutraLife BioSciences provides approximately 50 different variations of its core formulations. The Company’s private label products include CBD-infused oral sprays, tinctures, pet drops, pain balms, and face creams, and nutraceutical oral spray products for sleep support and weight loss packaged under the customer’s brand names.
New Facility
In April 2017, the Company secured a 20,000 square foot manufacturing facility, which is being custom built to accommodate high-speed high capacity manufacturing of the Company’s products. The Company expects the build-out to be complete and production to begin this summer. The facility will provide more than 9,000 square feet of manufacturing with a total of 17,000 square feet of processing space to meet the increased demand for the Company’s products and services.
Subsidiaries
The Company recently established its wholly owned subsidiaries which are now engaged in operations:
- Precision Analytic Testing, LLC, a Florida limited liability company (“PAT”) formed on May 11, 2017
- NutraDerma Technologies, Inc, (“NutraDerma”) a Florida corporation formed on January 28, 2019
- PhytoChem Technologies, Inc., a Florida corporation (“PhytoChem”) formed on February 4, 2019
Recent Developments
In November of 2018, PAT began providing bulk material analytical, identity, potency and purity testing of raw industrial hemp.
In December of 2018, the U.S. Food and Drug Administration completed an evaluation of three generally recognized as safe (GRAS) notices for hemp seed derived food ingredients. The FDA stated that hulled hemp seed (GRN765), hemp seed protein powder (GRN771), and hemp seed oil (GRN778) are GRAS under their intended conditions of use. Our CBD products are made from seeds and mature stalks of hemp and contain only trace amounts of THC, we believe they qualify as GRAS products.
In January of 2019, NutraDerma acquired the patent for a natural dermal skin patch that is designed to prevent mosquito and other insect bites. We recently secured manufacturing through a third party and we expect to launch the product in time for the 2019 mosquito season. We have secured production and are in the process of conducting a research study for efficacy. We are also exploring international distribution of the product.
In April of 2019, the Company completed development of its PCR Derma Patch. The PCR Derma Patch delivers 40 mg of Phytocannabinoid rich hemp extract that can last up to four days.
In March of 2019, the Company licensed its technology for a unique system for pharmaceutical grade delivery of testosterone into the human body to a licensed pharmacist, Orlando Pharmacy. The Company expects the first pharmaceutical products using its technology to be available within 30 days.
In March of 2019, we received two licenses from the Wisconsin Department of Agriculture to grow and process industrial hemp within the state. The Company plans to develop efficient, cost reducing growing systems and techniques along with processing technologies for industrial hemp and other botanicals.
In January, the Company completed development of its branded Micro Twist Shots. The products will be sold under the Company’s NutraHempCBD brand. The Company plans to launch the products before the end of April 2019. Micro Twist Shots provide a single dose of the Company’s 5 signature daily health and wellness formulations that include CBD.
Future Strategy
We intend to grow our business by pursuing the following strategies:
- We plan to continue to brand ourselves as a High-Quality GMP Compliant manufacturer of industrial hemp derived CBD products. Many manufacturers of CBD based products do not operate in compliance with GMP standards. All of our CBD products are tested at multiple stages of the production process to ensure product quality and a THC content of less than 0.3%.
- We will seek to increase sales to our existing customers by offering additional products. Certain customers of ours began their relationship with us by purchasing only one of our products. Since these initial purchases, we have been able to expand our sales to such customers by offering multiple newly developed high-quality effective products. This strategy has enabled us to expand our product lines and sales to our new and existing customers. Our range of products enables us to pursue many cross-selling opportunities.
- We seek to increase sales to customers by offering products in categories outside of our traditional product offerings. For example, in November of 2018, through our wholly owned subsidiary PAT, we began providing bulk material analytical, identity, potency and purity testing of raw hemp. In the first quarter of 2019, we took the first steps to commercialize a patented all natural dermal skin patch that prevents mosquito and other insect bites. Through our wholly owned subsidiary PhytoChem, we plan to provide hemp cultivation and raw bulk material extraction and processing starting with our licenses in the state of Wisconsin.
- We plan to leverage our sales, reputation for quality all natural products to expand our customer base to other private label customers within the life sciences, CBD and Nutraceutical markets.
The financial information contained in this press release is qualified in its entirety by the audited financial statements and financial statement notes included in the Company’s Form 10-K for the year ended December 31, 2018, filed with the Securities & Exchange Commission on April 2, 2019.
Forward-Looking Statements
This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “future” or other similar expressions. NutraLife BioSciences, Inc. (“NLBS” or the “Company”) has based these forward-looking statements largely on the Company’s current expectations and projections about future events and financial trends that the Company believes may affect Company’s financial condition, results of operations, business strategy and financial needs. There is no assurance that the Company’s current expectations and projections are accurate. All forward-looking statements in this press release are based on information available to the Company on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to differ materially from those implied by the forward-looking statements. More detailed information about these risk factors are set forth in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the Section entitled “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission on April 2, 2019. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statements. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law.