Guardion Health Sciences, Inc., a company specializing in clinical nutrition and diagnostics, reported a net profit for the entire year on Friday. Jan Hall, CEO of Guardion, expressed satisfaction with the developments of 2023, attributing the success to significant growth in the revenue line, enhanced operational margins, and less cash expenditure.
For the year-long term, the company noted a net profit of $0.158 million or $0.12 per share, contrasting the loss of $14.922 million or $14.15 per share recorded the previous year. Additional income rose to $4.494 million, beating the previous year's $2.498 million, an increase attributed to a substantial non-cash gain from alterations in the fair value of the warrant derivative liability amounting to $3.984 million in 2023, as opposed to $2.345 million the year before.
The operating loss shrunk to $4.336 million, a significant reduction from 2022's $17.420 million. Revenue climbed to $12.248 million, an increase from the prior year's $11.049 million. Guardion's Viactiv product line contributed to these profits, generating net revenues of $11.907 million, a visible rise from the $10.640 million recorded in the years prior.
