Neptune Wellness Solutions Inc (NASDAQ: NEPT) shares are trading lower Tuesday after the company on Monday reported worse-than-expected third-quarter EPS .
Global health and wellness company
Neptune Wellness Solutions Inc. (NASDAQ:NEPT) (TSX:NEPT) revealed Monday its third-quarter financial results, on the heels of announcing the purchase of a 50.1% stake in baby food and snack company Sprout Foods, for $6 million in cash and $12 million in shares.
The Laval, Quebec-based company generated around CA$3.32 million ($2.62 million) over the quarter. Gross profits and margin declined over the same period to a loss of CA$8.9 million and 268.3%, respectively.
Even though the company didn t achieve a positive adjusted EBITDA reporting a loss of CA$8.48 million for the third quarter it expects to reach the goal with its focus being shifted to the production and sale of consumer-packaged goods and branded products.
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Neptune Acquires Controlling Interest in Sprout Foods, a Fast-Growing 3-Brand Portfolio, in Landmark Transaction yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.