BEND, Ore., Feb. 14, 2018 (GLOBE NEWSWIRE) -- via NetworkWire - EVIO, Inc. (OTC:EVIO), a leading provider of quality control testing and advisory services to the regulated cannabis industry, announces financial and operating results for the quarter ended December 31, 2017.
First Quarter Fiscal 2018 Financial Summary
First quarter revenue was $946,865, up 41.6% from first quarter last year.
First quarter gross profit was $210,602, up 168% from first quarter last year.
First quarter testing revenue was $887,349, up 56.1% from first quarter last year.
First quarter cash position has increased to $221,820.
“We are pleased with our first quarter results, especially with the year over year increase in activity in Oregon. The company is continuing to focus on laying a strong foundation to build upon,” stated William Waldrop, EVIO’s chairman and Chief Executive Officer. “With recent accreditation of our pesticide equipment in Oregon, we are beginning to feel the positive impact including a significant improvement in our gross margin going into our second quarter.”
Mr. Waldrop continued, “With our recent private placement of $5.973 million, EVIO is now focused on rapidly building out the California marketplace to meet the growing demand for state mandated compliance testing. We have consolidated our Yuba City operations into our new Northern California laboratory in Berkeley to improve proficiency and economics. The Company is moving forward with the build-out of a new lab in Costa Mesa, CA as well as finalizing discussions for other regional service centers.”
About EVIO, Inc.
EVIO, Inc. is a life sciences company focused on analyzing cannabis as a means for improving quality of life. The Company provides analytical testing services, advisory services and performs product research in its accredited laboratory testing facilities. The Company’s EVIO Labs division, operating coast-to-coast, provides state-mandated ancillary services to ensure the safety and quality of the nation's cannabis supply.
For more information, visit www.eviolabs.com
Safe Harbor Statement
Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, our ability to complete our product testing and launch our product commercially, the acceptance of our product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in our reports filed with the Securities and Exchange Commission, available at www.sec.gov or www.eviolabs.com