Indiva Limited (OTCPK:NDVAF)1 (TSXV:NDVA) released its financial and operating results for the first fiscal quarter ended March 31, 2023, revealing net revenue of CA$9.4 million, ($7 million) representing a 1.1% sequential increase from Q4 2022, and a 6.0% increase year-over-year from Q1 2022.
Q1 2023 Financial Highlights
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Gross profit before fair value adjustments, impairments and one-time items improved year-over-year by 20.3% and sequentially by 15.8%, to a record CA$3.2 million, or 33.6% of net revenue, versus 29.3% in Q4 2022 and 29.6% in Q1 2022.
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Inventory impairment charges in the quarter totaled CA$800,000. This impairment includes a write off of aged finished goods and bulk cannabis, bulk lozenges which cannot be sold due to Health Canada's recent order to halt production and sale of these products, as well …