Highlights

  • In 2022, revenue fell 24% YoY to $7.1M, but beat our estimate by 8%. Revenue declined as the company discontinued in-house manufacturing, and production for third parties. As a result, this company was able to lower G&A expenses by 35% YoY, and improve EBITDA from -$14M to -$9M vs our estimate of -$11M.
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