Investors Pleased With Hollister Biosciences Financial Results

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Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF)  reported its financial and operating results for the first quarter of 2021 with total revenue in the first quarter of $23.1 million versus $0.95 million in the first quarter of 2020 and up 97% sequentially from $11.7 million in the fourth quarter of 2020. The net income for Hollister in the first quarter was $2.0 million versus a net loss of $2.2 million in the first quarter of 2020. The adjusted EBITDA was $2.80 million in the first quarter compared to a loss of $1.1 million in the first quarter of 2020. Investors seemed pleased with the results as the stock was moving higher by almost 20%. U.S. markets were closed on Monday for the Memorial Day holiday. The company said that the Venom Extracts product suite is a category leader in Arizona, accounting for up to 30% of category sales state-wide. Venom is positioned for continued growth in Arizona, it has a strong brand recognition and distribution network, with products in the vast majority of dispensaries statewide. Venom Extracts operates a 11K sq. ft. facility located in Phoenix, AZ which can produce approximately 5 million grams of extract annually in its current and >15 million grams with planned equipment and production enhancements. Fourth Quarter This follows the company’s delivery of its fourth-quarter and full-year results on Monday, May 31, 2021. Total revenue in the fourth quarter was $11.7 million versus $0.35 million in the fourth quarter of 2019 and up 23% compared to $9.5 million in the third quarter of 2020. The net loss in the fourth quarter was $1.1 million compared to a net loss of $1.3 million in the fourth quarter of 2019. Full Year The total revenue in 2020 was $30.6 million compared to $1.0 million in 2019 and the net loss for the full year was $3.7 million compared to a net loss of $1.9 million…

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