Integrated Biopharma Inc Stock Price, News & Analysis

HILLSIDE, NJ / ACCESSWIRE / March 21, 2023 / Integrated BioPharma, Inc. (OTCQX:INBP) announced the passing of its Founder, Executive Chairman, and President, Edward G. Kay, at age 86. The Board expressed deep sadness over his loss, recognizing him as a visionary leader in the nutraceutical sector. The roles of president, director, and chairman are currently vacant as the Board plans to convene to appoint a new chairperson. Integrated BioPharma focuses on manufacturing and distributing vitamins and nutritional supplements. The Company warned that its future performance might be affected by the uncertainty following this leadership change.

Integrated BioPharma (INBP) reported financial results for the quarter ending December 31, 2022, with revenue of $12.3 million, down 15.6% from $14.6 million in 2021. The six-month revenue also declined to $24.6 million from $27.3 million, a 9.9% decrease. Operating income shifted to a loss of approximately $33,000 compared to $0.7 million income in the prior year. The company recorded a net loss of $55,000 or $0.00 per share, contrasting with a net income of $1.0 million or $0.04 per share for the same quarter in 2021. Key customers remained stable, contributing over 90% of total revenue. Issues like pandemic overstocking were cited as causes for revenue decline.

Integrated BioPharma, Inc. (OTCQX:INBP) reported a net loss of $35,000 for Q3 2022, contrasting with a net income of $516,000 in the same quarter last year. Revenue fell to $12.3 million, a 3.1% decrease from $12.8 million year-over-year. Operating income dropped significantly to $30,000 from $585,000 the previous year. The company attributes revenue decline to customer overstocking during the pandemic, despite offsetting some losses with increased sales to other customers.

Integrated BioPharma, Inc. (INBP) announced its financial results for the quarter and fiscal year ending June 30, 2022. Revenue decreased to $13.3 million for the quarter and $56.2 million for the fiscal year, down 22.2% and 11.6% year-over-year, respectively. Net income also fell, landing at $1.5 million ($0.05 per share) for the quarter and $3.8 million ($0.13 per share) for the year. The decline was attributed to increased safety stock and consumer demand changes during the pandemic, despite consistent revenue from major customers, which comprised 90% of total revenue.

Integrated BioPharma, Inc. (OTCQX:INBP) announced the resignation of Mr. Carl DeSantis as a Class I Director, with Mr. Damon DeSantis taking his place. The Co-CEOs expressed gratitude for Carl's service and optimism about Damon's experience in the nutraceutical sector, which they believe will be valuable for the Board. Damon has a notable history in the industry, including leadership roles at Celsius Holding, Inc. and Rexall Sundown. The company focuses on manufacturing and distributing nutritional products and acknowledges potential risks linked to market developments and ongoing uncertainties.

Integrated BioPharma, Inc. (OTCQX:INBP) reported a decline in revenue for the quarter ending March 31, 2022, totaling $15.6 million, down 8.4% from $17.1 million in the same period of 2021. Similarly, revenue for the nine-month period decreased to $43.0 million, a 7.6% drop from $46.5 million in 2021. Operating income fell from $1.7 million to $1.0 million for the quarter, and $4.5 million to $2.3 million for the nine months. Net income also declined to $0.8 million ($0.03 per share) from $1.2 million ($0.04 per share).

Integrated BioPharma, Inc. (OTCQX:INBP) reported its financial results for the quarter ended December 31, 2021. Revenue increased to $14.6 million, up 2.1% from $14.3 million in the same quarter of 2020. However, revenue for the six-month period decreased to $27.3 million, down 7.1% from $29.4 million. Operating income declined to $1.3 million for the six-month period, compared to $2.8 million in 2020. Net income for the quarter was $1.0 million or $0.04 per share, showing a slight decrease from the $1.2 million reported in 2020.

Integrated BioPharma, Inc. (OTCQX:INBP) reported a revenue of $12.8 million for the quarter ended September 30, 2021, down 16% from $15.2 million in the same quarter of 2020. Operating income fell to $0.6 million from $1.5 million. Net income also decreased to $0.5 million or $0.02 per share, compared to $1.0 million or $0.04 per share last year. The drop in revenue was attributed to reduced demand post-COVID surge, although the company maintained a stable client base, with two major customers accounting for 91% of sales.

Integrated BioPharma (INBP) reported a strong performance for the quarter and fiscal year ending June 30, 2021. Revenues for Q4 reached $17.1 million, up 26.7% year-over-year, with net income of $4.5 million or $0.15 per share. For the fiscal year, total revenue was $63.6 million, a 20.5% increase, accompanied by net income of $8.0 million or $0.27 per share. Key customers in contract manufacturing accounted for 92% of revenues, demonstrating stable demand.