BEND, Ore., Jan. 18, 2018 (GLOBE NEWSWIRE) -- EVIO, Inc. (OTCQB:EVIO), a leading provider of quality control testing and advisory services to the regulated cannabis industry, announces financial and operating results for the fiscal year ended September 30, 2017.
EVIO’s Fiscal Year 2017 revenue was $3,021,030, an increase of 438 percent on a year over year basis. A majority of the growth came from increased testing revenue, which was up 782 percent, while consulting services increased by 27 percent.
Fourth quarter revenues were $742,633, an increase of 339 percent over the same period in 2016.
Gross profit margin increased from 6 percent in 2016 to 19 percent in Fiscal Year 2017.
“2017 has been a pivotal year for EVIO, especially as we continued to scale the company to meet the industry’s increased needs for mandatory testing. We are extremely pleased with our results for the fiscal year 2017,” stated William Waldrop, EVIO’s Chairman and Chief Executive Officer. “As of September 30, we had a total of eight laboratories in five states operating under the EVIO Labs banner.
“The rapid growth in Oregon’s testing market in 2017 is a preview of what we expect to see in California, as the state implemented similar rules that became effective January 1, 2018, with full testing mandate going into effect July 1, 2018. We also anticipate rapid growth in Massachusetts as it rolls out its adult-use rules, and we continue to evaluate new markets,” Waldrop continued. “One of the other areas of focus for 2018 is to continue improving our gross margins, and with the accreditation of our pesticide equipment in Oregon in November 2017, this will go a long way. During the 2017 fiscal year in Oregon, the company incurred over $1 million in third party testing services expense.”
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.