TORONTO, April 11, 2024 /CNW/ - Grey Wolf Animal Health Corp. (TSXV:WOLF) ("Grey Wolf" or the "Company"), a Canadian diversified animal health company, today announced financial results for the fourth quarter and year ended December 31, 2023. Highlights Revenue for the quarter increased year over year by 11.4% to $6.2 million. Revenue increased by 12.3% to $25.4 million for the year. Gross profit increased year over year by 9.6% to $3.0 million for the quarter and 10.9% to $12.8 million for the year. Adjusted EBITDA1 remained consistent at $0.7 million for the quarter compared to $0.7 million for the same period in 2022. Adjusted EBITDA1 for the year was $3.6 million compared to $3.5 million in the prior year, an increase of 4.7%. "2023 was a successful year for Grey Wolf, our first full year as a public company.  Total revenue grew by 12.3% to $25.4 million driven by organic growth within our expanded product portfolio and gross profits increased by 10.9% compared to the prior year. In addition, Adjusted EBITDA1 increased by 4.7% or $0.2 million for the year resulting in improved operating income, offset by the cost of operating as a public entity." said Angela Cechetto, Chief Executive Officer. "Additionally, we generated $2.4 million in cash from operations for the year and continued to pay down our debt, ending the year with $7.8 million in cash on hand.  The company remains poised for future growth." Key Financial Data and Comparative Results Three months ended Twelve months ended Dec 31, 2023 Dec 31, 2022 Dec 31, 2023 Dec 31, 2022 Revenue $6,157,507 $5,528,231 $25,410,406 $22,635,367 Gross profit 3,068,489 2,798,683 12,826,880 11,564,344 Gross profit % 49.8 % 50.6 % 50.5 % 51.1 % Total operating expenses 3,229,303 2,945,266 11,272,109 11,920,289 Operating (loss) income for the period (160,814) (146,583) 1,554,771 (355,945) Income tax expense (recovery) 53,156 (554,749) 488,722 (796,778) Net (loss) income for the period (283,882) 5,796,578 609,582 2,543,196 Earnings (loss) per share Basic and diluted ($0.01) $0.25 $0.02 $0.15