$INNV.159 - EARNINGS NEWS OUT! AMAZING....
Innovus Pharma Reports New Quarterly Revenue Record of $7.3 million for the Second Quarter 2018 and Expands to Canadian Market
Beyond Human™ Sales & Marketing Strategy Results in 258.7% Net Revenue Growth Compared to Same Period in 2017
SAN DIEGO--(BUSINESS WIRE)-- Innovus Pharmaceuticals, Inc. (“Innovus Pharma” or the “Company”) (OTCQB: INNV), today reported results for the second quarter 2018.
Notable selected highlights from the Second Quarter of 2018
Revenues of $7.3 million, up 259% year-over-year and 61% from prior quarter.
Gross margin remains consistent at 81% from prior quarter.
Net loss remains consistent at $1.8 million from prior quarter even with significant investment in marketing and 61% increase in net revenues from prior quarter.
Monthly subscription revenue increases 25% to $258,000.
General and Administrative expenses declined to 26% as a percentage of sales compared to 58% in the prior year second quarter and 37% in the previous quarter.
Fourth straight quarter of revenue growth.
Added four products: Apeaz®, Androferti®, UriVarx® and ProstaGorx® to two large US and Canadian retail chains.
Successfully expanded our Beyond Human™ sales and marketing platform to Canada representing 14.3% of total net sales.
Expanded our Beyond Human™ sales and marketing platform to direct mail including slim jim brochures, retention postcards, fulfillment cross ordered pieces and tear-sheets resulting in 84% of total net sales.
Received approval to expand our Amazon® e-commerce store to five main markets in Europe (France, UK, Germany, Italy and Spain).
Received update from our Fluticare® initial partner that they expect FDA approval of the ANDA in Q4 2018.
Engaged in licensing discussions for exclusive U.S. and Canada rights to a U.S. Abbreviated OTC New Drug Application and the equivalent Canadian dossier for Tadalafil (sold under the trademark Cialis® in the US) for a potential switch to OTC by the FDA. The Cialis® trademark is owned by Eli Lilly and Company.
Completed build-out of internally managed fulfillment center.
“We continue to execute on our plan towards our path to profitability. This is the second quarter where our revenues came out higher than our original guidance range, a testament to the strength of our sales and marketing efforts and our deep and unique portfolio of products. The relentless effort by the Company to continue its growth resulted in second quarter net revenues of $7.3 million, another record quarter for the Company,” stated Bassam Damaj, President and Chief Executive Officer of Innovus Pharma.
“We now have a proven business model allowing us to continuously add new products and expand into new countries, while benefiting from the scale of efficiencies to reduce our cost of doing business to continue towards our goal of profitability. I am thrilled and looking forward to updating our shareholders on our earnings call on more details and on our upcoming expected successes. On the basis of this quarterly net revenues and for the first six months of 2018, our net revenue is $11.9 million, which is already $3 million more than what the Company achieved for the entirety of 2017. Thus, we are increasing our current annual net revenue guidance for 2018 to $23 million,” continued Dr. Damaj.
The Company will host a conference call at 4:15 p.m. ET/1:15 p.m. PT today to discuss the financial results and recent business developments. To participate in the call, please dial 1-877-883-0383 for domestic callers or 1-412-902-6506 for international callers or 1-877-885-0477 for Canadian callers. Participant Elite Entry Number: 0561047. A replay of the call will be available for 30 days. To access the replay, dial 1-877-344-7529 domestically or 1-412-317-0088 internationally or 1-855-669-9658 for Canada and reference Replay Access Code: 10123041. The replay will be available shortly after the end of the conference call.
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