Filter News

Innovus Pharma Reports A Quarterly Net Revenue Increase Of 99.2% And Net Loss Decrease Of 74.1% Compared To The Same Period In 2016

Published: Aug 15, 2017

SAN DIEGO--(BUSINESS WIRE)--Innovus Pharmaceuticals, Inc. (“Innovus Pharma” or the “Company”) (OTCQB: INNV) today announced second quarter 2017 net revenue of $2.0 million compared to $1.0 million in net revenue for the same period in 2016. Net revenue for the six months ended June 30, 2017 was $4.2 million compared to $1.2 million for the same period in 2016. Net loss for the second quarter 2017 was $1.1 million compared to $4.4 million for the same period in 2016 and the net loss for the six months ended June 30, 2017 and 2016 was $3.7 million and $5.9 million, respectively.

“We continue to increase our revenue year over year and decrease our operating loss sequentially quarter over quarter to meet our profitability goal entering 2018,” stated Bassam Damaj, President and Chief Executive Officer of Innovus Pharma. “With the FlutiCare™ launch on the horizon, our push for greater growth and revenue is the icing on the cake,” continued Dr. Damaj.

Financial highlights for the three months ended June 30, 2017 included:

  • Net revenue totaled $2.0 million for the three months ended June 30, 2017, compared to net revenue of $1.0 million for the three months ended June 30, 2016.
  • Gross margin increased to 80.0% for the three months ended June 30, 2017, significantly higher than the gross margin for the three months ended June 30, 2016 which totaled 74.2%.
  • Total operating expense was $3.2 million for the three months ended June 30, 2017 or a sequential quarter over quarter decrease of $0.7 million or 17.6% when compared to the three months ended March 31, 2017.
  • Sequential quarter over quarter loss from operations decreased by $0.5 million or 32.3% to $1.1 million for the three months ended June 30, 2017 compared to the three months ended March 31, 2017.
  • Net loss totaled $1.1 million, or ($0.01) per common share, for the three months ended June 30, 2017 representing a 74.1% decrease year over year. The net loss included $0.3 million in non-cash expense related to the amortization of debt discounts, stock-based compensation and depreciation and amortization. Net loss for the three months ended June 30, 2016 totaled $4.4 million or ($0.05) per common share.
  • Sequential quarter over quarter cash used in operations decreased to approximately $474,000 for the three months ended June 30, 2017 compared to approximately $496,000 for the three months ended March 31, 2017.
  • Cash balance totaled $1.8 million at June 30, 2017.

Financial highlights for the six months ended June 30, 2017 included:

Back to news