MYOS RENS Tech (MYOS) Reports Q1 Loss of $0.09

MYOS RENS Tech (NASDAQ: MYOS) reported Q1 EPS of ($0.09), versus ($0.13) reported last year.

"During the three months ended March 31, 2020, we continued expanding Fortetropin-based brand presence in the areas of animal health, age management and sports nutrition," said MYOS CEO Joseph Mannello. "We further reduced expenses through greater operating efficiencies, redeployed staff, and modified Company policy at the outset of the coronavirus pandemic. We will watch closely, as this situation unfolds, and adjust as needed going forward.

"As an essential business, with one-of-a-kind, science-backed products that support muscle health, we felt compelled to lower the economic barriers to product access during a time when overall health is critical to get through this. Therefore, we implemented a discount outreach program for our customers and launched educational webinars geared to professional health care providers concerned with both human and animal muscle health.

"Meanwhile, MYOS immediately undertook measures to protect our employees and customers by limiting internal/external contact and product processing, modifying work schedules to accommodate essential needs and ensuring that staff take precautions to work safely under the mandated health guidelines. We applied for and received SBA funding under the Paycheck Protection Program ("PPP") which gave us the ability to keep our staff employed. We are doing everything we can to keep operations flowing so we can emerge stronger when the crisis passes.

"As we collectively navigate through these uncertain times, we, as well as many of our core customers (veterinarians, anti-aging doctors, chiropractors, and gym owners) have had to take a step back from 'business as usual'. Our educational webinars were well-received prior to the pandemic, but they are now spiking in attendance. We are pleased to provide this type of support to the general and professional public regarding muscle health during this downtime and plan to expand the series. Additionally, we will continue to look for new ways to connect with our customers so as to provide valuable products and services and discount programs to soften some of the impacts of the pandemic.

"We look forward to the effective containment of the pandemic fallout, a restoration of those affected, and the rebuilding of the economy. With that in mind, I have outlined, below, the financial and business highlights of the first quarter of 2020," stated Mr. Mannello.

For earnings history and earnings-related data on MYOS RENS Tech (MYOS) click here.

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