22nd Century Group (XXII) Reports Q2 Revenues Beat

22nd Century Group (NYSE: XXII) reported Q2 revenue for the quarter came in at $6.4 million versus the consensus estimate of $5 million.

“Despite the unprecedented challenges brought on by COVID-19, I am pleased to report net sales revenue of $6.4 million for the second quarter of 2020, up 11% from the prior year, continued gross profit margin expansion, and improved operating loss. These results demonstrate our ability to execute on our initiatives to improve our margins and cost structure. Our financial position remains strong and we will continue to operate with strict cost controls, allocate our resources efficiently, and deploy capital where we believe it will give us the greatest return on our investments,” said James A. Mish, Chief Executive Officer of 22nd Century Group.

“With the comment period now closed on our Modified Risk Tobacco Product Application, the team is laser focused on setting the stage for a successful VLN® launch upon the authorization of our MRTP Application by the FDA. I am exceedingly proud of the dedication and tremendous progress the team has made so far this year and believe we are well positioned to capitalize on the many opportunities ahead,” Mish added.

For earnings history and earnings-related data on 22nd Century Group (XXII) click here.

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