Innovus Pharma (INNV) Reports Q1 Loss of $0.01

Innovus Pharma (: INNV) reported Q1 EPS of ($0.01). Revenue for the quarter came in at $4.54 million.

“We are delighted with our first quarter net revenues of $4.5 million, which beat our previously announced first quarter expectations,” stated Bassam Damaj, President and Chief Executive Officer of Innovus Pharma. “We are very confident in our business strategy and in our ability to grow our sales revenue through our continuously expanding and proprietary Beyond Human™ sales and marketing channels and to develop new products that satisfy the needs of our growing customer base. With a strong cash position of close to $5 million in cash at the end of the first quarter, we are committed and aggressively working towards our goal of profitability as we continue to strengthen and advance our pipeline, which is as strong as it\'s ever been and expand the sales channels of our Beyond Human™ sales and marketing platform both in the US and abroad,” continued Dr. Damaj.

Financial highlights for the three months ended March 31, 2018 included:

• Net revenues totaled $4.5 million for the three months ended March 31, 2018 compared to net revenues of $2.2 million for the three months ended December 31, 2016 representing a 108.7% increase.
• Sequential quarter over quarter revenue increase of 91.0% in the first quarter 2018 compared to an increase of 28.7% in the first quarter 2017.
• Gross margins increased to 81% for the three months ended March 31, 2018 compared to 80% the same three-month period in 2017.
• Total cash on hand close to $5 million at March 31, 2018
• Total non-product operating expenses increased to $5.0 million and included $0.1 million in non-cash share-based compensation, 0.5 million of non-cash debt related expense, and 0.2 million in non-cash depreciation and amortization for the three months ended March 31, 2018.
• Loss from operations decreased to $1.3 million during the three months ended March 31, 2018 compared to $1.7 million during the three months ended March 31, 2017 representing a 19.9% decrease.
• Net loss totaled $1.8 million, or $0.01 per common share, for the three months ended March 31, 2018 compared to $2.5 million, or $0.02 per common share, for the three months ended March 31, 2017 representing a decrease of 28.2%. The net loss in 2018 included a non-cash expense of $0.3 million for the loss on debt extinguishment. The net loss also included interest expense of $0.2 million which was non-cash and related to amortization of debt discounts.

For earnings history and earnings-related data on Innovus Pharma (INNV) click here.

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