First Quarter 2023 Financial Highlights:
- Total pharmacy revenue increased by
$1.3 million , or 13%, to$11.4 million during the three months endedMarch 31, 2023 , compared to$10.1 million in the prior year period. - Prescription revenue increased by
$1.8 million , or 21%, to$10.4 million during the first quarter of 2023, compared to$8.6 million in the prior year period, primarily reflecting an 8% year-over-year increase in the number of prescriptions filled period-over-period. - 340B contract revenue was
$1.6 million during the first quarter of 2023, an increase of$1.2 million , compared to$0.4 million in the prior year period. The increase was primarily attributable to an increase in our existing 340B contracts of approximately$0.9 million and an increase in new 340B contract revenue of approximately$0.3 million . - Gross profit margin increased from 24% for the three months ended
March 31, 2022 , to 28% for the three months endedMarch 31, 2023 , primarily due to the increase in 340B contract revenue, which has higher margins than revenue generated from pharmacy operations. - Cash balance as of
March 31, 2023 was approximately$7.5 million as compared to$6.7 million atDecember 31, 2022 , a$0.8 million increase
Organizational Highlights and Recent Business Developments
- On
May 1, 2023 , the Company appointed Dr.Pamela Roberts as Chief Operating Officer.Dr. Roberts formerly served as the Company’s Director of Pharmacy and Pharmacist in Charge. - On
May 9, 2023 , the Company successfully completed a transaction of$1.0 million investment from NextPlat Corp.
Summary Financials for the Three Months Ended
Three Months Ended | ||||||||||||||||||||
2023 | 2022 | $ Change | % Change | |||||||||||||||||
Total revenues, net | $ | 11,391,944 | $ | 10,050,995 | $ | 1,340,949 | 13 | % | ||||||||||||
Total cost of revenue | 8,245,259 | 7,670,390 | 574,869 | 7 | % | |||||||||||||||
Total gross profit | 3,146,685 | 2,380,605 | 766,080 | 32 | % | |||||||||||||||
Operating expenses | 3,132,890 | 2,516,162 | 616,728 | 25 | % | |||||||||||||||
Income (loss) from operations | 13,795 | (135,557 | ) | 149,352 | 110 | % | ||||||||||||||
Other loss | (144,134 | ) | (1,225,919 | ) | 1,081,785 | 88 | % | |||||||||||||
Loss before income taxes | (130,339 | ) | (1,361,476 | ) | 1,231,137 | 90 | % | |||||||||||||
Income taxes | — | — | — | - | % | |||||||||||||||
Net loss attributable to common shareholders | $ | (130,339 | ) | $ | (1,361,476 | ) | $ | 1,231,137 | 90 | % | ||||||||||
Financial Results for the Three Months Ended
For the three months ended
Gross profit margins increased from 24% for the three months ended
Income from operations increased by approximately
NetLoss
We had a net loss of approximately
QuarterlyReport on Form 10-Q Available
The Company’s Quarterly Report on Form 10-Q, available at www.sec.gov and on the Company’s website, contains a thorough review of its financial results for the three months ended
About
Forward-Looking Statements
Forward-Looking Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to
PublicRelations Contact
CarlosRangel
carlosr@pharmcorx.com
Source:
2023 GlobeNewswire, Inc., source