Business
CURE Pharmaceutical Reports Third Quarter 2022 Results With Strong Sequential and Year Over Year Revenue Increases and Continued High Margins
CURE Pharmaceutical Reports Third Quarter 2022 Results With Strong Sequential and Year Over Year Revenue Increases and Continued High Margins.
About this update from Avenir Wellness Solutions Inc.
[{"type":"text","content":"New Marketing Programs Showing Encouraging Early ResultsSHERMAN OAKS, CA / ACCESSWIRE / November 22, 2022 / CURE Pharmaceutical Holding Corp. (OTCQB:CURR) ("CURE" or the "Company"), a proprietary broad platform technology and wellness company, today announced results for the quarter ended September 30, 2022.Key operational highlights included the following:Revenue in the third quarter surged 32.1% year-over-year and 58.9% sequentially from Q2 2022 to $1.8 million with further increases expected in Q4.Gross margins for the third quarter improved by 123 basis points to 80.0% in 2022 compared to the same period in 2021 with expectations of continuing high margin sales with our new marketing initiatives.SG&A expenses (excluding non-cash charges) for the third quarter decreased by $0.1 million in 2022 compared to 2021.Cost reductions and operating leverage helped narrow operating loss (excluding non-cash charges) by $0.6 million in 2022 versus 2021 despite enhanced marketing investment."We are very pleased with our results and accelerating sales in the third quarter which reflect the improving trajectory of the business. The proceeds from the recent asset sale will enable us to invest in the future of the Company. Our margin expansion initiatives continue to deliver results, and we are continuing our efforts to reduce SG&A expenses to maximize operating leverage. We are also very excited about the launches of the advertising and marketing campaigns for our Nutri-Strips and Seratopical Revolution lines, both of which have proprietary delivery system technologies. Lastly, the new technologies that Rob Davidson and his team are developing for the Company look very promising," said Nancy Duitch, Cure Pharmaceutical CEO.Operational HighlightsOther operational highlights during the third quarter of 2022 included:CURE completed the sale of a portion of its platform technology intellectual property portfolio and related assets in July 2022 for $20 million of non-dilutive capital in total consideration. A portion of the cash proceeds was used to pay down certain debt obligations and the balance will be used for working capital and to grow the Company's intellectual property portfolio and its wellness and beauty brands. The Company retained 15 of its patents and will continue to be an incubator for future ...