Business
Aytu BioPharma Reports Record Quarterly Revenue and Positive Adjusted EBITDA in First Quarter of Fiscal Year 2023
Record Quarterly Net Revenue of $27.7 Million Driven by 34% Growth in Rx SegmentPositive Adjusted EBITDA for the Quarter of $1.4 MillionLeadership Changes
About this update from Aytu Biopharma, Inc.
[{"type":"text","content":"Record Quarterly Net Revenue of $27.7 Million Driven by 34% Growth in Rx SegmentPositive Adjusted EBITDA for the Quarter of $1.4 MillionLeadership Changes Implemented to Focus on Commercial OperationsCompany to Host Conference Call Today at 4:30pm ETENGLEWOOD, CO / ACCESSWIRE / November 14, 2022 / Aytu BioPharma, Inc. (the Company or \"Aytu\") (Nasdaq:AYTU), a commercial stage pharmaceutical and consumer health company providing pediatric-focused prescription drugs and cost-effective consumer health solutions, today announced financial and operational results for the first quarter of fiscal year 2023 for the period ended September 30, 2022.Q1 2023 Commercial Highlights (3 months ending September 30, 2022)Total net revenue was $27.7 million, a new quarterly record, and an increase of 26% over the $21.9 million in net revenue in the year ago quarter.Net revenue from the Company's Rx segment was $18.7 million during Q1 2023 compared to $13.9 million in the year ago quarter, growth of 34%.ADHD products (Adzenys XR-ODT® and Cotempla XR-ODT®) net revenue increased by 24% to $11.6 million from $9.3 million in the year ago quarter.Pediatric products (Poly-Vi-Flor®, Tri-Vi-Flor®, and Karbinal® ER) net revenue increased 73% to $6.6 million from $3.8 million in the year ago quarter.Consumer Health revenue during Q1 2023 was $9.0 million, an increase of 12% over the year ago quarter.Gross margins increased to 65% in Q1 2023 compared to 57% in the year ago quarter.Total Adjusted EBITDA1 (inclusive of Pipeline R&D which has been indefinitely suspended as of October 13, 2022) was a positive $1.4 million in Q1 2023 compared to $(4.2) million in the year ago quarter. Spend attributable to the now suspended Pipeline R&D was approximately $0.9 million in Q1 2023.On October 13, 2022, the Company announced a shift of its strategy aimed at accelerating the growth of its commercial business and achieving profitability. As a result, the Company announced the indefinite suspension of its clinical development programs, including AR101/enzastaurin for the treatment of Vascular Ehlers-Danlos Syndrome (VEDS). The suspension is expected to save the Company over $20 million in projected future study costs.Management Discussion\"This was truly a transformational quarter for Aytu as we reported record quarterly net revenue and our first ever positive Adjusted E...