Business
Cosmos Health Ends 2022 with Transformed Balance Sheet and Achieves Positive Adjusted EBITDA for the Fiscal Year 2022
CHICAGO, IL / ACCESSWIRE / April 13, 2023 / Cosmos Health Inc. ("Cosmos Health" or "the Company") (NASDAQ:COSM), a global healthcare group with proprietary
About this update from Cosmos Health Inc.
[{"type":"text","content":"CHICAGO, IL / ACCESSWIRE / April 13, 2023 / Cosmos Health Inc. (\"Cosmos Health\" or \"the Company\") (NASDAQ:COSM), a global healthcare group with proprietary lines of nutraceuticals and distributor of pharmaceuticals, branded generics, OTC medications and medical devices, today provided a business update and reported financial results for the fiscal year ended December 31, 2022.Fiscal Year 2022 Financial HighlightsRevenues were $50.3 million versus $56.2 million in FY2021 with the decline being largely due to the high variation in FX differences between EUR and GBP to USD. When considered on a constant currency basis, using yearly average 2021 exchange rates, revenues increased by $0.4 million, or 0.71%, to $56.6 million, highlighting the stability of our platform.Adjusted EBITDA was $0.5 million, marking another year of positive Adjusted EBITDA.Cosmos Health ended 2022 with cash, cash equivalents and marketable securities of approximately $21 million, versus approximately $0.3 million as of December 31, 2021.Cosmos Health ended 2022 with long-term debt of approximately $5.1 million, a reduction of $16.3 million, or 76%, versus the Company's 2021 long-term debt balance of $21.4 million.The Company raised $56.5 million through a combination of $46 million in equity offerings and $10.5 million from warrants exercised.The offerings attracted participation from seasoned investors, as well as an approximate $6 million contribution from CEO Greg Siokas, and other existing shareholders.The doubts about the Company's ability to continue as a going concern raised in the prior year's annual report have been resolved.Management CommentaryGreg Siokas, Chief Executive Officer of Cosmos Health, stated, \"2022 was a transformational year for Cosmos Health. Despite challenging market conditions, plagued by elevated inflation, high interest rates and overall market uncertainty, we delivered yet another year of robust operating performance. However, what stands out the most is the game-changing transformation of our balance sheet. Indeed, we are pleased to announce that it has been determined that no substantial doubt exists about the Company's ability to continue as a going concern for a period of at least twelve months.Cosmos ended the year with significantly more cash than its total debt. On the one hand, this means that interest expenses go...