Business
Cosmos Health Provides an Update on its Debt Balance and Proforma Interest Expense
Reduced its debt by 78% from $21.2M in 2021 to $4.6M in 2022 and expects interest expense in 2023 to be $0.6M versus $2.2M in 2022.CHICAGO, IL / ACCESSWIRE /
About this update from Cosmos Health Inc.
[{"type":"text","content":"Reduced its debt by 78% from $21.2M in 2021 to $4.6M in 2022 and expects interest expense in 2023 to be $0.6M versus $2.2M in 2022.CHICAGO, IL / ACCESSWIRE / January 17, 2023 / Cosmos Health, Inc. (\"the Company\") (Nasdaq:COSM), a global healthcare group with proprietary lines of nutraceuticals and distributor of pharmaceuticals, branded generics, OTC medications and medical devices, announced an update regarding its debt balance and proforma interest expense in 2023.Cosmos Health ended 2022 with long term debt of roughly $4.6M, a reduction of $16.6M, versus the Company's 2021 debt balance of $21.2M. This is a 78% year over year debt reduction, versus the Company's previously announced guidance for a 50% year over year debt reduction by the end of 2022. The substantial reduction in debt was facilitated by the Company's $32.5M registered public offering. As a result of the reduced debt balance, Cosmos expects its interest expense in 2023 to be reduced by 72%, roughly at $0.6M, a decrease of about $1.6M versus the $2.2M interest expense expected in 2022.Greg Siokas, Chief Executive Officer of Cosmos Health stated, \"We are happy to have achieved our goal of strengthening our balance sheet, by substantially reducing our debt. Our new capital structure not only decreases our risk profile, but also lowers our interest expense. Furthermore, our recently strengthened balance sheet allows us the ability to execute on our multi layered growth strategy which is now underway. We continue to enter into strategic agreements with partners which we expect to lead to revenue growth for many years to come.\"About Cosmos Health, IncCosmos Health Inc. (Nasdaq:COSM) is a global healthcare group that was incorporated in 2009 and is headquartered in Chicago, Illinois. Cosmos Health is engaged in the nutraceuticals sector through its own proprietary lines of products \"Sky Premium Life\" and \"Mediterranation.\" Additionally, the Company is operating in the pharmaceutical sector through the provision of a broad line of branded generics and OTC medications and is involved in the healthcare distribution sector through its subsidiaries in Greece and UK serving retail pharmacies and wholesale distributors. Cosmos Health is strategically focused on the R&D of novel patented nutraceuticals (IP) and specialized root extracts as well as on the R&D of proprie...