Business
Cosmos Health Reports 202.42 % Increase in Adjusted EBITDA and Positive Operating Income for the First Half of 2022
CHICAGO, IL / ACCESSWIRE / August 22, 2022 / Cosmos Health, Inc. ("the Company") (NASDAQ:COSM), a global healthcare group with proprietary lines of
About this update from Cosmos Health Inc.
[{"type":"text","content":"CHICAGO, IL / ACCESSWIRE / August 22, 2022 / 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,today provided a business update and reported financial results for the second quarter and six months ended June 30, 2022.Greg Siokas, Chief Executive Officer of Cosmos Health, stated, \"We increased our profitability for the first half of 2022 due to the increase of gross profit margin to 14.2% from 11.5% for the respective period of 2021. This increase is attributed mainly to the organic growth of our proprietary nutraceutical brand, Sky Premium Life® (\"SPL\"). We achieved positive income from operations of $0.2 million for the first half of 2022 compared to a loss of $3.1 million in the same period last year and positive EBITDA of $0.8 million for the first half of 2022 compared to a loss of $2.8 million for the same period last year. Gross profit increased by 23.0% to $3.7 million for the six months ended June 30, 2022. We continue to carefully manage expenses and reduced operating expenses by nearly 43.7% and 41.9% for the three and six months ended June 30, 2022, respectively.\"\"During the quarter, we launched a new premium line of nutritional supplements, Mediterranation. The Mediterranation line uses organic herbs and plant extracts such as crataegus, hibiscus, dittany of Crete, oregano, mastic and kritamos, found in specific regions in Greece and the Mediterranean. These unique formulations contain a proprietary blend of vitamins and minerals and are made with the highest quality raw materials. There is high demand among consumers for supplements that utilize high quality Mediterranean ingredients, such as polyphenols, which possess antioxidant and anti-inflammatory properties. We expect the launch of the Mediterranation line will further enhance our growth strategy and we look forward to expanding the product line into new global markets through our growing distribution channels. We also launched our SPL products on Amazon Singapore and are in the process of launching on Amazon United States and Amazon Canada in the third quarter of 2022. These new markets provide an untapped growth opportunities and new audiences for our proprietary SPL brand. Our goal is to grow ou...