Business
Cosmos Health Reports Full Year 2023 Results: Revenue Increases to $53.4M, or 6% YoY; Stockholders' Equity Remains Near Record Highs at $36M, or $2.25 per Share
CHICAGO, IL / ACCESSWIRE / August 6, 2024 / Cosmos Health Inc. ("Cosmos Health" or the "Company'') (NASDAQ:COSM), a diversified, vertically integrated global
About this update from Cosmos Health Inc.
[{"type":"text","content":"CHICAGO, IL / ACCESSWIRE / August 6, 2024 / Cosmos Health Inc. (\"Cosmos Health\" or the \"Company'') (NASDAQ:COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary pharmaceutical and nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, today reported financial results for the full year ended December 31, 2023.Full Year 2023 Financial HighlightsIncome Statement:Revenue increased by 6% to $53.38 million from $50.35 million in FY 2022, driven by a combination of organic growth and the implementation of an M&A plan.Gross margins were 8.1%, down from 11.8% in FY 2022, due to a larger contribution from the lower-margin logistics distribution segment.SG&A nearly doubled from $13.43 million in FY 2022 to $26.18 million, largely due to elevated R&D costs, additional reorganization expenses for integrating new acquisitions, stock-based compensation for services rendered, and increased bad debt provisions.Net interest expense, both cash and non-cash, decreased by 95% to $0.20 million from $3.73 million in FY 2022, due to substantial debt repayments in late 2022 and early 2023.Total other income, net, increased by 159%, reaching $3.29 million, compared to a loss of $5.58 million in FY 2022. This increase was primarily driven by a $1.44 million bargain purchase gain related to the acquisition of Cana Laboratories and a $1.91 million gain on the extinguishment of debt.Adjusted EBITDA amounted to -$0.60 million compared to $0.27 million in FY 2022.Adjusted Net Loss improved to -$0.81 million from -$2.62 million in the previous year.Balance Sheet:Total assets decreased by 3% to $66.01 million from $68.04 million in December 2022.Ended the year in a strong liquidity position with cash and cash equivalents of $3.83 million.Property and equipment, net, increased by 475% to $10.46 million from $1.82 million in December 2022, due to the acquisition of CosmoFarm's logistics center and Cana Laboratories' facilities.Goodwill and intangible assets, net, increased by 982%, from $0.71 million in December 2022 to $7.68 million, largely due to acquiring licenses for established pharmaceutical and nutraceutical products.Total liabilities increased by 6% to $29.97 million from $28.38 million in December 2022.Notes payable decreased by 11%...