Business
Cosmos Health Reports Q1 2024 Results: Continues to Deliver Strong Growth and Improved Performance with 18% YoY Revenue Increase and 39% Rise in Gross Profit
CHICAGO, IL / ACCESSWIRE / August 20, 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 20, 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 first quarter ended March 31, 2024.First Quarter 2024 Financial HighlightsIncome Statement:Revenue increased by 18.1%, or $2.23 million, to $14.58 million in Q1 2024, up from $12.35 million in Q1 2023, driven by organic growth and the positive impact of 2023 M&A activity.Gross Profit increased by 39.3%, reaching $1.33 million in Q1 2024, up from $0.96 million in the prior-year period.Gross Margin improved by 140 basis points to 9.1% in Q1 2024, up from 7.7% in Q1 2023, primarily due to a higher contribution from the nutraceuticals segment and benefits from horizontal integration at Cana Laboratories.Operating Expenses decreased by 12.2% to $3.17 million in Q1 2024, down from $3.61 million in Q1 2023, largely due to a 32.1% reduction in general and administrative expenses and a 62.8% decline in sales and marketing expenses.Loss from Operations decreased by 30.7% to $1.84 million in Q1 2024, compared to $2.65 million in Q1 2023, driven by improved gross profit and lower operating expenses.Total other Income amounted to a loss of $0.03 million in Q1 2024, down from a gain of $2.16 million in Q1 2023, which was predominantly driven by a $1.91 million gain on the extinguishment of debt.Net Loss amounted to $1.87 million in Q1 2024, compared to a loss of $0.46 million in Q1 2023.Adjusted EBITDA decreased to a loss of $0.53 million in Q1 2024, compared to a gain of $0.59 million in Q1 2023.Adjusted Net Loss amounted to $0.70 million in Q1 2024, compared to a gain of $0.48 million in the prior-year period.Balance Sheet:Total Assets decreased by 5.6% to $62.35 million from $66.01 million as of December 31, 2023.Ended the quarter with tangible assets of $10.17 million, reflecting the acquisition of CosmoFarm's logistics center and Cana Laboratories' facilities.Total Liabilities decreased by 7.3% to $27.80 million from $29.97 million as of December 31, 2023. The decrease was due to a combination of factors, including:$1.38 million or 47.3% decrea...