Business
Cosmos Health Reports Q2 2023 Financial Results; Adjusted Net Income Increases by 3550% to Surpass $3 Million for H1 2023 vs $(0.09) Million H1 2022; Book Value per Share Exceeds $4.04
CHICAGO, IL / ACCESSWIRE / August 15, 2023 / 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 15, 2023 / 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 nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, today reported its financial results for the second quarter of 2023.Q2 and H1 2023 Financial HighlightsRevenues amounted to $12.36 million in Q2 2023 and $24.71 million in H1 2023, a slight decline of 6.4% and 5.96%, respectively, from $13.21 million and $26.28 million in the corresponding periods in 2022, in part due to unfavorable USD to EUR and GBP exchange rate movements.Adjusted EBITDA of $0.23 million in Q2 2023 and $3.01 million in H1 2023, an increase of 182% from $1.07 million in H1 2022.Adjusted Net Income of $0.16 million in Q2 2023, a 158% increase compared to a loss of $0.27 million in Q2 2022, and $3.01 million in H1 2023, a 3550% increase compared to a loss of $0.09 million in H1 2022.Adjusted Net Income per share, both basic and diluted, of $0.01 in Q2 2023, compared to a loss of $0.35 in Q2 2022, and $0.28 in H1 2023 versus $0 in H1 2022.Property and equipment, net, increased by 488% to $10.7 million, up from $1.82 million in Q4 2022.Goodwill and intangible assets, net, increased by 435% from $0.71 million in Q4 2022 to $3.78 million in Q2 2023. The increase was largely attributable to the acquisition of licenses for established pharmaceutical and nutraceutical products.Notes payable (current portion) decreased by 59% to $0.89 million in Q2 2023 from $2.16 million in Q4 2022, and notes payable (long-term portion) decreased by 12% to $2.52 million in Q2 2023 from $2.86 million in Q4 2022, while lines of credit decreased by 18% to $4.73 million in Q2 2023 from $5.76 million in Q4 2022.Total stockholders' equity increased by 12.88% to $44.35 million in Q2 2023, up from $39.28 million in Q4 2022. Relative to the Company's total assets, which increased to $69.2 million, this equates to a Stockholders Equity to assets ratio in excess of 60%, indicating the Company's prudent approach to financing.During the second quarter of 2023, the Company achieved the following milestones:Acquired Cana Laboratories S.A. (\"Cana\"), a Greek pharmaceutical company established in 1928, recording a ma...