Business
Cosmos Health Reports Q2 2024 Results: Sustains Positive Momentum with 7% Revenue Growth vs. Q1 2023 and 12.5% vs. H1 2023
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 second quarter ended June 30, 2024.Second Quarter 2024 Financial HighlightsIncome Statement:Revenue increased by 6.8%, or $0.84 million, to $13.21 million in Q2 2024, up from $12.36 million in Q2 2023, driven by a combination of organic growth and recent M&A activity.H1 2024 revenue grew by 12.5%, or $3.08 million, to $27.79 million, compared to $24.71 million in H1 2023.Gross Profit decreased by 19.0% to $0.77 million in Q2 2024, down from $0.95 million in Q2 2023, primarily due to a larger contribution from the lower-margin logistics distribution segment.H1 2024 gross profit increased by 10.3% to $2.10 million, compared to $1.90 million in H1 2023.Operating Expenses decreased by 7.2% to $3.27 million in Q2 2024, down from $3.52 million in Q2 2023, primarily driven by a 30.5% reduction in general and administrative expenses and a 65.2% decline in sales and marketing expenses.H1 2024 operating expenses decreased by 9.7% to $6.44 million, compared to $7.13 million in H1 2023.Loss from Operations decreased by 2.9% to $2.5 million in Q2 2024, compared to $2.6 million in Q2 2023, driven by lower operating expenses.H1 2024 loss from operations decreased by 17.0% to $4.34 million, compared to $5.23 million in H1 2023.Total other Income amounted to a loss of $0.09 million in Q2 2024, compared to a gain of $1.69 million in Q2 2023, primarily driven by a $1.63 million bargain purchase gain related to the acquisition of Cana Laboratories.Net Loss amounted to $2.59 million in Q2 2024, compared to a loss of $0.98 million in Q2 2023.Adjusted EBITDA decreased to a loss of $1.21 million in Q2 2024, compared to a gain of $0.50 million in Q2 2023.Adjusted Net Loss amounted to $1.55 million in Q2 2024, compared to a gain of $0.16 million in the prior-year period.Balance Sheet:Total Assets decreased by 2.4% to $60.86 million from $62.35 million as of March 31, 2024.Ended the quarter with tangible assets of $10.05 million, reflecting the acquisition of Ca...