Business
Cosmos Health Reports Third Quarter 2022 Financial Results
CHICAGO, IL / ACCESSWIRE / November 15, 2022 / Cosmos Holdings (d/b/a Cosmos Health, Inc.) ("the Company") (Nasdaq:COSM), a global healthcare group with
About this update from Cosmos Health Inc.
[{"type":"text","content":"CHICAGO, IL / ACCESSWIRE / November 15, 2022 / Cosmos Holdings (d/b/a 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 third quarter and nine months ended September 30, 2022.Third Quarter 2022 Financial HighlightsRevenues were $12.0M versus $13.6M in 3Q21. The decline in consolidated revenues was largely due to the high variation in FX differences between EUR and GBP to USD.Gross Margins were 14.8% versus 17.3% in 3Q21, due to the increase in the distribution business, which carries lower gross margins.Operating Expenses were $2.1M versus $3.3M in 3Q21 a significant decrease of 34.7%, reflecting efficient expense management.Adjusted EBITDA was $0.5M versus $1.2M in 3Q21.Recent Business HighlightsClosed $7.5M capital raise via public offering of 62,500,000 shares of common stock (or common stock equivalents) and 125,000,000 common warrants, at a combined price of $0.12 per unit. Greg Siokas, Chief Executive Officer of Cosmos Health, participated in the capital raise with $1.5M for 12,500,000 units.Entered into an agreement to replace its previously structured warrants with new vanilla warrants. The existing holders of Warrants issued as of February 28, 2022 exchanged their warrants for new warrants to purchase an aggregate of 21,238,254 shares of Common Stock.Announced an exclusive agreement to market and distribute Nickelodeon's SpongeBob and PAW Patrol kids' vitamins in Greece and Cyprus, aiming to reach out 11,000 pharmacies and 120 wholesalers in Greece and 780 pharmacies in Cyprus.Executed a letter of intent for a strategic co-venture agreement with Smart for Life (SMLF) to cross market products and services in their reciprocal markets. It is considered to be a large mutual beneficial opportunity for both companies with the primary distinction being the respective markets, with Cosmos serving the EU and UK markets and Smart for Life serving the North American markets.Entered into a letter of intent agreement to wholly acquire ZipDoctor Inc., a direct-to-consumer subscription-based telemedicine platform, that expects to provide its customers affordable, unlimited, 24/7 access to board certified ...