Business
Cosmos Holdings Provides First Quarter 2021 Business Update; Reports 89% Year-Over-Year and 60% Sequential Increase in Nutraceutical Business
CHICAGO, May 18, 2021 (GLOBE NEWSWIRE) -- Cosmos Holdings, Inc. (“the Company") (OTCQX: COSM), a vertically integrated, international pharmaceutical company
About this update from Cosmos Health Inc.
[{"type":"text","content":"CHICAGO, May 18, 2021 (GLOBE NEWSWIRE) -- Cosmos Holdings, Inc. (“the Company\") (OTCQX: COSM), a vertically integrated, international pharmaceutical company with a proprietary line of branded and generic pharmaceuticals, nutraceuticals, OTC medications and an extensive, established European Union distribution network, today provided a business update and reported financial results for the first quarter ended March 31, 2021. Greg Siokas, Chief Executive Officer of Cosmos Holdings, stated, “As anticipated, our revenue for the first quarter of 2021 decreased slightly due to the global pandemic and new Brexit rules that went into effect in January 2021, which had a temporary impact on our parallel trade business. Nevertheless, we continue to report the continued growth in our nutraceuticals business, which increased by 89% year over year and sequentially by 60% versus the fourth quarter of 2020. Looking ahead, we believe that in the coming quarters our full line wholesale revenue will outpace the temporary decrease in our parallel trade revenue, which in turn, should also improve as the market adapts to the new Brexit rules.” “We launched four new Sky Premium Life products: Bodyguard, Osteodome, King Eros and Queen Venus. We also launched Mosept-Oral, a new, proprietary oral antiseptic spray designed to be effective against bacteria, certain viruses and fungi, as well as for the symptomatic relief of painful, irritated sore throats. We believe that the introduction of new branded pharmaceuticals and new nutraceuticals into international markets will become major drivers of our revenue growth and profitability in coming quarters, as we have built a robust distribution network, which now includes relationships with over 160 wholesale pharmaceutical distributors across Europe’s largest markets, with access to over 50,000 pharmacies.” “Most recently, our subsidiary, Decahedron Ltd, a UK-based pharmaceutical wholesaler, distributor and fulfillment center, initiated the launch of Sky Premium Life products on Amazon United Kingdom (UK) and we expect to have all 65 Sky Premium Life SKUs listed on Amazon UK by the end of this year. The Amazon UK initiative is major step forward in the roll-out of our e-commerce and online global distribution strategy. Launching our Sky Premium Life products on Amazon UK is expected to provide us the opportu...