Business
Cure Pharmaceutical Reports Second Quarter 2022 Results With Increased Sequential Revenues and Strong Margins
Balance Sheet and Governance Strengthened with Asset Sale and Board Appointments New Marketing Programs Showing Encouraging Early Results OXNARD, Calif.,
About this update from Currenc Group Inc.
[{"type":"text","content":"Balance Sheet and Governance Strengthened with Asset Sale and Board Appointments New Marketing Programs Showing Encouraging Early Results OXNARD, Calif., Sept. 02, 2022 (GLOBE NEWSWIRE) -- CURE Pharmaceutical Holding Corp. (OTC: CURR) (“CURE”), a proprietary broad platform and wellness technology company, today announced results for the quarter ended June 30, 2022. Key operational highlights included the following: Gross revenue of $1.6 million reflected an increase of 31.2% from Q1 to Q2 with further acceleration expected in Q3 and Q4. Gross margins increased and we expect the high margin sales to accelerate with our new marketing initiatives. SG&A expenses (excluding stock-based compensation) decreased by $3.4 million in the first half of 2022. Cost reductions and operating leverage helped narrow operating loss by $1.0 million in 2022 (excluding non-cash stock valuation benefit in 2021), even before the July asset sale that will reduce our ongoing cash burn further. Operational Highlights Other operational highlights during the second quarter of 2022 and subsequent weeks included: CURE announced that it sold a portion of its platform technology intellectual property and related assets in July 2022 for $20 million of non-dilutive capital in total consideration. A portion of the cash proceeds was used to pay down certain debt obligations and the balance will be used to grow the Company’s intellectual property portfolio and its wellness and beauty brands. The Company retained 15 of its patents and will continue to be an incubator for future technologies and patents. In addition, CURE intends to monetize the patents through the commercialization of the technology or through the licensing or sale of the technology. CURE’s wholly-owned subsidiary The Sera Labs, also announced that four SKUs of its Seratopical Revolution skincare line with P3P, the proprietary delivery system, is now being sold at 1,372 Walmart Stores. Distribution in Walmart will be increasing to 1,800 stores in September with two additional items bringing the total to six SKU’s. Sera Labs also has garnered placement for its revolutionary oral thin film strip, Nutri-Strips™ on shelves at CVS, Amazon.com and Target.com. Nutri-Strips are proprietary to Sera Labs and are the result of years of research. CURE announced positive findings from a study conducted at Cincinn...