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Endonovo Therapeutics Announces First Quarter Fiscal 2020 Financial Results
Endonovo Therapeutics Announces First Quarter Fiscal 2020 Financial Results.
About this update from Endonovo Therapeutics, Inc.
[{"type":"text","content":"\n Los Angeles, CA, June 15, 2020 (GLOBE NEWSWIRE) -- Endonovo Therapeutics, Inc. (OTCQB: ENDV) (\"Endonovo\" or the \"Company\"), today announces financial and operating results for the first quarter ended March 31, 2020. Company improved financial and operating results are reflected in every major financial category, as compared to first quarter results from 2019. Alan Collier, Endonovo’s Chief Executive Officer, states, “I am very proud and would like to congratulate our entire organization for all their hard work and diligence in making the first part of 2020 a success. Working through the COVID-19 pandemic has been challenging for all Americans and I would like to acknowledge many of our distributors for SofPulse® in the field are adept at putting safety first when working with front line workers, especially at hospitals and various medical centers. Our entire organization has shown dedication and inspiration during the pandemic implementing new protocols, adding hospitals and filing for FDA EUA for COVID-19 use while continuing to promote the safety and welfare of the communities in which we serve. As we continue to expand distribution throughout the United States and recently entered the Taiwanese market, we believe SofPulse® is becoming the leading medical device used to help in solving the opioid crisis gripping the US pain reduction markets for the last few years. Hospitals and surgeons continue to experience outstanding results using SofPulse® for the adjunctive reduction of post-operative pain and edema. We expect SofPulse® to continue to grow and expand through sales and marketing efforts in 2020.” Fiscal First Quarter Results Total Revenue was $69,685, an increase of 55% compared to the same period last yearGross Profit was $63,425, an increase of 71% compared to the same period last yearLoss from Operations was $679,612, a decrease of 16% compared to the same period last yearNet Income was $4.3 million, compared to a net loss of $2.4 million for the same period last year. Net income is primarily attributed to a change in fair value of derivative liability of $6.4 million. Mr. Collier continues, \"Endonovo and SofPulse® have presented hospitals and surgeons a post- operative pain and edema reduction solution greatly needed in the US hospital and surgical markets. As result...