Business
Jaguar Health Reports 2020 Financial Results and Business Updates
Mytesi® net sales and gross sales grew 64% and 148%, respectively, in 2020 compared to 2019SAN FRANCISCO, CA / ACCESSWIRE / March 31, 2021 / Jaguar Health,
About this update from Jaguar Health, Inc.
[{"type":"text","content":"Mytesi® net sales and gross sales grew 64% and 148%, respectively, in 2020 compared to 2019SAN FRANCISCO, CA / ACCESSWIRE / March 31, 2021 / Jaguar Health, Inc. (NASDAQ:JAGX) (\"Jaguar\" or the \"Company\") today reported consolidated financial results for the year ended December 31, 2020.2020 Company Financial Results:Mytesi® Net Product Revenue: 2020 Mytesi net sales were approximately $9.3 million, and Mytesi gross (non-GAAP) sales were approximately $20.4 million, an increase of 64% and 148%, respectively, year over year. In 2020, the Company's animal product research and development efforts were intentionally minimal, and Jaguar's animal-related sales were also minimal. Year-Ended Financial Highlights (in thousands) December 31, 2020 Gross product sales 2020 2019 $ change % change Mytesi $20,434 $8,249 $12,185 148%Neonorm 77 102 (25) (25)%Total gross product sales 20,511 8,351 12,160 146%Medicare rebates (1,738) (500) (1,238) 248%Sales discounts (7,046) (1,451) (5,595) 386%Sales returns (273) (120) (153) 128%Wholesaler fee (2,069) (505) (1,564) 310%Net product sales $9,385 $5,775 $3,610 63% Year-Ended Financial Highlights December 31, 2020 (in thousands, except per share amounts) 2020 2019 $ change % change Net product revenue $9,385 $5,775 3,610 63%Loss from operations $(26,647) $(28,948) 2,301 -8%Net loss $(33,809) $(38,539) 4,730 -12%Net loss attributable to common shareholders $(38,648) $(44,725) 6,077 -14%Net loss per share, basic and diluted $(1.00) $(9.01) 8 -89% Operating Expenses: The total operating expense for the year 2020 was $36.0 million as compared to $34.7 million for the year 2019, a 4%, or $1.3 million, increase year over year. The increase in total operating expenses was mostly due to an increase in inducement expense of $5.3 million relating to the Series B Convertible Preferred Stock and Series 3 Warrants, an Atlas trial delay penalty of $1.0 million, offset by a decrease in the last-year impairment of long-lived intangible assets of $4.0 million, and a $0.6 million decrease in the settlement of the Tempesta royalty license agreement.Cost of Product Revenue: Total cost of product revenue for the year ended December 31, 2020 and December 31, 2019 was $3.3 million compared to $3.8 million, respectively, which is a 14%, or $0.5 million, decrease year over year. Material costs decreased $0.3 million from $...