Business
Sonoma Pharmaceuticals Reports Fiscal Year and Fourth Quarter 2020 Financial Results
Reduction in Year-Over-Year Net Loss by 75% Total Revenues Flat Year-Over-Year at $18.9 million Strong International Growth with 53% Increased Product
About this update from Sonoma Pharmaceuticals, Inc.
[{"type":"text","content":"\n\nReduction in Year-Over-Year Net Loss by 75%\n\n\nTotal Revenues Flat Year-Over-Year at $18.9 million\n\n\nStrong International Growth with 53% Increased Product Revenues\n\n\n WOODSTOCK, Ga.--(BUSINESS WIRE)--\nSonoma Pharmaceuticals, Inc. (Nasdaq: SNOA), a global healthcare leader developing and producing stabilized hypochlorous acid (HOCl) products for a wide range of applications, including wound care, eye care and dermatological conditions today announced financial results for fiscal year 2020 and the fourth quarter ended March 31, 2020.\n\n\n“We began this fiscal year with a goal of reducing our losses and cash burn and are pleased with an 75% drop in our net loss while maintaining revenues,” said Amy Trombly, CEO of Sonoma Pharmaceuticals. “We are now on a stronger foundation on which to grow revenues and margins. During the pandemic, we have seen demand for our Microcyn® technology-based products increase globally and we continue to build and improve upon our experience in killing pathogens with a safe, non-toxic product. One of our key strengths is innovating products for specific markets and we are working to expand our existing sales channels, as well as to develop new partnerships to distribute our Microcyn-powered products in the U.S. and around the world.”\n\n\nBusiness Highlights\n\n\nThe COVID-19 pandemic has influenced the Company in positive and negative ways. The pandemic has increased worldwide demand for virucidal and disinfectant technology, areas that Microcyn™ technology has been shown to be effective. On May 28, 2020, the Company announced that its partner MicroSafe Group, Dubai and MicroSafe Care Australia received approval for their patented and trademarked Nanocyn® Disinfectant & Sanitizer, which is manufactured by Sonoma using its patented Microcyn Technology, to be entered into the Australian Register of Therapeutic Goods (ARTG) for use against SARS-CoV-2 (COVID-19). Claims that a disinfectant has a virucidal effect must be expressly permitted by the Australian Therapeutic Goods Administration before being used in consumer advertising (including on the label) in Australia.\n\n\nSonoma’s increased international sales reflect, in part, Sonoma’s work with key partners to expand their territories and product offerings. Over the last year, Sonoma expanded its agreement with Petagon, Ltd. for certain i...