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Sonoma Pharmaceuticals Reports Second Quarter FY 2020 Financial Results
Quarterly and YTD Reduction in Net Loss Compared to Prior Year PETALUMA, Calif., Nov. 14, 2019 (GLOBE NEWSWIRE) -- Sonoma Pharmaceuticals, Inc. (Nasdaq:
About this update from Sonoma Pharmaceuticals, Inc.
[{"type":"text","content":"Quarterly and YTD Reduction in Net Loss Compared to Prior Year PETALUMA, Calif., Nov. 14, 2019 (GLOBE NEWSWIRE) -- Sonoma Pharmaceuticals, Inc. (Nasdaq: SNOA), a specialty pharmaceutical company dedicated to identifying, developing and commercializing unique, differentiated therapies to millions of patients living with chronic skin conditions, yesterday announced financial results for the second quarter and six months ended September 30, 2019.\n “During the quarter, we continued to direct our efforts to building a more sustainable company focused on areas of potential growth and the bottom line while reducing expenses by 31% and our net loss by 57%. As we look forward, we will continue to examine the best ways to build upon the changes we have made to date, while maintaining our objective on improving overall profitability of our business segments,” said Amy Trombly, Interim CEO of Sonoma Pharmaceuticals. Results for the Quarter Ended September 30, 2019 Total revenue of $4,968,000 for the second quarter ended September 30, 2019, increased by $29,000, or 1%, from $4,939,000 for the same period last year. Product revenues of $4,712,000 million for the second quarter ended September 30, 2019, were up by 2%, or $77,000, when compared to $4,635,000 in the same period last year. This increase was primarily the result of growth in product revenue of $358,000, or 30%, in Europe and Rest of World, offset by a decrease of $219,000, or 9% in the United States, and a decrease of product revenue of $62,000, or 6%, in Latin America. For the quarter ended September 30, 2019, Sonoma reported total revenues of $4,968,000 and total cost of revenues of $2,674,000, resulting in total gross profit of $2,294,000 or 46% of total revenues, compared to a gross profit of $2,427,000 or 49% of total revenues, for the same period in the prior year. Product revenues were $4,712,000 and cost of product revenues were $2,551,000, resulting in product gross profit of $2,161,000, or 46% of product revenues, compared to product gross profit of $2,322,000, or 50% of product revenues, for the same period in the prior year. The decrease in gross profit as a percentage of product revenues was primarily due to product mix in the current period. Total operating expenses during the second quarter of fiscal year 2020 were $3,496,000, down $1,583,000, or 31%, as compared t...