Business
Sonoma Pharmaceuticals Reports Third Quarter 2023 Financial Results
Cash burn of $717,000 for the quarter ended December 31, 2022, 68% less than prior quarter cash burn of $2,235,000Revenues for three and nine months ended
About this update from Sonoma Pharmaceuticals, Inc.
[{"type":"text","content":"Cash burn of $717,000 for the quarter ended December 31, 2022, 68% less than prior quarter cash burn of $2,235,000Revenues for three and nine months ended December 31, 2022 essentially flat with strong performance in international salesEuropean revenues increased 51% for the quarter and 29% for the nine months ended December 31, 2022, compared to the same periods prior yearBOULDER, CO / ACCESSWIRE / February 14, 2023 / Sonoma 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, nasal care, oral care and dermatological conditions, today announced financial results for its third fiscal quarter and nine months ended December 31, 2022.\"Our revenues remain strong despite overall economic trends such as inflation, and reduced consumer spending. These trends affected our U.S. business resulting in a decline in the sales of our consumer products. However, our international sales increased in the nine months ended December 31, 2022 compared to the same period in the prior year, with the largest increases in Europe and Latin America. We continue to grow our distributor network, recently adding partners in the U.S. and in Asia, and expanding our product offerings in many regions. We expect our ongoing efforts to add distributors and introduce new products to result in meaningful impacts to future results,\" said Amy Trombly, CEO of Sonoma. She continued, \"Our sharply reduced cash burn for the quarter, combined with $2.5 milllion raised since quarter end, places Sonoma in a solid position as we head toward the end of our fiscal year.\"Business HighlightsSonoma continued to expand its business by launching new products and building new partnerships while growing existing distributor relationships and seeking additional regulatory approvals:On January 4, 2023, Sonoma launched a line of office dispense products exclusively for skin care professionals. These products include Regenacyn ® Plus Scar Management Hydrogel, Reliefacyn ® Plus Itch-Burn-Rash-Pain Relief Hydrogel, and Rejuvacyn ® Plus Skin Repair Cooling Mist, all in prescription strength formulations. Sonoma is targeting its office distribution program to dermatology practices and medical spas, offering improved outcomes, convenience, and lo...