Business
Sonoma Pharmaceuticals Reports Third Quarter FY 2020 Financial Results
PETALUMA, Calif., Feb. 14, 2020 (GLOBE NEWSWIRE) -- Quarterly Net Loss Reduced by 53% Compared to Prior YearYTD Net Loss Reduced by 82% Compared to Prior
About this update from Sonoma Pharmaceuticals, Inc.
[{"type":"text","content":"PETALUMA, Calif., Feb. 14, 2020 (GLOBE NEWSWIRE) -- \nQuarterly Net Loss Reduced by 53% Compared to Prior YearYTD Net Loss Reduced by 82% Compared to Prior YearTotal YTD Revenues of $14.4 Million Lower by 2% Compared to Prior Year 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, today announced financial results for the third quarter and nine months ended December 31, 2019. “We are pleased that our third fiscal quarter results show continued progress towards our goal of building a sustainable company that can deliver both growth and profitability. This quarter is the closest we have come to break-even in the Company’s history,” said Amy Trombly, CEO of Sonoma Pharmaceuticals. Ms. Trombly continued, “We anticipate that 2020 will be a year of focusing on business strategies and geographic markets that have shown success and have future promise. We expect that our revenues and earnings will fluctuate in the near-term as we divest low or non-profitable business units and invest in strategies that have shown positive results.” Results for the Quarter Ended December 31, 2019 Total revenue of $4,678,000 for the third quarter ended December 31, 2019, decreased by $602,000, or 11%, from $5,280,000 for the same period last year. Product revenues of $4,381,000 for the third quarter ended December 31, 2019, were down by 13%, or $664,000, when compared to $5,045,000 in the same period last year. This decrease was primarily the result of decline in product revenue of $918,000, or 31%, in the United States partly due to the launch of Epicyn in the quarter ended December 31, 2018, and weakening insurance reimbursements for our prescription products in the current quarter. The decrease was partially offset by growth in product revenue of $195,000, or 17%, in Europe and Rest of World mostly as a result of increased sales, and an increase of product revenue of $59,000, or 6%, in Latin America. For the quarter ended December 31, 2019, Sonoma reported total revenues of $4,678,000 and total cost of revenues of $2,520,000, resulting in total gross profit of $2,158,000 or 46% of total revenues, compared to a gross profit of $2,847,000 or 54% of total revenues, for the same ...