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Universe Pharmaceuticals INC Reports Financial Results for The First Six Months of Fiscal Year 2024
JI’AN, Jiangxi, China, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Universe Pharmaceuticals INC (the “Company,” “we,” “our” and “us”) (Nasdaq: UPC), a pharmaceutical
About this update from Universe Pharmaceuticals Inc
[{"type":"text","content":"JI’AN, Jiangxi, China, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Universe Pharmaceuticals INC (the “Company,” “we,” “our” and “us”) (Nasdaq: UPC), a pharmaceutical producer and distributor in China, today announced its unaudited financial results for the first six months of fiscal year 2024 ended March 31, 2024. Mr. Gang Lai, Chairman of the Board of Directors and CEO of Universe Pharmaceuticals INC, commented, “During the first six months of fiscal year 2024, we navigated business uncertainties and adjusted our business strategy to offset the impact of the global economic slowdown. As a result, we generated $12.9 million in revenue for the six months ended March 31, 2024, lower than the $18.5 million revenue generated in the same period of last year. We made considerable efforts to implement our growth strategies during this challenging period. To complement our offline sales channels, we started developing online sales channels, which helped us seize more opportunities and we expect online sales to drive our business growth in the fast-evolving market. Through executing our growth strategy of emphasizing digital marketing and expanding our sales on e-commerce platforms, our goal is to improve our brand recognition, deliver products to more customers, and expand our business scale. Looking forward, we intend to continue implementing our expansion strategy, through which we hope to achieve greater market penetration and customer base expansion, with the goal of creating long-term value for our shareholders.” Financial Highlights for the Six Months Ended March 31, 2024 For the Six Months Ended March 31, ($ millions, except per share data) 2024 2023 % Change Revenues 12.9 18.5 -30.2%(Loss) income from operations (1.7) 0.1 -1,266.0%Net loss (13.1) (0.7) 1,731.3%Loss per share (3.59) (0.20) 1,720.7% Revenues decreased by 30.2% to $12.9 million for the six months ended March 31, 2024 from $18.5 million for the six months ended March 31, 2023, primarily attributable to decreased sales volume of the Company’s traditional Chinese medicine derivatives (“TCMD”) products and third-party products by 1,863,919 and 1,712,660 units, or 23.4% and 29.9%, respectively, due to decrease in customer demand resulted from economic slowdown, as well as a 3.3% negative impact from fluctuations in foreign currency exchange rate.Loss from operations was $1.7 mil...