Business
Veru Reports First Quarter Fiscal 2022 Results as US FC2 Prescription Net Revenues Climb 27%
--FC2 Prescription Business Entering 6th Year of Growth -- --FDA Approves Company’s ENTADFI™, New Treatment for Benign Prostatic Hyperplasia with
About this update from Veru Inc.
[{"type":"text","content":"--FC2 Prescription Business Entering 6th Year of Growth -- --FDA Approves Company’s ENTADFI™, New Treatment for Benign Prostatic Hyperplasia with Commercialization Plans Underway-- --Company Enters into Clinical Trial Collaboration and Supply Agreement with Lilly to Evaluate Enobosarm and Abemaciclib Combination in Phase 3 ENABLAR-2 Trial-- -- Phase 3 ARTEST Clinical Trial of Enobosarm Monotherapy in Metastatic Breast Cancer is Enrolling and Receives FDA Fast Track Designation-- --Phase 3 COVID-19 Registration Program Receives FDA Fast Track Designation, Clinical Results Expected in the First Half of Calendar 2022-- --Company to Host Investor Conference Call Today at 8 AM ET-- MIAMI, Feb. 09, 2022 (GLOBE NEWSWIRE) -- Veru Inc. (NASDAQ: VERU), an oncology biopharmaceutical company with a focus on developing novel medicines for the management of breast and prostate cancer, today announced financial results for its fiscal 2022 first quarter ended December 31, 2021. First Quarter Financial Summary: Fiscal 2022 vs Fiscal 2021 Total net revenues decreased 3% to $14.1 million from $14.6 millionFC2 net revenues increased 3% to $14.1 million from $13.8 millionUS FC2 prescription net revenues climbed 27% to $11.6 million from $9.1 millionGross profit rose 9% to $11.8 million from $10.8 millionGross margin increased to 84% of net revenues from 74% of net revenues, a record high compared to any prior quarterOperating loss was $5.0 million compared with operating income of $19.2 million, which included an $18.4 million gain on the December 2020 sale of the PREBOOST® businessNet loss was $6.4 million or $0.08 per diluted share compared with net income, which included the gain on the sale of the PREBOOST business, of $17.2 million or $0.23 per diluted share Balance Sheet Information Cash and cash equivalents were $116.1 million as of December 31, 2021 versus $122.4 million at September 30, 2021Net accounts receivable of $8.1 million as of December 31, 2021 versus $8.8 million as of September 30, 2021 “The 27% increase in year-over-year US FC2 prescription net revenues as well as achieving an all-time high in gross margin percentage underscore the continued robust US demand for our best-in-class FC2 product,” said Mitchell Steiner, M.D., Chairman, President and Chief Executive Officer of Veru Inc. “In addition to securing additional telemedicin...