Business
VERUS INTERNATIONAL, INC. REPORTS 116% INCREASE IN QUARTERLY REVENUE AND 135% INCREASE IN ANNUAL REVENUE
VERUS INTERNATIONAL, INC. REPORTS 116% INCREASE IN QUARTERLY REVENUE AND 135% INCREASE IN ANNUAL REVENUE.
About this update from Verus International, Inc.
[{"type":"text","content":"\n Gaithersburg, MD, April 13, 2020 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTCQB: VRUS)) today announced financial results for its fiscal 2019 fourth quarter and fiscal year ended October 31, 2019. In conjunction with this release, the Company is also providing additional details on its strategy for the upcoming fiscal 2020 financial year. For Q4 2019, revenue set an all-time record of $4.7 million, an increase of 116% over the $2.2 million reported in Q4 2018. For fiscal 2019, management is noting the following items of importance: Revenue set an all-time record of $13.6 million, an increase of 135% over the $5.8 million reported in fiscal 2018.Gross profit margin was 15.2%, approximately 230 basis-points higher than the 12.9% reported in fiscal 2018.Operating expenses of $6.2 million were $3.2 million higher than the $0.9 million reported in fiscal 2018 as a result of a $3.1 million increase in stock-based compensation and higher legal fees associated with M&A and financing activities. As a percentage of revenue (excluding non-cash, stock-based compensation) operating expenses improved to 20.6% of revenue compared to 23.4% in the prior fiscal year.Net loss from continuing operations was $2.4 million, which was impacted by a number of non-cash gains and expenses, and was $0.7 million less than the $3.1 million generated in the prior fiscal year. “We ended Q4 fiscal 2019 with another solid triple-digit quarter, despite being in the middle of a product makeover in our MLB line,” explained Verus CEO Anshu Bhatnagar. “To manage triple digit growth during a retooling effort shows the strength of our current operations, but we expect to return to a higher growth rate in upcoming quarters. With the filing of the 10-K, we are now current with our reporting and can resume our efforts to gain commercial sources of working capital. As expected, we were not required to restate any prior quarters and we are already well into our next set of financials. We plan to file our fiscal 2020 Q1 results before April 30, 2020.” On a forward basis, the Company is providing the following update and guidance: The merger with Nutribrands has amicably ended due to an inability to agree with the management of Nutribrands to advance the business and operate pursuant to th...