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|Kevin Gilbert 786-322-2213|
Veru Reports Strong Fiscal 2019 First Quarter Financial Results
Drug Development Advancing: Successful TADFIN Clinical Trial with NDA Filing in 2019; Two Prostate Cancer Clinical Trials Enrolling
Company to Host Investor Conference Call on Wednesday, February 13, 2019, 8 a.m. ET
MIAMI February 13, 2019 Veru Inc. (NASDAQ: VERU), an oncology and urology biopharmaceutical company developing novel medicines for the prostate cancer continuum of care and urology specialty pharmaceuticals, today reported financial results and business highlights for its fiscal 2019 first quarter ended December 31, 2018.
Fiscal 2019 First Quarter Financial Results
Company net revenues up 146% to $6.4 million from $2.6 million in the prior-year first quarter. Company reported FC2 Female Condom / FC2 Internal Condom® (FC2) sales growth in both its prescription business and in its public sector business;
Company gross profit up 254% to $4.6 million from $1.3 million in the prior-year first quarter;
Company gross margin increased to 73% from 51% in the prior-year first quarter;
FC2 prescription business net revenues up 1,500% to $2.4 million from $0.15 million in the prior-year first quarter. Compound Annual Growth Rate (CAGR) of 100% over last five quarters for net revenues of FC2 prescription business;
FC2 public sector business net revenues up 60% to $3.9 million from $2.4 million in the prior-year first quarter;
CAGR of 25% over the last five quarters for net revenues of total FC2 business;
Commercial Segment (FC2, PREBOOST® and drug commercialization costs) operating income was $3.7 million versus $0.1 million in the prior-year first quarter;
Operating loss significantly narrowed by 86% to $1.0 million from $7.4 million in the fiscal 2018 first quarter (the fiscal 2018 first quarter included a $3.8 million loss for the settlement of Brazilian receivables); and
Net loss of $2.1 million, or $0.03 per share, was significantly less than $4.3 million, or $0.08 per share, in the first quarter of fiscal 2018.
The following information was filed by Veru Inc. (VERU) on Wednesday, February 13, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.