SILVER SPRING, Md., Nov. 14, 2013 /PRNewswire/ -- Pharmagen, Inc. (OTCQB: PHRX) (the "Company" or "Pharmagen") today announced financial results for the quarter ended September 30, 2013. On a consolidated basis, total revenues for the quarter ended September 30, 2013 were $1.074 mln and for the nine months ended September 30, 2013 were $3.770 mln compared to $1.781 mln for the quarter ended September 30, 2012 and $3.246 mln for the nine months ended September 30, 2012. While this is modest YTD growth, gross profit YTD more than doubled from $1.071 mln for the nine months ended September 30, 2012 to $2.404 mln for the nine months ended September 30, 2013. Furthermore, gross margins increased from 33% for the nine months ended September 30, 2012 to 64% for the nine months ended September 30, 2013, as Pharmagen Laboratories continues to expand its revenue streams and capacity.
"The last year and half have been spent building a foundation for growth and we still have a ways to go. Instituting new SOP's, new technologies, hiring new staff, building an account base, and adapting to a new regulatory environment takes time. The industry has been under an immense amount of pressure as a result of the Meningitis outbreak and we have to ensure that we have the best quality systems in the industry, that doesn't happen overnight. That said, Pharmagen Laboratories, our sterile compounding business, will be a clear growth driver in the near future," said Mackie A. Barch, CEO of Pharmagen.
About Pharmagen
Pharmagen, Inc. ("Pharmagen"), and wholly owned subsidiaries and operating divisions Pharmagen Laboratories, Inc., Pharmagen Distribution, LLC and Pharmagen Nutraceuticals, Inc. offers innovative solutions to the nations sterile pharmaceutical crisis. With a multi-solution approach, Pharmagen is helping to meet the demand of the health provider market through independent wholesale, compounding, and IT solutions. Nationally focused, Pharmagen is a distributor of specialty drugs, compounding and admix pharmacy and producer of over-the-counter ("OTC") branded multivitamins. Pharmagen currently functions as a just-in-time source of supply for hospitals for those products that are hard-to-find due to drug manufacturers' production shortages.
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Safe Harbor Statement
Information in this document constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast", "anticipate", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause Pharmagen actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in Pharmagen's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Pharmagen herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Pharmagen disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
SOURCE Pharmagen, Inc.