CHICAGO, Aug. 18, 2020 (GLOBE NEWSWIRE) -- Cosmos Holdings, Inc. (the “Company") (OTCQB: COSM), an international pharmaceutical company, announced consolidated financial results for the first six months ended June 30, 2020, prepared in accordance to Generally Accepted Accounting Principles (US GAAP).
Financial Highlights for the three months ended June 30, 2020:
- For the three months ended June 30, 2020, revenues increased by 50.6% to $12.8 million from $8.51 million in the same period in 2019.
- Quarterly gross profits increased to $2.3 million from $0.46 million, an increase of 401%, for the three months ended June 30, 2019. Gross Profit margin in second quarter improved to 18.32% from 5.5% in the same period in 2019.
- Income from operations in the second quarter of 2020 increased by 337.27% to $0.99 million from $0.22 million for the three months ended March 31, 2020.
- Net income for the three months ended on June 30, 2020 increased by 384.98% to $1.37 million over the previous quarter.
- Total other comprehensive income increased by 348.80% to $1.56 million quarter-over-quarter.
Financial Highlights for the six months ended June 30, 2020 (H1 2020 vs H2 2019):
- Company revenues increased by 36% to $24.7 million for the first half of 2020, compared to $18.2 million for the same period in 2019.
- Gross profits increased 223% to $3.54 million versus $1.09 million in the same period in 2019; a remarkable increase in gross profit margin to 14.31% from 6.02%.
- Operating expenses for the first half of 2020 stood at $2.33 million marking an increase of 30% versus the same period in 2019, which corresponds a quite lower increase related to revenues growth rate.
- Reported income from operations increased 273% to $1.21 million and net income increased by 151% to $0.89 million.
Commenting on the Company’s strong first half year performance, Grigorios Siokas, Chief Executive Officer of Cosmos Holdings, said, “All of us at Cosmos Holdings sympathize with everyone who is suffering from COVID-19, along its multiple dimensions. It is a formidable enemy, and one we do not take lightly. We are operating as a company towards the goal to help the stressed healthcare provider system throughout Europe, our primary operating territory. Looking ahead we will be focusing on adjusting our corporate fundamentals within this volatile socio-health-economic environment. Thus, we have adapted our strategy in response to COVID-19 and therefore, are now aiming to innovate and create new products to help combat against COVID-19.”
About Cosmos Holdings, Inc.
Cosmos Holdings Inc. is an international pharmaceutical company focused on identifying, acquiring, developing, and commercializing medicines to improve patients' lives and outcomes. Cosmos Holdings has offices and distribution centers in Athens and Thessaloniki, Greece & in Harlow, UK. More information is available at www.cosmosholdingsinc.com.
Cosmos Holdings, Inc. takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services.
FORWARD LOOKING STATEMENTS
Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve unknown risks, and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company's filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.
Media Contacts:
Nathan Abler, Dresner Corporate Services, (714) 742-4180, nabler@drenserco.com
David Gutierrez, Dresner Corporate Services, (312) 780-7204, dgutierrez@dresnerco.com
