LOS ANGELES, Oct. 03, 2024 (GLOBE NEWSWIRE) -- ViaDerma, Inc. (OTC Pink: VDRM), an innovator in transdermal drug delivery and topical antibiotic products, announced its financial results for the second quarter and six-month period ending June 30, 2024. The company delivered a strong financial performance with notable revenue consistency, positive net income, and a robust increase in cash reserves.
Financial Highlights for Q2 2024:
- Revenue: ViaDerma maintained steady revenues of $300,191 for the first half of 2024, compared to $300,230 for the same period in 2023, showing resilience in its sales despite challenging market conditions.
- Net Income: The company achieved a net income of $54,008 for the six-month period, a significant improvement from the net loss of $75,576 reported during the same period in 2023. This turnaround reflects a positive shift in profitability, representing a 171.5% increase in earnings.
- Cash Reserves: Cash and cash equivalents surged to $826,175 as of June 30, 2024, a remarkable 7,972% increase compared to $10,243 at the end of 2023. This growth is attributed to enhanced cash flow from operations and improved financial management.
- Liabilities: The company reduced its total liabilities to $1,096,509, compared to $1,157,684 at the end of 2023, reflecting a 5.3% decrease in its debt burden.
The recent sale of 1 million units of its tetracycline-based topical antibiotic to Nigeria is not reflected in the financial results for Q2 2024. The first 500,000 units were shipped from the manufacturer in August 2024, with another 500,000 units scheduled for October 2024. The revenues from the August shipment will appear in the next quarterly report.
The report also highlighted ViaDerma's continued progress in its operations, particularly with its lead product, Vitastem, an FDA-registered topical antibiotic that has gained significant market traction. This product continues to be met with strong customer acceptance and positive clinical outcomes, contributing to the company’s steady revenue stream.
ViaDerma is advancing its product pipeline with innovations in anti-aging skincare, pain management, hair-loss treatments, sexual wellness products and a CBD-based product targeting inflammation and conditions like nicotine addiction, fibromyalgia, and multiple sclerosis. The company is also strengthening its market presence by adopting a wholesale distribution model to boost sales and expand product availability in new regions, and exploring joint ventures with established pharmaceutical companies.
“We're pleased with our strong Q2 results, which we believe marks the beginning of what we expect will lead to significantly higher growth for our Company,” said Dr. Christopher Otiko, President and CEO of ViaDerma.
About ViaDerma, Inc.
ViaDerma, Inc. (OTC Pink: VDRM) is a publicly traded specialty pharmaceutical company committed to bringing new products to market and licensing its innovative transdermal drug delivery technology solutions to current leaders in the pharmaceutical industry in a wide variety of therapeutic areas. For more information, please visit: https://viaderma.com
Any forecast of future performance is a "forward looking statement" under securities laws. Such statements are included to allow potential investors the opportunity to understand management’s beliefs and opinions with respect to the future so that they may use such beliefs and opinions as one factor among many in evaluating an investment.
Contact information:
Investor Relations
Email: ir@viaderma.com
Phone: 310-734-6111
