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CHICAGO, April 16, 2021 (GLOBE NEWSWIRE) -- Cosmos Holdings, Inc. (“the Company") (OTCQX: COSM), a vertically integrated, international pharmaceutical company with a proprietary line of branded and generic pharmaceuticals, nutraceuticals, OTC medications and an extensive, established European Union distribution network, today provided a business update and reported financial results for the full year ended December 31, 2020.
2020 Financial Highlights:
Revenue for 2020 increased 40% to $55.4 Million, versus $39.7 for the same period last year
Gross profit for 2020 increased 120% to $8.1 million, versus $3.7 million for 2019
Operating income improved by $3.0 million to $2.7 million, compared to an operating loss of $0.3 million for the same period last year
Net income attributable to common stockholders was $0.8 million, or $0.06 per share for 2020, compared to net loss of $3.3 million or ($0.25) per share for 2019
As of December 31, 2020, the Company had working capital of $6.0 million versus a working capital deficit of $7.1 million as of December 31, 2019
Greg Siokas, Chief Executive Officer of Cosmos Holdings, stated, “I am pleased to report we generated 40% year-over-year revenue growth and achieved profitability for 2020 despite the impact of COVID-19 on the global markets. We have successfully navigated the pandemic and are on a solid growth trajectory heading into 2021. Our proprietary line of nutraceuticals and food supplements, Sky Premium Life, continues to expand and we now have over 70 SKUs. We expect to reach 150 SKUs by the end of 2021 and believe the recent as well as upcoming additions to our portfolio will become major drivers of our growth going forward. In addition to introducing new high margin pharmaceutical, nutraceutical and food supplement products, we have built a robust distribution network, which now includes relationships with over 160 wholesale pharmaceutical distributors across Europe’s largest markets, having access to over 40,000 pharmacies. In addition, we plan to expand to new global markets later this year.”
“Overall, we have built a highly scalable business model and look forward to further enhancing profitability and cash flow as we leverage our fixed cost infrastructure and gain economies of scale. We have invested in and now operate 3 state-of-the-art warehouses with advanced automation technology that substantially expands our current capacity and throughput to support our planned growth. We remain highly encouraged by the outlook for the business and look forward to providing further updates as developments unfold.”
Consolidated Statements of Operations and Comprehensive Income (Loss)
Years Ended December 31,
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INCOME (LOSS) FROM OPERATIONS
NET INCOME (LOSS)
BASIC NET INCOME (LOSS) PER SHARE
DILUTED NET INCOME (LOSS) PER SHARE
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
About Cosmos Holdings, Inc.
Cosmos Holdings Inc., is an international pharmaceutical company, with a proprietary line of branded and generic pharmaceuticals, nutraceuticals, OTC medications and medical devices and an extensive, established EU distribution network. The Company identifies, acquires, develops and commercializes products that improve patients' lives and outcomes and has an extensive network of clients in Germany, United Kingdom, United Arab Emirates, Denmark, Italy, France, Singapore, Ireland, Sweden, Poland, Netherlands, and Greece. Cosmos Holdings has offices and distribution centers in Thessaloniki, Greece, Athens, Greece and Harlow, UK. More information is available at www.cosmosholdingsinc.com and www.skypremiumlife.com.
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could”, are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company’s ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic on the Company’s business, operations and the economy in general, and the Company’s ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward-looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company’s filings with the SEC, which are available at the SEC’s website (www.sec.gov). 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.
Investor Relations Contact:
Crescendo Communications, LLC