Sonoma Pharmaceuticals Reports First Quarter 2023 Financial Results














August 11, 2022 4: 31 PM EDT


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  • Revenue increase of 73% from Q4 22 and 8% from Q1 22
  • Reduction of net loss by $0. 2 million or 19% versus Q1 twenty two
  • Reduction associated with EBITDAS loss by $0. 2 million or 23% versus Q1 22
  • Decrease in internet loss per share of 44% compared to Q1 22

BOULDER, CO / ACCESSWIRE / August 11, 2022 / Sonoma Pharmaceuticals, Inc. (Nasdaq: SNOA ), a global healthcare leader developing and producing stabilized hypochlorous acid (HOCl) products for a wide range associated with applications, including wound care, eye, oral and nasal care, plus dermatological conditions, today announced financial results for its first fiscal quarter ended June 30, 2022.

“Our first quarter outcomes reflect our continued prioritization of growth and profitability, ” said Amy Trombly, CEO of Sonoma. “First quarter revenues increased over the same period last year, reflecting the strength and diversity of our international operations, with increased sales in both Europe and Asia. We’ve added additional distribution partners in the U. S., and expanded our existing partner relationships, furthering our own goals associated with increasing the presence within the U. H. and strengthening our international business. We believe this sharp focus on commericalization of new products plus entry into new markets will have a significant positive impact on future results. ”

Business Highlights

Sonoma continued in order to grow its business by adding new partnerships and product lines, and gaining additional certifications for the products.

  • Sonoma launched MicrocynVS directly for veterinarian clinics and practices, plus announced the non-exclusive partnership with DV Med Supply, Inc. to commercialize the particular MicrocynVS® product line through its impressive direct channels to more than 400 veterinary clinics. The MicrocynVS® line of items can be viewed at www.microcynvs.com . The vet strength formulation is exclusively for veterinarians.
  • Certain of Sonoma’s over-the-counter products received the Natural Personal Care Product certification from the Natural Products Association, proving again that Sonoma’s Microcyn® Technology is not only highly effective in killing germs that will can cause infection and disease, but is also safe plus natural.
  • Sonoma continued in order to expand its U. T. distributor network by granting Lone Star Pharmaceuticals a non-exclusive right to sell Sonoma’s dermatology, wound, eye, dental and dental care products in the United States. Lone Star Pharmaceuticals, based out associated with Fort Worth, Texas, provides nationwide strategic sourcing of life-saving pharmaceutical and medical products. Information about Lone Star Pharmaceutical drugs can be found in www.lonestarpharmaceuticals.com .

Results for the Quarter Ended June 30, 2022

Revenues for that quarter ended June thirty, 2022 associated with $4. 0 million improved by $0. 3 mil, or 8%, as compared to $3. 7 million for the same period last year. Revenues were up in Sonoma’s worldwide business within Asia and europe. Sales decreased inside the United States and Latin America as the result of divesting our U. S i9000. prescription dermatology business plus the end of the particular Invekra contract this past year. Sonoma’s revenues tend to become choppy whenever viewed upon a quarterly basis due to customers placing larger but less frequent orders to benefit through quantity discounts and reduced shipping costs when ordering larger quanties. Also in the one fourth ended 06 30, 2022, Sonoma sold machinery to a customer in Latin The united states producing revenue of $750, 000, and management expects this to be an one -time event.

During the quarter finished June 30, 2022, Sonoma reported income of $4. 0 mil and cost of profits of $2. 5 million resulting inside gross profit of $1. 5 mil, or 36% of income, compared to a gross income of $1. 5 million, or 39% of revenue in the same period last year.

Total operating expenses during the particular first quarter of fiscal year 2023 were $2. 3 mil and nearly flat as compared in order to the same time period within the prior year.

Net loss for the quarter was $0. 9 million, down simply by $0. two million, or even 19% when compared to a net loss associated with $1. 1 million with regard to the one fourth ended Summer 30, 2021. EBITDAS reduction for the first quarter of financial 2022 of $0. 6 million was down by $0. 2 million, or 23%, in comparison to an EBITDAS loss of $0. 8 million for the same period a year ago.

As associated with June thirty, 2021, Sonoma had cash and money equivalents of $5. six million.

About Sonoma Pharmaceuticals, Incorporation.

Sonoma Pharmaceuticals is a worldwide healthcare innovator for developing and producing stabilized hypochlorous acid (HOCl) products for a wide range of applications, including wound care, animal health treatment, eye care, nasal treatment, oral care, and dermatological conditions. The particular company’s products reduce infections, itch, pain, scarring plus harmful inflammatory responses in a safe and effective manner. In-vitro plus clinical studies of hypochlorous acid (HOCl) show it to have impressive antipruritic, antimicrobial, antiviral and anti-inflammatory properties. Sonoma’s stabilized HOCl immediately relieves itch and pain, kills pathogens plus breaks down biofilm, does not sting or irritate skin and oxygenates the particular cells in the area treated assisting the body in its natural healing process. The company’s products are sold either directly or even via partners in 54 countries worldwide and the company actively seeks new distribution companions. The company has offices within Boulder, Colorado, and Woodstock, Georgia as well because manufacturing procedures in Latin America. European marketing and sales are headquartered in Roermond, Netherlands. More information can be found at www.sonomapharma.com . For partnership opportunities, please contact [email protected] .

Forward-Looking Statements

Except regarding historical information herein, matters set forth in this press release are forward-looking within the meaning of the particular “safe harbor” provisions associated with the Private Securities Litigation Reform Act of 1995, including statements about the commercial plus technology progress and future financial performance of Sonoma Pharmaceuticals, Inc. and its subsidiaries (the “company”). These forward-looking statements are usually identified simply by the use of words such since “continue, ” “reduce, inch “develop” and “expand, inches among others. Forward-looking statements in this pr release are subject to certain risks plus uncertainties inherent in the carrier’s business that could trigger actual results to vary, which includes such risks that regulatory clinical and guideline developments may change, scientific data may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or approvals, clinical outcomes may not be replicated in actual patient settings, protection offered by the company’s patents plus patent programs may end up being challenged, invalidated or circumvented by the competitors, the particular available market for your industry’s products will not be as large as expected, the company’s items will not really be able to penetrate one or more targeted marketplaces, revenues will not be sufficient to meet the provider’s cash needs or fund further development, as well as uncertainties relative to the particular COVID-19 pandemic and economic development, varying product formulations and a multitude of diverse regulatory and marketing requirements in different countries plus municipalities, and other dangers detailed from time to time in the company’s filings with the Securities and Exchange Commission. The company disclaims any obligation to update these forward-looking statements, except as required by law.

Sonoma Pharmaceuticals” isa trademark or registered trademark of Sonoma Drugs, Inc. All other trademarks and service marks are the property of their respective owners.

Media and Investor Contact:

Sonoma Pharmaceuticals, Incorporation.
[email protected]

SONOMA PHARMACEUTICALS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share amounts)

June 30,

2022

March 31,

2021

ASSETS

Current assets:

Cash plus cash equivalents

$ 5, 586 $ 7, 396

Accounts receivable, net

2, 434 2, 407

Inventories, net

2, 788 2, 663

Prepaid expenses and other current property

3, 794 a few, 746

Current portion of deferred consideration, net associated with discount

215 218

Total current resources

14, 817 16, 430

Property and equipment, net

309 320

Operating lease, right of use assets

478 559

Deferred tax asset

859 829

Deferred concern, net of discount, less current portion

583 630

Other possessions

112 77

Total assets

dollar 17, 158 $ 18, 845

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$ 2, 057 $ one, 641

Accrued costs and other current financial obligations

1, 952 one, 843

Deferred income

100 1, 223

Deferred revenue Invekra

53 54

Current part of debt-PPP

120

Short-term debt

459 688

Operating rent liabilities

233 250

Overall current liabilities

four, 854 5, 819

Long-term deferred revenue Invekra

152 182

Long-term financial debt, less current portion : PPP

15

Withholding Tax Payable

3, 933 a few, 838

Operating lease liabilities, much less current portion

245 309

Total financial obligations

dollar 9, 199 $ 10, 148

Commitments plus Contingencies

Stockholders’ Equity

Convertible preferred stock, $0. 0001 par value; 714, 286 shares authorized at June 30, 2022 and March 31, 2022, respectively, no shares issued and outstanding at 06 30, 2022 and 03 31, 2022, respectively

Common stock, $0. 0001 par value; 24, 000, 000 shares certified at Summer 30, 2022 and Mar 31, 2022, respectively, three or more, 100, 937 shares released and exceptional at June 30, 2022 and Drive 31, 2022, respectively

2 two

Additional paid-in capital

197, 584 197, 370

Accumulated deficit

(185, 250 ) (184, 363 )

Accumulated some other comprehensive loss

(4, 377 ) (4, 312 )

Total stockholders’ equity

7, 959 8, 697

Complete liabilities and stockholders’ equity

$ 17, 158 $ eighteen, 845

SONOMA PHARMACEUTICALS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements associated with Comprehensive Income (Loss)

(In thousands, except for each share amounts)

(Unaudited)

Three Months Ended

06 30,

2022 2021

Revenues

$ several, 983 dollar 3, 684

Cost of earnings

2, 537 two, 231

Gross revenue

1, 446 one, 453

Operating expenditures

Research plus development

6 84

Selling, general and administrative

2, 295 2, 273

Total operating expenses

2, 301 two, 357

Loss from operation

(855 ) (904 )

Interest income (expense), net

(1 )

Other expense, net

(67 ) (193 )

Loss before income taxes

(922 ) (1, 098 )

Income tax benefit

35 :

Internet loss

$ (887 ) $ (1, 098 )

Net reduction per discuss: basic

$ (0. 29 ) $ (0. 52 )

Net loss per share: diluted

dollar (0. 29 ) $ (0. 52 )

Weighted-average number of shares used in per common share calculations: basic

3, 101 2, 093

Weighted-average number of shares used in for each common share calculations: diluted

3, 101 2, 093

Other comprehensive loss

Net loss

$ (887 ) dollar (1, 098 )

Foreign currency translation adjustments

(65 ) 307

Comprehensive loss

$ (952 ) $ (791 )

SONOMA PHARMACEUTICAL DRUGS, INC. PLUS SUBSIDIARIES

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

(In thousands)

(Unaudited)

Three Months Finished

June thirty,

2022 2021

(1) Earnings (Loss) through operations minus non-cash costs EBITDAS income (loss):

GAAP earnings (loss) from operations as reported

$ (855 ) dollar (904 )

Non-cash adjustments:

Stock-based compensation

214 59

Depreciation and amortization

31 49

Non-GAAP revenue (loss) through operations minus non-cash expenses EBITDAS income (loss)

$ (610 ) $ (796 )

(2) Net income (loss) take away non-cash expenditures:

GAAP net earnings (loss) because reported

$ (887 ) dollar (1, 098 )

Non-cash modifications:

Stock-based compensation

214 59

Depreciation plus amortization

31 49

Non-GAAP net income (loss) minus non-cash expenses

$ (642 ) $ (990 )

(3) Operating expenses minus non-cash expenses

GAAP operating costs as reported

dollar 2, 301 $ two, 357

Non-cash changes:

Stock-based payment

(214 ) (59 )

Depreciation and amortization

(31 ) (49 )

Non-GAAP operating expenditures minus non-cash expenses

$ 2, 056 $ 2, 249
  1. Income (Loss) from functions minus non-cash expenses (EBITDAS) is a non-GAAP financial measure. The Company defines operating revenue (loss) without non-cash expenses as GAAP reported operating income (loss) minus working depreciation plus amortization, and operating stock-based compensation. The particular Company uses this measure for the particular purpose associated with modifying the operating income (loss) to reflect direct cash related transactions during the measurement period.
  1. Net gain (loss) less non-cash expenses is the non-GAAP financial measure. The Company identifies net earnings (loss) minus non-cash costs as GAAP reported net income (loss) minus depreciation and amount, stock-based settlement, and non-cash foreign exchange transaction losses. The organization utilizes this determine for the purpose of modifying the net loss to reflect only those expenses in order to reflect immediate cash transactions during the dimension period.
  1. Operating expenses without non-cash expenses is a non-GAAP financial gauge. The business describes operating expenditures minus non-cash expenses since GAAP documented operating expenses minus operating depreciation plus amortization, and operating stock-based compensation. The particular Company uses this measure for the particular purpose of identifying total operating costs involving cash transactions throughout the measurement period.

SONOMA PHARMACEUTICALS, INCORPORATION. AND SUBSIDIARIES

PRODUCT RELATED REVENUE SCHEDULES

(In thousands)

(Unaudited)

The following table shows the Company’s revenues by geographic region

Three Months Ended

June 30,

2022 2020 dollar Change % Change

Usa States

$ 871, 000 $ 1, 592, 000 dollar (721, 500 ) (45 %)

Latin America

1, 048, 000 565, 500 483, 000 85 percent

Europe and Rest of the World

2, 064, 000 one, 527, 500 537, 000 35 %

Overall

$ 3, 983, 000 dollar 3, 684, 000 $ 299, 500 8 percent

SOURCE: Sonoma Pharmaceuticals, Inc.

View source version on accesswire. apresentando:
https://www.accesswire.com/711798/Sonoma-Pharmaceuticals-Reports-First-Quarter-2023-Financial-Results


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