Revenue Improved 23.6% and Gross Profit Improved 23.1% compared to 2017
CHICAGO, April 23, 2019 (GLOBE NEWSWIRE) -- Cosmos Holdings, Inc. ("the Company") (COSM), an international pharmaceutical company, announced its full-year 2018 financial results for the year ended December 31, 2018.
- Revenue improved 23.6% to $37 million from $30 million in 2017
- Gross profit increase 23.1% to $2.4 million from $1.96 million in 2017
- Operating expenses decreased by 46.7% year over year.
- Repaid the remaining balance of its convertible notes, totaling $5.5 million.
- Completed the acquisition of Cosmofarm Ltd., www.cosmofarm.gr, a fully licensed pharmaceutical wholesale company, in December of 2018 which features a fully automated supply chain and integrated robotic fulfillment center powered by ROWA.
- Entered the Nutraceutical market with its own premium brand of food supplements - Sky Premium Life.
Grigorios Siokas, Chief Executive Officer commented, “Our focus in 2018 included increasing our core distribution business, formally launching our Sky Premium Life food supplement brand, expanding our direct to pharmacy reach, and vertically integrating into our supply chain. Looking to 2019 we will be focusing on building our Sky Premium Life food supplement brand along with expanding our product offerings.”
About Cosmos Holdings, Inc.
Cosmos Holdings Inc. is a pharmaceutical wholesaler distributing branded and generic medicines, over-the-counter (OTC) pharmaceuticals, food supplements, and medical devices to its growing network with offices and warehouses in Thessaloniki, Greece; Athens, Greece; and Harlow, UK. The Company has a trans-European network which expands throughout Europe. More information is available at www.cosmosholdingsinc.com.
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.
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