SAN FRANCISCO, CA--(Marketwired - June 22, 2017) - A San Diego-based pharmaceutical company that focuses on over-the-counter medications reported strong Q1/17 results and expects to begin marketing a nasal spray by the end of the year.
Innovus Pharmaceuticals Inc., a rapidly growing, San Diego-based pharmaceutical company that focuses on over-the-counter (OTC) medications, reported Q1/17 earnings of $2.2 million, an 865% increase over Q1/16, and a 28.7% increase from Q4/16.
Ajay Tandon, an analyst with SeeThruEquity, noted that, "1Q17 growth was driven by the strong performance from the company's expanded sales distribution, and an increase in the number of commercial products to 18. Innovus continues to benefit from the performance of in-licensed products from Beyond Human and its BTH® sales and marketing platform -- with Vesele, Sensum+, UriVarx, Zestra, RecalMax and BHT representing the majority of revenues."
He also stated that, "the results demonstrated continued sales execution and place the company well on its way towards its guidance for $10mn-$15mn for the full year as it expands sales channels for its portfolio of 18 commercial products." He noted that the company's gross margins "remained at attractive levels, at 79%, allowing the company to cash burn and target profitability...INNV ended the quarter with cash on hand of $2.4mn and total debt of $2.3mn, with its balance sheet benefiting from an equity offering in which INNV raised $3.8mn."
Tandon expects FlutiCare, a generic reformulation of Flonase nasal spray, to provide growth, calling its launch "a key event to watch for 2018...FlutiCare™ is a fluticasone propionate nasal spray for allergic and non-allergic rhinitis ("hay fever"/"stuffy nose"), which Innovus has estimated represents more than a $1 billion market opportunity; it is the leading nasal steroid prescribed in the US, with 40mn units sold since 2014."
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