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Dec 31, 2021
Aytu BioScience Q2 2022 Earnings Report
Aytu BioPharma reported second quarter 2022 financial results with a 53% increase in quarterly net revenue year-over-year.
Key Takeaways
Aytu BioPharma reported a net revenue of $23.1 million for the second quarter of fiscal year 2022, a 53% increase compared to the same quarter in fiscal year 2021. The company's prescription sales grew by over 103% year-over-year, and the consumer health division saw a growth of over 7%. The net loss for the quarter was $11.5 million, or $0.44 per share.
Net revenue for the second quarter of fiscal year 2022 was $23.1 million, a 53% increase year-over-year.
Net revenue from prescription sales was $14.6 million, a growth of over 103% year-over-year.
Net revenue from the consumer health division was $8.5 million, a growth of over 7% year-over-year.
Net loss for the second quarter of fiscal year 2022 was $11.5 million, or $0.44 per share.
Aytu BioScience
Aytu BioScience
Forward Guidance
Aytu BioPharma is focused on developing novel treatments, including AR101, for pediatric-onset diseases and aims to initiate the PREVEnt registrational study by mid-2022. The company expects the tech transfer of Adzenys XR-ODT and Cotempla XR-ODT to drive a significant improvement in gross profit margin across the company’s ADHD product portfolio and reduce working capital requirements associated with inventory purchases. The company remains on-track to complete this transition by the middle of calendar year 2023.
Positive Outlook
- Initiate PREVEnt registrational study by mid-2022, evaluating AR101 as a first-in-class treatment for VEDS.
- Orphan drug designation received for AR101.
- Strengthened balance sheet.
- Manufacturing transfer of Adzenys XR-ODT and Cotempla XR-ODT on-track for completion in the first half of 2023.
- New financing agreement with Avenue Capital providing a three-year term and no minimum revenue or cash balance financial covenants.
Challenges Ahead
- There are no approved treatments for VEDS.
- Adjusted EBITDA for the second quarter of fiscal year 2022 was $(3.5) million.
- R&D expenses included a $2.5 million milestone payment upon achieving Orphan Drug Designation for AR101.
- The company will not host a conference call to discuss its second quarter fiscal year 2022 financial results.
- Forward-looking statements are subject to risks and uncertainties that could cause the actual events or results to differ materially.