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Mar 31, 2020
Aytu BioScience Q3 2020 Earnings Report
Aytu BioScience reported Q3 2020 financial results, with a revenue increase of 243% year-over-year and a cash balance of $62.5 million.
Key Takeaways
Aytu BioScience reported a significant increase in revenue for the third quarter of fiscal year 2020, driven by the acquisition of Innovus Pharmaceuticals. The company's cash position was also substantially strengthened through equity offerings and warrant exercises. The company also signed agreements for COVID-19 rapid tests and the Healight technology platform.
Revenue for the three months ended March 31, 2020 was $8.2 million, up 243% year-over-year.
Cash and cash equivalents totaled $62.5 million as of March 31, 2020.
The company completed the acquisition of Innovus Pharmaceuticals, contributing to the revenue increase.
Aytu BioScience secured distribution agreements for COVID-19 rapid tests and an exclusive worldwide license for the Healight technology.
Aytu BioScience
Aytu BioScience
Forward Guidance
Aytu BioScience expects growth from organic Rx and consumer health business segments, distribution of COVID-19 antibody test kits, and development of the Healight platform technology.
Positive Outlook
- Full quarter of revenue contribution from Innovus consumer health segment in Q4.
- Launch of Regoxidine for hair regrowth and planned consumer health product launches.
- Phase IV data for Natesto demonstrating maintenance of sperm concentration.
- Significant increase in revenue expected in Q4 from COVID-19 testing.
- Exclusive global license for Healight as a potential treatment for COVID-19.