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Dec 31, 2022
Veru Q1 2023 Earnings Report
Veru's financial results for Q1 2023 were announced with a decrease in net revenues and gross profit compared to the same quarter last year.
Key Takeaways
Veru Inc. reported a decrease in net revenues to $2.5 million and a gross profit decrease to $0.7 million for the first quarter of fiscal year 2023. The company is focused on seeking emergency authorization for sabizabulin and advancing clinical studies.
Net revenues decreased to $2.5 million from $14.1 million.
Gross profit decreased to $0.7 million from $11.8 million.
Operating loss was $35.6 million versus $5.0 million.
Net loss was $36.8 million, or $0.46 per share, compared to $6.4 million, or $0.08 per share.
Veru
Veru
Forward Guidance
Veru is awaiting regulatory decisions for sabizabulin and has implemented measures to conserve cash. Q2 FY 2023 sales are significantly improving.
Positive Outlook
- Company is seeking emergency authorization for sabizabulin for the treatment of hospitalized moderate to severe COVID-19 patients.
- U.S. and international commercial teams are on standby for potential authorization of sabizabulin.
- Company is actively enrolling subjects in advanced breast and prostate cancer Phase 3 clinical studies.
- Multi-pronged strategy to increase revenues from the sexual health program is showing success.
- Q2 FY 2023 sales are significantly improving.
Challenges Ahead
- Net revenues decreased to $2.5 million from $14.1 million.
- Gross profit decreased to $0.7 million from $11.8 million.
- Research and development expenses increased to $18.7 million from $10.1 million.
- Selling, general and administrative expenses increased to $17.5 million from $6.7 million.
- Operating loss was $35.6 million versus $5.0 million.