Veru Inc. (NASDAQ: VERU) recently declared its financial results for the fiscal 2017 4th-quarter and full year finished September 30, 2017.
Fiscal 2017 4th-Quarter Results:
For the fiscal 2017 4th-quarter, net revenues increased to $3.70M from $3.60M for the 4th-quarter of fiscal 2016.
Gross profit was $1.80M, or 49.00% of net revenues, contrast with $1.90M, or 52.00% of net revenues, for the 4th-quarter of fiscal 2016. Selling, general and administrative (SG&A) expenses were a $3.10M as a contrast with $1.70M for the prior year 4th-quarter.
Research and development expenses were a $1.50M as a contrast with a de minimis amount in the prior year 4th-quarter.
Operating loss was a $2.80M as a contrast with $293,000.00 for the 4th-quarter of fiscal 2016. Net loss was $4.70M, or $0.1 for each share, contrast with $1.80M, or $0.060 for each share, for the 4th-quarter of fiscal 2016.
Fiscal 2017 Full-Year Results:
For the fiscal 2017 full year, net revenues, which were mainly derived from sales of FC2, were $13.70M contrast with $22.10M for fiscal 2016.
Unit sales of FC2 were a 26.00M contrast with 42.00M in fiscal 2016. Financial results for fiscal 2016 included $6.00M of net revenues based on unit sales of 11.50M to Brazil.
Apart From Brazil from the prior year total, net revenues and unit sales were down 15.00% and 13.00%, respectively.
Gross profit was $7.00M, or 51.00% of net revenues, contrast with $13.3.00M, or 60.00% of net revenues for fiscal 2016. SG&A expenses were $11.10M contrast with $8.70M for the prior year.
R&D expenses were a $3.50M as a contrast with $99,000.00 in the prior fiscal year. Operating loss was $8.50M as contrast to operating income of $3.00M for fiscal 2016. Net loss was $8.60M, or $0.250 for each share, contrast to net income of $345,000.00, or $0.010 for each diluted share, for fiscal 2016.
As of September 30, 2017, the net working capital was a $4.80M contrast with $12.90M as of September 30, 2016.
During the year finished September 30, 2017, the Company generated about $1.00M of cash from operating activities, as a contrast to cash used in operating activities of $1.70M in the prior fiscal year.
As of September 30, 2017, cash was $3.30M, short-term accounts receivable were $3.60M and long-term accounts receivable was $7.80M.
Conference Call Event Details:
Veru Inc. will host a conference call on Friday, January 5, 2018, at 8 a.m. ET to talk about the company’s performance.
Interested shareholders may access the call by dialing 877-317-6789 from the U.S., or 412-317-6789 from outside the U.S., and asking to be joined into the call.