Innovus Pharmaceuticals Inc (OTCMKTS:INNV) shares were up 1.04% to $0.485 and flat in after-hours trading. The company has a market cap of $42.07 million at 73.18 million shares outstanding. Share prices have been trading in a 52-week range of $0.03 to $0.66.
Innovus Pharmaceuticals is a pharmaceutical company engaged in the commercialization, licensing, and development of non-prescription medicine and consumer care products to improve men’s and women’s health and vitality and respiratory diseases. It markets its products in the United States and six in a range of countries around the world through its commercial partners and has commercial agreements in over 60 countries around the world. Its products include Zestra, EjectDelay, Sensum+, Zestra Glide, Vesele and Androferti while having a pipeline of over three additional products.
In its latest press release, Innovus Pharmaceuticals announced that it turned cash flow positive with over $256,000 in cash provided by operations for the second quarter of the year.
Becoming operationally cash flow positive from the second quarter and ahead of the timeline projected is a major financial achievement for the Company and a big step towards our projected profitability in 2017. We have now fully integrated the Beyond Human sales and marketing platform and are reaping the benefits of this acquisition,” remarked Innovus Pharmaceuticals CEO Dr. Bassam Damaj.
The earnings report showed that total revenues came in at over $1 million, with $880,000 coming from the sale of Beyond Human and Vesele products. Gross profit on sales was $757,000 or 74% of net revenues, higher than the gross profit on product sales of $114,000 or 64% of net revenues for the same period last year.
Damaj also gave a positive outlook for the rest of the year, citing that revenues could continue to increase for the next six months and onto 2017 since the company was able to exceed commercial expectations for the projected launch of Sensum+, RecalMax, and Xyralid.
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