Innovus Pharmaceuticals Inc (OTCMKTS:INNV) shares were up 3.46% on Thursday to $0.290 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.03 to $0.66. The company has a market cap of $30.18 million at 104.16 million shares outstanding.
Innovus Pharmaceuticals recently reported its quarterly earnings figures, which were mostly impressive. The company announced a 947% increase in third quarter of 2016 revenues to a record $1.9 million compared to $0.2 million in revenues for the same period last year. In the nine months ended September 30, 2016, revenues were up 463% to to $3.1 million, compared to $0.6 million in revenue for the same period in 2015.
“Our increase in revenues for the third quarter is a testament to our Beyond Human marketing platform we acquired in March 2016 and to the high value products we commercialize,” remarked Innovus Pharmaceuticals CEO Bassam Damaj.
“During the third quarter we strengthened our balance sheet by raising $3.0 million from institutional investors, in-licensed and launched additional products under our Beyond Human Sales and Marketing Platform, and strengthened our senior management team. We are on track to meet our 2016 revenue guidance of $5.0 million and we continue to be focused on executing on our goals of expanding our product line, making our products commercially available, and achieving our projected 2017 goals of profitability and $15 million in revenues,” he added.
Gross margins increased to 82.4% for the third quarter, nearly 40% higher than gross margins for the three months ended September 30, 2015, which totaled 43.1%. Total operating expenses increased to $4.1 million and included $0.7 million in non-cash, share-based compensation for the three months ended September 30, 2016.
Other company highlights included updates on the initiation of a pre-clinical and clinical program intended to evaluate the safety and efficacy of the combination of its supplement Veselefor promoting sexual health with sildenafil indicated for treating erectile dysfunction. The company also into an exclusive licensing agreement with Seipel Group for the rights to market Urox Formulation, which has been clinically proven to reduce urinary urgency, accidents, and both day and night frequency in Overactive Bladder and Urinary Incontinenceand will be marketed under the name UriVarx.
Innovus Pharmaceuticals also anounced the launch of Sensum+ under the Beyond Human Sales and Marketing Platform, which is clinically proven to increase penile sensitivity, and its brain health supplement, RecalMax, under the Beyond Human Sales and Marketing Platform in the U.S.
Lastly, it announced the appointment of Mr. Robert E. Hoffman as Executive Vice President and Chief Financial Officer. The company is also continuing preparation for the anticipated launch of FlutiCare in the second quarter of next year, which might likely offer more upside for shares if approved by the FDA before the end of this year.
Innovus Pharmaceuticals Inc is 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 approximately five products in the United States and six in a range of countries around the world through its commercial partners.
The company has commercial agreements in over 60 countries around the world through its commercial partners. Its marketed products include Zestra, EjectDelay, Sensum+, Zestra Glide, Vesele and Androferti. To top it off, Innovus Pharmaceuticals has a pipeline of over three additional products, including FlutiCare OTC for Allergic Rhinitis, Urocis XR, an extended release of Vaccinium Marcocarpon, and AndroVit, a supplement to support overall prostate and male sexual health, which is marketed in Europe.