Veru Inc. (NASDAQ: VERU), the stock jumped 21.79% to $7.74 in the premarket session after a biopharmaceutical oncology corporation focused on the production of new cancer treatment drugs, today reported high net sales and gross profit for its fourth quarter and full-year ended September 30, 2020, for fiscal 2020.
4th-quarter: YOY highlights
From $8.7 million, net sales rose 35% to $11.7 million years over year.
FC2 net prescription revenue increased 87% from $4.7 million to $8.7 million.
The company’s Gross profit soared 64% from $5.8 million to $9.6 million. It’s Gross margin rose from 67% of net revenue to 81% of net revenue.
The net loss was $11.3 million, with a non-cash impairment fee of $14.1 million relating to intangible assets. Net revenue was $2.8 million with an operating deficit of $1.5 million, minus the non-cash impairment fee.
Before the fee for non-cash impairment, the net loss was $11.8 million, or $0.17 per share, compared to $3.1 million, or $0.05 per share.
Full-year: YOY Highlights
From $31.8 million, net sales grew 34% to $42.6 million.
Company sales of prescription FC2 soared 93% from $14.1 million to $27.1 million. Its Gross profit gained 42% from $21.7 million to $30.8 million.
Gross margin rose from 68% of net sales to 72% of net revenue.
The net loss was $14.7 million, with a non-cash impairment fee of $14.1 million relating to intangible assets.
Compared to $12.0 million, or $0.19 per share, the net loss, which contains the non-cash impairment fee, was $19.0 million, or $0.28 per share.