At last check, in the current trading session, Petros Pharmaceuticals Inc. (PTPI) stock had surged by 46.47% to $4.34. PTPI stock previously closed the session at $2.96. The PTPI stock volume traded 2.55 million shares. In the past week, the shares of PTPI had shed-12.94%. In the past three months, the PTPI stock plunged by-32.73%. Furthermore, Petros Pharmaceuticals, Inc. is currently valued at $28.80 million and has 9.73 million outstanding shares.
Here’s all that you need to know about Petros Pharmaceutical’s background
Petros Pharmaceuticals, Inc. is a drug manufacturing company that specifically engages on developing, manufacturing, and marketing therapeutics for men’s health issues. Furthermore, the company also seeks specific acquisitions for therapeutics in men’s health issues. Petros Pharmaceuticals, Inc. is based in New York.
There are two segments of the company for its operations, Prescription Medications, and Medical Devices. It centers on erectile dysfunction, peyronie’s infection, endothelial brokenness, and prostate malignant growth; and chemical wellbeing, and products upgrading overall wellbeing and health in men. The organization offers physician recommended prescriptions, like Stendra for the treatment of erectile brokenness; and vacuum erection gadgets.
The announcement of first-quarter financial results for 2021
The company announced on 17th May 2021, the release of financial results for the first quarter which reported a 300% increase in YOY STENDRA Net Sales.
Petros’ presentation during the main quarter of 2021 fundamentally dominated a similar period from 2020, a pre-COVID comparator that gave the organization motivation to keep going into the remainder of 2021 after a huge sector-wide slump during most of 2020. The Company appreciated a 300% increment in STENDRA net sales year-over-year and remedies expanded both year-over-year and over Q4 2020 – an unequaled high since Petros started promoting STENDRA. The company believes this results from PTPI’s smoothing out of inside cycles and cost-cutting measures, joined with carrying out improved deals and promoting drives. Moreover, the Company appreciated an emerging post-COVID idealism from prescribers, purchasers and distribution channels, which established a great environment for expanded demand of prescriptions
Financial highlights of the PTPI operations
The company noticed a 300% increase in STENDRA® net sales during the first quarter of 2021 vs. the first quarter of 2020. The tablet prescriptions of STENDRA® had increased to 23% YOY and over the prior quarter, it had achieved a 6% increment. This achievement is an all-time high in prescription tablets since Petros began marketing STENDRA®
The gross margins of the company had increased by 84% for the first quarter of 2021, when compared with the prior year same period, the performance is upped by 56%. The company has reduced its operating expenses to $3.9 million, down from $5 million in the first quarter of 2020, an improvement of 22%. Positive quarterly net income was $3.0 million versus negative $6.1 million for the year-ago period due to increased net sales and margins, lower operating expenses, and a change in fair value of a derivative liability
The quarterly Adjusted EBITDA loss of $0.5 million was drastically dropped compared to $4.0 million for the year-ago period. The company formed a steering committee to develop expanded patient access initiatives, including non-prescription and/or over-the-counter (OTC) status strategies, for its STENDRA® (avanafil) product.
Overall outlook for the company
The Company has an omni-channel approach towards its progress in operations and revenues, including the quest for a potential endorsement for over-the-counter use for STENDRA®, just as new and extended naming, which will give expanded adaptability intolerant access. PTPI stock is anticipating an extension in deals and promoting viewpoints that will bring about improving mindfulness and interest for the item. Meanwhile, the organization is proceeding to investigate extra freedoms to extend its item offering, zeroing in on the general men’s wellbeing market.