Petros Pharmaceuticals Inc. (NASDAQ: PTPI) stock gained by 1.45% at last close while the PTPI stock price surged during after-hours by 18.23% at last close. As of now, there is no reason available regarding this rise in PTPI share price however Petros Pharmaceuticals has recently announced its first-quarter highlights which we will discuss below. Petros Pharmaceuticals is dedicated to creating a world-class specialist men’s health firm by discovering, developing, acquiring, and commercializing novel medicines for men’s health concerns.
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Recent Past Development
On May 17, 2021, Petros Pharmaceuticals announced its first-quarter 2021 financial highlights. Stated below are the highlights:
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- In the first quarter of 2021, Petros’ gross margins increased to 84 percent, up from 56 percent in the Q1 of 2020.
- Operating expenses (with the exception of depreciation and amortization) were decreased by 22% to $3.9 million in the first quarter of 2021, down from $5 million in the first quarter of 2020.
- Higher net sales and margins decreased operating expenditures, and a shift in the fair value of a derivative obligation resulted in a positive quarterly net income of $3.0 million, compared to a negative $6.1 million in the prior quarter.
- Quarterly Adjusted EBITDA loss was reduced to $0.5 million from $4.0 million the year before.
- Preliminary research on the investigational use of STENDRA for the endothelial function was highlighted.
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Fady Boctor, Petros Pharmaceuticals’ President and Chief Commercial Officer stated:
After a severe sector-wide decline for the bulk of 2020, Petros’ performance in the first quarter of 2021 greatly exceeded that of the same time in 2020, a pre-COVID comparison that gives them grounds for confidence heading into the rest of 2021. STENDRA net sales climbed by 300 percent year over year, while prescriptions surged year over year and over Q4 2020, reaching an all-time high since Petros began marketing the drug. This, they feel, is due in part to the simplification of internal procedures and cost-cutting measures they implemented, as well as enhanced sales and marketing activities. In addition, prescribers, customers, and distribution channels were showing signs of post-COVID optimism, which provided a conducive atmosphere for increasing prescriptions.