Aytu Bioscience Inc (NASDAQ:AYTU) recently released its financial report for its fiscal Q4 2020 ended June 30, 2020, revealing impressive financial highlights.
The company’s net revenue for the latest quarter was $14.9 million which represents an 82% increase from the previous quarter, and a whopping 766%-year-over-year increase in net revenue. The company reported its fiscal Q4 2020 consumer health revenue at $6.9 million which is almost double the $3.5 million consumer health revenue that the company reported in the previous quarter. It also reported a fiscal Q4 net loss of ($3.1) million and an adjusted EBITDA of ($1.7) million.
“Revenue increased exponentially in Q4 2020, to $14.9 million, compared to $1.7 million for Q4 2019,” stated Aytu Bioscience CEO, Josh Disbrow.
Aytu generated more revenue in its fiscal Q4 2020 than it has ever done in previous quarters. The impressive performance is also not coincidental. It was the result of strategic positioning and the company’s ability to provide novel products that address the needs of patients. Particularly during the coronavirus pandemic which increased the need for pharmaceutical products.
Is Aytu in a good financial position?
Disbrow was keen on pointing out that Aytu’s revenue during the fiscal Q4 quarter was a combination of the revenue from its Innovus and Aytu businesses, as well as the Cerecor assets. The CEO also revealed that the company’s cash and cash equivalents at the end of the fiscal fourth quarter 2020 amounted to $48.3 million. It also reported a significantly low debt profile at $1 million after paying $15 million owed to Deerfield. The CEO noted that its cash and debt position by the end of the fiscal Q4 period was enough to sustain the company’s profitability in the near term.
As far as the top line is concerned, Mr. Disbrow noted that the RX and consumer health segments were doing well thanks to strong organic growth from Aytu’s core product lines. They include bladder health, sexual wellness, and diabetes care. The CEO also revealed that the company boosted its e-commerce presence through its consumer health offerings. They also launched a new product called Regoxidine which is a minoxidil formulation for hair growth.
