Aytu Bioscience Inc. (NASDAQ:AYTU) has announced its financial results for its fiscal Q1 2021 for the period ended September 30, 2020, recognizing consumer health revenue was $7.8 million.
Atyu posted net revenue of $13.5 million
The company reported net revenue of $13.5 million in Q1 2021, an 839% YoY increase. Consumer health net revenue increased from $6.9 million in Q4 2020 to an all-time high of around $7.8 million. On the other hand, Rx’s net revenue was $5.8 million in Q1 2021 compared to $1.4 million a year ago. The pharmaceutical company ended the quarter with cash and cash equivalents plus restricted cash of $38.2 million at the end of the quarter.
Commenting on the Q1 2021 results, Aytu’s CEO, Josh Disbrow, stated that they saw a substantial increase in net revenue in the quarter. The increase was mainly because it was the second full quarter that the company realized combined revenue contribution from the Aytu and Innovus business and the Cerecor assets. Disbrow said that the company reported an adjusted EBITDA loss of $1.3 million in the quarter compared to £3.6 million a year ago. He said that the strong balance sheet, less than $1 million in debt, and present spending levels imply that the cash will be adequate to help realize profitability.
Enhancement of e-commerce business boosted Consumer Health revenue
Consumer Health’s revenue hit an all-time high because of the enhancement of the e-commerce operations and also OmepraCare® launch. Omerpracare is an over the counter acid reflux proton pump inhibitor. Aytu also launched Regoxidine®, an over-the-counter hair loss form formula of minoxidil I Q4 2020. Rx net revenue was also up due to the balanced contribution from its prescription portfolio, including COVID-19 test kits.
The company’s commercial partner Acerus Pharmaceuticals unveiled a dedicated specialty sales team for Natesto® promotion to endocrinologists and urologists across the US. ZolpiMist® received approval by Australia’s Therapeutic Goods Administration during the quarter, and also test scale Healight™ investigational devices were produced to facilitate the commencement of the first COVID-19 trial.