![]() We are working with world-class advisors and have developed strong relationships with the global leaders in whole genome sequencing equipment and consumables. At the heart of this research is whole genome sequencing. Despite its rapid growth over the past five years, it is still in its infancy, similar to where the internet was 20 to 25 years ago. We feel strongly that personalized precision medicine is the future of medicine. We cherry picked what we believe to be the most promising technologies and are now developing these assets with multi-billion-dollar potential. We spent the past two plus years exploring hundreds of potential acquisitions during the biotech bear market. We leveraged these successes to build a first-class infrastructure and platform. We then took advantage of the opportunity in COVID-19 testing to build a world-class high complexity molecular CLIA lab in the State of New York, and generate enormous revenues, earnings and working capital. In years past, we turned around and sold the Cold-EEZE Cold Remedy brand for $50 million. It is a testament to our entire management team that we generated positive net income and significant adjusted EBITDA even as our revenue mix transitions away from COVID-19 to whole genome sequencing and manufacturing and while developing cancer therapeutic and diagnostic assets each with multi-billion-dollar potential. Ted Karkus, ProPhase Lab’s Chief Executive Officer, commented, “I could not be more pleased with our progress to date. Cash, cash equivalents and marketable equity securities of $15.6 million and working capital of $42.8 million as of March 31, 2023.Adjusted EBITDA of $3.1 million for the three months ended March 31, 2023, as compared to adjusted EBITDA of $14.6 million for the three months ended March 31, 2022.Net Income of $0.6 million, or $0.03 per diluted share, for the three months ended March 31, 2023, as compared to net income of $12.5 million, or $0.68 per diluted share, for the three months ended March 31, 2022.Net revenue of $19.3 million for the three months ended March 31, 2023, as compared to $47.5 million for the three months ended March 31, 2022.Implemented new $6 million stock repurchase program.įinancial highlights for the three months ended March 31, 2023, include the following:.Growing Pharmaloz Manufacturing with almost 100% year-over-year growth. ![]() Growing Nebula Genomics with over 100% revenue growth year-over-year.Continuing sample acquisition and testing of BE-Smart Test at the cutting-edge facility at Mprobe.Developing the BE-Smart Esophageal Cancer Test with world-renowned Key Opinion Leaders at Mayo Institute, Kansas University Medical Center (KUMC) and Baylor University.Conducting vital pre-clinical analysis of Linebacker-1 at Eurofins and Reprocell. ![]()
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