Veru Inc (NASDAQ: VERU) has been gaining since November, and has increased upside momentum in the past week. This follows strong full-year results that were released on the 12th of December. The company announced that, its net revenues for the year rose by 100% from $15.9 million in 2018, to $31.8 million in 2019. On top of that, gross profits increased by 147% to hit $21.7 million in 2019. This represents 68% of the company’s net revenues compared to 55% of net revenues in 2018.
The company also gave a breakdown of its revenues for the year, and reported that, FC2 U.S prescription revenues increased 5X from $2.4 million to $14.1 million. It also announced that, FC2 public sector net revenues increased by 25%, from $13.5 million to $16.8 million. The company’s operating loss also dropped from an EPS loss of $0.44 in 2018, to $0.19 in 2019.
While announcing the full year results, the company also reported its Q4 results and that they were equally impressive. In Q4, revenues increased by 68% from $5.2 million to $8.7 million compared to a similar period in the last financial year. Gross profits also increased in the quarter to $5.8 million up from $3.2 million. The net loss also narrowed in Q4 from $0.14 to $0.05.
Besides the financials, the company also announced progress in the technical side of things. It announced that VERU-111, is being evaluated in a phase 1b/2 clinical trial in men with metastatic prostate cancer whose disease is resistant to castration and new androgen blocking agents.
Looking at its price action in Tuesday’s trading session, it traded between lows of $2.66 and highs of $3.00, before closing the day at $2.87. Volumes in the day stood at 897.48k.
About Veru Inc
Veru Inc is a biopharma company that focuses on developing treatments for prostate cancer. The company is headquartered in Kuala Lumpur Malaysia.