This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Pharmagen Announces First Quarter 2013 Results

Stocks in this article: PHRX

SILVER SPRING, Md., May 15, 2013 /PRNewswire/ -- Pharmagen, Inc. (OTCBB: PHRX) (the "Company" or "Pharmagen") today announced financial results for the quarter ended March 31, 2013. On a consolidated basis, revenues for the three months ended March 31, 2013 totaled $1.72 million as compared to the three months ended March 31, 2012, representing a 329% increase year-over-year.  Adjusted for nonrecurring expenses, and depreciation and amortization, the company reported a slight profit for the quarter on an EBITDA basis. The company had one-time, non-recurring expenses of approximately $340k, and amortization and depreciation of approximately $335k, representing an operating loss of $666,0000. The companies branded multivitamin Clotamin® reported first quarter sales of approximately $500,000, representing a 1,000% increase compared to the first quarter of 2012. Gross margins for the company continue to improve, expanding from 44% in the first quarter of 2012 to 60% in the first quarter of 2013. Margin improvement is being driven primarily from increased sales of Clotamin® and revenues generated by Pharmagen Laboratories. Pharmagen Wholesale's license base has expanded to 40 states and Pharmagen Laboratories has expanded to 24 states. The company is weighing a strategic move to North Carolina as it attempts to become an FDA-approved generic manufacture of sterile injectable pharmaceuticals, utilizing a revolutionary cGMP + ® process. It is seeking an incentive package from the State of North Carolina. Management continues to be the largest shareholder and retains its entire equity position since going public.

"Since the meningitis outbreak, drug shortages are now at the forefront of health policy, second only to the Affordable Care Act. Pharmagen is positioned perfectly as one of the only companies in the United States to address this problem. We've literally built our company around this issue. From a hospitals perspective, we're a one stop shop, offering secondary wholesale, state of the art compounding, and hopefully in the near future, FDA manufacturing. There isn't another company that I'm aware of that plays in all three verticals," said Mackie A. Barch, CEO of Pharmagen.

Barch went on to say, "While we still have a long way to go, we're getting better every day. Management continues to hold the largest equity position in the company, aligning us perfectly with our shareholders. Speaking for the entire management team, we only plan on adding to that position."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs