Pharmagen Announces First Quarter 2013 Results
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."
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