Cosmos Health reports FY23 EPS ($2.15) vs. ($33.16) last year

Reports FY23 revenue $53.38M vs. $50.35M last year. Greg Siokas, CEO of Cosmos Health, stated: “I am very pleased with our progress in 2023. Despite it being a year of significant and transformative M&A activity for Cosmos, we delivered solid operating performance across the board. We achieved 6% revenue growth, expanded our brands globally, and accelerated our R&D program, all while maintaining a prudent capital structure, despite our focus on acquisitions. This is evidenced by our Stockholders’ Equity-to-Assets ratio remaining above 50%. Net interest expense decreased by 95%, underscoring our strong deleveraging efforts. Meanwhile, total assets remained near record highs at $66 million, including valuable licenses and debt-free properties at CosmoFarm and Cana, providing significant financial flexibility. Overall, total stockholders’ equity remained close to record levels at $36 million, with a book value per share of $2.25, reinforcing our belief that our shares remain undervalued. From a strategic perspective, 2023 was a year of laying the foundations for future growth. We made substantial progress in integrating several acquisitions, including GMP-licensed Cana, which enabled us to scale up our high-margin contract manufacturing business. We now expect this division to generate over $10 million in annual gross profit at full capacity by the end of 2025. Additionally, our ability to vertically integrate and manufacture our own medicines in-house led us to acquire a comprehensive portfolio of generic drugs, allowing us to further diversify our business and tap into new markets.”