Revenue Improved 262% and Gross Profit Improved 315% compared to the three months ended March 31, 2016
For the quarter ended March 31, 2017, versus the quarter ended March 31, 2016, Cosmos Holdings’ revenue improved 262% to $4.1 million from $1.1 million on the strength of its SkyPharm SA subsidiary, which obtained the necessary capital during 2016 and 2017 in order to develop, expand and organically grow its operations. Of note, revenue improved sequentially 27%, from $3.2 million in the 2016 fourth quarter to $4.1 million in the 2017 first quarter due to the organic growth in Sky Pharm SA and the acquisition of the UK subsidiary Decahedron Ltd. Additionally, gross profit increased 315% to $363,692 in the first quarter of 2017 from $87,676 in the first quarter of 2016.
During the first quarter of 2017 Cosmos Holdings completed the acquisition of the UK based pharmaceutical company Decahedron Ltd. With this acquisition, Cosmos expands its geographic market improving its access to additional vendors and customers moving closer to its goal of becoming an International Pharmaceutical Company.
Cosmos Holdings was successful in securing $2.6 million of institutional capital as of the first quarter of 2017. The company also entered into an agreement for an additional 2,750,000 EUR of capital through its subsidiary Decahedron in the form of a trade facility in April 2017. Moreover, in May 12, 2017 the company entered into another trade finance agreement and received institutional financing of 2,000,000 EUR through its subsidiary Skypharm SA.