Revenue Improved 539% and Gross Profit Improved 487% compared to the three months ended June 30, 2016
CHICAGO, IL- - August 15, 2017 - Cosmos Holdings, Inc. ("the Company") (OTCQB: COSM), an international pharmaceutical company, announced financial results for the quarter ended June 30, 2017.
For the quarter ended June 30, 2017, versus the quarter ended June 30, 2016, Cosmos Holdings' revenue improved 539% to $6.1 million from $955 thousand. The increase was mainly on the strength of its SkyPharm SA subsidiary, which obtained additional financing in 2017 to develop, expand, and organically grow its operations. Of note, revenue improved sequentially 48%, from $4.1 million in the 2017 first quarter to $6.1 million in the 2017 second quarter due to the organic growth in Sky Pharm SA and the acquisition of the UK subsidiary Decahedron Ltd. Additionally, gross profit increased 487% to $480,098 in the second quarter of 2017 from $81,706 in the second quarter of 2016.
For the six-month period ended June 30, 2017, versus the six-month period ended June 30, 2016, Cosmos Holdings' revenue improved 388% to $10.2 million from $2 million. Additionally, gross profit increased 398% to $843,790 in the second semester of 2017 from $169,382 in the second semester of 2016.
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.
Cosmos Holdings CEO Gregory Siokas commented, “We are excited with the growth that we have experienced during the first two quarters of 2017. We expect the company’s momentum of growth to continue in the coming quarters.”
About Cosmos Holdings, Inc.
Cosmos Holdings Inc. is a pharmaceutical company focused on identifying, acquiring, developing, and commercializing medicines to improve patients' lives and outcomes. The Company has a trans-European network of more than 60 clients and vendors in Germany, the United Kingdom, Italy, France, Sweden, Ireland, Denmark, Poland, Netherlands, and Greece. Cosmos Holdings has offices and distribution centers in Thessaloniki, Greece & In Harlow, UK. More information is available at www.cosmosholdingsinc.com.
Cosmos Holdings, Inc. takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services.
FORWARD LOOKING STATEMENTS
Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve unknown risks, and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company's filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.