CHICAGO, April 20, 2018 - Cosmos Holdings, Inc. (Cosmos) (COSM), an international pharmaceutical company, announced today its full-year 2017 financial results for the year ended December 31, 2017. Full-year 2017 revenue increased 347% to $30.0 million from $6.7 million in 2016, fueled by strong execution on customer network expansion and by securing approximately $10.2 million in additional capital. Cosmos also achieved gross profit growth of 225% in 2017, an increase to $1.95 million in 2017 from $0.6 million in 2016, demonstrating the successful scaling of operations of its subsidiaries, which delivered on their commitment to enter into new markets, and diversify the customer base, the vendor base, and the product portfolio.
- 2017 revenue improved 347% to $30.0 million from $6.7 million in 2016.
- Gross profit increased 225% to $1,956,267 for 2017 from $601,040 in 2016.
- Completed acquisition of Decahedron Ltd., a fully licensed U.K. wholesaler of pharmaceutical products which expanded Cosmos’ customer network by 50 and its reach to an additional 8 countries in 2017; Cosmos’ current network consists of over 110 customers and vendors in 16 different countries, including some of the largest European wholesalers.
- Continued diversification of our customer and vendor base, reducing client concentration risk and fueling the company’s future growth.
- Entered into an agreement with a licensed contract manufacturer to produce Cosmos’ own brand of nutraceuticals.
- Executed a definitive agreement with Marathon Global Inc. to source and procure medical cannabis products and their derivatives to approved countries through Cosmos’ current distribution network.
Cosmos CEO Grigorios Siokas said, “We made significant progress in growing and optimizing our trading business in 2017 which was fueled by our focus in successfully targeting markets where we can build and maintain a strong position. Looking to 2018, we are planning to continue to develop and grow our business organically and through the acquisition of carefully targeted companies that will add value to our company and its shareholders.”
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. Cosmos Holdings has offices and distribution centers in Thessaloniki, Greece and Harlow, U.K. More information is available at www.cosmosholdingsinc.com.
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.
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.