Cosmos Health Reports Full-Year 2024 Results: Revenue Increases 2% to $54.43 Million While Operating Expenses Decline 24.2% to $19.86 Million
Cosmos Health (NASDAQ:COSM) reported its full-year 2024 financial results, showing a 2% revenue increase to $54.43 million from $53.38 million in 2023. The company achieved a significant 24.16% reduction in operating expenses to $19.86 million, including a 40.26% cut in administrative expenses and 71% decrease in marketing costs.
Gross margin slightly declined to 7.92% from 8.15% in 2023. The company reported an Adjusted EBITDA of negative $3.73 million, compared to positive $0.06 million in 2023. Total assets decreased by 17.72% to $54.31 million, while maintaining a 55% liabilities-to-assets ratio.
Key developments include AI-driven patent filings for multiple diseases, advancement of weight management solution CCX0722, expansion of manufacturing capabilities, and securing a €2.2 million bond loan at 2.95% interest plus Euribor. The company also expanded its Sky Premium Life brand globally and integrated cryptocurrency as treasury reserve assets.
Cosmos Health (NASDAQ:COSM) ha comunicato i risultati finanziari completi per il 2024, registrando un aumento del fatturato del 2%, salito a 54,43 milioni di dollari rispetto ai 53,38 milioni del 2023. L'azienda ha ottenuto una significativa riduzione del 24,16% delle spese operative, scese a 19,86 milioni di dollari, con un taglio del 40,26% delle spese amministrative e una diminuzione del 71% dei costi di marketing.
Il margine lordo è leggermente diminuito al 7,92% dal 8,15% del 2023. L'azienda ha riportato un EBITDA rettificato negativo di 3,73 milioni di dollari, rispetto a un valore positivo di 0,06 milioni nel 2023. Gli attivi totali sono diminuiti del 17,72%, attestandosi a 54,31 milioni di dollari, mantenendo un rapporto passività/attivi del 55%.
Gli sviluppi principali includono la presentazione di brevetti basati sull'intelligenza artificiale per diverse malattie, il progresso della soluzione per la gestione del peso CCX0722, l'espansione delle capacità produttive e l'ottenimento di un prestito obbligazionario da 2,2 milioni di euro al tasso del 2,95% più Euribor. L'azienda ha inoltre ampliato globalmente il marchio Sky Premium Life e integrato le criptovalute come riserve di tesoreria.
Cosmos Health (NASDAQ:COSM) informó sus resultados financieros completos para 2024, mostrando un aumento del 2% en ingresos hasta 54,43 millones de dólares desde 53,38 millones en 2023. La compañía logró una significativa reducción del 24,16% en gastos operativos a 19,86 millones de dólares, incluyendo una reducción del 40,26% en gastos administrativos y una disminución del 71% en costos de marketing.
El margen bruto disminuyó ligeramente al 7,92% desde el 8,15% en 2023. La empresa reportó un EBITDA ajustado negativo de 3,73 millones de dólares, en comparación con un EBITDA positivo de 0,06 millones en 2023. Los activos totales disminuyeron un 17,72% a 54,31 millones de dólares, manteniendo una ratio de pasivos sobre activos del 55%.
Los desarrollos clave incluyen presentaciones de patentes impulsadas por IA para múltiples enfermedades, avance de la solución para el manejo de peso CCX0722, expansión de capacidades de manufactura y la obtención de un préstamo con bono de 2,2 millones de euros al 2,95% de interés más Euribor. La empresa también amplió globalmente la marca Sky Premium Life e integró criptomonedas como reservas de tesorería.
코스모스 헬스 (NASDAQ:COSM)는 2024년 전체 재무 실적을 발표하며, 2023년 5,338만 달러에서 2% 증가한 5,443만 달러의 매출 증가를 기록했다. 회사는 운영 비용을 24.16% 대폭 절감하여 1,986만 달러로 줄였으며, 관리비는 40.26%, 마케팅 비용은 71% 감소했다.
총 마진은 2023년 8.15%에서 소폭 하락한 7.92%를 기록했다. 조정 EBITDA는 2023년 0.06백만 달러 흑자에서 3.73백만 달러 적자로 전환되었다. 총 자산은 17.72% 감소한 5,431만 달러이며, 부채 대비 자산 비율은 55%를 유지했다.
주요 발전 사항으로는 여러 질병에 대한 AI 기반 특허 출원, 체중 관리 솔루션 CCX0722의 진전, 제조 역량 확장, 그리고 연 2.95% 금리와 유로리보를 더한 220만 유로 채권 대출 확보가 있다. 또한 회사는 Sky Premium Life 브랜드를 전 세계적으로 확장하고 암호화폐를 재무 준비 자산으로 통합했다.
Cosmos Health (NASDAQ:COSM) a publié ses résultats financiers complets pour l’année 2024, affichant une augmentation de 2% du chiffre d’affaires à 54,43 millions de dollars contre 53,38 millions en 2023. La société a réalisé une réduction significative des dépenses d’exploitation de 24,16% à 19,86 millions de dollars, incluant une baisse de 40,26% des frais administratifs et une diminution de 71% des coûts marketing.
La marge brute a légèrement diminué à 7,92% contre 8,15% en 2023. L’EBITDA ajusté s’est établi à -3,73 millions de dollars, contre +0,06 million en 2023. L’actif total a baissé de 17,72% pour atteindre 54,31 millions de dollars, tout en maintenant un ratio dettes/actifs de 55%.
Les développements clés comprennent des dépôts de brevets basés sur l’IA pour plusieurs maladies, l’avancement de la solution de gestion du poids CCX0722, l’expansion des capacités de fabrication, et l’obtention d’un emprunt obligataire de 2,2 millions d’euros à un taux de 2,95% plus Euribor. La société a également étendu globalement la marque Sky Premium Life et intégré les cryptomonnaies comme réserves de trésorerie.
Cosmos Health (NASDAQ:COSM) veröffentlichte seine vollständigen Finanzergebnisse für das Jahr 2024 und verzeichnete einen Umsatzanstieg von 2% auf 54,43 Millionen US-Dollar gegenüber 53,38 Millionen im Jahr 2023. Das Unternehmen erzielte eine signifikante Reduzierung der Betriebskosten um 24,16% auf 19,86 Millionen US-Dollar, darunter eine Senkung der Verwaltungskosten um 40,26% und der Marketingkosten um 71%.
Die Bruttomarge sank leicht von 8,15% im Jahr 2023 auf 7,92%. Das bereinigte EBITDA lag bei minus 3,73 Millionen US-Dollar, verglichen mit plus 0,06 Millionen im Jahr 2023. Die Gesamtvermögenswerte verringerten sich um 17,72% auf 54,31 Millionen US-Dollar, bei einem Verhältnis von Verbindlichkeiten zu Vermögenswerten von 55%.
Wesentliche Entwicklungen umfassen KI-gesteuerte Patentanmeldungen für mehrere Krankheiten, Fortschritte bei der Gewichtsmanagementlösung CCX0722, Ausbau der Fertigungskapazitäten und die Sicherung eines Anleihendarlehens über 2,2 Millionen Euro zu 2,95% Zinsen plus Euribor. Das Unternehmen erweiterte zudem die globale Präsenz der Marke Sky Premium Life und integrierte Kryptowährungen als Treasury-Reservevermögen.
- 2% revenue growth to $54.43 million
- 24.16% reduction in operating expenses
- Secured €2.2 million bond loan on competitive terms
- Expanded manufacturing contracts worth 9.5 million units
- CEO increased ownership by over 1 million shares
- Gross margin declined from 8.15% to 7.92%
- Adjusted EBITDA turned negative to -$3.73 million from +$0.06 million
- Adjusted net loss widened to $4.74 million from $0.81 million
- Total assets decreased by 17.72%
- Net loss of $16.18 million
Insights
Cosmos Health's FY2024 results present a mixed financial picture that requires careful interpretation. The
The company's
The balance sheet shows concerning trends, most notably the cash position of just
The absence of non-recurring gains that bolstered 2023's results (including a
The CEO's personal acquisition of over 1 million shares signals management confidence, but this must be balanced against the fundamental challenges evident in the financial statements. The combination of widening losses, diminishing cash reserves, and revenue growth creates a precarious financial situation that requires substantial improvement in operational performance.
Cosmos Health's strategic positioning reveals a company in transition, attempting to pivot from distribution toward higher-margin proprietary products. Their AI-driven R&D initiatives targeting serious conditions like multiple sclerosis and various cancers represent ambitious moves into higher-value pharmaceutical segments, though these remain in early development stages with no near-term revenue impact.
The company's weight management solution (CCX0722) scheduled for 2026 launch enters an increasingly competitive market, but one with substantial growth potential. However, the
More promising are the manufacturing developments at Cana Laboratories, with new long-term contracts secured with Pharmex and Provident Pharmaceuticals covering 9.5 million units. These manufacturing agreements provide revenue visibility and potentially higher margins than their current distribution-heavy business mix.
The expansion of their Sky Premium Life nutraceutical brand with 60 new SKUs and entry into new markets (Albania, Qatar) demonstrates progress in their consumer health segment. This diversification is strategically sound, particularly as their core logistics distribution segment operates on thin margins (evidenced by the overall gross margin of just
The appointment of Professor Dimitrios Trafalis as Head of Oncology and acquisition of patented anticancer drugs valued at
CHICAGO, April 16, 2025 (GLOBE NEWSWIRE) -- Cosmos Health Inc. ("Cosmos Health" or the “Company'') (NASDAQ:COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary pharmaceutical and nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, today reported financial results for the full year ended December 31, 2024.
Full Year 2024 Financial Highlights
Income Statement:
FY 2024 performance was marked by revenue growth, an increase in R&D investments, and a substantial reduction in operating expenses, while bottom-line results were impacted by the absence of non-recurring gains recognized in the prior year.
- Revenue increased by
2.0% to$54.43 million in FY 2024, from$53.38 million in the prior year, driven primarily by sustained organic growth and continued contributions from prior acquisitions. - Gross margin was
7.92% , compared to8.15% in FY 2023, reflecting a greater mix of revenue from the lower-margin logistics distribution segment. - Total operating expenses declined by
24.16% to$19.86 million , compared to$26.18 million in FY 2023. This includes:40.26% reduction in general and administrative expenses.71% decrease in sales and marketing expenses, following a strategic reduction in promotional spend.
- Total other income, net, was a loss of
$0.64 million in FY 2024, compared to income of$3.29 million in FY 2023. The year-over-year decline was primarily due to the absence of non-cash gains recognized in the prior year, including:$1.91 million gain on debt extinguishment.$1.44 million bargain purchase gain related to the acquisition of Cana Laboratories.
- Adjusted EBITDA was negative
$3.73 million , compared to positive$0.06 million in FY 2023, while Adjusted net loss widened to$4.74 million from$0.81 million .
Balance Sheet:
The liabilities-to-assets ratio remains a modest
- Total assets decreased by
17.72% to$54.31 million as of December 31, 2024, from$66.01 million at the end of 2023, while the Company continued to maintain a well-diversified asset base, supported by the following key components:- Tangible asset base, with property and equipment, net, totaling
$9.69 million , largely reflecting the Company’s wholly owned real estate assets, including CosmoFarm’s logistics center and Cana Laboratories’ manufacturing facilities. - Goodwill and intangible assets, net, totaling
$7.76 million , representing investments in intellectual property, including acquired licenses for established pharmaceutical and nutraceutical products. - Inventory position of
$4.36 million , reflecting enhanced procurement discipline and improved inventory management, with higher sales achieved despite a leaner inventory base.
- Tangible asset base, with property and equipment, net, totaling
- Total liabilities decreased by
0.64% to$29.78 million as of December 31, 2024, compared to$29.97 million at year-end 2023. Key highlights include:- Operating lease liabilities declined by
41% , or$346,000 , following the early termination of a long-term lease at the Thessaloniki corporate offices. This move supports the Company’s cost-efficiency strategy to consolidate all corporate functions in Athens. - Accounts payable decreased by
$754,000 , or6% , reflecting tighter cash flow management and more proactive settlement of supplier obligations.
- Operating lease liabilities declined by
- Total stockholders’ and mezzanine equity stood at
$24.53 million , versus$36.04 million as of December 31, 2023.
Recent Highlights
R&D and Product Innovation
- Advanced the pipeline with AI-driven patent filings targeting multiple sclerosis, allergic inflammation, gliomas and hematologic malignancies.
- Entered the final development phase for CCX0722, a proprietary weight management solution, with product launch expected in 2026.
- Secured two WIPO-patented anticancer drugs for prostate, ovarian, and colorectal cancers, valued at over
$24.5 million , enhancing the oncology portfolio. - Strengthened leadership with the appointment of Professor Dimitrios Trafalis, MD, as Head of Oncology.
Manufacturing
- Expanded Cana Laboratories’ facilities and production capabilities.
- Signed long-term manufacturing contracts with Pharmex and Provident Pharmaceuticals, covering over 9.5 million units across multiple product lines, enhancing revenue visibility and supporting margin expansion.
Global Commercial Expansion
- Expanded the Sky Premium Life nutraceutical brand with 60 new SKUs.
- Launched the Sky Premium Life brand in Albania, supported by a
$300,000 initial order, and secured a$578,460 order in Qatar. - Expanded distribution of avian influenza PCR kits across Europe and the GCC through an exclusive agreement with Virax Biolabs.
Strategic & Financial Milestones
- Strengthened the executive team with the appointment of Dimitris Moraitis as Vice President of Strategy & Operations.
- Secured a
€2.2 million (approximately$2.29 million ) secured bond loan from a European bank on competitive terms, with an option to upsize. The bond carries an interest rate of2.95% plus the applicable 6-month Euribor. - CEO Greg Siokas acquired over 1 million common shares through multiple transactions between December 20, 2024, and March 4, 2025.
- Integrated Bitcoin and Ethereum as treasury reserve assets.
Management Commentary
Greg Siokas, CEO of Cosmos Health, stated: "We have achieved a number of important milestones over the past year, but I believe we are still in the very early stages of what represents a key inflection point for Cosmos.
On the R&D front, we are leveraging AI-driven drug repurposing technologies to advance our research agenda, and our scientists are making meaningful progress toward the commercialization of our proprietary weight loss drug.
In manufacturing, we continue to invest in our Cana Laboratories facility and are securing long-term contract manufacturing agreements, a strategic and high-margin segment for us.
We are also investing in the development of our portfolio of proprietary brands, most notably through the rapid global expansion of Sky Premium Life, our high-margin nutraceutical line, which continues to grow with the addition of new SKUs and increasing market penetration across regions including Europe and the Middle East.
As we’ve previously noted, our hard assets offer valuable strategic flexibility. We recently capitalized on this by securing a
Lastly, I continue to demonstrate my commitment to Cosmos. Since December 20, 2024, I have increased my personal ownership by over 1 million shares, a clear reflection of my confidence in the Company’s long-term strategy and future potential.”
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
| Years Ended December 31, | ||
| 2024 | 2023 | |
| (in $) | ||
| GAAP - Figures | ||
| REVENUE | 54,426,402 | 53,376,874 |
| GROSS PROFIT | 4,311,323 | 4,349,569 |
| TOTAL OPERATING EXPENSES | (19,856,153) | (26,180,786) |
| GAIN (LOSS) FROM OPERATIONS | (15,544,830) | (21,831,217) |
| TOTAL OTHER INCOME (EXPENSE), NET | (638,188) | 3,288,563 |
| NET GAIN (LOSS) | (16,183,018) | (18,542,654) |
| NON-GAAP Figures* | ||
| ADJUSTED EBITDA | (3,730,955) | 59,627 |
| ADJUSTED NET INCOME (LOSS) | (4,743,269) | (806,849) |
(*) See "Definitions of Non-GAAP Measures" and "Reconciliation of Non-GAAP Measures" sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.
Definitions of Non-GAAP Measures
We collect and analyze operating and financial data to evaluate the health of our business and assess our performance. In addition to Revenue, Income (Loss) from Operations and Net Income (Loss) under GAAP, we use: EBITDA, Adjusted EBITDA, and Adjusted Net Income (Loss). We have included these non-GAAP financial measures because they are key measures used by our management to evaluate our operating performance. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and Board of Directors. Our calculation of these non-GAAP financial measures may differ from similarly titled non-GAAP measures, if any, reported by our peer companies. These non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP.
Adjusted EBITDA
We define Adjusted EBITDA as Income (Loss) before Income Taxes, excluding (i) depreciation and amortization expense, (ii) interest income (expense), (iii) non-cash interest expense, (iv) stock-based compensation expense, (v) non-recurring and extraordinary items (vi) other income (expense), net, (vii) gain (loss) on equity investments, net, (viii) gain on extinguishment of debt, (ix) change in fair value of derivative liability (x) foreign currency transaction, net, and (xi) prior years bad debt allowances.
We have included Adjusted EBITDA because it is a key measure used by our management team to evaluate our operating performance, generate future operating plans, and make strategic decisions. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and Board of Directors. In addition, it provides a useful measure for period-to-period comparisons of our business, as it removes the effect of certain non-cash expenses and non-recurring and extraordinary items.
Adjusted EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with GAAP.
Adjusted Net Income (Loss)
We define Adjusted Net Income (Loss) as Adjusted EBITDA (see above) adding provision for income taxes and deducting interest expense.
Adjusted Net Income has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with GAAP.
Reconciliation of Non-GAAP Measures
Adjusted EBITDA & Adjusted Net Income (Loss)
The following table presents reconciliations of Adjusted EBITDA & Adjusted Net Income (Loss) to the most directly comparable GAAP financial measure for each of the periods indicated.
| Years Ended December 31, | ||
| 2024 | 2023 | |
| (in $) | ||
| INCOME (LOSS) BEFORE INCOME TAXES | (16,183,018) | (18,542,654) |
| Adjustments (add back): | ||
| Depreciation and amortization expense | 1,249,238 | 614,377 |
| Interest income / (expense), net | 1,012,314 | 866,476 |
| EBITDA | (13,921,466) | (17,061,801) |
| Non-recurring and extraordinary items | 3,926,891 | 4,128,741 |
| Stock based compensation | 1,689,712 | 498,279 |
| Other income (expense), net | (86,737) | 65,867 |
| Gain (loss) on equity investments, net | (2,470) | (4,584) |
| Gain on extinguishment of debt | - | - |
| Change in fair value of derivative liability | - | (3,384) |
| Foreign currency transaction, net | 121,530 | (198,863) |
| Bad Debt Allowances | 4,541,584 | 11,850,788 |
| Other provisions | - | 784,584 |
| ADJUSTED EBITDA | (3,730,955) | 59,627 |
| Interest income / (expense), net | (1,012,314) | (866,476) |
| Provision for income taxes | - | - |
| ADJUSTED NET INCOME | (4,743,269) | (806,849) |
CONDENSED CONSOLIDATED BALANCE SHEET DATA
| December 31, 2024 | September 30, 2024 | December 31, 2023 | |
| (in $) | |||
| ASSETS | |||
| Cash & cash equivalents | 315,105 | 3,314,845 | 3,833,195 |
| Inventory | 4,355,365 | 4,885,015 | 4,789,054 |
| Accounts receivable, prepaid expenses and other current assets | 19,618,932 | 27,101,314 | 27,131,193 |
| Property and equipment, net | 9,689,505 | 10,575,928 | 10,455,499 |
| Goodwill and intangible assets, net | 7,756,534 | 7,746,761 | 7,684,183 |
| Loans receivable | 6,946,749 | 7,398,180 | 7,903,378 |
| Other noncurrent assets | 5,629,702 | 3,497,939 | 4,218,309 |
| TOTAL ASSETS | 54,311,892 | 64,519,982 | 66,014,811 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||
| Accounts payable and accrued expenses | 12,648,882 | 12,818,143 | 12,309,890 |
| Other current liabilities | 3,564,569 | 4,769,933 | 3,487,353 |
| Lines of credit | 6,985,052 | 5,989,425 | 6,630,273 |
| Notes payable | 4,119,471 | 4,279,340 | 4,617,510 |
| Other non-current and finance/lease liabilities | 2,460,990 | 1,686,542 | 2,926,757 |
| Stockholders' and mezzanine equity | 24,532,929 | 34,976,599 | 36,043,028 |
| TOTAL LIABILITIES AND STOCKHOLDERS'/MEZZANINE EQUITY | 54,311,892 | 64,519,982 | 66,014,811 |
About Cosmos Health Inc.
Cosmos Health Inc. (Nasdaq:COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life®, Mediterranation®, bio-bebe®, C-Sept® and C-Scrub®. Through its subsidiary Cana Laboratories S.A., licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency (EMA), it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. Cosmos Health also distributes a broad line of pharmaceuticals and parapharmaceuticals, including branded generics and OTC medications, to retail pharmacies and wholesale distributors through its subsidiaries in Greece and the UK. Furthermore, the Company has established R&D partnerships targeting major health disorders such as obesity, diabetes, and cancer, enhanced by artificial intelligence drug repurposing technologies, and focuses on the R&D of novel patented nutraceuticals, specialized root extracts, proprietary complex generics, and innovative OTC products. Cosmos Health has also entered the telehealth space through the acquisition of ZipDoctor, Inc., based in Texas, USA. With a global distribution platform, the Company is currently expanding throughout Europe, Asia, and North America, and has offices and distribution centers in Thessaloniki and Athens, Greece, and in Harlow, UK. More information is available at www.cosmoshealthinc.com, www.skypremiumlife.com, www.cana.gr, www.zipdoctor.co, www.cloudscreen.gr, as well as LinkedIn and X.
Forward-Looking Statements
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could", are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company's ability to raise sufficient financing to implement its business plan, the impact of the war in Ukraine, on the Company's business, operations and the economy in general, and the Company's ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's filings with the SEC, which are available at the SEC's website (www.sec.gov). 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.
Investor Relations Contact:
BDG Communications
cosm@bdgcommunications.com
+44 207 0971 653
FAQ
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