Cosmos Health’s Subsidiary CosmoFarm Achieves Record Revenue, Up 8.62% to $43 Million YTD 2024, with Gross Profit Rising 21%

Rhea-AI Summary

Cosmos Health's subsidiary CosmoFarm reported record revenue of $43 million for the first ten months of 2024, marking an 8.62% increase from the previous year, accompanied by a 21% rise in gross profit. The growth is attributed to investments in advanced robotic systems for automated operations, expanded sales and marketing initiatives, and strategic acquisitions of distribution networks. CosmoFarm, operating from a 29,000-square-foot facility in Athens, serves over 1,500 pharmacies and is projected to exceed $52 million in annualized revenue.

Positive

• Record revenue of $43 million YTD 2024, up 8.62% year-over-year
• Gross profit increased by 21%
• Projected to exceed $52 million in annualized revenue
• Expanded customer base to over 1,500 pharmacies

Negative

• None.

CHICAGO, IL / ACCESSWIRE / November 1, 2024 / 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, announced today that its healthcare distribution business, operated through its wholly owned subsidiary, CosmoFarm S.A. ("CosmoFarm"), has achieved record sales.

In the first ten months of 2024, CosmoFarm achieved record revenue of approximately $43 million, representing an 8.62% increase over the same period last year and contributing to a 21% rise in gross profit.

Since its acquisition in Q4 2018, CosmoFarm has experienced substantial growth under Cosmos Health's ownership. Key drivers of this growth include investments in advanced robotic systems, such as ROWA and SCHAEFER's A-frame, for automated procurement, inventory management, and order processing; expanded sales and marketing initiatives; and strategic bolt-on acquisitions of distribution networks.

The picture below illustrates CosmoFarm's owned 29,000-square-foot headquarters and distribution facility in Athens.

Click here to watch a video showcasing CosmoFarm's robotic systems:

Greg Siokas, CEO of Cosmos Health, stated: "We are delighted to report record revenue at CosmoFarm, set to exceed $52 million on an annualized basis. Since acquiring CosmoFarm, we have transformed it into a leading pharmaceutical wholesaler in Greece, now serving over 1,500 pharmacies and delivering excellence in the distribution of pharmaceuticals, OTC medications, and related products."

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, 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 COVID-19 pandemic and 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

SOURCE: Cosmos Health Inc.

View the original press release on accesswire.com

FAQ

What is CosmoFarm's revenue growth in 2024 for Cosmos Health (COSM)?

CosmoFarm achieved an 8.62% revenue increase to $43 million in the first ten months of 2024 compared to the same period last year.

How much did Cosmos Health's (COSM) gross profit increase in 2024?

Cosmos Health reported a 21% increase in gross profit through its CosmoFarm subsidiary in the first ten months of 2024.

What is the projected annual revenue for Cosmos Health's (COSM) CosmoFarm subsidiary?

CosmoFarm is projected to exceed $52 million in annualized revenue for 2024.

How many pharmacies does Cosmos Health's (COSM) CosmoFarm serve?

CosmoFarm serves over 1,500 pharmacies as a pharmaceutical wholesaler in Greece.