ProPhase Labs Reports Financial Results for the Three and Six Months Ended June 30, 2020
ProPhase Labs, Inc. reported net sales of $3.6 million for Q2 2020, an increase from $1.7 million in Q2 2019. The company achieved net income of $70,000 ($0.01 per share), reversing a net loss of $1.2 million ($0.11 per share) year-over-year. For the first half of 2020, net sales totaled $5.5 million, up from $4.0 million in the prior year, with a reduced net loss of $0.7 million compared to $2.3 million. This improvement stemmed from a rise in third-party orders and reductions in costs across various expense categories.
- Net sales increased by $1.9 million in Q2 2020 due to rising third-party customer orders.
- Net income of $70,000 in Q2 2020 compared to a net loss of $1.2 million in Q2 2019.
- Reduction in administrative costs by $62,000 primarily from decreased professional fees.
- Sales and marketing expenses decreased by $217,000 from reduced marketing initiatives.
- Net loss of $0.7 million for the first half of 2020 compared to $2.3 million in the same period in 2019.
DOYLESTOWN, Pennsylvania, Aug. 11, 2020 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH, www.ProPhaseLabs.com) today announced net sales of
Results for the second quarter of 2020 compared to the second quarter of 2019 principally reflect the net effect of (i) an increase in net sales of
The Company generated net sales for the six months ended June 30, 2020 of
Results for the six months ended June 30, 2020 as compared to the six months ended June 30, 2019 principally reflect the net effect of (i) an increase in net sales of
About the Company
We are a manufacturing and marketing company with deep experience with OTC consumer healthcare products and dietary supplements. We are engaged in the research, development, manufacture, distribution, marketing and sale of OTC consumer healthcare products and dietary supplements in the United States. This includes the development and marketing of dietary supplements under the TK Supplements® brand.
In addition, the Company also continues to actively pursue acquisition opportunities for other companies, technologies and products inside and outside the consumer products industry. For more information visit us at www.ProPhaseLabs.com.
Investor Contact
Ted Karkus, Chairman and CEO
ProPhase Labs, Inc.
(267) 880-1111
ProPhase Labs, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||
| June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30 2019 | |||||||||||||
| Net sales | $ | 3,623 | $ | 1,651 | $ | 5,511 | $ | 3,969 | ||||||||
| Cost of sales | 2,344 | 1,390 | 3,817 | 3,188 | ||||||||||||
| Gross profit | 1,279 | 261 | 1,694 | 781 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Sales and marketing | 125 | 342 | 295 | 608 | ||||||||||||
| Administration | 1,030 | 1,092 | 2,028 | 2,296 | ||||||||||||
| Research and development | 65 | 95 | 124 | 189 | ||||||||||||
| Total operating expenses | 1,220 | 1,529 | 2,447 | 3,093 | ||||||||||||
| Income (loss) from operations | 59 | (1,268 | ) | (753 | ) | (2,312 | ) | |||||||||
| Interest income, net | 11 | 30 | 14 | 61 | ||||||||||||
| Net income (loss) | $ | 70 | $ | (1,238 | ) | $ | (739 | ) | $ | (2,251 | ) | |||||
| Other comprehensive income: | ||||||||||||||||
| Unrealized gain (loss) on marketable debt securities | (5 | ) | 8 | 6 | 23 | |||||||||||
| Total comprehensive income (loss) | $ | 65 | $ | (1,230 | ) | $ | (733 | ) | $ | (2,228 | ) | |||||
| Basic earnings (loss) per share: | $ | 0.01 | $ | (0.11 | ) | $ | (0.06 | ) | $ | (0.19 | ) | |||||
| Diluted earnings (loss) per share: | $ | 0.01 | $ | (0.11 | ) | $ | (0.06 | ) | $ | (0.19 | ) | |||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 11,592 | 11,560 | 11,587 | 11,558 | ||||||||||||
| Diluted | 11,618 | 11,560 | 11,587 | 11,558 | ||||||||||||
ProPhase Labs, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
| June 30, | December 31, | ||||||||
| 2020 | 2019 | ||||||||
| (audited) | |||||||||
| Cash and cash equivalents | $ | 2,537 | $ | 434 | |||||
| Marketable debt securities, available for sale | $ | 3,339 | $ | 926 | |||||
| Accounts receivable, net | $ | 1,930 | $ | 2,010 | |||||
| Inventory | $ | 2,047 | $ | 1,459 | |||||
| Total current assets | $ | 10,242 | $ | 9,945 | |||||
| Total assets | $ | 12,375 | $ | 12,274 | |||||
| Total current liabilities | $ | 1,395 | $ | 933 | |||||
| Total non-current liabilities | $ | 86 | $ | 110 | |||||
| Total stockholders’ equity | $ | 10,894 | $ | 11,231 | |||||
FAQ
What were ProPhase Labs' net sales in Q2 2020?
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What was ProPhase Labs' net income for the first half of 2020?
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