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Synergy CHC Corp. (NASDAQ: SNYR) reported its Q3 2024 financial results, marking its seventh consecutive profitable quarter. Revenue decreased 34% to $7.1 million compared to $10.8 million in Q3 2023, primarily due to retailer de-inventorying related to FOCUSfactor product rebranding.
Key financial metrics include: gross margin of 67.2% (down from 72.0%), operating income of $1.1 million (down from $2.1 million), and net income of $0.8 million (down from $1.3 million). The company completed its IPO of 1,150,000 shares at $9.00 per share and expanded retail partnerships with BJ's Wholesale Clubs and Publix. Post-IPO, Synergy reduced debt by $3.1 million and added $6.2 million in net cash to its balance sheet.
Synergy CHC Corp. (NASDAQ: SNYR) has scheduled the release of its third quarter 2024 financial results for December 6, 2024, before market opening. The company will host a conference call at 9:00 a.m. ET / 6:00 a.m. PT on the same day, featuring CEO Jack Ross and CFO Stacy Bieber. Participants are encouraged to join the call 15 minutes early, and a webcast replay will be available on the company's website.
Synergy CHC Corp (NASDAQ: SNYR) has completed its initial public offering of 1,150,000 shares of common stock at $9.00 per share. Trading began on the Nasdaq Global Market on October 23, 2024, under ticker 'SNYR'. The company raised approximately $8.4 million in net proceeds after deducting underwriting costs. Underwriters have a 30-day option to purchase up to 172,500 additional shares. The funds will be used to repay related party promissory notes and for general corporate purposes. Roth Capital Partners served as the sole manager for the offering.
Synergy CHC Corp, a provider of consumer health care, beauty, and lifestyle products, has announced the pricing of its initial public offering of 1,150,000 shares at $9.00 per share. Trading will commence on Nasdaq Global Market under symbol 'SNYR' on October 23, 2024. The company expects to receive $8.4 million in net proceeds, potentially reaching $9.9 million if underwriters exercise their option to purchase additional 172,500 shares. Proceeds will be used to repay related party promissory notes and for general corporate purposes. Roth Capital Partners is serving as the sole manager for the offering, which is expected to close on October 24, 2024.
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