Emmaus Life Sciences Q1 net loss $3.5M, revenue up 109% to $6.8M, cash dwindles

Emmaus Life Sciences, Inc.

2023-Q1 EPS reported -$0.07 revenue$6,753,000

Net revenues $6.8M, up 109% YoY from $3.2M, driven by U.S. and MENA sales.
Loss from operations improved to $1.2M from $3.1M loss in Q1 2022.
Net loss $3.5M ($0.07 EPS) vs $1.5M ($0.03 EPS) a year ago, due to $3.7M other expense increase.
Cash $1.8M at March 31, 2023, down from $2.0M; working capital insufficient, needs additional financing.
Potential marketing approval for Endari in Saudi Arabia; fifth straight quarter of revenue growth.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Emmaus Life Sciences, Inc. reported the three months ended March 31, 2023 results: revenue $6.8 million, net income net loss of $3.5 million, EPS $0.07 per share.

Period: the three months ended March 31, 2023
Revenue: $6.8 million
Net income: net loss of $3.5 million
EPS: $0.07 per share
Result: reported results

Exact text from the filing

Net Revenues. Net revenues for the three months ended March 31, 2023 were $6.8 million, compared to $3.2 million for same period in 2022. The increase was primarily attributable to increased sales both in the U.S. and the Middle East North Africa (MENA) region. Net revenues in Q1 2023 were positively affected by sales of Endari in the MENA region, including Kuwait, where Endari was approved for marketing in late 2022, as well as increased U.S. sales as inventory overstocking by distributors was resolved. Operating Expenses . Total operating expenses for the three months ended March 31, 2023 were $7.5 million, compared with $5.3 million for the same period in 2022. Of the increased expenses in Q1 2023, $1.2 million was attributable to an increase in share-based compensation and $0.9 million to an increase in selling expenses. Loss From Operations. Loss from operations for the three months ended March 31, 2023 was $1.2 million, compared to $3.1 million in the same period in 2022. The dec

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Source: SEC EDGAR

accession 0001213900-23-039397

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