CHICAGO, IL--(Marketwired - Apr 19, 2017) - Cosmos Holdings, Inc. ("the Company") (OTCQB: COSM), an international pharmaceutical company, announced financial results for the year ended December 31, 2016.
For the year ended December 31, 2016, versus the year ended December 31, 2015, Cosmos Holdings' revenue improved 1,166 percent to $6.8 million from $0.5 million on the strength of its SkyPharm SA subsidiary, which obtained the necessary capital during 2016 in order to develop and expand and organically grow its operations. Of note, revenue improved sequentially 117 percent, from $1.4 million in the 2016 third quarter to $3.1 million in the 2016 fourth quarter due to the organic growth in Sky Pharm SA. Additionally, gross profit increased 1,126 percent to $0.6 million in 2016 from $48,993 in 2015. Net loss of $0.6 million in 2016 was reduced dramatically from $6.8 million in 2015 due to the strong growth in the Company's revenue.
During 2016 Cosmos Holdings reduced its customer concentration risk. In 2015 the Company's top three customers comprised 87 percent of its total sales compared to only 56 percent for 2016. Additionally, the Company successfully expanded its geographic market from four countries in 2015 to eight countries in 2016.
Cosmos Holdings CEO Gregory Siokas commented, "While we are gratified by the great improvement in our financial results in 2016 over 2015, we believe we have tremendous opportunity for continued growth and improvement. In 2017, we are planning to develop and grow our business through the acquisition of carefully targeted companies that will add value to our Company and its shareholders. Specifically, we are looking to enter more profitable pharmaceutical and over-the-counter segments and expand our product pipeline to include generic and cosmetics products. Additionally, at SkyPharm S.A, we are committed to increasing our customer pipeline by entering new countries, such as Denmark and Holland, while also pursuing alliances, licenses and joint ventures, and targeting markets where we can build and maintain a strong position."
Cosmos Holdings was successful in securing $2.6 million of institutional capital until the end of the first quarter of 2017. The company also entered into an agreement for an additional EUR 2,750,000 of capital through its subsidiary Decahedron in the form of a trade facility in April 2017.
About Cosmos Holdings, Inc.
Cosmos Holdings Inc. is a pharmaceutical company focused on identifying, acquiring, developing, and commercializing medicines to improve patients' lives and outcomes. The Company has a trans-European network of more than 60 clients and vendors in Germany, the United Kingdom, Ireland, Denmark, Poland, Netherlands, and Greece. Its warehouse and distribution center is located in Thessaloniki, Greece and is GDP & ISO 9001:2008 certified. More information is available at www.cosmoshold.com.
Cosmos Holdings, Inc. takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services.
FORWARD LOOKING STATEMENTS
Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve unknown risks, and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company's filings with the Securities and Exchange Commission. 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. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.