CURE Pharmaceutical third-quarter revenue increases 58.9% sequentially to $1.8 million
CURE Pharmaceutical Holding Corp. CURR revenue in the third quarter increased 32.1% year-over-year and 58.9% sequentially from Q2 2022 to $1.8 million.
Third Quarter 2022 Financial Highlights
Gross profit was $1.4 million, compared to $914,000 in the third quarter of 2021.
Third quarter gross margins improved 123 basis points to 80.0% in 2022 compared to the same period in 2021.
Net loss was $3.6 million, compared to $4.3 million in the third quarter of 2021.
Operational Highlights
CURE completed the sale of a portion of its platform technology intellectual property portfolio and related assets in July 2022 for $20 million non-dilutive capital in full consideration . The company has retained 15 of its patents and will continue to be an incubator for future technologies and patents, which it intends to monetize by commercializing the technologies through product development or by licensing or selling the technologies.
CURE's wholly-owned subsidiary The Sera Labs has started selling six SKUs of its Seratopical Revolution skincare line with P3P, the proprietary delivery system, in 1,372 Walmart stores as well as on Amazon.com.< /p>
Sera Labs also secured placement for its oral thin strip, Nutri-Strips, on the shelves of CVS, Amazon.com and Target.com. Nutri-Strips are the property of Sera Labs and are the result of years of research.
Board and Governance Update
In August, the company named Gerald Bagg and Robert J. Costantino to its board of directors and Costantino was also named chairman of CURE's audit committee. Former CURE CEO Rob Davidson has been named Chairman of the Board.
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Photo by Mackenzie Marco on Unsplash
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CURE Pharmaceutical Q2 2021 Revenue Increases 700% After Sera Labs Product Sales Increase, Including CVS Agreement
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
CURE Pharmaceutical Holding Corp. CURR revenue in the third quarter increased 32.1% year-over-year and 58.9% sequentially from Q2 2022 to $1.8 million.
Third Quarter 2022 Financial Highlights
Gross profit was $1.4 million, compared to $914,000 in the third quarter of 2021.
Third quarter gross margins improved 123 basis points to 80.0% in 2022 compared to the same period in 2021.
Net loss was $3.6 million, compared to $4.3 million in the third quarter of 2021.
Operational Highlights
CURE completed the sale of a portion of its platform technology intellectual property portfolio and related assets in July 2022 for $20 million non-dilutive capital in full consideration . The company has retained 15 of its patents and will continue to be an incubator for future technologies and patents, which it intends to monetize by commercializing the technologies through product development or by licensing or selling the technologies.
CURE's wholly-owned subsidiary The Sera Labs has started selling six SKUs of its Seratopical Revolution skincare line with P3P, the proprietary delivery system, in 1,372 Walmart stores as well as on Amazon.com.< /p>
Sera Labs also secured placement for its oral thin strip, Nutri-Strips, on the shelves of CVS, Amazon.com and Target.com. Nutri-Strips are the property of Sera Labs and are the result of years of research.
Board and Governance Update
In August, the company named Gerald Bagg and Robert J. Costantino to its board of directors and Costantino was also named chairman of CURE's audit committee. Former CURE CEO Rob Davidson has been named Chairman of the Board.
Get your daily dose of cannabis news at Benzinga Cannabis. Don't miss any important developments in the industry.
Photo by Mackenzie Marco on Unsplash
Related News
CURE Pharmaceutical Q2 2021 Revenue Increases 700% After Sera Labs Product Sales Increase, Including CVS Agreement
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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