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Cumberland Pharmaceuticals Inc. (CPIX) and its subsidiaries have released thei r unaudited condensed consolidated financial statements for the first quarter ended March 31, 2023. The company reported a net loss of $1.4 million for the quarter, accompanied by net revenues of $9.22 million. Despite facing challenges, Cumberland Pharmaceuticals remains focused on its mission to provide high-quality pharmaceutical products.
Cumberland Pharmaceuticals Inc. experienced a net loss of $1.4 million during the first quarter of 2023. This represents a challenging start to the year for the company, as it grapples with various factors affecting its financial performance.
The company's net revenues for the first quarter of 2023 amounted to $9.22 million. This figure indicates a decline compared to the same period in the previous year, reflecting the company's ongoing efforts to navigate a dynamic and competitive pharmaceutical landscape.
Condensed Consolidated Balance Sheets
Cumberland Pharmaceuticals' balance sheet shows total assets amounting to $89.47 million as of March 31, 2023. The company's current assets, including cash and cash equivalents, accounts receivable, and inventories, totaled $43.81 million. Non-current inventories, property and equipment, intangible assets, and other assets further contributed to the company's overall asset portfolio.
During the three months ended March 31, 2023, the company incurred costs and expenses totaling $10.76 million. These expenses included costs of products sold, selling and marketing expenses, research and development costs, and general and administrative expenses. The company's operating loss amounted to $1.53 million, with interest income and other income partially offsetting the loss.
Cumberland Pharmaceuticals reported a net decrease in cash and cash equivalents of $3.37 million for the first quarter of 2023. The company's cash flows from operating activities were negative, amounting to $1.42 million, primarily attributed to the net loss incurred during the period. The company also reported cash flows used in investing activities, primarily related to property and equipment additions and intangible asset investments.
Condensed Consolidated Statements of Equity
The company's equity as of March 31, 2023, amounted to $36.05 million. Common stock, retained earnings (deficit), and noncontrolling interests contributed to the composition of the company's equity. Share-based compensation and repurchase of common shares were among the factors influencing changes in equity during the period.
Cumberland Pharmaceuticals Inc. remains committed to its goal of providing innovative pharmaceutical solutions, despite the challenges reflected in its financial results for the first quarter of 2023. The company continues to navigate the pharmaceutical landscape, striving to create value for its shareholders and stakeholders alike.