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AYTU BIOPHARMA, a leading pharmaceutical company, has released its financial results for the year ended June 30, 2023. Despite strong annual revenue of $107.4 million, the company reported a net loss of $17.1 million during the period.
In terms of financial performance, AYTU BIOPHARMA experienced a gross profit of $66.6 million, reflecting a significant increase compared to the previous year's gross profit of $52.3 million. However, operating expenses amounted to $83.7 million, leading to a loss from operations of $17.1 million. The company's other income, including gain on derivative warrant liability, amounted to $14 thousand, resulting in a net loss before income tax of $17.1 million.
AYTU BIOPHARMA achieved a notable increase in product revenue, with net sales reaching $107.4 million for the year. This represents a growth of approximately 11% compared to the previous year's revenue of $96.7 million. The company attributes this growth to robust sales of its products and services.
Despite the net loss, AYTU BIOPHARMA maintains a relatively stable financial position. The company's total assets and total liabilities were reported at $136.5 million and $97.1 million, respectively. AYTU BIOPHARMA's stockholders' equity stood at $39.4 million, indicating a reasonable level of financial stability.
AYTU BIOPHARMA reported basic and diluted net loss per common share of $5.11 for the year ended June 30, 2023. The weighted average number of common shares outstanding increased to 3.3 million shares from 1.5 million shares in the previous year. Although the net loss per share has decreased significantly from the previous year's figure of $74.01, it is important to note that this improvement can be attributed to the increase in outstanding shares rather than a substantial improvement in profitability.
Looking ahead, AYTU BIOPHARMA remains focused on its growth strategy and aims to continue expanding its product portfolio and market presence. The company plans to invest in research and development activities to drive innovation and develop new treatment options for patients. Additionally, AYTU BIOPHARMA aims to optimize its operating efficiencies and cost structure to improve profitability and enhance shareholder value.
In conclusion, AYTU BIOPHARMA's financial results for the year ended June 30, 2023, showcase the company's strong revenue growth, despite reporting a net loss. The company will continue to prioritize its growth strategy and invest in R&D initiatives to drive future success.