Full Press Release Details
BioScience Announces Fiscal Q4 2020 Net Revenue of $14.9 Million,
an Increase of 82% Sequentially, and 766%
Company's highest revenue quarter to date is more than 2X its
entire fiscal 2019 revenue
ENGLEWOOD, CO / ACCESSWIRE / October 6, 2020 / Aytu
BioScience, Inc. (NASDAQ: AYTU), a specialty pharmaceutical company
(the "Company") focused on commercializing novel products that
address significant patient needs today reported financial results
for its fiscal fourth quarter 2020, for the three month period
ending June 30, 2020.
Fourth Quarter Fiscal 2020 Financial Highlights
increased 82% sequentially, and 766% year-over-year to $14.9
quarter to date is more than 2X entire fiscal 2019
Net Revenue was $6.9 million, compared to $3.5 in Q3
was $7.9 million, compared to $4.7 in Q3
($3.1) million and Q4 Adjusted EBITDA of ($1.7)
equivalents and restricted cash of $48.3 million on June 30, 2020,
after fully extinguishing the $15 million Deerfield balloon payment
fourth quarter of fiscal 2020, Josh Disbrow, Chief Executive
Officer of Aytu BioScience, stated Revenue increased
exponentially in Q4 2020, to $14.9 million, compared to $1.7
million for Q4 2019. It is important to note that this was the
first full quarter of revenue from the combined Aytu and Innovus
businesses, along with the Cerecor assets. Turning to the bottom
line, adjusted EBITDA loss was reduced to just $1.7 million for Q4
2020, compared to a $3.7 million adjusted EBITDA loss for Q4 2019.
On the balance sheet, with approximately $48.3 million in cash,
cash equivalents and restricted cash after paying $15 million to
fully extinguish the Deerfield balloon payment previously due
January 2021, we have less than $1 million of debt, and at current
spending levels, we believe we have sufficient runway to reach
Disbrow continued, Taking a closer look at the top line,
both of our revenue streams, from the Consumer Health and Rx
segments, performed well. On the Consumer Health side, we generated
$6.9 million in revenue, an increase compared to Q3. Contributing
to those results was organic growth within our core Consumer Health
product lines of diabetes care, sexual wellness and bladder health.
Additionally, we strengthened our e-commerce business for Consumer
Health. Furthermore, our newly launched Consumer Health product,
Regoxidine , an over-the-counter foam formulation of minoxidil
for hair regrowth, is on track to contribute revenue in excess of
seven figures in its first 12-months from
Disbrow added, On the Rx side, revenue was $7.9 million, a
significant increase compared to Q3. Contributing to Rx revenue was
solid contribution from the pediatric franchise. Additional value
was created with Natesto gaining preferred status on Express
Scripts' national formulary and the Natesto spermatogenesis
study results published in the Journal of Urology, both of which we
expect to drive prescription growth in the coming quarters. Organic
Rx growth was fueled by a relatively balanced contribution across
our key products and improved sales execution. Despite the impact
COVID has had on physician office access, Q4 represented a record
revenue quarter for our Rx business and significant growth over the
previous quarters. This is a strong statement about our field
execution and clinical value of our products, and I'm pleased
to see our call levels now picking back up to near normal in the
current quarter to further drive prescription
Disbrow concluded, "At $14.9 million in record quarterly revenue,
with a narrowed Adjusted EBITDA loss, $48.3 million of cash, cash
equivalents and restricted cash on the balance sheet, the addition
of the Healight opportunity for COVID-19 and future potential
non-COVID-19 applications, and our addition to the Russell 2000, we
have strong momentum to grow shareholder value in fiscal 2021 and
Conference Call Information
company will host a live conference call at 4:30 p.m. ET today. The
conference call can be accessed by dialing either:
webcast will be accessible live at https://www.webcaster4.com/Webcast/Page/2142/37506
and archived on Aytu BioScience's website, within the Investors
section under Events & Presentations, at aytubio.com, for 90
replay of the call will be available for fourteen days. Access the
replay by calling 1-877-481-4010 (toll-free) or 919-882-2331
(international) and using the replay access code 37506
About Aytu BioScience, Inc.
BioScience is a commercial-stage specialty pharmaceutical company
focused on commercializing novel products that address significant
patient needs. The company currently markets a portfolio of
prescription products addressing large primary care and pediatric
markets. The primary care portfolio includes (i) Natesto , the
only FDA-approved nasal formulation of testosterone for men with
hypogonadism (low testosterone, or "Low T"), (ii) ZolpiMist ,
the only FDA-approved oral spray prescription sleep aid, and (iii)
Tuzistra XR, the only FDA-approved 12-hour codeine-based
antitussive syrup. The recently acquired Pediatric Portfolio
includes (i) Cefaclor, a second-generation cephalosporin antibiotic
suspension; (ii) Karbinal ER, an extended-release
carbinoxamine (antihistamine) suspension indicated to treat
numerous allergic conditions; and (iii) Poly-Vi-Flor and
Tri-Vi-Flor , two complementary prescription fluoride-based
supplement product lines containing combinations of fluoride and
vitamins in various for infants and children with fluoride
deficiency. Aytu also distributes a COVID-19 IgG/IgM rapid test.
This antibody test is a solid phase immunochromatographic assay
used in the rapid, qualitative and differential detection of IgG
and IgM antibodies to the 2019 Novel Coronavirus in human whole
blood, serum or plasma. Aytu has also licensed the Healight
Platform Technology. Healight is a pre-clinical investigational
device being studied as a potential treatment for COVID-19 in
severely ill, intubated patients and potentially other respiratory
also operates a consumer health subsidiary, Innovus
Pharmaceuticals, Inc. ("Innovus"), a specialty pharmaceutical