Full Press Release Details
Aytu BioScience Reports 100% Revenue Growth to $7.3 million in FY
Results Do Not Include September 2019 Definitive Agreement to
Acquire Innovus Pharmaceuticals: Combined LTM revenues of over
$31M, Diversifies product line by 10x to over 30
ENGLEWOOD, CO / ACCESSWIRE / September 26, 2019
BioScience, Inc. (NASDAQ:
AYTU), a specialty pharmaceutical company focused
on commercializing novel products that address significant
patient needs, today will provide an overview of its business,
including the company's operational and financial results for its
fiscal year 2019 that ended June 30, 2019. The company will host a
live conference call and webcast today at 4:30 p.m. ET. Conference
call details are provided at the end of this press
FY 2019 and Recent Operational Highlights
Year ending June 30, 2019 revenue increased 100% to $7.3 million;
results do not include any contribution from September 2019
Definitive Agreement to acquire Innovus Pharmaceuticals: combined
last twelve-month revenues of over $31 million
$5.1 million in FY 2019 gross profit, a 218% increase over prior
product portfolio from Natesto only, to three products
with the acquisition of ZolpiMist and Tuzistra
Spermatogenesis Study results were accepted for presentation as a
Late-Breaking Abstract by the American Society for
Reproductive Medicine (ASRM). The study results will be presented
at the 75th ASRM Scientific Congress & Expo in Philadelphia, PA
$2.1 million less cash than prior year despite cash used to
purchase two new products, buy inventory and launch both quickly,
within one-quarter of closing each transaction
$20.6 million new capital (debt, equity and warrant
multiple high-quality, healthcare focused fundamental institutional
two sell-side analysts covering AYTU
the board to include Steve Boyd, Founder and CIO of healthcare
institutional investor Armistice Capital, and Ketan Mehta, Founder,
President, and Chief Executive Officer of Tris Pharma
Subsequent to Fiscal Year Ending June 30, 2019
Announced Innovus Pharmaceuticals acquisition to form an integrated
specialty pharmaceutical company:
trailing twelve-month revenues of over $31 million
product line by 10x to over 30 products in both Rx and consumer
a robust, growing consumer health business to complement current
growing prescription product portfolio
complementary, seasoned management team to continue the growth of
the Innovus consumer health business
operating near breakeven; near-term commercial, administrative, and
operational synergies, resulting in acceleration of time to EBIDTA
positive, are expected to be realized through the rapid integration
of the two companies' operations.
Announced Natesto license re-negotiation with Acerus
Pharmaceuticals to accelerate revenue growth and increase promotion
to Low T specialists:
Natesto sales representatives; augments current Aytu sales force
with nationwide specialty sales team focused on urology and
gross profit, eliminates milestone payments, removes regulatory
fees and clinical trial expenses
Announced Tuzistra XR co-promotion with Poly Pharmaceuticals to
accelerate Rxgrowth and increase physician coverage:
the Tuzistra XR sales representative headcount; potential to double
primary care physician promotion by over 7,500
Josh Disbrow, Chief Executive Officer of Aytu BioScience,
commented, FY 2019 and subsequent activities reflect that
Aytu is entering a period of hypergrowth. Revenue in FY 2019
increased 100% year over year to $7.3 million, as we grew the
product portfolio 3x from one product to three. With our September
2019 definitive agreement to acquire Innovus Pharmaceuticals,
combined trailing twelve-month revenue is more than $31 million,
and this grows and diversifies our product line by 10x to over 30
products in both Rx and consumer health segments. The synergies
from the combination are expected to result in accelerating our
time to EBITDA positive, which we expect will be a significant
catalyst that further increases shareholder
FY19 Financial Results
revenue for the year-ended June 30, 2019 was $7.3 million, an
increase of 100% over the prior year ended June 30,
cash equivalents, and restricted cash was approximately $11.3
million as of June 30, 2019
used in operations for the year ended June 30, 2019 decreased by
$2.1 million from the prior year ended June 30, 2018.
expenses excluding COGS for the year ended June 30, 2019 were $22
million, which were comparable to the prior year ended June 30,
company retired all of its outstanding debt through an exchange
with Armistice Capital in the fourth quarter of 2019, which
increased its equity investment in the company. The $5 million
exchange was approved by a shareholder vote with 95% of votes cast
supporting the exchange.
Conference Call Information
The company will host a live conference call at 4:30 p.m. ET today.
The conference call can be accessed by dialing either:
1- 844-602-0380 (toll-free)
1- 862-298-0970 (international)
The webcast will be accessible live and archived on Aytu
BioScience's website, within the Investors section under Events
& Presentations, at aytubio.com, for 90 days.
A replay of the call will be available for fourteen days. Access
the replay by calling 1-877-481-4010 (toll-free) and using the
replay access code 53674.
About Aytu BioScience, Inc.
Aytu BioScience is a commercial-stage specialty pharmaceutical
company focused on commercializing novel products that address
significant patient needs. The company currently markets
Natesto , the only FDA-approved nasal formulation of