Innovus Pharmaceuticals, Inc. (INNV) saw its loss widen to $3.36 million, or $0.03 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $0.98 million, or $0.02 a share. Revenue during the quarter surged 863 percent to $1.69 million from $0.18 million in the previous year period.
Operating loss for the quarter was $1.93 million, compared with an operating loss of $1.51 million in the previous year period.
"We believe our revenue growth for all of 2016 highlights the strength of our Beyond Human® Sales and Marketing platform that we acquired in March 2016 along with the high value products we are commercializing,” stated Bassam Damaj, president and chief executive officer of Innovus Pharma. "Looking forward to 2017, we continue to be focused on increasing annual revenues to $15 million by executing on our goals of expanding our product lines and making our products commercially available in the United States and outside of the United States through our partners, and achieving profitability."
Debt increases substantially
Innovus Pharmaceuticals, Inc. has witnessed an increase in total debt over the last one year. It stood at $1.40 million as on Dec. 31, 2016, up 96.24 percent or $0.68 million from $0.71 million on Dec. 31, 2015. Total debt was 16.96 percent of total assets as on Dec. 31, 2016, compared with 11.03 percent on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
