Veru Inc. (NASDAQ: VERU), shares saw a hike of 15.42% to $4.49 in the after-hours trading as a consequence of a biopharmaceutical oncology corporation focused on the production of new cancer treatment drugs, the announcement of its quarterly and fiscal results with record net sales and gross profit for its fourth quarter and full-year ended September 30, 2020, for fiscal 2020.
In the quarter, from $8.7 million, net sales jumped 35% to $11.7 million. FC2 prescription net sales rose 87 percent from $4.7 million to $8.7 million quarter over quarter.
Year over Year, Gross profit grew 64% from $5.8 million to $9.6 million. Net sales Gross margin jumped from 67% to 81% of net sales.
The net loss was $11.3 million, with a non-cash impairment fee of $14.1 million relating to intangible assets. Net revenue was $2.8 million with an operating deficit of $1.5 million, minus the non-cash impairment fee.
The net loss before the fee for non-cash impairment was $11.8 million, or $0.17 per share, compared to $3.1 million, or $0.05 per share.
For the whole year, From $31.8 million, net sales rose 34 percent to $42.6 million in the year before. Sales of prescription FC2 rose 93% from $14.1 million to $27.1 million.
The company’s Net profits rose 34% in the full year 2020 to $42.6 million from $31.8 million in 2019. Sales of prescription FC2 rose 93 percent from $14.1 million to $27.1 million.
The firm’s Gross profit improved 42 percent from $21.7 million to $30.8 million. Meanwhile, the operating margin rose from 68% of net revenue last year to 72% of net revenue this year.