Aytu Bioscience Inc (NASDAQ:AYTU) closed Tuesday’s trading session at 1.04 and seems to be recovering from the slum that took place since Thursday after announcing its 71% Q2 FY19 revenue gains.
The company’s main business focus is the commercialization of innovative products that target the specific needs of patients. Aytu announced its 2019 fiscal year second quarter financial results on Thursday. The announcement revealed that the company’s net revenue for the second quarter ended December 31, 2018, was $1.8 million. This marked a 71% growth from the revenue figure that the company reported inQ2 FY18. It was also 25% higher than the revenue reported in Q1 FY19.
“Fiscal Q2 2019 was a record quarter for Aytu. Revenue grew 71%, over Q2 2018, to the highest level in company history, driven largely by Natesto’s performance,” stated Aytu BioScience CEO Josh Disbrow.
Aytu’s Natesto net revenue in the second quarter surged by 37% from its first-quarter net revenue. Cash balance for the quarter ended December 31, 2018, was $18 million. The company spent roughly $4.3 million to fund its operations during the quarter. Meanwhile, its operating expenses during the quarter amounted to $6.3 million. Disbrow also noted that the firm expects to continue with its current momentum so that it can continue achieving impressive growth figures in the future.
Aytu’s strong product portfolio helped achieve impressive results
According to Disbrow, Aytu observed significant revenue from its second product called ZolpiMist which is an innovative sleep aid. ZolpMist has allowed the company to compete effectively in the prescription industry valued at $1.8 billion. The CEO also revealed that the company acquired a third product called Tuzistra XR. The latter is a novel antitussive targeting a $3 billion market.
Aytu looks forward to supporting positive Natesto growth and also rolling out its latest products. It is also working on acquisitions that will generate more investor value. The company held a live conference call to disclose its Q2, FY19 performance figures on February 7 at 9:00 a.m. ET. However, the webcast can still be accessed through the company’s website in the investor section. It will only be available for at least 90 days after the live presentation.