Cosmos Health Inc. Stock Price, News & Analysis

Cosmos Health Inc. (NASDAQ:COSM) reported its full year 2023 results, showing a 6% increase in revenue to $53.38 million. Despite this growth, the company faced challenges with gross margins decreasing to 8.1% from 11.8% in 2022. SG&A expenses nearly doubled to $26.18 million, primarily due to increased R&D costs and acquisition-related expenses. However, net interest expense decreased significantly by 95% to $0.20 million. The company ended the year with $3.83 million in cash and total assets of $66.01 million. Stockholders' equity remained strong at $36.04 million, translating to a book value per share of $2.25. CEO Greg Siokas highlighted the company's progress in integrating acquisitions, expanding global brand presence, and accelerating R&D efforts, expressing optimism for future growth and profitability.

Cosmos Health (NASDAQ:COSM) has announced that its subsidiary, Decahedron , has successfully submitted a tender to supply NHS Scotland with C-Scrub Wash Chlorhexidine 4%, an antimicrobial wash. The tender is for 'Antiseptic Solutions and Hand Hygiene Products' and is invitation-only. C-Scrub offers immediate and prolonged antimicrobial action for up to 6 hours, targeting bacteria, viruses, and fungi without promoting resistance.

Cosmos Health plans to participate in additional tenders across the UK, including NHS England. The UK antibacterial products market is expected to grow from $656.5 million in 2020 to $733.0 million by 2028, with a CAGR of 1.4%. This move aligns with Cosmos Health's strategy to expand its presence in the UK healthcare market.

Cosmos Health (NASDAQ:COSM) has signed a distribution agreement with ProMed Trading Company for its Sky Premium Life food supplement products in Qatar. ProMed, a leading healthcare company in Doha, will handle key functions including regulatory compliance, product registration, distribution, promotion, marketing, logistics, and sales in pharmacies and shops across Qatar.

The Middle East and Southeast Asia dietary supplements market is projected to grow from $17.04 billion in 2023 to $30.72 billion by 2031, with a CAGR of 7.6%. This growth is driven by rising health awareness, availability of various supplement formats, and increasing disposable income.

CEO Greg Siokas expressed enthusiasm about the partnership, highlighting it as a testament to the high quality of their products and the strong global demand for the Sky Premium Life brand.

Cosmos Health (NASDAQ:COSM) has completed Phase I of upgrades to its manufacturing capabilities at its subsidiary, Cana Laboratories. The company has invested $5.5 million in upgrading its 54,000-square-foot Athens facility, positioning it to generate over $10 million in recurring annual gross profit at full capacity by the end of 2025. Cosmos Health has entered into contract manufacturing agreements with Provident Pharmaceuticals and Humacology to produce 5,520,000 units of medicines and CBD products, occupying less than 20% of existing capacity. The company is actively pursuing additional contracts and evaluating opportunities for a Phase II expansion plan to further enhance capacity and profitability potential.

Cosmos Health (NASDAQ:COSM) announced that its subsidiary, Cana Laboratories, has secured additional contract manufacturing agreements with Provident Pharmaceuticals. The new orders include:

• 408,000 units of MIOREL for muscle spasms
• 222,000 units of CALCIFOLIN for nucleic acid synthesis
• 72,000 units of DEXA-DOSE for anti-inflammatory purposes

These orders, combined with a previously announced contract for 4.32 million units of DE3-SOLE, bring the total order book with Provident to 5.02 million units. CEO Greg Siokas expressed enthusiasm for scaling up Cana's contract manufacturing division, anticipating stable, high-margin cash flows for Cosmos Health.

Cosmos Health Inc. (NASDAQ:COSM) has regained compliance with Nasdaq's minimum bid price requirement of $1.00 per share. The company received a notification letter from Nasdaq on July 19, 2024, confirming that it had achieved a closing bid price of $1.00 or greater for ten consecutive business days from July 5 to July 18, 2024. This compliance was achieved organically without a reverse stock split. Cosmos Health is a diversified, vertically integrated global healthcare group involved in R&D, pharmaceutical and nutraceutical brands, healthcare product distribution, and telehealth services.

Cosmos Health (NASDAQ:COSM) announced the successful completion of the pilot production and scale-up phases for its weight management solution, CCX0722, a biocompatible hydrogel. These milestones mark the end of the development phase, following earlier project updates such as the initiation in November 2022, the completion of the second phase in June 2023, and a European patent filing in December 2023. The hydrogel exhibited a swelling ratio of over 100 g/g, a significant improvement confirmed during the scale-up process. Cosmos Health anticipates completing additional key steps by the end of 2024, including clinical trials and preparing CCX0722 for classification as a Type III medical device. The global weight management market, valued at $142.58 billion in 2022, is projected to reach $298.66 billion by 2030, driven by rising obesity rates. CEO Greg Siokas expressed enthusiasm for entering this lucrative market, while R&D Advisory Board member Dr. Panagiotis Zoumpoulakis highlighted the commitment to advancing healthcare solutions.

Cosmos Health's subsidiary, Cana Laboratories, has signed a contract manufacturing agreement with Australian wellness company Humacology. The agreement entails producing up to 500,000 units of CBD products annually. This is the second major deal for Cana in a week, following a similar agreement with Provident Pharmaceuticals for 4.32 million units of DE3-SOLE. Humacology, known for high-quality CBD therapies and medicinal cannabis, is expanding globally and has chosen Cana for its manufacturing needs. CEO of Cosmos, Greg Siokas, highlighted the company's rapid growth in high-margin contract manufacturing and hinted at more upcoming agreements.

Cosmos Health has enhanced and expanded its strategic collaboration with C.A. Papaellinas Group in Cyprus. The collaboration, originally announced on September 20, 2023, has led to the sale of 68,000 units of Sky Premium Life products. The company now projects sales will more than double to 150,000 units within the next 12 months due to increased market penetration.

Papaellinas, a leading distributor in Cyprus, represents brands like Panadol, Sensodyne, and Adidas, and operates retail chains including Holland & Barrett. The expansion aims to increase sales and explore additional opportunities beyond the current product line. CEO Greg Siokas expressed satisfaction with the partnership and the positive market reception.