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Edison Nation, Inc. (NASDAQ: EDNT) announced its entry into the Direct to Consumer PPE market with new products launched on Amazon, including Purple Mountain Clean Hand Sanitizer and InUSA disposable face masks. CEO Christopher Ferguson reported a 48% increase in Amazon sales over the past three months compared to the same period in 2019, attributing success to rising core brand sales. Additionally, a new product, Shower Lily, has been introduced. These items have received an average rating of 5-stars since their recent debut.
Edison Nation will hold its 2020 annual meeting of shareholders on October 21 at Bear Creek Mountain Resort. Shareholders of record by September 4 will receive notice and are encouraged to vote in advance. Important documents, including the Definitive Proxy Statement and 2019 Annual Report, will be available online. Edison Nation is focused on fostering innovation and providing various services related to product development and branding.
Edison Nation, Inc. (NASDAQ:EDNT) reported record quarterly revenue of $6.8 million for Q2 2020, up 15.28% from $5.9 million in Q2 2019. EN Medical, the company's medical division, generated $3.0 million in revenue, with deferred revenue of $0.9 million and pending purchase orders of $9.9 million. Despite the positive revenue, the company incurred a net loss of $1.6 million for the quarter. Adjusted EBITDA was negative at ($0.006 million), a decline from positive earnings the previous year. The first half of 2020 showed total revenue at $10.5 million, a decrease compared to 2019.
Edison Nation is set to hold its Second Quarter 2020 Earnings Conference Call on August 20, 2020, at 4:30 pm ET, featuring CEO Christopher Ferguson and CFO Brett Vroman. Earnings will be reported by August 17, 2020. Shareholders are invited to submit questions by August 18, 2020, at 5:00 pm ET. The call can be accessed via a designated phone line or through a live webcast. Edison Nation is focused on fostering innovation in consumer products, leveraging its platform for internal launches and licensing opportunities.
Edison Nation (NASDAQ: EDNT) reported a significant boost in e-commerce sales amid the COVID-19 pandemic, with Amazon sales increasing by 75% YoY in April and 95% YoY in May. The company attributes this growth to its strong product portfolio focused on home-centric items. The Lily & Grey branded 6-in-1 cake stand has ranked as the number one item in its category on Amazon. The CEO stated that Edison Nation is set to launch new products aimed at enhancing e-commerce success.
Edison Nation Medical, a division of Edison Nation, is committed to supplying PPE to schools to combat COVID-19. They have built a sustainable infrastructure for masks, gloves, face shields, and sanitizer products, including custom fabric masks made in the USA. The entry-level sanitizer stand starts at $99, including sanitizer refills at $22. The company is collaborating with several school districts, including the second-largest in the US. Their online portal for PPE access is now live, aiming to support safe in-person learning.
Edison Nation, Inc. (EDNT) reaffirms its top-line revenue guidance of $34 million for FY 2020. The company anticipates reporting $19.5 million in revenue for 2019, reflecting an 18% year-over-year growth. To enhance its medical offerings, Edison Nation Medical has launched an online portal for hospitals and distributors to access its catalog of medical supplies. Financial results for FY 2019 and Q1 2020 will be announced on May 29, 2020. The company aims to leverage its innovation-driven model and television property to lead in the innovator community.