United Guardian - UG STOCK NEWS

United-Guardian, Inc. (NASDAQ:UG) reported a significant decline in FY 2022, with net income dropping by 45% to $2.57 million ($0.56 per share) from $4.66 million ($1.01 per share) in FY 2021. Net sales also fell by 9%, totaling $12.70 million compared to $13.93 million in the previous year. The company attributed the revenue decline mainly to decreased demand for cosmetic ingredients due to overstocking by contract manufacturers and reduced demand in Asia, particularly China, amid COVID-19 restrictions. Despite these challenges, the pharmaceutical and medical lubricants sectors remained strong, and the company aims for growth through product innovation.

United-Guardian, Inc. (NASDAQ:UG) reported a decrease in net income for Q3 2022, dropping to $345,518 ($0.07 per share) from $1,016,506 ($0.22 per share) in 2021. Net sales fell from $3,179,746 to $2,417,022. For the first nine months, net income was $1,890,307 ($0.41 per share), down from $3,542,232 ($0.77 per share), while net sales decreased to $9,935,557 from $10,268,592. The decline was attributed to factors affecting its marketing partner Ashland Specialty Ingredients in China, including the impact of the coronavirus pandemic and inventory management issues.

United-Guardian, Inc. (NASDAQ: UG) announced the appointment of Beatriz Blanco as the new President and CEO, succeeding Ken Globus after nearly 40 years. Blanco, who starts on November 1, boasts over 20 years of experience in the personal care sector, including roles at Momentive Performance Materials and International Specialty Products. Globus will remain an advisor and Board member during the transition. Blanco is expected to leverage her extensive marketing and business development expertise to drive growth through strategic alliances and enhance revenue from domestic and international markets.

United-Guardian (NASDAQ:UG) reported a 6% increase in sales for the first half of 2022, totaling $7,518,535, up from $7,088,846 in 2021. However, net income decreased significantly from $2,525,726 ($0.55 per share) to $1,544,789 ($0.34 per share) due to heightened costs. In the second quarter, sales dipped slightly to $3,626,177 with net earnings falling to $633,324 ($0.14 per share), impacted by raw material and shipping costs. Despite this, pharmaceutical product sales rose by 8% and non-pharmaceutical medical products surged 55%.

United-Guardian, Inc. (NASDAQ:UG) has concluded its strategic alternatives review with no viable opportunities identified for the company at this time. The company will continue to focus on growth strategies for its core businesses while remaining open to future strategic alternatives. Additionally, President and CEO Ken Globus plans to retire by year-end, initiating a search for a successor. Globus, with 39 years of tenure at the company, will assist in the transition. The Board aims to find a leader aligned with its vision for growth.