SILVER SPRING, Md.,
May 15, 2013 /PRNewswire/
-- Pharmagen, Inc. (OTCBB: PHRX) (the "Company" or
"Pharmagen") today announced financial results for the quarter
ended March 31, 2013. On a
consolidated basis, revenues for the three months ended
March 31, 2013 totaled $1.72 million as compared to the three months
ended March 31, 2012, representing a
329% increase year-over-year. Adjusted for nonrecurring
expenses, and depreciation and amortization, the company reported a
slight profit for the quarter on an EBITDA basis. The company had
one-time, non-recurring expenses of approximately $340k, and amortization and depreciation of
approximately $335k, representing an
operating loss of $666,0000. The
companies branded multivitamin Clotamin® reported first quarter
sales of approximately $500,000,
representing a 1,000% increase compared to the first quarter of
2012. Gross margins for the company continue to improve, expanding
from 44% in the first quarter of 2012 to 60% in the first quarter
of 2013. Margin improvement is being driven primarily from
increased sales of Clotamin® and revenues generated by Pharmagen
Laboratories. Pharmagen Wholesale's license base has expanded to 40
states and Pharmagen Laboratories has expanded to 24 states. The
company is weighing a strategic move to North Carolina as it attempts to become an
FDA-approved generic manufacture of sterile injectable
pharmaceuticals, utilizing a revolutionary cGMP + ® process. It is
seeking an incentive package from the State of North Carolina. Management continues
to be the largest shareholder and retains its entire equity
position since going public.
"Since the meningitis outbreak, drug shortages are now at the
forefront of health policy, second only to the Affordable Care Act.
Pharmagen is positioned perfectly as one of the only companies in
the United States to address this
problem. We've literally built our company around this issue. From
a hospitals perspective, we're a one stop shop, offering secondary
wholesale, state of the art compounding, and hopefully in the near
future, FDA manufacturing. There isn't another company that I'm
aware of that plays in all three verticals," said Mackie A. Barch, CEO of Pharmagen.
Barch went on to say, "While we still have a long way to go,
we're getting better every day. Management continues to hold the
largest equity position in the company, aligning us perfectly with
our shareholders. Speaking for the entire management team, we only
plan on adding to that position."
About Pharmagen
Pharmagen, Inc. ("Pharmagen"), and wholly owned subsidiaries and
operating divisions Pharmagen Laboratories, Inc., Pharmagen
Distribution, LLC and Pharmagen Nutraceuticals, Inc. is the leader
in innovative solutions to the nations sterile pharmaceutical
crisis. With a multifaceted approach, Pharmagen is meeting the
demand of health provider market through dynamic, independent
wholesale, compounding, and innovative IT solutions.
Nationally focused, Pharmagen is a dynamic distributor of specialty
drugs, compounding and admix pharmacy and producer of
over-the-counter ("OTC") branded multivitamins to the healthcare
provider market. Pharmagen currently functions as a just-in-time
source of supply for hospitals for those products that are
hard-to-find due to drug manufacturers' production shortages.
Contact: 888-264-4597 or info@pharmagenrx.com
Safe Harbor Statement
Information in this document
constitute forward-looking statements or statements which may be
deemed or construed to be forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
The words "forecast", "anticipate", "estimate", "project",
"intend", "expect", "should", "believe", and similar expressions
are intended to identify forward-looking statements. These
forward-looking statements involve, and are subject to known and
unknown risks, uncertainties and other factors which could cause
Pharmagen actual results, performance (financial or operating) or
achievements to differ from the future results, performance
(financial or operating) or achievements expressed or implied by
such forward-looking statements. The risks, uncertainties and other
factors are more fully discussed in Pharmagen' filings with the
U.S. Securities and Exchange Commission. All forward-looking
statements attributable to Pharmagen herein are expressly qualified
in their entirety by the above-mentioned cautionary statement.
Pharmagen disclaims any obligation to update forward-looking
statements contained in this estimate, except as may be required by
law.
SOURCE Pharmagen, Inc.