SILVER SPRING, Md.,
Nov. 14, 2013 /PRNewswire/
-- Pharmagen, Inc. (OTCQB: PHRX) (the "Company" or
"Pharmagen") today announced financial results for the quarter
ended September 30, 2013. On a
consolidated basis, total revenues for the quarter ended
September 30, 2013 were $1.074 mln and for the nine months ended
September 30, 2013 were $3.770 mln compared to $1.781 mln for the quarter ended September 30, 2012 and $3.246 mln for the nine months ended September 30, 2012. While this is modest
YTD growth, gross profit YTD more than doubled from $1.071 mln for the nine months ended September 30, 2012 to $2.404 mln for the nine months ended September 30, 2013. Furthermore, gross
margins increased from 33% for the nine months ended September 30, 2012 to 64% for the nine months
ended September 30, 2013, as
Pharmagen Laboratories continues to expand its revenue streams and
capacity.
"The last year and half have been spent building a foundation
for growth and we still have a ways to go. Instituting new SOP's,
new technologies, hiring new staff, building an account base, and
adapting to a new regulatory environment takes time. The industry
has been under an immense amount of pressure as a result of the
Meningitis outbreak and we have to ensure that we have the best
quality systems in the industry, that doesn't happen overnight.
That said, Pharmagen Laboratories, our sterile compounding
business, will be a clear growth driver in the near future," said
Mackie A. Barch, CEO of
Pharmagen.
About Pharmagen
Pharmagen, Inc. ("Pharmagen"),
and wholly owned subsidiaries and operating divisions Pharmagen
Laboratories, Inc., Pharmagen Distribution, LLC and Pharmagen
Nutraceuticals, Inc. offers innovative solutions to the nations
sterile pharmaceutical crisis. With a multi-solution
approach, Pharmagen is helping to meet the demand of the health
provider market through independent wholesale, compounding, and IT
solutions. Nationally focused, Pharmagen is a distributor of
specialty drugs, compounding and admix pharmacy and producer of
over-the-counter ("OTC") branded multivitamins. 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
Follow Us on Twitter: @pharmagenrx or
The Drug Shortage Report
http://drugshortagereport.blogspot.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's 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.