Product Revenue for Fiscal Year 2016 Grew
31% Led by Growth in U.S. Dermatology
Oculus Innovative Sciences, Inc. (NASDAQ: OCLS, warrants OCLSW), a
specialty pharmaceutical company that develops and markets unique
and effective solutions for the treatment of dermatological
conditions and advanced tissue care, today announced financial
results for the fourth quarter and fiscal year 2016 ended March 31,
2016.
Total revenues of $15.1 million increased by $1.2 million, or
9%, for the fiscal year ended March 31, 2016, as compared to $13.9
million for the twelve months ended March 31, 2015. Product revenue
of $13.0 million increased $3.1 million, or 31%, when compared to
the same period in 2015. This increase was the result of
strong product revenue growth in the United States of $2.4 million,
or 121%, and Europe and rest of world of $798,000, or 27%,
partially offset by a 2% decrease in Latin America due in large
part to the decline in the value of the peso against the U.S.
dollar.
“In late 2014, we announced our strategic decision to focus on
the U.S. dermatology market with our own dedicated, direct sales
force. Starting from a zero base line, we have built a strong
foundation in the dermatology market including hiring an
experienced direct dermatology sales team of over 20 people and
launching seven new products with a cumulative 33,100 prescriptions
filled. With this foundation, we are more confident than ever
that our plan is bearing fruit and will result in continued and
sustainable growth in the dermatology market,” said Oculus CEO Jim
Schutz. “Regarding the rest of world, revenue growth in Latin
America this past quarter fell from normal ranges due to a decline
of the Mexican peso and our partner’s consolidation of their
warehouses, causing a quarterly reduction in units sold.”
Results for the Twelve Months Ended March 31,
2016Oculus reported gross profit of $7.2 million, or 48%
of revenue, for the twelve months ended March 31, 2016, compared to
a gross profit of $7.3 million, or 53% of revenue, for the same
period in the prior year. The decrease in overall gross
profit was caused by a decline in license and royalty revenues,
which had higher margins than the product revenue. For the twelve
months ended March 31, 2016, Oculus reported product gross profit
of $6.0 million, or 46%, compared to product gross profit of $4.0
million, or 41%, for the same period in the prior year. The
increase in product gross profit was primarily related to improved
margins in the United States as a result of the launch of higher
margin dermatology products.
Total operating expenses less non-cash expenses increased $3.0
million, or 24%, for the twelve months compared to the same period
in the prior year, primarily due to higher costs for the
dermatology sales force. Operating loss less non-cash
expenses (EBITDAS) for the twelve months ended March 31, 2016, was
$7.9 million, compared to $4.6 million for the same period last
year. The net loss for the twelve months ended March 31,
2015, includes non-cash impairment losses related to an investment
in Ruthigen of $4.7 million, partly offset by a non-cash gain of
$3.2 million related to a reduction in Oculus’ derivative liability
relating to certain warrants reported in the same period.
Results for the Three Months Ended March 31,
2016Total revenue was $3.5 million for the fourth quarter,
a decrease of 11%, when compared to $4.0 million for the same
period in 2015, due mostly to a decline in royalty and licensing
fees. Product revenues were flat when compared to the same
period last year, with an increase in U.S. revenue due to strong
growth in dermatology sales, offset by a decrease in revenue from
Latin America due to the decline in the peso, a very robust sales
quarter last year in Mexico and a warehouse consolidation by our
distributor.
Product revenue in the United States was $1.4 million for the
three months ended March 31, 2016, as compared to $623,000 in the
quarter ended March 31, 2015. Product revenues increased $765,000
or 123%. Sales increased primarily due
to continued growth in six existing products
for the treatment of atopic dermatitis, scar management, surgical
procedures, an oral anti-infective for severe acne and the launch
of Ceramax, which utilizes a “state of the art” skin repair
technology. In addition, sales to a new farm and ranch animal
health partner increased during the quarter compared to last
year.
Product revenue in Europe and the rest of the
world for the quarter ended March 31, 2016, of $981,000, increased
by $49,000, or 5%, as compared to the same period in the prior
year, with increases in Asia and Europe, mostly offset by a decline
in the Middle East.
Product revenue in Latin America for the quarter ended March 31,
2016, was $880,000, a decrease of $833,000, or 49%, when compared
to the same period in the prior year. This decrease was caused by a
22% decline in the value of the peso from the same period in prior
year along with very robust sales in the March quarter of
2015. The fourth quarter of fiscal year 2015 also included
stocking by Oculus’ new Latin American partner Sanfer to fill their
expansive pharmacy store network. In addition, there was a
decline in local currency sales in the quarter ended March 31,
2016, as a result of warehouse consolidations. During the quarter,
ended March 31, 2016, Sanfer closed a number of the former More
Pharma warehouses, reducing the need for new product
units.
For the three months ended March 31, 2016 and 2015, product
licensing fees and royalty revenues were $75,000 and $455,000,
respectively. The decrease is primarily related to the lower
amortization of upfront payments from the company’s partner,
Sanfer, in Latin America.
Oculus reported gross profit of $1.7 million, or 49% of revenue,
during the three months ended March 31, 2016, compared to a gross
profit of $2.0 million, or 50% of revenue when compared to the same
period in the prior year. The gross profit was down slightly
compared to last year due to the reduction in higher margined
products, license fees and royalties revenue of $380,000, related
mostly to our agreement with Sanfer.
Total operating expenses of $4.6 million for the three months
ended March 31, 2016, increased by $940,000, or 26%, as compared to
the same period in the prior year. Operating expenses minus
non-cash expenses during the fourth quarter of fiscal year 2016
were $4.1 million, up $850,000, as compared to the same period in
the prior year. The increase in operating expenses, minus
non-cash expenses, was due to mostly higher sales and marketing
expenses in the United States related to the costs of Oculus’
direct sales force in dermatology.
Net loss for the quarter ended March 31, 2016, was $2.9 million,
an increase of $1.4 million, as compared to net loss of $1.5
million for the same period in the prior year.
As of March 31, 2016, Oculus had unrestricted cash and cash
equivalents of $7.5 million, as compared with $6.1 million as of
March 31, 2015. The company has no debt outstanding.
Conference CallOculus’ management will hold a
conference call today to discuss fourth quarter fiscal year 2016
results and answer questions, beginning at 4:30 p.m. EDT.
Individuals interested in participating in the conference call may
do so by dialing 877-303-7607 for domestic callers or 973-638-3203
for international callers.
Those interested in listening to the conference call live via
the Internet may do so at http://ir.oculusis.com/events.cfm.
Please log on approximately 30 minutes prior to the presentation in
order to register and download the appropriate software.
A telephone replay will be available for seven days following
the conclusion of the call by dialing 855-859-2056 for domestic
callers, or 404-537-3406 for international callers, and entering
conference code 11222664. A webcast replay will be available on the
site at http://ir.oculusis.com/events.cfm for one year following
the call.
About Oculus Innovative Sciences, Inc.Oculus
Innovative Sciences is a specialty pharmaceutical company that
develops and markets unique and effective solutions for the
treatment of dermatological conditions and advanced tissue care.
The company’s products, which are sold throughout the United
States and internationally, have improved outcomes for more than
five million patients globally by reducing infections, itch,
pain, scarring and harmful inflammatory responses. The company's
headquarters are in Petaluma, California, with manufacturing
operations in the United States and Latin America. European
marketing and sales are headquartered in Roermond,
Netherlands. More information can be found at
www.oculusis.com.
Forward-Looking StatementsExcept for historical
information herein, matters set forth in this press release
are forward-looking within the meaning of the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995,
including statements about the commercial and technology progress
and future financial performance of Oculus Innovative
Sciences, Inc. and its subsidiaries (the “Company”). These
forward-looking statements are identified by the use of words such
as “focus,” and “will result,” among others. Forward-looking
statements in this press release are subject to certain risks and
uncertainties inherent in the Company’s business that could cause
actual results to vary, including such risks
that regulatory clinical and guideline developments may
change, scientific data may not be sufficient to meet
regulatory standards or receipt of required regulatory clearances
or approvals, clinical results may not be replicated in actual
patient settings, protection offered by the
Company’s patents and patent applications may be challenged,
invalidated or circumvented by its competitors, the available
market for the Company’s products will not be as
large as expected, the Company’s common stock and warrants may be
delisted from NASDAQ, the Company’s products will not be
able to penetrate one or more targeted markets, revenues will
not be sufficient to fund further development and clinical studies,
the Company may not meet its future capital needs, the Company
may not be able to obtain additional funding, as well as
uncertainties relative to varying product formulations and a
multitude of diverse regulatory and marketing requirements in
different countries and municipalities, and other risks detailed
from time to time in the Company’s filings with the Securities and
Exchange Commission including its annual report on Form 10-K for
the fiscal year ended March 30, 2016. The Company disclaims
any obligation to update these forward-looking statements, except
as required by law.
Oculus and Microcyn® Technology are trademarks or registered
trademarks of Oculus Innovative Sciences, Inc. All other trademarks
and service marks are the property of their respective owners.
|
|
OCULUS INNOVATIVE SCIENCES, INC. AND
SUBSIDIARIES |
|
Consolidated Balance Sheets |
|
(In thousands, except per share amounts) |
|
|
|
|
|
March 31, |
|
|
|
2016 |
|
|
2015 |
|
|
|
(Unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
7,469 |
|
|
$ |
6,136 |
|
Accounts receivable, net |
|
|
2,274 |
|
|
|
1,517 |
|
Inventories, net |
|
|
1,640 |
|
|
|
1,402 |
|
Prepaid expenses and other current
assets |
|
|
1,505 |
|
|
|
592 |
|
Total current assets |
|
|
12,888 |
|
|
|
9,647 |
|
Property and equipment, net |
|
|
850 |
|
|
|
795 |
|
Long-term investment |
|
|
– |
|
|
|
4,538 |
|
Other assets |
|
|
65 |
|
|
|
68 |
|
Total assets |
|
$ |
13,803 |
|
|
$ |
15,048 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,337 |
|
|
$ |
932 |
|
Accrued expenses and other current
liabilities |
|
|
1,526 |
|
|
|
782 |
|
Deferred revenue |
|
|
574 |
|
|
|
769 |
|
Current portion of long-term
debt |
|
|
114 |
|
|
|
87 |
|
Derivative liabilities |
|
|
– |
|
|
|
11 |
|
Total current liabilities |
|
|
3,551 |
|
|
|
2,581 |
|
Deferred revenue, less
current portion |
|
|
112 |
|
|
|
413 |
|
Total liabilities |
|
|
3,663 |
|
|
|
2,994 |
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
Convertible preferred stock,
$0.0001 par value; 714,286 shares authorized, none issued and
outstanding at March 31, 2016 and March 31, 2015, respectively |
|
|
– |
|
|
|
– |
|
Common stock, $0.0001 par value;
60,000,000 shares authorized at March 31, 2016 and March 31, 2015,
20,984,369 and 15,045,080 shares issued and outstanding at March
31, 2016 and March 31, 2015, respectively |
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
166,367 |
|
|
|
157,772 |
|
Accumulated deficit |
|
|
(152,375 |
) |
|
|
(142,213 |
) |
Accumulated other comprehensive
loss |
|
|
(3,854 |
) |
|
|
(3,507 |
) |
Total stockholders’ equity |
|
|
10,140 |
|
|
|
12,054 |
|
Total liabilities and stockholders’
equity |
|
$ |
13,803 |
|
|
$ |
15,048 |
|
OCULUS INNOVATIVE SCIENCES, INC. AND
SUBSIDIARIES |
|
Consolidated Statements of Comprehensive
Loss |
|
(In thousands, except per share amounts) |
|
|
|
|
|
Three Months Ended |
|
|
Twelve months Ended |
|
|
|
March 31, |
|
|
March 31, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Revenues |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
|
Product |
|
$ |
3,249 |
|
|
$ |
3,268 |
|
|
$ |
13,042 |
|
|
$ |
9,939 |
|
Product licensing fees and
royalties |
|
|
75 |
|
|
|
455 |
|
|
|
981 |
|
|
|
3,056 |
|
Service |
|
|
206 |
|
|
|
257 |
|
|
|
1,061 |
|
|
|
859 |
|
Total revenues |
|
|
3,530 |
|
|
|
3,980 |
|
|
|
15,084 |
|
|
|
13,854 |
|
Cost of revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
|
1,637 |
|
|
|
1,801 |
|
|
|
6,993 |
|
|
|
5,908 |
|
Service |
|
|
166 |
|
|
|
185 |
|
|
|
881 |
|
|
|
658 |
|
Total cost of revenues |
|
|
1,803 |
|
|
|
1,986 |
|
|
|
7,874 |
|
|
|
6,566 |
|
Gross profit |
|
|
1,727 |
|
|
|
1,994 |
|
|
|
7,210 |
|
|
|
7,288 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
441 |
|
|
|
374 |
|
|
|
1,806 |
|
|
|
1,533 |
|
Selling, general and
administrative |
|
|
4,145 |
|
|
|
3,272 |
|
|
|
15,556 |
|
|
|
12,414 |
|
Total operating expenses |
|
|
4,586 |
|
|
|
3,646 |
|
|
|
17,362 |
|
|
|
13,947 |
|
Loss from
operations |
|
|
(2,859 |
) |
|
|
(1,652 |
) |
|
|
(10,152 |
) |
|
|
(6,659 |
) |
Interest expense |
|
|
(2 |
) |
|
|
– |
|
|
|
(3 |
) |
|
|
(3 |
) |
Interest income |
|
|
1 |
|
|
|
– |
|
|
|
2 |
|
|
|
1 |
|
Gain due to change in
fair value of derivative liabilities |
|
|
1 |
|
|
|
166 |
|
|
|
11 |
|
|
|
3,164 |
|
Impairment loss on
long-term investment |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(4,650 |
) |
Other expense, net |
|
|
(51 |
) |
|
|
(16 |
) |
|
|
(20 |
) |
|
|
(56 |
) |
Net loss |
|
$ |
(2,910 |
) |
|
$ |
(1,502 |
) |
|
|
(10,162 |
) |
|
|
(8,203 |
) |
Net loss per common
share: basic and diluted |
|
$ |
(0.16 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.62 |
) |
|
$ |
(0.85 |
) |
Weighted-average number
of shares used in per common share calculations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
17,826 |
|
|
|
13,213 |
|
|
|
16,444 |
|
|
|
9,657 |
|
Other comprehensive
loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,910 |
) |
|
$ |
(1,502 |
) |
|
$ |
(10,162 |
) |
|
$ |
(8,203 |
) |
Foreign currency translation
adjustments |
|
|
45 |
|
|
|
(134 |
) |
|
|
(347 |
) |
|
|
(438 |
) |
Comprehensive loss |
|
$ |
(2,865 |
) |
|
$ |
(1,636 |
) |
|
$ |
(10,509 |
) |
|
$ |
(8,641 |
) |
OCULUS INNOVATIVE SCIENCES, INC. AND
SUBSIDIARIES |
|
Reconciliation of GAAP Measures to Non-GAAP
Measures |
|
(In thousands) and (Unaudited) |
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
March 31, |
|
|
March 31, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
(1) Loss from
operations minus non-cash expenses (EBITDAS): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from
operations as reported |
|
$ |
(2,859 |
) |
|
$ |
(1,652 |
) |
|
$ |
(10,152 |
) |
|
$ |
(6,659 |
) |
Non-cash
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation |
|
|
374 |
|
|
|
417 |
|
|
|
2,023 |
|
|
|
1,771 |
|
Depreciation and
amortization |
|
|
62 |
|
|
|
61 |
|
|
|
244 |
|
|
|
253 |
|
Non-GAAP loss from
operations minus non-cash expenses (EBITDAS) |
|
$ |
(2,423 |
) |
|
$ |
(1,174 |
) |
|
$ |
(7,885 |
) |
|
$ |
(4,635 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Net (loss)
income minus non-cash expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss as
reported |
|
$ |
(2,910 |
) |
|
$ |
(1,502 |
) |
|
$ |
(10,162 |
) |
|
$ |
(8,203 |
) |
Non-cash
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation |
|
|
374 |
|
|
|
417 |
|
|
|
2,023 |
|
|
|
1,771 |
|
Depreciation and
amortization |
|
|
62 |
|
|
|
61 |
|
|
|
244 |
|
|
|
253 |
|
Gain due to change in
fair value of derivative instruments |
|
|
(1 |
) |
|
|
(166 |
) |
|
|
(11 |
) |
|
|
(3,164 |
) |
Impairment loss on
long-term investment |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
4,650 |
|
Non-GAAP net loss minus
non-cash expenses |
|
$ |
(2,475 |
) |
|
$ |
(1,190 |
) |
|
$ |
(7,906 |
) |
|
$ |
(4,693 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Operating
expenses minus non-cash expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses
as reported |
|
$ |
4,586 |
|
|
$ |
3,646 |
|
|
$ |
17,362 |
|
|
$ |
13,947 |
|
Non-cash
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation |
|
|
(453 |
) |
|
|
(363 |
) |
|
|
(1,913 |
) |
|
|
(1,536 |
) |
Depreciation and
amortization |
|
|
(9 |
) |
|
|
(9 |
) |
|
|
(44 |
) |
|
|
(42 |
) |
Non-GAAP operating
expenses minus non-cash expenses |
|
$ |
4,124 |
|
|
$ |
3,274 |
|
|
$ |
15,405 |
|
|
$ |
12,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Loss from operations minus non-cash expenses (EBITDAS) is a
non-GAAP financial measure. The Company defines operating loss
minus non-cash expenses as GAAP reported operating loss minus
operating depreciation and amortization, and operating stock-based
compensation. The Company uses this measure for the purpose of
modifying the operating loss to reflect direct cash related
transactions during the measurement period.
(2) Net loss minus non-cash expenses is a non-GAAP financial
measure. The Company defines net loss minus non-cash expenses as
GAAP reported net loss minus depreciation and amortization,
stock-based compensation, a change in fair value of common stock, a
change in the fair value of derivative instruments, loss on
impairment of investment, and non-cash interest expense. The
Company uses this measure for the purpose of modifying the net loss
to reflect only those expenses to reflect direct cash transactions
during the measurement period.
(3) Operating expenses minus non-cash expenses is a non-GAAP
financial measure. The Company defines operating expenses minus
non-cash expenses as GAAP reported operating expenses minus
operating depreciation and amortization, and operating stock-based
compensation. The Company uses this measure for the purpose of
identifying total operating expenses involving cash transactions
during the measurement period.
OCULUS INNOVATIVE SCIENCES, INC. AND
SUBSIDIARIESProduct Related Revenue
Schedules(In thousands) and (Unaudited)
The following table shows the company’s product
revenues by geographic region:
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
|
Geographic
region |
|
2016 |
|
|
2015 |
|
|
$ Change |
|
|
% Change |
|
United States |
|
$ |
1,388 |
|
|
$ |
623 |
|
|
$ |
765 |
|
|
|
|
123 |
% |
Latin America |
|
|
880 |
|
|
|
1,713 |
|
|
|
(833 |
) |
|
|
|
(49 |
%) |
Europe and Rest of the
World |
|
|
981 |
|
|
|
932 |
|
|
|
49 |
|
|
|
|
5 |
% |
|
|
|
3,249 |
|
|
|
3,268 |
|
|
|
(19 |
) |
|
|
|
(1 |
%) |
Product license fees
and royalties |
|
|
75 |
|
|
|
455 |
|
|
|
(380 |
) |
|
|
|
(84 |
%) |
Total |
|
$ |
3,324 |
|
|
$ |
3,723 |
|
|
$ |
(399 |
) |
|
|
|
(11 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table shows our product license
fees and royalties revenue by partner:
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
|
Product license fees and royalties |
|
2016 |
|
|
2015 |
|
|
$ Change |
|
|
% Change |
|
Exeltis (formerly
Quinnova) |
|
$ |
– |
|
|
$ |
76 |
|
|
$ |
(76 |
) |
|
|
(100 |
%) |
Innovacyn |
|
|
– |
|
|
|
10 |
|
|
|
(10 |
) |
|
|
(100 |
%) |
Laboratorios Sanfer
(formerly More Pharma) |
|
|
75 |
|
|
|
369 |
|
|
|
(294 |
) |
|
|
(80 |
%) |
Total product license
fees and royalties |
|
$ |
75 |
|
|
$ |
455 |
|
|
$ |
(380 |
) |
|
|
(84 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table shows the company’s product
revenues by geographic region:
|
|
Twelve Months Ended March 31, |
|
|
|
|
|
|
|
|
|
2016 |
|
|
2015 |
|
|
$ Change |
|
|
% Change |
|
United States |
|
$ |
4,371 |
|
|
$ |
1,978 |
|
|
$ |
2,393 |
|
|
|
|
121 |
% |
Latin America |
|
|
4,965 |
|
|
|
5,053 |
|
|
|
(88 |
) |
|
|
|
(2 |
%) |
Europe and Rest of the
World |
|
|
3,706 |
|
|
|
2,908 |
|
|
|
798 |
|
|
|
|
27 |
% |
|
|
|
13,042 |
|
|
|
9,939 |
|
|
|
3,103 |
|
|
|
|
31 |
% |
Product license fees
and royalties |
|
|
981 |
|
|
|
3,056 |
|
|
|
(2,075 |
) |
|
|
|
(68 |
%) |
Total |
|
$ |
14,023 |
|
|
$ |
12,995 |
|
|
$ |
1,028 |
|
|
|
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table shows our product license
fees and royalties revenue by partner:
|
|
Twelve Months Ended March 31, |
|
|
|
|
|
|
|
Product license fees and royalties |
|
2016 |
|
|
2015 |
|
|
$ Change |
|
|
% Change |
|
Exeltis (formerly
Quinnova) |
|
$ |
201 |
|
|
$ |
437 |
|
|
$ |
(236 |
) |
|
|
(54 |
%) |
Innovacyn |
|
|
29 |
|
|
|
1,120 |
|
|
|
(1,091 |
) |
|
|
(97 |
%) |
Laboratorios Sanfer
(formerly More Pharma) |
|
|
751 |
|
|
|
1,499 |
|
|
|
(748 |
) |
|
|
(50 |
%) |
Total product license
fees and royalties |
|
$ |
981 |
|
|
$ |
3,056 |
|
|
$ |
(2,075 |
) |
|
|
(68 |
%) |
Media and Investor Contact:
Oculus Innovative Sciences, Inc.
Dan McFadden
VP of Public and Investor Relations
(425) 753-2105
dmcfadden@oculusis.com
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