- Product revenue for fourth quarter up 60% and for
fiscal year 2017 up 48%, compared to last year, driven by growth in
U.S. dermatology sales
- Cash position of $17.5 million; management believes the
company is more than fully funded to achieve EBITDA
breakeven
Conference Call Begins at 4:30pm EDT
Today
Sonoma Pharmaceuticals, Inc. (NASDAQ: SNOA, warrants SNOAW), 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 the fiscal year 2017, ended
March 31, 2017 and provided a corporate update.
Total revenue was $4 million for the fourth quarter as compared
to $2.6 million for the same period last year. Product
revenues of $3.8 million were up 60%, or $1.4 million, when
compared to the same period last year, driven by strong growth in
the U.S. and international markets. The numbers in this press
release reflect the reclassification of the financial components of
the Latin American operations as a discontinued business due to the
sale of this business. (See the section below on “Sale of Latin
American Business and Impact on Accounting Treatment” for more
details.)
“We are pleased with the progress we have made this year in
executing on our corporate strategy of growing dermatology revenue
with our expanding direct sales force,” said Jim Schutz, Sonoma
Pharmaceuticals CEO. “This progress is evidenced by our current
robust product portfolio and 86% growth in prescriptions
filled for FY 2017, compared to last year. Our growing sales force
coupled with planned product launches provide a high level of
confidence in our future growth. Looking forward, with our
strong cash position of $17.5 million, we believe we have more than
sufficient cash to fully fund our high sales growth plan and
achieve breakeven without diluting shareholders.”
Business Highlights:
- Dermatology prescriptions filled for the fiscal year were up
86% over last year and for the March quarter were up 60% over the
same period last year.
- Robust product portfolio of 8 products for treatment of atopic
and seborrheic dermatitis, scar management, surgical procedures,
severe acne and skin repair.
- Loyon skin descaling product was approved by FDA and is
expected to be launched in Fall 2017.
- Significantly expanded the dermatology sales force to drive
revenue growth.
- In October 2016, sold Latin American assets for $19.5 million
in cash and a guaranteed minimum royalty of $2.5 million over ten
years.
- Strong revenue growth in animal healthcare due to partnership
with MannaPro® Products and product introduction into PetSmart®
stores.
Financial Highlights:
Product revenues in the United States for the quarter ended
March 31, 2017, of $1.8 million, increased by $451,000, or 32%,
when compared to the same period in the prior year. This increase
was the result of higher sales of the company’s dermatology and
animal healthcare products. In addition, sales to a new animal
health care partner increased during the quarter compared to last
year, partially offset by a decline in U.S. wound care revenue.
Product revenue in Latin America for the quarter ended March 31,
2017, was $834,000. This amount reflects the sale of products to
Invekra, at reduced or previously agreed to prices, since
completion of Sonoma’s asset sale to Invekra in October 2016.
Sonoma will continue to supply Invekra until its manufacturing
facility is operational.
Product revenue in Europe and the rest of the world for the
quarter ended March 31, 2017, of $1.1 million, increased by
$145,000 or 15%, as compared to the same period in the prior year,
with increases in Asia, partially offset by decreases in the Middle
East and Europe.
Sonoma reported gross profit of $1.9 million, or 48% of total
revenue, during the three months ended March 31, 2017, compared to
a gross profit of $971,000, or 38% of total revenue when compared
to the same period in the prior year. The gross profit percentage
increased as compared to last year, primarily due to the
reclassification of gross margin between the continuing and
discontinued operations.
Total operating expenses of $4.9 million for the three months
ended March 31, 2017, increased by $273,000, or 6%, as compared to
the same period in the prior year. Operating expenses minus
non-cash expenses during the fourth quarter of fiscal year 2017
were $4.5 million, up $361,000, or 9%, as compared to the same
period in the prior year. This increase in operating expenses was
mostly due to higher sales, marketing and administrative expenses
in the United States related to the growth of a direct sales force
in dermatology, partly offset by a decline in European expenses.
A key driver to the growth in operating expenses was the
increase in the number of sales representatives, compared to the
same period last year.
Net loss from continuing operations for the quarter ended March
31, 2017, was $2.9 million, a decrease of $737,000 as compared to
net loss from continuing operations of $3.7 million for the same
period in the prior year. The operating loss minus non-cash
expenses was $2.4 million, down $750,000, compared to $3.2 million
for the same period last year.
As of March 31, 2017, Sonoma had cash and cash
equivalents of $17.5 million, as compared with $7.5 million as of
March 31, 2016.
Results for the Twelve Months Ended March 31,
2017Total revenues of $12.8 million increased by $3.4
million, or 37%, for the twelve months ended March 31, 2017, as
compared to $9.4 million for the twelve months ended March 31,
2016. Product revenue of $12 million increased $3.9 million, or
48%, as compared to $8.1 million for the twelve months ended March
31, 2016. The increase in product revenue was driven by strong
growth in the United States, up $2.2 million, or 51%, and in
international markets, up 45%.
Sonoma reported gross profit of $5.7 million, or 44% of total
revenue, for the twelve months ended March 31, 2017, compared to a
gross profit of $2.6 million, or 28% of total revenue when compared
to the same period in the prior year. The gross profit percentage
increased, compared to last year primarily due to the
reclassification of gross margin between the continuing and
discontinued operations.
Total operating expenses of $18.6 million for the twelve months
ended March 31, 2017, increased by $1.3 million, or 7%, as compared
to the same period in the prior year. Total operating expenses
minus non-cash expenses of $16.6 million increased $1.2 million, or
8%, for the twelve months ended March 31, 2017, compared to the
same period in the prior year. This increase was primarily due to
higher costs of the direct sales force for dermatology. Operating
loss minus non-cash expenses (EBITDA) for the twelve months ended
March 31, 2017, was $10.5 million, compared to $12.4 million for
the same period last year.
Conference CallSonoma’s management will hold a
conference call today to discuss fourth quarter fiscal year 2017
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.sonomapharma.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 15350781. A webcast replay will be available on the
site at http://ir.sonomapharma.com/events.cfm for one year
following the call.
Sale of Latin American Business and Impact on Accounting
TreatmentWith the sale of the Latin American business
during the third quarter, ended December 31, 2016, the components
of the financial statements related to this transaction have been
classified as a discontinued business for accounting purposes and
in accordance with this accounting treatment, the income statement
and balance sheet have been retroactively revised to reflect the
revenue, expenses and balance sheet items of the continuing
businesses for this fiscal year and last fiscal year. All of
the income statement categories related to Latin America have been
condensed to a one line item on the income statement as “Income
from discontinued operations.” Also, the discontinued balance
sheets items have been listed separately from the continuing
operations. As a result, the comparison of results discussed in
this press release relate primarily to the continuing businesses in
accordance with generally accepted accounting principles.
About Sonoma Pharmaceuticals, Inc.Sonoma 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.sonomapharma.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 Sonoma Pharmaceuticals,
Inc. and its subsidiaries (the “Company”). These forward-looking
statements are identified by the use of words such as “believe,”
“achieve,” and “strive,” 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 products will not be able to
penetrate one or more targeted markets, revenues will not be
sufficient to fund further development and clinical studies,
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. The Company disclaims any obligation to update
these forward-looking statements, except as required by law.
Sonoma Pharmaceuticals™ and Microcyn® Technology are trademarks
or registered trademarks of Sonoma Pharmaceuticals, Inc. All other
trademarks and service marks are the property of their respective
owners.
SONOMA PHARMACEUTICALS, INC. AND
SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(In thousands, except share and per share
amounts) |
|
|
|
|
|
March 31 |
|
|
|
|
|
2017 |
|
|
2016 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
|
|
$ |
17,461 |
|
|
$ |
7,469 |
|
Accounts
receivable, net |
|
|
|
|
2,108 |
|
|
|
1,508 |
|
Inventories, net |
|
|
|
|
2,221 |
|
|
|
1,595 |
|
Prepaid
expenses and other current assets |
|
|
|
|
616 |
|
|
|
1,505 |
|
Current
portion of deferred consideration, net of discount |
|
|
|
|
237 |
|
|
|
– |
|
Current
assets of discontinued operations |
|
|
|
|
– |
|
|
|
811 |
|
Total
current assets |
|
|
|
|
22,643 |
|
|
|
12,888 |
|
Property
and equipment, net |
|
|
|
|
1,239 |
|
|
|
850 |
|
Deferred
consideration, net of discount, less current portion |
|
|
|
|
1,497 |
|
|
|
– |
|
Other
assets |
|
|
|
|
80 |
|
|
|
65 |
|
Total
assets |
|
|
|
$ |
25,459 |
|
|
$ |
13,803 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
|
|
Accounts
payable |
|
|
|
$ |
1,255 |
|
|
$ |
1,337 |
|
Accrued
expenses and other current liabilities |
|
|
|
|
1,302 |
|
|
|
1,526 |
|
Deferred
revenue |
|
|
|
|
345 |
|
|
|
274 |
|
Deferred
revenue Invekra |
|
|
|
|
176 |
|
|
|
– |
|
Current
portion of long-term debt |
|
|
|
|
123 |
|
|
|
114 |
|
Current
portion of capital leases |
|
|
|
|
74 |
|
|
|
– |
|
Taxes
payable |
|
|
|
|
13 |
|
|
|
– |
|
Current
liabilities of discontinued operations |
|
|
|
|
– |
|
|
|
300 |
|
Total
current liabilities |
|
|
|
|
3,288 |
|
|
|
3,551 |
|
Long-term deferred
revenue Invekra |
|
|
|
|
527 |
|
|
|
– |
|
Long-term debt, less
current portion |
|
|
|
|
45 |
|
|
|
– |
|
Long-term capital
leases, less current portion |
|
|
|
|
168 |
|
|
|
– |
|
Long-term liabilities
of discontinued operations |
|
|
|
|
– |
|
|
|
112 |
|
Total
liabilities |
|
|
|
|
4,028 |
|
|
|
3,663 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
|
|
|
|
Convertible preferred stock, $0.0001 par value; 714,286 shares
authorized, none issued and outstanding at March 31, 2017 and March
31, 2016, respectively |
|
|
|
|
– |
|
|
|
– |
|
Common
stock, $0.0001 par value; 12,000,000 shares authorized at March 31,
2017and March 31, 2016, 4,289,322 and 4,196,873 shares issued and
outstanding at March 31, 2017 and March 31, 2016, respectively |
|
|
|
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
|
|
|
168,709 |
|
|
|
166,368 |
|
Accumulated deficit |
|
|
|
|
(143,101 |
) |
|
|
(152,375 |
) |
Accumulated other comprehensive loss |
|
|
|
|
(4,178 |
) |
|
|
(3,854 |
) |
Total
stockholders’ equity |
|
|
|
|
21,431 |
|
|
|
10,140 |
|
Total
liabilities and stockholders’ equity |
|
|
|
$ |
25,459 |
|
|
$ |
13,803 |
|
SONOMA PHARMACEUTICALS, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME (LOSS) |
(In thousands, except per share
amounts) |
|
|
|
Three Months Ended March 31, |
|
|
Twelve Months Ended March 31, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
$ |
3,799 |
|
|
$ |
2,369 |
|
|
$ |
11,957 |
|
|
$ |
8,077 |
|
Product
licensing fees and royalties |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
231 |
|
Service |
|
|
230 |
|
|
|
206 |
|
|
|
868 |
|
|
|
1,061 |
|
Total
revenues |
|
|
4,029 |
|
|
|
2,575 |
|
|
|
12,825 |
|
|
|
9,369 |
|
Cost of revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
|
1,912 |
|
|
|
1,438 |
|
|
|
6,419 |
|
|
|
5,840 |
|
Service |
|
|
170 |
|
|
|
166 |
|
|
|
738 |
|
|
|
881 |
|
Total
cost of revenues |
|
|
2,082 |
|
|
|
1,604 |
|
|
|
7,157 |
|
|
|
6,721 |
|
Gross profit |
|
|
1,947 |
|
|
|
971 |
|
|
|
5,668 |
|
|
|
2,648 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
|
350 |
|
|
|
441 |
|
|
|
1,576 |
|
|
|
1,806 |
|
Selling,
general and administrative |
|
|
4,509 |
|
|
|
4,145 |
|
|
|
17,066 |
|
|
|
15,556 |
|
Total
operating expenses |
|
|
4,859 |
|
|
|
4,586 |
|
|
|
18,642 |
|
|
|
17,362 |
|
Loss from
operations |
|
|
(2,912 |
) |
|
|
(3,615 |
) |
|
|
(12,974 |
) |
|
|
(14,714 |
) |
Interest expense |
|
|
(1 |
) |
|
|
(3 |
) |
|
|
(3 |
) |
|
|
(3 |
) |
Interest income |
|
|
14 |
|
|
|
1 |
|
|
|
22 |
|
|
|
2 |
|
Gain due to change in
fair value of derivative liabilities |
|
|
– |
|
|
|
1 |
|
|
|
– |
|
|
|
11 |
|
Tax benefit |
|
|
228 |
|
|
|
– |
|
|
|
4,268 |
|
|
|
– |
|
Other income (expense),
net |
|
|
(258 |
) |
|
|
(50 |
) |
|
|
18 |
|
|
|
(20 |
) |
Loss from continuing
operations |
|
|
(2,929 |
) |
|
|
(3,666 |
) |
|
|
(8,669 |
) |
|
|
(14,724 |
) |
Income from
discontinued operations (net of tax) |
|
|
493 |
|
|
|
756 |
|
|
|
17,943 |
|
|
|
4,562 |
|
Net income (loss) |
|
$ |
(2,436 |
) |
|
$ |
(2,910 |
) |
|
$ |
9,274 |
|
|
$ |
(10,162 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share: basic and diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.69 |
) |
|
$ |
(1.03 |
) |
|
$ |
(2.03 |
) |
|
$ |
(4.48 |
) |
Discontinued operations |
|
|
0.12 |
|
|
|
0.21 |
|
|
|
4.20 |
|
|
|
1.39 |
|
|
|
$ |
(0.57 |
) |
|
$ |
(0.82 |
) |
|
$ |
2.17 |
|
|
$ |
(3.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number
of shares used in per share calculations: basic and diluted |
|
|
4,224 |
|
|
|
3,565 |
|
|
|
4,270 |
|
|
|
3,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(2,436 |
) |
|
$ |
(2,910 |
) |
|
$ |
9,274 |
|
|
$ |
(10,162 |
) |
Foreign currency
translation adjustments |
|
|
493 |
|
|
|
45 |
|
|
|
(324 |
) |
|
|
(347 |
) |
Comprehensive income (loss) |
|
$ |
(1,943 |
) |
|
$ |
(2,865 |
) |
|
$ |
8,950 |
|
|
$ |
(10,509 |
) |
SONOMA PHARMACEUTICALS, INC. AND
SUBSIDIARIES |
RECONCILIATION OF GAAP MEASURES TO NON-GAAP
MEASURES |
(In thousands) and (Unaudited) |
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
Twelve Months Ended March 31, |
|
|
|
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
(1) Loss from
operations minus non-cash expenses (EBITDA): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from
operations as reported |
|
|
|
|
$ |
(2,912 |
) |
|
$ |
(3,615 |
) |
|
$ |
(12,974 |
) |
|
$ |
(14,714 |
) |
Non-cash
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation |
|
|
|
|
|
413 |
|
|
|
374 |
|
|
|
2,243 |
|
|
|
2,023 |
|
Depreciation and
amortization |
|
|
|
|
|
70 |
|
|
|
62 |
|
|
|
248 |
|
|
|
244 |
|
Non-GAAP loss from
operations minus non-cash expenses (EBITDA) |
|
|
|
|
$ |
(2,429 |
) |
|
$ |
(3,179 |
) |
|
$ |
(10,483 |
) |
|
$ |
(12,447 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Net loss
minus non-cash expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss)
as reported |
|
|
|
|
$ |
(2,436 |
) |
|
$ |
(2,910 |
) |
|
$ |
9,274 |
|
|
$ |
(10,162 |
) |
Non-cash
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation |
|
|
|
|
|
413 |
|
|
|
374 |
|
|
|
2,243 |
|
|
|
2,023 |
|
Depreciation and
amortization |
|
|
|
|
|
70 |
|
|
|
62 |
|
|
|
248 |
|
|
|
244 |
|
Gain due to change in
fair value of derivative instruments |
|
|
|
|
|
– |
|
|
|
(1 |
) |
|
|
– |
|
|
|
(11 |
) |
Non-GAAP net income
(loss) minus non-cash expenses |
|
|
|
|
$ |
(1,953 |
) |
|
$ |
(2,475 |
) |
|
$ |
11,765 |
|
|
$ |
(7,906 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Operating
expenses minus non-cash expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses
as reported |
|
|
|
|
$ |
4,859 |
|
|
$ |
4,586 |
|
|
$ |
18,642 |
|
|
$ |
17,362 |
|
Non-cash
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation |
|
|
|
|
|
(362 |
) |
|
|
(453 |
) |
|
|
(1,995 |
|
|
|
(1,913 |
) |
Depreciation and
amortization |
|
|
|
|
|
(12 |
) |
|
|
(9 |
) |
|
|
(42 |
) |
|
|
(44 |
) |
Non-GAAP operating
expenses minus non-cash expenses |
|
|
|
|
$ |
4,485 |
|
|
$ |
4,124 |
|
|
$ |
16,605 |
|
|
$ |
15,405 |
|
|
- 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.
- 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.
- 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.
SONOMA PHARMACEUTICALS, INC. AND
SUBSIDIARIES |
PRODUCT RELATED REVENUE
SCHEDULES |
(In thousands) and (Unaudited) |
|
The
following table shows the company’s product revenues by geographic
region: |
|
|
|
|
Three Months Ended March
31, |
|
|
|
|
|
|
|
|
|
2017 |
|
|
2016 |
|
|
$ Change |
|
|
% Change |
|
United States |
|
|
$ |
1,839 |
|
|
$ |
1,388 |
|
|
$ |
451 |
|
|
|
32 |
% |
Latin America |
|
|
|
834 |
|
|
|
– |
|
|
|
834 |
|
|
|
100 |
% |
Europe and Rest of the
World |
|
|
|
1,126 |
|
|
|
981 |
|
|
|
145 |
|
|
|
15 |
% |
Total |
|
|
$ |
3,799 |
|
|
$ |
2,369 |
|
|
$ |
1,430 |
|
|
|
60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended March 31, |
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
2016 |
|
|
$ Change
|
|
|
% Change |
|
United States |
|
|
$ |
6,580 |
|
|
$ |
4,371 |
|
|
$ |
2,209 |
|
|
|
51 |
% |
Latin America |
|
|
|
1,299 |
|
|
|
– |
|
|
|
1,299 |
|
|
|
100 |
% |
Europe and Rest of the
World |
|
|
|
4,078 |
|
|
|
3,706 |
|
|
|
372 |
|
|
|
10 |
% |
|
|
|
|
11,957 |
|
|
|
8,077 |
|
|
|
3,880 |
|
|
|
48 |
% |
Product license fees
and royalties |
|
|
|
– |
|
|
|
231 |
|
|
|
(231 |
) |
|
|
(100 |
)% |
Total |
|
|
$ |
11,957 |
|
|
$ |
8,308 |
|
|
$ |
3,649 |
|
|
|
44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media and Investor Contact:
Sonoma Pharmaceuticals, Inc.
Dan McFadden
VP of Public and Investor Relations
(425) 753-2105
dmcfadden@Sonomais.com
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