GeoPharma Reports 66.7% Increase In Gross Profits For Q1, FY10

GeoPharma has reported a decrease in revenues for the first quarter of FY2010, to $5.2m, compared to $6.4m for the same period of FY2009. Overall Gross Profits from continuing operations for the first quarter of fiscal year 2010 were $1.3 million versus gross profits of $784,775 for the first quarter of fiscal year 2009, an increase of 66.7%.

Mihir Taneja, CEO of GeoPharma, said: Our first quarter results reveal that the transition of our business model is taking hold. The strategic cuts the management team has implemented showcase that despite lower revenues in what is historically a weaker quarter for our business, we are demonstrating marked improvement in gross profits and margins.

“The improvement of sales in our Pharmaceutical segment is directly attributable to the successful role out of our Carprofen product Vetprofen and we look forward to several other offerings to further bolster sales in that division in the quarters ahead. Measured examination of the business we conduct in our manufacturing segment has also added to the improved results. We remain confident that other aspects of our business model are progressing rapidly, not only from our internal results, but also through our correspondence with the essential regulatory authorities. We look forward to sharing several new developments with regards to our business model in the months ahead, he added.