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Cosmos Holdings posts soaring revenue in 2018 as it launches new brand of food supplements

In 2018, the company's revenue jumped 23.6% to $37 million from $30 million in 2017

pharmaceutical vials
Cosmos Holdings specializes in acquiring, developing, and commercializing medicines

Cosmos Holdings Inc (OTCQB:COSM) saw its revenue soar in 2018 as it branched into the Nutraceutical market with the launch of its own brand of food supplements called Sky Premium Life.

In a statement, CEO Grigorios Siokas said the international pharmaceutical company will devote itself to building up its Sky Premium Life food supplement brand in 2019 as well as broadening its line of product offerings.

“Our focus in 2018 included increasing our core distribution business, formally launching our Sky Premium Life food supplement brand, expanding our direct to pharmacy reach, and vertically integrating into our supply chain,” Siokas said.

READ: Cosmos Holdings pays off all its convertible debt

In 2018, the company's revenue jumped 23.6% to $37 million from $30 million in 2017 while its gross profit climbed 23.1% to $2.4 million from $1.96 million in 2017.

Investors applauded the results, sending Cosmos shares up 10.37% to US$3.30 in afternoon trade on Tuesday.

In other milestones, the pharma company completed the acquisition of Cosmofarm Ltd, an Athens-based pharmaceutical wholesale company in December 2018, which features a robotic fulfillment center and an automated supply chain. It also recently paid off the remaining balance of its convertible notes, totaling $5.5 million.

READ: Cosmos posts 3Q profit and strong profit margins on booming drug sales and bolstered balance sheet

Cosmos Holdings specializes in acquiring, developing, and commercializing medicines. The Chicago-based company has offices and distribution centers in Thessaloniki, Greece and in the UK.

 

Quick facts: Cosmos Holdings Inc

Price: 3.15 USD

OTCMKTS:COSM
Market: OTCMKTS
Market Cap: $41.23 m
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