I see a Huge SCRC Improvement! Go SCRC
For the three month period ended June 30, 2014, the Company generated net revenue of approximately $3,701,000 as compared to net revenue of approximately $92,000 for same period in 2013
Net Revenues
For the three month period ended June 30, 2014, the Company generated net revenue of approximately $3,701,000 as compared to net revenue of approximately $92,000 for same period in 2013, an increase of approximately $3,609,000. This increase in revenue versus the same three month period a year ago is mainly due to prescription sales from our specialty pharmacy business for topical pain creams. The topical pain creams prescription business accounted for approximately $3,507,000 of the sales increase. In February 2014 we entered into a Business Management Agreement with Implex Corporation which had acquired Main Avenue Pharmacy Inc. for $550,000. Main Avenue Pharmacy is a specialty pharmacy which ships the topical pain creams. Sales from the U.S. government contract through a contract packager which are recorded net of costs, increased approximately $27,000. Sales commission earned from WholesaleRx, a pharmaceutical distributor, under which we earn a 14% commission on the gross margin of generic pharmaceutical sales, was approximately $75,000 in second quarter 2014; there were no commissions earned in 2013 from sales by WholesaleRx.
Gross Profit: Gross profit for three month period end June 30, 2014 was approximately $3,323,000, which was 90% of our net revenues as compared to a gross profit loss of approximately $4,000 for the same period in 2013, an increase of approximately $3,327,000. The increase in our gross profit from three months ended June 30, 2014 compared to the same period in 2013 can be attributed to our management of the specialty pharmacy business and its topical pain cream prescriptions, which generated significant sales in second quarter of 2014 and also has a gross margin percentage that ranges from 75% to 90%.
For the three month period ended June 30, 2014, the Company generated net revenue of approximately $3,701,000 as compared to net revenue of approximately $92,000 for same period in 2013
Net Revenues
For the three month period ended June 30, 2014, the Company generated net revenue of approximately $3,701,000 as compared to net revenue of approximately $92,000 for same period in 2013, an increase of approximately $3,609,000. This increase in revenue versus the same three month period a year ago is mainly due to prescription sales from our specialty pharmacy business for topical pain creams. The topical pain creams prescription business accounted for approximately $3,507,000 of the sales increase. In February 2014 we entered into a Business Management Agreement with Implex Corporation which had acquired Main Avenue Pharmacy Inc. for $550,000. Main Avenue Pharmacy is a specialty pharmacy which ships the topical pain creams. Sales from the U.S. government contract through a contract packager which are recorded net of costs, increased approximately $27,000. Sales commission earned from WholesaleRx, a pharmaceutical distributor, under which we earn a 14% commission on the gross margin of generic pharmaceutical sales, was approximately $75,000 in second quarter 2014; there were no commissions earned in 2013 from sales by WholesaleRx.
Gross Profit: Gross profit for three month period end June 30, 2014 was approximately $3,323,000, which was 90% of our net revenues as compared to a gross profit loss of approximately $4,000 for the same period in 2013, an increase of approximately $3,327,000. The increase in our gross profit from three months ended June 30, 2014 compared to the same period in 2013 can be attributed to our management of the specialty pharmacy business and its topical pain cream prescriptions, which generated significant sales in second quarter of 2014 and also has a gross margin percentage that ranges from 75% to 90%.
