Proprietary wellness technology, Cure Pharmaceutical Holding Corp (OTCMKTS:CURR), on September 2, 2022, announced results for the quarter ending June 30, 2022.
On Friday, CURR stock decreased 0.04% to $0.2799 with more than 41.93K shares, compared to its average volume of 124.85K shares. The stock moved within a range of $0.2600 – 0.2940 after opening trading at $0.2940.
Cure Pharmaceutical Reports Second Quarter 2022 Results With Increased Sequential Revenues and Strong Margins
The company’s gross revenue of $1.6 million reflected an increase of about 31.2% from quarter one to quarter two with more acceleration expected in the subsequent quarters. Its gross margins surged and the firm expects high margin sales to increase further with new marketing initiatives.
The operating leverage and cost reductions facilitated in narrowing operating loss by $1.0 million in 2022. Cure also announced selling a part of the platform technology intellectual property and related assets in July 2022 for $20 million of non-dilutive capital.
The company’s CURE’s wholly-owned subsidiary The Sera Labs also confirmed that four SKUs of the Seratopical Revolution skincare line are being sold at 1,372 Walmart Stores.
Nancy Duitch, Cure Pharmaceutical, CEO expressed delight that the firm got capital from asset sales in the last week of July. The CEO said that it would allow the firm to achieve revenue as well as strategic goals in the next year.
Duitch added that the company is witnessing positive results from the new marketing initiative with higher sales in the first six weeks of the third quarter. The company worked on augmenting gross margins even as worked on decreasing the SG&A.
CURR stock is trading below the 20-Day and 50-Day Moving averages of $0.29 and $0.31 respectively. Moreover, the stock is trading below the 200-Day moving average of $032. The company has a total market capitalization of $19.59 million. The stock is down 27% over the past month.