CURE Pharmaceutical Q2 2021 Revenue Spikes 700% After Increased Sales From Sera Labs Products Including A CVS Deal

Pharmaceutical company CURE Pharmaceutical Holding Corp. CURR announced earnings results on Tuesday for the quarter ended June 30, revealing revenue of $2.1 million. That's a year-over-year increase of 700%.

Q2 Financial Highlights

• Gross profit hit $1.31 million during the second quarter of fiscal 2021, representing a 676% growth compared to the same quarter of 2020.
• Net loss from operations of $3.27 million improved substantially compared to a net loss from operations of $13.47 million a year ago.

Q2 2021 Operational Highlights

• Sera Labs, which Cure Pharmaceutical bought last year for an up-front payment of $20 million, announced that CVS, a leading national drug store chain, will carry the Seratopical Revolution Skincare line starting this fall.
• CURE's manufacturing and research facility secured the International Organization for Standardization 9001 certification.
• The company also announced successful results from initial clinical trials for its erectile dysfunction product CUREfilm Blue.
• The company signed a deal with Biopharmaceutical Research Company, a Drug Enforcement Administration (DEA) license holder, to develop federally compliant cannabis-based medical products using oral thin film (OTF)-based CBD and THC products and conduct clinical studies targeting Veteran health.

"During the second quarter, the company executed well on the planned growth of Sera Labs as marked by this quarter's strong sales as well as by the recently announced agreement with CVS to carry the Seratopical Revolution product line in their stores," Rob Davidson, the company's CEO said. "On the clinical development front, our agreement with BRC opens up a tremendous opportunity to advance our long-held goal of delivering treatments and solutions to our Veterans using our patented and proprietary OTF delivery platform."

Price Action

CURE Pharmaceutical Holding's shares traded 9.58% lower at $0.52 per share at market close Tuesday.

Photo: Courtesy of CRYSTALWEED cannabis on Unsplash