CURE Pharmaceutical Q3 Revenue Grows 58.9% Sequentially To $1.8M

CURE Pharmaceutical Holding Corp. CURR revenue in the third quarter increased 32.1% year-over-year and 58.9% sequentially from Q2 2022 to $1.8 million.

Q3 2022 Financial Highlights

• Gross profit was $1.4 million compared to $914,000 in Q3 2021.

• Gross margins for the third quarter improved by 123 basis points to 80.0% in 2022 compared to the same period in 2021.

• Net loss was $3.6 million compared to $4.3 million in Q3 2021.

Operational Highlights

• CURE completed the sale of a portion of its platform technology intellectual property portfolio and related assets in July 2022 for $20 million of non-dilutive capital in total consideration. The company retained 15 of its patents and will continue to be an incubator for future technologies and patents, which it intends to monetize through the commercialization of the technologies through product development or through the licensing or sale of the technologies.

• CURE's wholly owned subsidiary, The Sera Labs, started selling six SKUs of its Seratopical Revolution skincare line with P3P, the proprietary delivery system, at 1,372 Walmart Stores as well as on Amazon.com.

• Sera Labs also has garnered placement for its oral thin film strip, Nutri-Strips on shelves at CVS, Amazon.com and Target.com. Nutri-Strips are proprietary to Sera Labs and are the result of years of research.

Board of Directors and Governance Update

In August the company appointed Gerald Bagg and Robert J. Costantino to its board of directors and Costantino has also been appointed as chairman of CURE's Audit Committee. Former CURE CEO Rob Davidson was appointed as chairman of the board of directors.

Get your daily dose of cannabis news on Benzinga Cannabis. Don’t miss out on any important developments in the industry.

Photo by Mackenzie Marco on Unsplash

Related News

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