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Synergy CHC Reports its Seventh Consecutive Quarter of Profitability and its Third Quarter 2024 Financial Results
Friday, 6th December at 8:00 am
WESTBROOK, Maine, Dec. 06, 2024 (GLOBE NEWSWIRE) -- Synergy CHC Corp. (NASDAQ: SNYR) ("Synergy" or the "Company"), a provider of consumer health care and lifestyle products, announced today its financial results for the three months ended September 30, 2024.
"We are excited to announce our seventh straight quarter of profitability and to officially be listed on NASDAQ (SNYR) as a public company, marking a significant milestone for Synergy," said Jack Ross, CEO of Synergy. "This not only brings us increased liquidity but also enhances our ability to execute our long-term growth strategy, positioning us well to capitalize on the opportunities ahead. While our third quarter results were impacted by retailer de-inventorying related to the new packaging rollout for our FOCUSfactor products, we are extremely pleased by adding new retailers during the quarter. The expansion of our retail partnerships, including BJ's Wholesale Clubs and Publix, have significantly increased our distribution footprint and visibility. These developments, coupled with the strength of our brand portfolio and the absence of re-branding and de-inventorying, position us well for growth and value creation as we move into 2025 and beyond."
"As we move into 2025, we are focused on expanding our current brands distribution footprint and entering new geographical markets. We believe the investments we've made in the re-branding of FOCUSfactor will drive long-term sustainable growth and value creation for our shareholders"
Third Quarter 2024 Financial Summary vs. Same Year-Ago Period
• Revenue of $7.1 million vs. $10.8 million.
• Gross margin of 67.2% vs. 72.0%.
• Income from operations of $1.1 million vs. $2.1 million.
• Net income of $0.8 million vs. $1.3 million.
• Earnings per share of $0.10 vs. $0.17.
• EBITDA, a non-GAAP financial measure, was $1.3 million vs. $2.2 million.
Recent Business Highlights
• Expanded partnerships with blue-chip retailers including BJ's Wholesale Clubs, now offering two FOCUSfactor products in all 267 locations, as well as Publix, where two of our products are now available in all 1,200 Publix grocery stores.
• During the third quarter, the Company reduced outstanding debt by $1.1 million.
• On October 24, 2024, Synergy announced the completion of its initial public offering of 1,150,000 shares of its common stock at $9.00. The shares of common stock began trading on the Nasdaq Global Market on October 23, 2024, under the ticker symbol "SNYR".
• Subsequent to the third quarter and the IPO, the Company reduced debt by $3.1 million.
• Subsequent to the third quarter, the Company added $6.2 million of net cash to its balance sheet at the completion of the IPO.
Friday, 6th December at 8:00 am
WESTBROOK, Maine, Dec. 06, 2024 (GLOBE NEWSWIRE) -- Synergy CHC Corp. (NASDAQ: SNYR) ("Synergy" or the "Company"), a provider of consumer health care and lifestyle products, announced today its financial results for the three months ended September 30, 2024.
"We are excited to announce our seventh straight quarter of profitability and to officially be listed on NASDAQ (SNYR) as a public company, marking a significant milestone for Synergy," said Jack Ross, CEO of Synergy. "This not only brings us increased liquidity but also enhances our ability to execute our long-term growth strategy, positioning us well to capitalize on the opportunities ahead. While our third quarter results were impacted by retailer de-inventorying related to the new packaging rollout for our FOCUSfactor products, we are extremely pleased by adding new retailers during the quarter. The expansion of our retail partnerships, including BJ's Wholesale Clubs and Publix, have significantly increased our distribution footprint and visibility. These developments, coupled with the strength of our brand portfolio and the absence of re-branding and de-inventorying, position us well for growth and value creation as we move into 2025 and beyond."
"As we move into 2025, we are focused on expanding our current brands distribution footprint and entering new geographical markets. We believe the investments we've made in the re-branding of FOCUSfactor will drive long-term sustainable growth and value creation for our shareholders"
Third Quarter 2024 Financial Summary vs. Same Year-Ago Period
• Revenue of $7.1 million vs. $10.8 million.
• Gross margin of 67.2% vs. 72.0%.
• Income from operations of $1.1 million vs. $2.1 million.
• Net income of $0.8 million vs. $1.3 million.
• Earnings per share of $0.10 vs. $0.17.
• EBITDA, a non-GAAP financial measure, was $1.3 million vs. $2.2 million.
Recent Business Highlights
• Expanded partnerships with blue-chip retailers including BJ's Wholesale Clubs, now offering two FOCUSfactor products in all 267 locations, as well as Publix, where two of our products are now available in all 1,200 Publix grocery stores.
• During the third quarter, the Company reduced outstanding debt by $1.1 million.
• On October 24, 2024, Synergy announced the completion of its initial public offering of 1,150,000 shares of its common stock at $9.00. The shares of common stock began trading on the Nasdaq Global Market on October 23, 2024, under the ticker symbol "SNYR".
• Subsequent to the third quarter and the IPO, the Company reduced debt by $3.1 million.
• Subsequent to the third quarter, the Company added $6.2 million of net cash to its balance sheet at the completion of the IPO.
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