Summary by Moomoo AI
60 Degrees Pharmaceuticals, Inc. (60P) reported a significant year-over-year increase in product revenues for the quarter ended March 31, 2024, with net product revenues rising from $17,172 to $105,674, a 515.39% increase. This growth was primarily driven by U.S. sales of Arakoda®, with the U.S. pharmaceutical distributor accounting for 99% of total net product sales. Service revenues also contributed $10,789, attributed to the final payment from the United States Army Medical and Materiel Development Activity for storing Arakoda® purchases. Cost of revenues decreased by 10.51% to $65,437, resulting in a gross profit of $51,026 and a gross margin improvement to 43.81%. Research revenues increased to $29,631, mainly from the Australian Tax Authority for qualified research activities. Operating expenses rose to $1,412,316 due to higher general and administrative expenses and research and...Show More