Osmotica Pharmaceuticals (OSMT) stock is tanking Wednesday after reporting its fourth quarter financial results. The stock is down 8.5% to $3.21 per share as of 11:42 am.
Here's Why Osmotica Pharmaceuticals (OSMT) Is Plunging
During the quarter ended December 31, 2020, Osmotica reported had revenues of $34.5 million and a net loss of $54.9 million for the quarter. And despite improving its 2020 net loss to $79.6 million from $270.9 million in 2019, we can plainly see that this quarter's loss made up the bulk of those losses. This is likely startling investors as it implies the company may be reversing what had been a trend toward profitablity.
Further echoing this trend of reversing progress made towards profitability is the fact that the company reported revenue of $59.9 million in the fourth quarter of 2019 for a smaller loss of $26.6 million.
CEO Brian Markison showed optimism in the company's progress, however, stating that the company remains "highly encouraged by the positive feedback on Upneeq from physicians and patients, especially during a period of constrained physician access and tightly controlled resources." The CEO goes on to state how the company took steps during 2020 to improve its balance sheet by "reducing debt, increasing cash and expanding our equity base."
OSMT has a Fundamental Rank of 98. Find out what this means to you and get the rest of the rankings on OSMT!
Osmotica Pharmaceuticals PLC is a fully-integrated biopharmaceutical company. It is focused on developing, manufacturing and commercializing specialty products. The product portfolio of the group includes specialty neurology and women's health products, which are primarily complex formulations of generic drugs. Osmotica has a late?stage development pipeline by two NDA candidates that recently completed Phase III clinical trials: arbaclofen ER for spasticity in multiple sclerosis patients and RVL?1201 for the treatment of acquired blepharoptosis, or droopy eyelid.
