Petros Pharmaceuticals, Inc. (PTPI), a company engaged in the identification, acquisition, development, and commercialization of therapeutics for men’s health issues, has dipped 15.63% during the regular trading session and consequently, was trading at $2.43 when last checked. The decline could be attributed to the profit-taking factor after PTPI surged 64.57% on Wednesday and closed the day at $2.88. The increase is attributable to the company’s announcement regarding the Growth of STENDRA Tablet Sales.
Why PTPI Surged?
On Wednesday, PTPI announced a 476% growth year-over-year of STENDRA tablet sales as part of an exclusive digital health marketing agreement with Hims & Hers Health, Inc. Hims and her Health Inc. is a multi-speciality telehealth platform providing modern personalized health to consumers. The companies also announced the availability of additional dosages of STENDRA through the Hims & Hers platform, which ultimately would further expand the partnership.
Closing of Direct Offering
On 19th October, PTPI announced the closing of a $5.7 million registered direct offering. The company expected gross proceeds of $5.7 million from the offering. The said that it intends to use the net proceeds from offering for expansion of its men’s health platform and working capital and general corporate purposes. Katalyst Securities LLC acted as financial advisor to Petros Pharmaceuticals for this transaction.
Q2 2021 Financial Highlights
On 17th August, PTPI reported the financial results for the second quarter of the fiscal year 2021. The quarter ended on 30th June. The net sales during the quarter were $2.5 million against $1.34 million for the same period of 2020. The total gross profit for the period was $2.1 million against $0.8 million for the same period of 2020. The selling, general and administrative expenses for the period were $4.1 million against $4.1 million for the same period of 2020. The company suffered a net loss of $2.1 million against $5.8 million for the same period of 2020. The company had cash and cash equivalents of $11 million on 30th June 2021.
Fady Boctor, PTPI President and Chief Commercial Officer, while commenting on the results said that the company has continued its strong results during the quarter. He further said that the company would continue to follow multiple tracks to achieve success in the future.
Future Outlook for PTPI
During the last month, PTPI has surged more than 50% due to business positive developments. As far as the future is concerned, stats appear to be on the side of PTPI, as the company is expected to post decent results in the coming quarters as well.