- Product revenue up 12%
compared to September 2017 quarter
- U.S. product revenue up 27% compared to the September
2017 quarter
- Cash on hand equals $8.6 million at quarter
end
Conference Call Begins at 4:30pm EST
TodaySlide Presentation to Review in Tandem with
Earnings Call Available at
http://ir.sonomapharma.com/events.cfm
Sonoma Pharmaceuticals, Inc. (Nasdaq: SNOA, warrants SNOAW), a
specialty pharmaceutical company that develops and markets unique
and effective solutions for the treatment of dermatological
conditions and advanced tissue care, today announced financial
results for the third quarter of fiscal year 2018, ended December
31, 2017.
Total revenue was $4.8 million for the third quarter as compared
to $3.4 million for the same period last year. Product revenues of
$4.6 million were up 46%, or $1.5 million, when compared to the
same period last year, as result of strong growth in the United
States, Europe and Latin America.
“This quarter’s revenue of $4.8 million is our highest quarterly
revenue in the history of the company. This record revenue
has been driven by robust year-over-year and quarter-over-quarter
growth in the prescription dermatology business – our primary focus
over the last three years. These results include sales growth
in our Levicyn, Celacyn, Ceramax, SebuDerm and Mondoxyne products,”
said Jim Schutz, Sonoma Pharmceuticals CEO.
Business Highlights
- Robust portfolio of six non-steroidal products for treatment of
atopic and seborrheic dermatitis, surgical procedures, severe acne,
skin repair, descaling and scar management.
- Company has 30 sales representatives and five sales managers
focused exclusively on the dermatology prescription market.
- Received approval by Brazilian Ministério da Saúde for seven
non-steroidal and non-antibiotic topical dermatology products in
October 2017.
- Received approval from United Arab Emirates (UAE) Ministry of
Health & Prevention of three products for daily eyelid hygiene,
antimicrobial nasal cleaning and antiseptic mouth and throat
rinse.
- Received two FDA clearances to add antimicrobial language to
both AlevicynSG™ Spray Gel and Alevicyn™ Dermal Spray
solution.
Results for the Three months Ended December 31,
2017Product revenues in the United States, of $2.9
million, for the three months ended December 31, 2017, increased by
$1.2 million, or 73%, as compared to $1.7 million for the three
months ended December 31, 2016. This increase was mostly the result
of higher sales of the company’s dermatology, acute care and animal
health care products.
Product revenue in Latin America for the quarter ended December
31, 2017, was $772,000. This amount reflects the sale of products
to Invekra following the completion of Sonoma’s asset sale to
Invekra in October 2016. Sonoma will continue to supply products to
Invekra until its manufacturing facility is operational.
Product revenue in Europe and the rest of the world of $992,000
for the three months ended December 31, 2017, decreased by
$46,000, or 4%, as compared to $1.0 million for the three months
ended December 31, 2016. This decrease was the result of lower
sales in China and the Middle East, mostly offset by higher sales
in Europe, Singapore, Hong Kong and India.
Sonoma reported gross profit of $2.4 million, or 49% of total
revenue, during the three months ended December 31, 2017, compared
to a gross profit of $1.7 million, or 51% of total revenue in the
same period in the prior year. The decrease in gross profit,
as a percentage of revenue, was primarily due to the lower
profitability in Latin America related to the higher sales to
Invekra at a very low profit, partly offset by higher margins in
the United States caused by the strong growth of the more
profitable dermatology product lines.
Operating expenses minus non-cash expenses during the third
quarter of fiscal year 2018 were $4.9 million, up $555,000, or 13%,
as compared to the same period in the prior year. This increase in
operating expenses was mostly due to higher sales, marketing and
administrative expenses in the United States related to the growth
of a direct sales force in dermatology, partly offset by a decline
in Latin American expenses. A key driver to the growth in
operating expenses is the increase in the number of sales
representatives, compared to the same period last year.
Loss from operations was $3.2 million, down $365,000, compared
to $3.6 million for the same period last year. Operating loss less
non-cash expenses (EBITDA) for the three months ended December 31,
2017, was $2.4 million, compared to $2.5 million for the same
period last year.
As of December 31, 2017, Sonoma had cash and
cash equivalents of $8.6 million, as compared to $10 million as of
September 30, 2017.
Results for the Nine Months Ended December 31,
2017 Total revenues of $13 million increased
by $4.2 million, or 48%, for the nine months ended December 31,
2017, as compared to $8.8 million for the nine months ended
December 31, 2016. Product revenue of $12.4 million for the nine
months ended December 31, 2017, increased $4.2 million, or 52%,
compared to the same period last year. This increase in product
revenue was driven by strong growth in the United States, up $2.3
million, or 48% and by higher sales in Europe and rest of world, up
$337,000, or 11%.
The company reported gross profit related to sales of its
products of $6.0 million, or 46% of total revenues, for the nine
months ended December 31, 2017.
Total operating expenses less non-cash expenses of $13.8 million
increased $1.7 million, or 14%, for the nine months end December
31, 2017, as compared to the same period in the prior year. This
increase was primarily due to higher costs of the direct sales
force for dermatology. Operating loss less non-cash expenses
(EBITDA) of $7.5 million for the nine months ended December
31, 2017, was down $572,000, compared to $8.1 million for the same
period last year.
Conference CallSonoma’s management will hold a
conference call today to discuss third quarter fiscal year 2018
results and answer questions, beginning at 4:30 p.m. EST.
Individuals interested in participating in the conference call may
do so by dialing 877-303-7607 for domestic callers or 973-638-3203
for international callers. Those interested in listening to the
conference call live via the Internet may do so at
http://ir.sonomapharma.com/events.cfm. Please log on
approximately 30 minutes prior to the presentation in order to
register and download the appropriate software. Also, participants
can download a graphical presentation of the quarterly results at
this same site, which can provide greater granular detail in
conjunction with the call.
A telephone replay will be available for seven days following
the conclusion of the call by dialing 855-859-2056 for domestic
callers, or 404-537-3406 for international callers, and entering
conference code 5949729. A webcast replay will be available on the
site at http://ir.sonomapharma.com/events.cfm for one year
following the call.
Sale of Latin American Business and Impact on Accounting
TreatmentWith the sale of the Latin American business
during the third quarter ended December 31, 2016, the components of
the financial statements related to this transaction have been
classified as a discontinued business for accounting purposes and
in accordance with this accounting treatment, the income statement
and balance sheet have been retroactively revised to reflect the
revenue, expenses and balance sheet items of the continuing
businesses for this fiscal year and last fiscal year. All of the
income statement categories related to Latin America have been
condensed to a one line item on the income statement as “Income
from discontinued operations.” Also, the discontinued balance
sheets items have been listed separately from the continuing
operations. As a result, the comparison of results discussed in
this press release relate primarily to the continuing businesses in
accordance with generally accepted accounting principles.
About Sonoma Pharmaceuticals, Inc.Sonoma is a
specialty pharmaceutical company that develops and markets unique
and effective solutions for the treatment of dermatological
conditions and advanced tissue care. The company’s
products, which are sold throughout the United States and
internationally, have improved outcomes for more than five million
patients globally by reducing infections, itch, pain, scarring
and harmful inflammatory responses. The company's headquarters are
in Petaluma, California, with manufacturing operations in the
United States and Latin America. European marketing and sales
are headquartered in Roermond, Netherlands. More information can be
found at www.sonomapharma.com.
Forward-Looking StatementsExcept for historical
information herein, matters set forth in this press release
are forward-looking within the meaning of the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995,
including statements about the commercial and technology progress
and future financial performance of Sonoma Pharmaceuticals,
Inc. and its subsidiaries (the “Company”). These forward-looking
statements are identified by the use of words such as “believe,”
“achieve,” and “strive,” among others. Forward-looking statements
in this press release are subject to certain risks and
uncertainties inherent in the Company’s business that could cause
actual results to vary, including such risks
that regulatory clinical and guideline developments may
change, scientific data may not be sufficient to meet
regulatory standards or receipt of required regulatory clearances
or approvals, clinical results may not be replicated in actual
patient settings, protection offered by the
Company’s patents and patent applications may be challenged,
invalidated or circumvented by its competitors, the available
market for the Company’s products will not be as
large as expected, the Company’s products will not be able to
penetrate one or more targeted markets, revenues will not be
sufficient to meet the Company’s cash needs, fund further
development and clinical studies, as well as uncertainties
relative to varying product formulations and a multitude of diverse
regulatory and marketing requirements in different countries and
municipalities, and other risks detailed from time to time in the
Company’s filings with the Securities and Exchange Commission. The
Company disclaims any obligation to update these forward-looking
statements, except as required by law.
Sonoma Pharmaceuticals™, Alevicyn™, Celacyn™, SebuDerm™ and
Microcyn® Technology are trademarks or registered trademarks of
Sonoma Pharmaceuticals, Inc. All other trademarks and service marks
are the property of their respective
owners.
Media and Investor
Contact:
Sonoma Pharmaceuticals,
Inc.
Dan McFaddenVP of Public and Investor Relations(425)
753-2105dmcfadden@sonomapharma.com
SONOMA PHARMACEUTICALS, INC. AND
SUBSIDIARIES Condensed Consolidated Balance
Sheets(In thousands, except share and per share
amounts)
|
|
|
|
December 31, |
|
|
March 31,
|
|
|
|
2017 |
|
|
2017 |
|
|
|
(Unaudited)
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
8,625 |
|
|
$ |
17,461 |
|
Accounts
receivable, net |
|
|
2,609 |
|
|
|
2,108 |
|
Inventories, net |
|
|
2,701 |
|
|
|
2,221 |
|
Prepaid
expenses and other current assets |
|
|
1,508 |
|
|
|
616 |
|
Current
portion of deferred consideration, net of discount |
|
|
229 |
|
|
|
237 |
|
Total
current assets |
|
|
15,672 |
|
|
|
22,643 |
|
Property
and equipment, net |
|
|
1,200 |
|
|
|
1,239 |
|
Deferred
consideration, net of discount, less current portion |
|
|
1,392 |
|
|
|
1,497 |
|
Other
assets |
|
|
91 |
|
|
|
80 |
|
Total
assets |
|
$ |
18,355 |
|
|
$ |
25,459 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
1,400 |
|
|
$ |
1,255 |
|
Accrued
expenses and other current liabilities |
|
|
1,515 |
|
|
|
1,302 |
|
Deferred
revenue |
|
|
180 |
|
|
|
345 |
|
Deferred
revenue Invekra |
|
|
140 |
|
|
|
176 |
|
Current
portion of long-term debt |
|
|
12 |
|
|
|
123 |
|
Current
portion of capital leases |
|
|
146 |
|
|
|
74 |
|
Taxes
payable |
|
|
– |
|
|
|
13 |
|
Total
current liabilities |
|
|
3,393 |
|
|
|
3,288 |
|
Long-term deferred
revenue Invekra |
|
|
492 |
|
|
|
527 |
|
Long-term debt, less
current portion |
|
|
35 |
|
|
|
45 |
|
Long-term capital
leases, less current portion |
|
|
179 |
|
|
|
168 |
|
Total
liabilities |
|
|
4,099 |
|
|
|
4,028 |
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
Convertible preferred stock, $0.0001 par value; 714,286 shares
authorized, none issued and outstanding at December 31, 2017 and
March 31, 2017, respectively |
|
|
– |
|
|
|
– |
|
Common
stock, $0.0001 par value; 12,000,000 shares authorized at December
31, 2017 and March 31, 2017, 4,637,541 and 4,289,322 shares issued
and outstanding at December 31, 2017 and March 31, 2017,
respectively |
|
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
|
171,332 |
|
|
|
168,709 |
|
Accumulated deficit |
|
|
(152,677 |
) |
|
|
(143,101 |
) |
Accumulated other comprehensive loss |
|
|
(4,400 |
) |
|
|
(4,178 |
) |
Total
stockholders’ equity |
|
|
14,256 |
|
|
|
21,431 |
|
Total
liabilities and stockholders’ equity |
|
$ |
18,355 |
|
|
$ |
25,459 |
|
|
|
|
SONOMA PHARMACEUTICALS, INC. AND
SUBSIDIARIESCondensed Consolidated Statements of
Comprehensive (Loss) Income(In thousands, except per share
amounts)(Unaudited)
|
|
Three Months Ended December 31, |
|
|
Nine Months Ended December 31, |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Product |
$ |
4,647 |
|
|
$ |
3,174 |
|
|
$ |
12,394 |
|
|
$ |
8,158 |
|
Service |
|
196 |
|
|
|
187 |
|
|
|
609 |
|
|
|
638 |
|
Total
revenues |
|
4,843 |
|
|
|
3,361 |
|
|
|
13,003 |
|
|
|
8,796 |
|
Cost of revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
2,308 |
|
|
|
1,476 |
|
|
|
6,529 |
|
|
|
4,507 |
|
Service |
|
167 |
|
|
|
179 |
|
|
|
496 |
|
|
|
568 |
|
Total
cost of revenues |
|
2,475 |
|
|
|
1,655 |
|
|
|
7,025 |
|
|
|
5,075 |
|
Gross profit |
|
2,368 |
|
|
|
1,706 |
|
|
|
5,978 |
|
|
|
3,721 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
349 |
|
|
|
487 |
|
|
|
1,099 |
|
|
|
1,226 |
|
Selling,
general and administrative |
|
5,219 |
|
|
|
4,784 |
|
|
|
14,319 |
|
|
|
12,557 |
|
Total
operating expenses |
|
5,568 |
|
|
|
5,271 |
|
|
|
15,418 |
|
|
|
13,783 |
|
Loss from
operations |
|
(3,200 |
) |
|
|
(3,565 |
) |
|
|
(9,440 |
) |
|
|
(10,062 |
) |
Interest expense |
|
(11 |
) |
|
|
– |
|
|
|
(31 |
) |
|
|
(2 |
) |
Interest income |
|
14 |
|
|
|
6 |
|
|
|
85 |
|
|
|
8 |
|
Other income (expense),
net |
|
10 |
|
|
|
282 |
|
|
|
(179 |
) |
|
|
276 |
|
Net loss from
continuing operations before income taxes |
|
(3,187 |
) |
|
|
(3,277 |
) |
|
|
(9,565 |
) |
|
|
(9,780 |
) |
Tax benefit |
|
– |
|
|
|
4,040 |
|
|
|
– |
|
|
|
4,040 |
|
Net (loss) income from
continuing operations |
|
(3,187 |
) |
|
|
763 |
|
|
|
(9,565 |
) |
|
|
(5,740 |
) |
Net income from
discontinued operations (net of tax) |
|
– |
|
|
|
15,465 |
|
|
|
– |
|
|
|
17,450 |
|
Net (loss) income |
$ |
(3,187 |
) |
|
$ |
16,228 |
|
|
$ |
(9,565 |
) |
|
$ |
11,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share: basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.73 |
) |
|
$ |
0.18 |
|
|
$ |
(2.21 |
) |
|
$ |
(1.36 |
) |
Discontinued operations |
|
– |
|
|
|
3.66 |
|
|
|
– |
|
|
|
4.15 |
|
|
$ |
(0.73 |
) |
|
$ |
3.84 |
|
|
$ |
(2.21 |
) |
|
$ |
2.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number
of shares used in per share calculations: basic |
|
4,392 |
|
|
|
4,225 |
|
|
|
4,333 |
|
|
|
4,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share: diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.73 |
) |
|
$ |
0.18 |
|
|
$ |
(2.21 |
) |
|
$ |
(1.36 |
) |
Discontinued operations |
|
– |
|
|
|
3.66 |
|
|
|
– |
|
|
|
4.15 |
|
|
$ |
(0.73 |
) |
|
$ |
3.84 |
|
|
$ |
(2.21 |
) |
|
$ |
2.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number
of shares used in per share calculations: diluted |
|
4,392 |
|
|
|
4,228 |
|
|
|
4,333 |
|
|
|
4,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
(loss) income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss) income |
$ |
(3,187 |
) |
|
$ |
16,228 |
|
|
$ |
(9,565 |
) |
|
$ |
11,710 |
|
Foreign
currency translation adjustments |
|
(377 |
) |
|
|
(416 |
) |
|
|
(222 |
) |
|
|
(817 |
) |
Comprehensive (loss) income |
$ |
(3,564 |
) |
|
$ |
15,812 |
|
|
$ |
(9,787 |
) |
|
$ |
10,893 |
|
|
|
|
SONOMA PHARMACEUTICALS, INC. AND
SUBSIDIARIESReconciliation of GAAP measures to
non-GAAP measures(In thousands) and (Unaudited)
|
|
|
Three Months Ended December 31, |
|
|
Nine Months Ended December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
(1) Loss from
operations minus non-cash expenses (EBITDA): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from
operations as reported |
|
$ |
(3,200 |
) |
|
$ |
(3,565 |
) |
|
$ |
(9,440 |
) |
|
$ |
(10,062 |
) |
Non-cash
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation |
|
|
692 |
|
|
|
1,013 |
|
|
|
1,592 |
|
|
|
1,830 |
|
Depreciation and
amortization |
|
|
125 |
|
|
|
60 |
|
|
|
366 |
|
|
|
178 |
|
Non-GAAP loss from
operations minus non-cash expenses (EBITDA) |
|
$ |
(2,383 |
) |
|
$ |
(2,492 |
) |
|
$ |
(7,482 |
) |
|
$ |
(8,054 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Net loss
minus non-cash expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss)
as reported |
|
$ |
(3,187 |
) |
|
$ |
16,228 |
|
|
$ |
(9,565 |
) |
|
$ |
11,710 |
|
Non-cash
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation |
|
|
692 |
|
|
|
1,013 |
|
|
|
1,592 |
|
|
|
1,830 |
|
Depreciation and
amortization |
|
|
125 |
|
|
|
60 |
|
|
|
366 |
|
|
|
178 |
|
Non-GAAP net income
(loss) minus non-cash expenses |
|
$ |
(2,370 |
) |
|
$ |
17,301 |
|
|
$ |
(7,607 |
) |
|
$ |
13,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Operating
expenses minus non-cash expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses
as reported |
|
$ |
5,568 |
|
|
$ |
5,271 |
|
|
$ |
15,418 |
|
|
$ |
13,783 |
|
Non-cash
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation |
|
|
(649 |
) |
|
|
(950 |
) |
|
|
(1,456 |
) |
|
|
(1,633 |
) |
Depreciation and
amortization |
|
|
(57 |
) |
|
|
(14 |
) |
|
|
(154 |
) |
|
|
(30 |
) |
Non-GAAP operating
expenses minus non-cash expenses |
|
$ |
4,862 |
|
|
$ |
4,307 |
|
|
$ |
13,808 |
|
|
$ |
12,120 |
|
(1) |
|
Loss from
operations minus non-cash expenses (EBITDAS) is a non-GAAP
financial measure. The Company defines operating loss minus
non-cash expenses as GAAP reported operating loss minus operating
depreciation and amortization, and operating stock-based
compensation. The Company uses this measure for the purpose of
modifying the operating loss to reflect direct cash related
transactions during the measurement period. |
|
|
|
(2) |
|
Net loss
minus non-cash expenses is a non-GAAP financial measure. The
Company defines net loss minus non-cash expenses as GAAP reported
net loss minus depreciation and amortization, stock-based
compensation, and non-cash foreign exchange transaction losses. The
Company uses this measure for the purpose of modifying the net loss
to reflect only those expenses to reflect direct cash transactions
during the measurement period. |
|
|
|
(3) |
|
Operating
expenses minus non-cash expenses is a non-GAAP financial measure.
The Company defines operating expenses minus non-cash expenses as
GAAP reported operating expenses minus operating depreciation and
amortization, and operating stock-based compensation. The Company
uses this measure for the purpose of identifying total operating
expenses involving cash transactions during the measurement
period. |
|
|
|
|
|
|
SONOMA PHARMACEUTICALS, INC. AND
SUBSIDIARIESProduct related revenue
schedules(In thousands) and (Unaudited)
The following table shows the Company’s product
revenues by geographic region:
|
|
Three months endedDecember
31, |
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
$ Change |
|
|
% Change |
|
United States |
|
$ |
2,883 |
|
$ |
1,671 |
|
$ |
1,212 |
|
|
73% |
|
Latin America |
|
|
772 |
|
|
465 |
|
|
307 |
|
|
66% |
|
Europe and Rest of the
World |
|
|
992 |
|
|
1,038 |
|
|
(46 |
) |
|
(4% |
) |
Total |
|
$ |
4,647 |
|
$ |
3,174 |
|
$ |
1,473 |
|
|
46% |
|
|
|
|
Nine months ended
December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
$ Change |
|
|
% Change |
|
United States |
|
$ |
7,010 |
|
$ |
4,741 |
|
$ |
2,269 |
|
|
48% |
|
Latin America |
|
|
2,095 |
|
|
465 |
|
|
1,630 |
|
|
351% |
|
Europe and Rest of the
World |
|
|
3,289 |
|
|
2,952 |
|
|
337 |
|
|
11% |
|
Total |
|
$ |
12,394 |
|
$ |
8,158 |
|
$ |
4,236 |
|
|
52% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In connection with the Company’s sale of its Latin America
business to Invekra, product related revenues were reclassified
from continuing operations to discontinued operations. The
amounts were classified in the prior periods as Latin America
sales. The amounts reclassified are as follows:
|
|
|
|
|
Three Months Ended December 31, |
|
|
2017 |
|
2016 |
Product revenues |
|
$ |
– |
|
$ |
359 |
Product license fees
and royalties |
|
|
– |
|
|
262 |
Total product related
revenues |
|
$ |
– |
|
$ |
621 |
|
|
|
|
Nine Months Ended December 31, |
|
|
2017 |
|
2016 |
Product revenues |
|
$ |
– |
|
$ |
2,693 |
Product license fees
and royalties |
|
|
– |
|
|
412 |
Total product related
revenues |
|
$ |
– |
|
$ |
3,105 |
|
|
|
|
|
|
|
Sonoma Pharmaceuticals (NASDAQ:SNOA)
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