Emmaus Life Sciences Inc (OTCQX:EMMA) has announced record second-quarter 2023 net revenues of $10.8 million, up from $4.3 million a year earlier.
This marked its sixth straight quarterly increase, which the company attributed primarily to a $4.1 million jump in net revenues from sales in the Middle East North Africa (MENA) region as well as a continuing recovery in US sales.
The commercial-stage biopharmaceutical company also saw its income from operations during the period increase by $4.5 million, or 385%, sequentially from a $1.2 million loss in 1Q.
“Net revenue growth accelerated in the quarter, and we hope to continue this trend through the end of the year even without regard to the prospects for potential marketing approval of Endari in the Kingdom of Saudi Arabia," Emmaus Life Sciences CEO Yutaka Niihara said in a statement.
The company ended the quarter with cash and cash equivalents of $1.4 million as of June 30, 2023.
Torrance, California-based Emmaus Life Sciences is a commercial-stage biopharmaceutical company engaged in the discovery, development, and sales of innovative treatments and therapies, including those in the rare and orphan disease categories.
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