Lotus Pharmaceuticals (OTCMKTS:LTUS) Releases Impressive First Quarter Earnings
Multinational pharmaceutical company, Lotus Pharmaceuticals (OTCMKTS:LTUS) on May 16, 2022, came out with financial results for quarter one ending March 31, 2022.
Market Stats
On Monday, LTUS stock ended flat at $0.0106 with 26.9K shares, compared to its average volume of 7.67K shares. The stock moved within a range of $0.0106 – 0.0106 after opening trading at $0.0179.
Lotus Reports Solid Performance in First Quarter of 2022
The quarter started with a strong top line and bottom line exceeding the management expectation. The firm confirmed that the consolidated net sales reached $3,161 million, demonstrating 12.8% growth compared to last quarter. The firm’s Asian Business segment continues to be a robust foundation for the business, increasing by 1.4% QoQ to NT$1,704 million with steady performance of products in Korea, Taiwan, and Thailand.
The company’s Export Business segment was the main growth driver in the quarter, surging by 30.7% QoQ to NT$1,428 million. Mainly driven by Lenalidomide launches in 14 European countries including France, Germany, Spain, Italy, and Austria amongst others.
Petar Vazharov, Chief Executive Officer of Lotus expressed delight on the robust start during the year after a successful 2021. The CEO added that all business units performed well, and the company is confident on the company being in a strong position to deliver the 2022 objectives despite covid and uncertainties in the global economy.
The firm would like to highlight major deliverables on the portfolio during the quarter from both R&D and Business Development. The firm finished the acquisition of Cialis from Eli Lilly for Taiwan market in March.
Key Quote
Petar Vazharov, Chief Executive Officer of Lotus, said: ‘We are very pleased with the strong start of 2022, following 2021 – so far the most successful year in Lotus history. All business units performed very well and we are confident that Lotus is in a very strong position to deliver 2022 objectives despite the turbulences caused by the COVID recurrence in certain Asian countries as well as the rising uncertainties of global economy.
Traders Corner
LTUS stock is trading below the 20-Day and 50-Day Moving averages of $0.145 and 0.0166 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0220.
