Cosmos Health Issues Letter to Shareholders
Cosmos Health Issues Letter to Shareholders
CHICAGO, IL / ACCESSWIRE / November 12, 2024 / Cosmos Health Inc. ("Cosmos Health" or the "Company'') (NASDAQ:COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary pharmaceutical and nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, announced today that its Chief Executive Officer, Greg Siokas, has issued the following letter to the Company's shareholders.
芝加哥,IL / ACCESSWIRE / 2024年11月12日 / Cosmos Health Inc.(「Cosmos Health」或「公司」)(納斯達克股票代碼:COSM),一家多元化、縱向一體化的全球醫療保健集團,從事創新研發,擁有專有藥品和保健品品牌,製造和分銷醫療產品,並經營遠程醫療平台,今天宣佈,公司首席執行官Greg Siokas向公司股東發佈了以下信函。
Dear Cosmos Health Shareholders,
尊敬的Cosmos Health股東,
It has been just over a year since my previous shareholder letter, and I would like to express my sincere gratitude for your continued support. We have achieved many positive milestones since then; however, our share price has not responded accordingly, despite strong execution across several key areas. These include completing strategic acquisitions, advancing our R&D initiatives, reducing our debt, and expanding our brands internationally.
距離我上一封股東信函已經過去一年多了,我想表達我衷心的感謝您一直以來的支持。自那時以來,我們取得了許多積極的里程碑;然而,儘管在幾個關鍵領域取得了強勁成果,我們的股價並未相應上漲。這些關鍵領域包括完成戰略收購、推進研發項目、減少債務以及在國際範圍內擴大我們的品牌。
Cosmos is in a dynamic growth phase, advancing through horizontal and vertical expansion. We are confident in the strength of our diversified strategy, which maximizes synergies and emphasizes expanding our distribution network, driving innovation through R&D, and developing high-margin brands with a global perspective, while maintaining a strong balance sheet and disciplined cost management.
Cosmos正處於動態增長階段,通過橫向和縱向擴展取得進展。我們對多元化戰略的強度充滿信心,這種戰略最大化地發揮了協同效應,強調通過研發擴大我們的分銷網絡,推動創新,並以全球視野開發高利潤品牌,同時保持健康的資產負債表和紀律成本管理。
We believe that, over time, our efforts will be recognized, reflected in our financial performance. Encouragingly, we are already seeing positive momentum, as demonstrated by this year's earnings results. Revenue increased year-over-year by 18.1% in Q1 2024 and by 6.8% in Q2 2024 compared to the same periods last year, driven by organic growth and the positive effects of our 2023 M&A activity.
我們相信,隨着時間的推移,我們的努力將得到認可並反映在我們的財務表現中。令人鼓舞的是,我們已經看到了積極的勢頭,今年的收入結果證明了這一點。2024年第一季度,收入同比增長18.1%,第二季度同比增長6.8%,受益於有機增長和我們在2023年的併購活動帶來的積極影響。
I would like to take this opportunity to share some thoughts to provide our investors with a broader perspective. We concluded 2022 with strong liquidity, thanks to a significant capital raise of over $30 million in December at an accretive price of $11.50 per share - more than fifteen (15) times our current share price of $0.72 as of the close on November 1, 2024. This was a transformative moment for Cosmos, allowing us to strengthen our balance sheet through aggressive deleveraging while positioning us to invest in our future. It paved the way for a robust M&A program, which we executed throughout 2023, while in 2024, our focus has shifted to efficiently integrating these acquisitions.
我想借此機會分享一些想法,爲我們的投資者提供更廣闊的視角。我們在2022年以強勁的流動性結賬,得益於12月份超過3000萬美元的重大資本募集,每股售價爲11.50美元,這是Cosmos的轉折時刻,使我們能夠通過積極的減槓桿化強化資產負債表,併爲未來投資做準備。這爲我們開展了強勁的併購計劃,並在2023年全面執行,而在2024年,我們的重點轉向高效整合這些收購。
Improving Key Metrics: 2018 - June 2024
改善關鍵指標:2018年-2024年6月
As highlighted above, we have been actively expanding our asset base while simultaneously deleveraging. Taking a step back to provide a broader view, from 2018 to June 2024, Cosmos has achieved the following milestones:
如上所述,我們一直在積極擴大資產規模的同時進行去槓桿化。爲了提供更廣泛的視角,從2018年到2024年6月,阿童木實現了以下里程碑:
Increased Total Assets by 194%, from $20.69 million to $60.83 million
Decreased Total Debt, adjusted for lines of credit, by 71%, from $13.51 million to $3.95 million
Increased Revenue by 50%, from $37.08 million to $55.58 million
Increased Gross Profit by 74%, from $2.41 million to $4.20 million
總資產增加了194%,從2069萬美元增至6083萬美元
調整信用額度後,總債務減少了71%,從1351萬美元降至395萬美元
營業收入增加了50%,從3708萬美元增至5558萬美元
毛利潤增加了74%,從241萬美元增至420萬美元
Fueled by strong growth and expanding requirements, our full-time team has more than doubled, increasing from 67 to 153 employees across diverse roles, from scientists to sales managers. Attracting and retaining top talent remains a key strategic priority as we continue to scale.
受強勁增長和擴大需求推動,我們的全職團隊已經翻了一番,從科學家到銷售經理,員工人數從67人增加到了153人。吸引和留住頂尖人才仍然是我們繼續擴張的關鍵戰略重點。
Robust Total Stockholders' Equity: What stands out is that we are currently experiencing one of the strongest financial positions in our history. Cosmos has transformed its balance sheet, with Total Stockholders' Equity near all-time highs at approximately $32.1 million as of Q2 2024. This marks a significant improvement from the deficit periods that persisted until 2021.
穩健的總股東權益突出的是,我們目前正經歷着歷史上最強大的財務狀況之一。阿童木已經改變了其資產負債表,截至2024年第二季度,總股東權益接近歷史最高水平,約爲3210萬美元。這標誌着與持續到2021年的赤字時期相比,有了重大改善。
Tangible Assets: Our freehold properties - CosmoFarm's 29,000 sq. ft. distribution center and Cana's 54,000 sq. ft. production facility - along with other tangible assets, such as machinery and equipment, have a fair market value exceeding $12 million. Our hard assets alone almost make up the entirety of our current market capitalization.
有形資產: 我們的自由持有物業 - 阿童木的29,000平方英尺分配中心和卡納的54,000平方英尺生產設施 - 以及其他有形資產,如機械設備,其公允市場價值超過1200萬美元。我們的固定資產幾乎構成了我們當前市值的全部。
Meanwhile, Cosmos maintains prudent debt levels of under $5 million. Notably, our tangible assets more than cover our entire debt. To put this into perspective, if we were to liquidate our hard assets, the proceeds would more than cover all outstanding debt, including notes and loans payable, by over twice the amount.
同時,阿童木保持着謹慎的負債水平低於500萬美元。值得注意的是,我們的有形資產超過了我們的所有債務。爲了更好地理解,如果我們清算我們的固定資產,所得款額將超過全部未償債務,包括應付票據和貸款,超出數額達到兩倍之多。
In effect, our shareholders would receive all our other assets essentially for free. Moreover, these assets - some of which I will highlight below - hold substantial intrinsic value.
事實上,我們的股東基本上可以免費獲得所有我們的其他資產。此外,這些資產 - 其中一些我將在下面重點介紹 - 擁有巨大的內在價值。
Use of Proceeds
款項用途
We are on the right track, as evidenced by the improving metrics over the past few years. That being said, I believe that providing more clarity on how our funds have been allocated will help shareholders gain insight into our priorities, which, in turn, should enhance their understanding of our strategic direction and vision.
我們正在走在正確的軌道上,過去幾年的指標改善證明了這一點。話雖如此,我相信提供有關我們資金分配情況的更多明晰信息,將幫助股東了解我們的優先事項,進而提升他們對我們戰略方向和願景的理解。
For the period from December 19, 2022, to December 31, 2023, Cosmos deployed approximately $45.62 million in an investment-heavy expansion program while deleveraging. Specifically, more than $25 million was invested in the acquisition of companies, drug licenses, properties, machinery, and equipment, as well as growth-oriented working capital investments in subsidiaries and research and development. Additionally, more than $9 million was used in deleveraging by repaying loans and notes.
從2022年12月19日到2023年12月31日期間,阿童木大約投入了4562萬美元用於投資密集型擴張計劃和去槓桿化。具體而言,超過2500萬美元投入於收購公司,藥品許可證,物業,機械設備,以及在子公司和研發方面具有增長意向的營運資本投資。此外,超過900萬美元用於償還貸款和票據的去槓桿化。
In 2024, year to date, we have continued our growth-oriented agenda, whether through acquisitions, advancing our R&D agenda, or business development initiatives to expand our brands globally. For example, through our wholly-owned subsidiary, CosmoFarm, we concluded the acquisitions of the pharmacy distribution networks of Pharmatrade in February 2024 and Pelofarm in June 2024. This, in conjunction with investments in advanced robotic systems, such as ROWA and SCHAEFER's A-frame for automated procurement, inventory management, and order processing, along with expanded sales and marketing initiatives, has resulted in CosmoFarm achieving record revenue of approximately $43 million, representing an 8.62% increase over the same period last year and contributing to a 21% rise in gross profit.
截至2024年,我們在全年的增長議程上持續前進,無論是通過收購、推進我們的愛文思控股議程,還是通過拓展全球品牌的業務發展計劃。例如,通過我們的全資子公司阿童木農場,我們在2024年2月收購了Pharmatrade的藥房分銷網絡,6月又收購了Pelofarm。這與投資於先進的機器人系統,如ROWA和SCHAEFER的A-frame自動採購、庫存管理和訂單處理系統,以及擴大銷售和營銷倡議相結合,導致阿童木農場實現了約4300萬美元的創紀錄營業收入,較去年同期增長8.62%,並促使毛利潤增長21%。
Increased investments, heightened acquisition integration costs, and elevated expenses have been a deliberate headwind on our bottom line. We expect this to change over time. Over the next couple of years, these factors are expected to normalize as revenue ramps up, enabling Cosmos to achieve sustained profitability in line with our recently updated guidance for the 2024-2027 period (more on this below).
增加的投資、增加的收購整合成本以及增加的支出一直是我們收入底線上的一個明顯阻力。我們預計隨着時間的推移,這種情況將發生變化。未來幾年,這些因素預計將趨於正常化,隨着營收的增長,使阿童木能夠實現符合我們最近更新的2024年至2027年指導方針的可持續盈利能力(後文將詳細介紹)。
While much remains to be done, it is fair to say that our core metrics are moving in the right direction. We will work diligently to maintain this momentum, with an increased focus on our bottom line as well.
雖然仍有許多工作要做,但公平地說,我們的核心指標正在朝着正確的方向發展。我們將努力保持這種勢頭,更加專注於我們的收入底線。
Strong Asset Base
強大的資產基礎
In addition to our hard assets and cash balances, other important assets include our proprietary brands, generic drugs, and R&D projects, as well as the substantial value of our strong inventory position and accounts receivable, which are being collected at an improved pace.
除了我們的固定資產和現金餘額,其他重要資產包括我們的專有品牌、仿製藥和愛文思控股項目,以及我們強勁的庫存位置和大量應收賬款的實質價值,這些應收賬款的回籠速度有所提高。
Proprietary Brands: Our portfolio of proprietary brands spans a wide range of categories, including food supplements, antiseptics, pain-relief ear drops, baby foods, and cosmetics. We expect these brands to be a significant driver of growth moving forward. Some, like Sky Premium Life, are expanding globally, while others, such as Otikon and Melatonin, hold a strong position in their respective local markets.
專有品牌:我們的專有品牌組合涵蓋廣泛的品類,包括食品補充劑、防腐劑、止痛耳滴、嬰兒食品和化妝品等。我們預計這些品牌將成爲未來增長的重要推動力。一些品牌,如Sky Premium Life,正在全球擴張,而另一些,如Otikon和褪黑素,在各自的本地市場上擁有強勁的地位。
Research & Development: Our cutting-edge R&D projects, led by world-class scientists and powered by Cloudscreen, our recently acquired AI-driven drug repurposing platform, aim to address major health challenges such as obesity, diabetes, and cancer. We are making substantial progress across multiple fronts, with several products advancing through various development stages. Notably, this includes filing patent applications for our solution targeting central nervous system (CNS) cancers and for CCX0722, our product for obesity and weight management. Additionally, we recently entered the development phase for CCDL24, an innovative treatment for gastrointestinal disorders.
研發項目我們的尖端研發項目由世界一流科學家領導,並由Cloudscreen支持,我們最近收購的人工智能驅動的藥物再利用平台,旨在解決肥胖、糖尿病和癌症等重大健康挑戰。我們在多個方面取得了實質性的進展,有幾種產品正在不同的開發階段推進。值得注意的是,這包括爲我們的解決中樞神經系統(CNS)癌症靶向方案和針對肥胖和體重管理的CCX0722產品申請專利。此外,我們最近進入了CCDL24的開發階段,這是一種創新的治療腸道疾病。
Generic Drugs: At the beginning of this year, we announced the acquisition of licenses and rights for a comprehensive portfolio of 10 generic drugs for approximately $3.5 million, further solidifying Cosmos as a fully-fledged pharmaceutical company. This portfolio, outlined in the table below, includes drugs such as Diabit-is, a diabetes treatment and one of the first generics to launch in Europe following the June 2024 patent expiration of Merck's 'Januvia'.
非專利藥品在今年年初,我們宣佈以約350萬美元收購了10種仿製藥的許可證和權益,進一步鞏固了Cosmos作爲一家全面的製藥公司。下表中列出的這一系列產品包括Diabit-is等藥物,這是一種治療糖尿病的藥物,也是繼2024年6月默克公司「Januvia」專利到期後在歐洲首次推出的第一批仿製藥。
Drug |
Purpose |
Active Ingredient |
ASTO-CHOL / ASTO-CHOL 2 |
Cholesterol |
Pravastatin |
Diorium |
Stomach problems |
Omeprazole |
HEART-FREE |
Heart-related issues |
Clopidogrel |
LIPICHOL / LIPICHOL 2 |
Cholesterol, Heart-related |
Atorvastatin |
Miltus / Miltus 2 |
Alzheimer's disease |
Donepezil |
Newzypra / Newzypra 2 |
Mood disorders, Psychosis |
Olanzapine |
PNEUMO-KAST / PNEUMO- |
Asthma |
Montelukast |
Sahar / Sahar 2 |
Blood sugar |
Pioglitazone |
VIVALCID / VIVALCID 2 |
Cancer drug effects |
Leucovorin |
Diabit-is / Diabit-is 2 |
Type 2 diabetes |
Sitagliptin |
藥品 |
目的 |
活性成分 |
ASTO-CHOL / ASTO-CHOL 2 |
Cholesterol |
普伐他汀 |
Diorium |
Stomach problems |
Omeprazole |
HEARt-FREE |
Heart-related issues |
氯吡格雷 |
力美膽/力美膽2 |
膽固醇,與心臟相關 |
阿託伐他汀 |
米託唑/米託唑2 |
阿爾茨海默病 |
多奈哌齊 |
紐扎帕/紐扎帕2 |
情緒障礙、精神病 |
奧氮平 |
PNEUMO-KASt / PNEUMO- |
哮喘 |
蒙特盧卡斯特 |
Sahar / Sahar 2 |
血糖 |
吡格列酮 |
維韋酸/維韋酸2 |
癌症藥物效果 |
亞潑酮 |
迪亞比特-假日/迪亞比特-假日 2 |
2型糖尿病 |
司他普利 |
Importantly, these drugs will be manufactured in-house at Cana's facilities. Our vertical integration capabilities are crucial not only for achieving cost savings and enhancing margins but also for allowing us greater control over our supply chain, ensuring we can serve our customers more efficiently and promptly.
重要的是,這些藥物將在Cana的設施內自主生產。我們的垂直整合能力不僅對於實現成本節約和提高利潤至關重要,而且對於允許我們更好地控制我們的供應鏈,確保我們能更加有效和及時地爲客戶提供服務。
Receivables and Inventories: These two assets alone are valued at approximately $25 million, nearly double our current market capitalization. Importantly, our receivables are being collected at an accelerated pace, and our inventory remains highly liquid, providing us with added flexibility.
應收賬款和存貨這兩項資產單獨價值約2500萬美元,幾乎是我們目前市值的兩倍。重要的是,我們的應收賬款正在加快收款速度,我們的存貨保持高度流動,爲我們提供了額外的靈活性。
Upside Potential
上行潛力
Cana Laboratories
卡納實驗室
Cana was acquired in Q2 2023 as part of a comprehensive court administered restructuring agreement at a discount to fair market value, resulting in a substantial bargain purchase gain. I'd like to highlight certain historical financial figures as a reference point for assessing its upside potential.
卡納在2023年第二季度作爲一項全面的法院管理的重組協議的一部分以低於公允市場價值的折價收購,導致實現了實質性的折價購買收益。我想強調某些歷史財務數據,作爲評估其上行潛力的參考點。
The restructuring allowed Cana to emerge as a debt-free entity. To provide context, prior to restructuring, total liabilities were approximately $30 million in 2018.
At its peak, Cana was generating revenue in excess of $60 million annually. To put this in perspective, this is more than our FY 2022 revenue.
重組使卡納成爲一個無債務的實體。爲了提供背景,重組前,2018年的總負債約爲3000萬美元。
在其鼎盛時期,卡納每年的營業收入超過6000萬美元。換句話說,這比我們2022財年的營收還要多。
We have developed a strategic plan to rejuvenate Cana and restore it to its former strength, from revitalizing legacy brands like bio-bebe to establishing contract manufacturing agreements with multinational companies. We believe that achieving this will mark a game-changing moment for Cosmos, as Cana is one of our crown jewels.
我們已經制定了一個戰略計劃,來振興卡納,並使其恢復到昔日的實力,從重振bio-bebe等傳統品牌到與跨國公司建立合同製造協議。我們相信一旦實現這一目標,將標誌着Cosmos的一個改變遊戲規則的時刻,因爲卡納是我們的明日之星之一。
In fact, we have already begun to rapidly scale our contract manufacturing (CMO) business by securing agreements with Provident Pharmaceuticals to produce 4.32 million units (vials) of DE3-SOLE, a treatment for vitamin D deficiency, as well as 408,000 units of MIOREL, 222,000 units of CALCIFOLIN, and 72,000 units of DEXA-DOSE. Additionally, we have secured a manufacturing agreement with the Australian wellness company Humacology to produce up to 500,000 units of its CBD products. And we're just getting started.
實際上,我們已經開始迅速擴大我們的合同製造(CMO)業務,與Provident Pharmaceuticals 簽訂協議,生產432萬單位(小瓶)DE3-SOLE,一種治療維生素D缺乏症的藥物,以及408,000單位MIOREL,222,000單位CALCIFOLIN和72,000單位DEXA-DOSE。此外,我們還與澳大利亞健康公司Humacology簽署了製造協議,生產高達500,000單位的CBD產品。我們僅僅是剛剛開始。
Opening Up New Markets & Partnerships
開拓新市場與夥伴關係
We are continually expanding our distribution network and global reach. We look forward to entering new markets and territories and are actively working on several strategic collaborations worldwide to further broaden our distribution network and accelerate market penetration.
我們不斷擴展我們的分銷網絡和全球覆蓋範圍。我們期待進入新的市場和領地,並積極開展全球範圍內的多項戰略合作,以進一步擴大我們的分銷網絡並加速市場滲透。
Sky Premium Life
Sky Premium Life
Our food supplements brand, Sky Premium Life, continues to strengthen its global presence, securing multiple distribution agreements worldwide. For example, in June 2024, we signed an exclusive distribution agreement with Pharmalink for the United Arab Emirates (UAE), securing our first purchase order of 130,000 units and anticipating over 500,000 units in the first year and more than 3,000,000 units over the next five years. In July 2024, we signed a distribution agreement with Zendon for Slovakia, Hungary, Poland, and the Czech Republic, gaining access to over 6,000 stores across leading pharmacy and retail chains, including Dr. Max, Teta Drogerie, and Rossmann.
我們的保健品品牌Sky Premium Life 繼續鞏固其全球存在,與全球多個地區簽訂多項分銷協議。例如,2024年6月,我們與Pharmalink簽署了阿拉伯聯合酋長國(UAE)的獨家分銷協議,獲得了13萬單位的首次採購訂單,並預計首年銷售超過50萬單位,未來五年銷售超過300萬單位。 2024年7月,我們與Zendon簽署了斯洛伐克、匈牙利、波蘭和捷克共和國的分銷協議,獲得了超過6,000家領先的藥房和連鎖零售商,包括Dr. Max、Teta Drogerie和Rossmann 的銷售渠道。
Amazon
亞馬遜
We are also expanding our presence on prominent direct-to-consumer channels like Amazon. For instance, in the UK, we reported strong sales growth for our brands on Amazon UK, with sales surging 160%, increasing to $596,000 year-to-date in 2024 from $230,000 during the same period in 2023.
我們還在亞馬遜等知名直銷渠道上持續擴大存在。例如,在英國,我們的品牌在亞馬遜上銷售額強勁增長,銷售額激增160%,從2023年同期的23萬美元增長至2024年截至目前的59.6萬美元。
C-Scrub/C-Sept
C-Scrub/C-Sept
We are progressing with the global launch of our antimicrobial wash and antiseptic brands, C-sept and C-scrub, which offer substantial market potential with limited competition. Production is being scaled up, and additional products are in development. We are now receiving purchase orders for C-scrub Wash in the United Kingdom, have successfully submitted a tender to supply the National Health System (NHS) in Scotland, and have completed the registration process in Germany to initiate sales.
我們正在全球推出我們的抗菌洗液和消毒品品牌,C-sept和C-scrub,這兩者在市場上具有巨大的潛在市場,且競爭有限。生產正在擴大,另外還有產品正在研發中。我們現在已經收到了關於C-scrub洗液在英國的採購訂單,併成功提交了供應蘇格蘭國民保健服務(NHS)的投標,同時已完成了在德國註冊流程以開展銷售。
Mpox PCR detection kits
Mpox PCR檢測套件
In August 2024, the World Health Organization declared mpox a global public health emergency. We responded swiftly by expanding our agreement with Virax Biolabs, securing distribution deals for PCR detection kits across multiple markets, including Europe, the Gulf Cooperation Council, and India. We are pleased to support public health authorities by enabling rapid detection and facilitating an effective response.
2024年8月,世界衛生組織宣佈mpox爲全球公共衛生緊急事件。我們迅速做出反應,擴大了與Virax Biolabs的協議,確保PCR檢測套件在多個市場的分銷協議,包括歐洲、海灣合作委員會和印度。我們很高興通過能夠快速檢測並促進有效應對,來支持公共衛生當局。
Discount to Book Value and Sector Average Multiples
按照賬面價值和板塊平均倍數折扣
Speaking of our valuation, our book value per share as of June 30, 2024, is $2.01 - nearly three times higher than the current share price of $0.72 as of November 1, 2024.
談到我們的估值,截至2024年6月30日,我們的每股賬面價值爲2.01美元-幾乎是2024年11月1日當前股價0.72美元的三倍。
Trading below book value is not typical. Historically, Cosmos has traded at a substantial premium to book value. However, this relationship reversed in 2023, with the discount to book value persisting into 2024.
低於賬面價值交易並不常見。在歷史上,Cosmos一直以大幅溢價於賬面價值交易。然而,這種關係在2023年發生了變化,賬面價值的折扣持續到2024年。
In fact, the valuation disconnect relative to book value is currently one of the most significant on record. These are unprecedented times for Cosmos, and we are committed to reversing this trend.
事實上,相對於賬面價值的估值脫節目前是記錄中最爲顯著的之一。對於Cosmos來說,這是史無前例的時刻,我們致力於扭轉這一趨勢。
Moreover, we are currently trading at a significant discount relative to sector average multiples. Nearly all healthcare segments and subsegments are trading at a substantial premium compared to COSM across both price-to-sales and price-to-book ratios.
此外,相對於板塊平均倍數,我們目前的交易折扣非常顯著。幾乎所有的醫療保健板塊和子板塊都以大幅溢價於COSm的價格對銷售價格和賬面價值比率進行交易。
Analyst Coverage: Taglich Brothers
分析師覆蓋:Taglich兄弟
We believe that thorough analyst coverage will raise awareness within the investment community and showcase the intrinsic value of our assets. To this end, we are pleased that Taglich Brothers initiated coverage of our common stock. Their inaugural report, published on February 20, 2024, by analyst Howard Halpern, assigned a Speculative Buy rating and set a 12-month price target of $4.00 per share, compared to the share price of $0.83 at the time of publication.
我們相信全面的分析師覆蓋將提高投資社區的關注度,並展示我們資產的內在價值。爲此,我們很高興Taglich兄弟開始覆蓋我們的普通股。他們的首次報告由分析師Howard Halpern於2024年2月20日發佈,給予了買入的評級,並設定了每股$4.00的12個月價格目標,相較於發佈時的股價$0.83。
I am pleased that in Taglich's updated research report on the Company's common stock, dated September 16, 2024, Taglich maintained its Speculative Buy rating with a $4 price target, suggesting a more than four-fold increase in the share price over the next 12 months. Importantly, Taglich also projects Cosmos to be cash flow positive in 2025.
我很高興發現在Taglich兄弟於2024年9月16日更新的公司普通股研究報告中,Taglich堅持了對其買入評級,給出了$4的價格目標,暗示未來12個月股價將增長四倍以上。重要的是,Taglich還預測阿童木在2025年將實現正現金流。
From a valuation perspective, Taglich believes our valuation should improve as we achieve revenue growth, transition to operating profitability, and generate positive cash earnings. Cosmos Health's price-to-sales multiple (0.3x) currently lags behind the 2.4x sector average for comparable companies in medical distribution and drug manufacturing. Investors are likely to assign a valuation multiple closer to industry standards over time. Applying a 1.4x price-to-sales multiple to the 2025 sales per share forecast of $3.86 supports the $4 price target, accounting for execution risks and potential warrant dilution.
從估值的角度出發,Taglich認爲我們的估值將隨着我們實現營收增長、過渡到盈利狀態以及創造正現金收益而提高。阿童木健康的市銷率(0.3x)目前落後於醫療分配和藥品製造行業可比公司的2.4倍行業平均水平。投資者可能會隨着時間的推移將估值倍數調整爲更接近行業標準。將1.4倍的市銷率應用於2025年每股銷售預測$3.86,支持$4的價格目標,考慮到執行風險和潛在認股權證的攤薄。
Updated Financial Guidance
更新後的財務指導方針
We are pleased to see the pieces of our multi-year strategy coming together, which has made us confident in communicating our 2024-2027 guidance. By 2027, we anticipate substantial value creation by achieving the following:
我們很高興看到我們跨年度策略的各個部分正在融合在一起,這讓我們對溝通我們的2024年至2027年指導方針充滿信心。到2027年,我們預計通過實現以下目標實現大量價值創造:
Revenue to increase by 163%, from $59.35 million in 2024 to $155.80 million in 2027.
Gross profit to grow by 653%, from $6.25 million in 2024 to $47.06 million in 2027.
Gross profit margin to expand by 1,970 basis points, from 10.50% in 2024 to 30.20% in 2027.
Net income to increase by 402%, reaching $20.44 million in 2027, compared to a loss of $6.76 million in 2024.
Adjusted EBITDA to grow to $29.40 million in 2027, from a loss of $1.21 million in 2024.
營業收入將增長163%,從2024年的5935萬美元增加到2027年的15580萬美元。
毛利潤將增長653%,從2024年的625萬美元增加到2027年的4706萬美元。
毛利潤率將增加1970個點子,從2024年的10.50%增加到2027年的30.20%。
淨利潤將增長402%,達到2027年的2044萬美元,而2024年爲虧損676萬美元。
調整後的EBITDA將從2024年的121萬美元虧損增長至2027年的2940萬美元。
The table below shows our detailed guidance:
以下的表格顯示了我們的詳細指導:
($) |
2024 |
2025 |
2026 |
2027 |
||||||||||||
Revenue |
59,349,546 |
80,670,924 |
125,124,323 |
155,802,733 |
||||||||||||
Gross profit |
6,251,422 |
16,208,325 |
32,120,201 |
47,061,142 |
||||||||||||
Gross profit margin (%) |
10.50% | 20.10% | 25.70% | 30.20% | ||||||||||||
Income / (loss) from operations |
-6,376,828 |
2,881,375 |
15,280,227 |
26,629,633 |
||||||||||||
Income / (loss) before income taxes |
-6,761,998 |
2,290,791 |
14,815,306 |
26,209,497 |
||||||||||||
Net income / (loss) |
-6,761,998 |
1,786,817 |
11,555,939 |
20,443,407 |
||||||||||||
Adjusted EBITDA |
-1,205,344 |
6,269,028 |
19,604,785 |
29,397,406 |
||||||||||||
Adjusted EBITDA margin (%) |
-2.00% | 7.80% | 15.70% | 18.90% | ||||||||||||
YoY Revenue Growth |
11.20% | 35.90% | 55.10% | 24.50% | ||||||||||||
YoY Gross Profit Growth |
43.70% | 159.30% | 98.20% | 46.50% | ||||||||||||
YoY Net Income Growth |
63.50% | 126.40% | 546.70% | 76.90% | ||||||||||||
YoY Adj EBITDA Growth |
-99.80% | 620.10% | 212.70% | 50.00% |
($) |
2024 |
2025 |
2026 |
2027 |
||||||||||||
營業收入 |
59,349,546 |
80,670,924 |
125,124,323 |
155,802,733 |
||||||||||||
毛利潤 |
6,251,422 |
16,208,325 |
32,120,201 |
47,061,142 |
||||||||||||
Gross profit margin (%) |
10.50% | 20.10% | 25.70% | 30.20% | ||||||||||||
營業收入/(虧損) |
-6,376,828 |
2,881,375 |
15,280,227 |
26,629,633 |
||||||||||||
稅前收益/損失 |
-6,761,998 |
2,290,791 |
14,815,306 |
26,209,497 |
||||||||||||
淨利潤 / (損失) |
-6,761,998 |
1,786,817 |
11,555,939 |
20,443,407 |
||||||||||||
調整後的EBITDA |
-1,205,344 |
6,269,028 |
19,604,785 |
29,397,406 |
||||||||||||
調整後的EBITDA利潤率(%) |
-2.00% | 7.80% | 15.70% | 18.90% | ||||||||||||
YoY Revenue Growth |
11.20% | 35.90% | 55.10% | 24.50% | ||||||||||||
同比毛利潤增長 |
43.70% | 159.30% | 98.20% | 46.50% | ||||||||||||
同比淨利潤增長 |
63.50% | 126.40% | 546.70% | 76.90% | ||||||||||||
YoY Adj EBITDA Growth |
-99.80% | 620.10% | 212.70% | 50.00% |
Growth Strategy
增長策略
Moving forward, our strategy will center on these key pillars to drive value creation:
展望未來,我們的策略將以這些關鍵支柱爲中心,推動價值創造:
Target Markets: We are prioritizing high-margin segments, with a strategic push to expand our proprietary brands, such as Sky Premium Life and C-sept/C-scrub, across global markets. Additionally, we are enhancing our contract manufacturing division, targeting high-demand medicines with competitive pricing.
目標市場: 我們正在優先考慮高利潤部分,通過戰略推動擴大我們的專有品牌,如Sky Premium Life和C-sept/C-scrub,覆蓋全球市場。此外,我們正在增強我們的合同製造部門,針對需求量大的藥品提供具有競爭力的定價。
Innovation: Our R&D efforts are concentrated on IP-driven products, aiming for World Medical Organization patent approval and the completion of clinical trials for the CCX obesity pill by 2025, with commercialization projected for 2026. We are also progressing in treatments for CNS cancers, brain tumor-related issues, and gastrointestinal disorders.
創新: 我們的研發工作集中在以知識產權驅動的產品上,旨在獲得世界醫藥組織的專利批准,並計劃在2025年完成CC****藥丸的臨床試驗,商業化預計在2026年開始。我們還在進行中樞神經系統癌症、腦瘤相關問題和腸道疾病的治療方面取得進展。
Vertical Integration & Efficiency: Our in-house manufacturing strengthens efficiency, quality, and cost control. We also aim to achieve operational efficiencies and economies of scale through organic growth and targeted bolt-on acquisitions at CosmoFarm, mirroring recent acquisitions of pharmacy distribution networks, including Pelofarm, Pharmatrade, and Bikas.
垂直整合和效率: 我們內部製造業加強了效率、質量和成本控制。我們還旨在通過有機增長和針對性的收購,在CosmoFarm處實現運營效率和規模經濟效益,這與最近收購藥店配送網絡,包括Pelofarm、Pharmatrade和Bikas的情況如出一轍。
Global Networks: We will leverage our extensive global network to access new markets and business segments, amplifying our reach and impact. We aim to expand the distribution of our brands through strategic agreements in new regions and territories, such as recent deals in the UAE and Eastern Europe, while strengthening market share in core markets like Greece and Cyprus.
全球網絡: 我們將利用廣泛的全球網絡進入新市場和業務領域,擴大我們的影響和影響力。我們旨在通過在新地區和領土達成戰略協議,如最近在阿聯酋和東歐達成的交易,擴大我們品牌的分銷範圍,同時加強在希臘和塞浦路斯等核心市場的市場份額。
Diversification: We are pursuing new opportunities and synergies to reduce risk, focusing on expanding our generic pharmaceutical portfolio across the EU and international markets, with an emphasis on advanced generics and innovative OTC products, and a focus on government-backed clients such as the NHS in the United Kingdom.
多元化:我們正在追求新機遇和協同效應,以減少風險,重點發展歐盟和國際市場的通用藥品組合,特別注重先進的仿製藥和創新的場外交易產品,並專注於政府支持的客戶,如英國的國民保健服務體系(NHS)。
Corporate Reorganization: A reorganization is underway to streamline costs and enhance asset and resource utilization through the integration of business units. A key component of this plan is a cost optimization initiative aimed at significantly reducing recurring operating expenses while maintaining the Company's growth outlook. Following a comprehensive review, the Company has identified several strategic opportunities to reduce operating expenses, including payroll optimization, investments in technology, and fostering a bonus-driven compensation culture.
公司重組:正在進行重組以簡化成本,並通過整合業務部門來增強資產和資源利用率。該計劃的關鍵組成部分是旨在顯著減少經常性營業費用的成本優化倡議,同時保持公司的增長前景。在進行全面審查後,公司確定了幾個減少營業費用的戰略機會,包括優化薪資結構、投資於科技以及培育以獎金驅動爲文化的補償。
Closing Remarks
對收入依賴國際市場的Steris面臨着前景和危險。因此,跟蹤該公司的國際收入趨勢對準確預測其未來發展軌跡至關重要。
Despite our achievements and detailed guidance, our share price has become markedly disconnected from our fundamental strengths and future growth prospects, reaching what I believe is an unjustifiably low level. Since inception, I have invested over $15 million in Cosmos, including approximately $1 million last year, underscoring my belief in its potential. I trust that my actions speak for themselves, and I remain committed to supporting the company.
儘管我們取得了成就並提供了詳細指南,但我們的股價與我們的基本實力和未來增長前景明顯脫節,達到我認爲是不合理低水平。自公司成立以來,我已在阿童木投資逾1500萬美元,去年約100萬美元,突顯了我對其潛力的信心。我相信我的行動會說話,我仍致力於支持公司。
My role is to ensure Cosmos is well-positioned to execute its multifaceted business plan, pursuing a balanced approach that includes operational excellence, organic growth, and strategic acquisitions aligned with our investment criteria. I am committed to doing everything within my power to achieve these objectives and significantly enhance shareholder value. Looking ahead, as we work to eliminate our cash burn and generate strong positive operating cash flow, we anticipate that our net worth will grow organically.
我的角色是確保阿童木能夠執行其多方面的業務計劃,追求包括運營卓越、有機增長和與我們的投資標準一致的戰略收購在內的平衡方法。我致力於盡我所能實現這些目標,並顯著增強股東價值。展望未來,隨着我們努力消除現金流失併產生強勁的正向營業現金流,我們預計我們的淨資產將有機增長。
Thank you for your continued trust. I am confident that the investment community will eventually recognize our efforts. We have many exciting developments underway, and I look forward to updating you on our progress. My dedication remains unwavering.
感謝您持續的信任。我有信心投資社會最終會認可我們的努力。我們有許多激動人心的發展正在進行中,期待向您更新我們的進展。我的奉獻精神仍然堅定不移。
Sincerely,
此致敬禮,
Greg Siokas, CEO
Greg Siokas, 英文思控股 CEO
About Cosmos Health Inc.
Cosmos Health Inc.(納斯達克:COSM)成立於2009年,總部位於內華達州,是一家全球健康醫療集團公司。公司擁有一系列專有藥品和保健品牌,包括Sky Premium Life,Mediterranation,bio-bebe和C-Sept。公司的子公司Cana Laboratories S.A.獲得歐洲GMP許可和歐洲藥品管理局認證,生產醫藥品、食品補充劑、化妝品、生物滅菌劑和醫療設備等產品,並經營歐盟內的銷售。此外,Cosmos Health還通過希臘和英國的子公司向零售藥店和批發經銷商銷售廣泛的藥品和非處方藥品,包括品牌仿製藥和OTC藥品。此外,該公司還與人工智能藥物再利用技術合作,專注於研發針對肥胖症、糖尿病和癌症等主要健康障礙的研發合作,並專注於研發新的專利營養保健品、特殊植物提取物、專有複合仿製藥和創新非處方藥品。Cosmos Health還通過收購總部位於德克薩斯州的ZipDoctor,Inc進入了遠程醫療領域。公司正在全球範圍內擴張,並在希臘的塞薩洛尼基和雅典、英國的哈洛等地設有辦事處和配送中心。 更多信息請訪問公司網站:,以及LinkedIn和X。
Cosmos Health Inc. (Nasdaq:COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life, Mediterranation, bio-bebe, C-Sept and C-Scrub. Through its subsidiary Cana Laboratories S.A., licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency (EMA), it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. Cosmos Health also distributes a broad line of pharmaceuticals and parapharmaceuticals, including branded generics and OTC medications, to retail pharmacies and wholesale distributors through its subsidiaries in Greece and the UK. Furthermore, the Company has established R&D partnerships targeting major health disorders such as obesity, diabetes, and cancer, enhanced by artificial intelligence drug repurposing technologies, and focuses on the R&D of novel patented nutraceuticals, specialized root extracts, proprietary complex generics, and innovative OTC products. Cosmos Health has also entered the telehealth space through the acquisition of ZipDoctor, Inc., based in Texas, USA. With a global distribution platform, the Company is currently expanding throughout Europe, Asia, and North America, and has offices and distribution centers in Thessaloniki and Athens, Greece, and in Harlow, UK. More information is available at , , , , as well as LinkedIn and X.
成立於 2009 年的阿童木健康公司(納斯達克股票代碼:COSM)總部位於內華達,在全球範圍內開展多樣化、垂直整合的醫療保健業務。該公司擁有一系列專有的藥品和營養品品牌,包括 Sky Premium Life、地中海國度、bio-bebe、C-Sept 和 C-Scrub。通過其子公司Cana Laboratories S.A.,公司在歐洲聯盟內生產藥品、食品補充劑、化妝品、生物滅菌劑和醫療設備,具有歐洲 Good Manufacturing Practices(GMP)認證和歐洲藥品管理局(EMA)的認證。阿童木健康還通過其子公司在希臘和英國向零售藥店和批發經銷商提供廣泛的藥品和偏藥品,包括品牌仿製藥和場外銷售藥物。此外,該公司還建立了以人工智能藥物重用技術爲特色的研發合作伙伴關係,旨在解決肥胖、糖尿病和癌症等主要健康障礙,專注於創新專利營養品、專業根部提取物、專有複雜仿製藥和創新場外銷售產品的研發。阿童木健康還通過收購總部位於美國德克薩斯州的 ZipDoctor, Inc. 進入遠程醫療領域。憑藉全球分銷平台,該公司目前正在歐洲、亞洲和北美進行擴張,並在希臘的塞薩洛尼基和雅典、以及英國的哈洛設立了辦事處和分銷中心。更多資訊請訪問網站, , , , ,以及 LinkedIn 和 X。
Forward-Looking Statements
前瞻性聲明
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could", are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company's ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic and the war in Ukraine, on the Company's business, operations and the economy in general, and the Company's ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's filings with the SEC, which are available at the SEC's website (www.sec.gov). The Company disclaims any intention or obligation to update, or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Cosmos Health Inc.("公司")在本新聞稿中所述的事項中除了包含歷史信息外,還可能包含根據1933年修訂的《證券法》第27A條和1934年修訂的《證券交易法》第21E條的前瞻性陳述。前瞻性聲明涉及未知的風險和不確定性,可能因以下原因之一而對討論的事項產生個別或實質性影響,這在公司的控制範圍之外,包括但不限於公司籌集足夠融資實施其業務計劃的能力,新冠病毒大流行和烏克蘭戰爭對公司業務、運營和經濟的影響以及公司成功開發和商業化自有產品和技術的能力。讀者應該注意不要過度依賴這些前瞻性聲明,因爲實際結果可能與本新聞稿中所述的前瞻性聲明不同。讀者應該注意閱讀證券交易委員會的風險因素,該委員會在其網站上(www.sec.gov)提供了這些信息。本公司不承擔更新或修訂任何前瞻性陳述的義務。
Investor Relations Contact:
投資者關係聯繫人:
BDG Communications
cosm@bdgcommunications.com
+44 207 0971 653
BDG Communications
cosm@bdgcommunications.com
+44 207 0971 653
SOURCE: Cosmos Health Inc.
資訊來源:Cosmos Health Inc.
譯文內容由第三人軟體翻譯。