MYOS rose more than 7% in pre-market trading on August 5, 2020, after the company reported a 114% increase in revenue.
MYOS RENS Technology Inc. (NASDAQ: MYOS), an advanced nutrition company and the owner of Fortetropin®, a proprietary bioactive composition that helps build lean muscle, announces its results for the three and six months ended June 30, 2020.
“Our Myos team entered the second quarter with incredible uncertainty and quite a bit of trepidation as the pandemic in New Jersey and New York was growing at an alarming rate,” said Joseph Mannello, CEO of MYOS. “We made a commitment to each other, our customers, and stakeholders that we would keep moving forward and not let what we could not control set us back or slow us down. The results of this commitment are shown not only in our numbers but in the many things we’ve accomplished. The fact that a company of our size was able to achieve these results during such an unsettling time, is truly remarkable.”
Net revenues for the three months ended June 30, 2020 increased by $175 or 114% to $329 compared to net revenues of $154 for the three months ended June 30, 2019.
Cost of revenues for the three months ended June 30, 2020 increased by $91 or 112% to $172 compared to cost of revenues of $81 for the three months ended June 30, 2019.
Gross profit increased $84 or 116% to $157 for the three months ended June 30, 2020 compared to $73 for the three months ended 2019.
“As you will see highlighted below, our studies have been published in prestigious journals, and the case is being made for Fortetropin by others,” Mr. Mannello continued. “That credibility makes our job in selling and marketing very powerful. We are not just selling a brand– we are selling results. Please know that as satisfied as we are with our latest results, we are way more excited about where we are heading and have already put the second quarter in the books. Stay safe and well.”
- University of California, Berkeley Researchers published results from a randomized, double blind, placebo-controlled human clinical trial in J. Gerontol. Medical Sciences that reported that subjects (60-75 year-old men and women) who consumed Fortetropin® on a daily basis for 21 days experienced an increase of approximately 18% in the rate of muscle protein synthesis when compared with subjects who received a macronutrient-matched placebo (https://doi.org/10.1093/gerona/glaa162).
- Kansas State University College of Veterinary Medicine Researchers published results from a randomized, double blind, placebo-controlled veterinary clinical trial in PLOS One that reported that dogs that consumed Fortetropin while recovering from TPLO surgery experienced reduced muscle atrophy and improved recovery when compared with dogs that received a macronutrient-matched placebo (https://doi.org/10.1371/journal.pone.0231306).
- Basic Research sponsored by MYOS at Rutgers University led to a publication that reported that fertilized egg yolk enhanced the differentiation and proliferation of myoblasts relative to unfertilized egg yolk in Regenerative Engineering & Translational Medicine (https://doi.org/10.1007/s40883-019-00137-y).
- MYOS became recognized as an accredited provider of veterinary Continuing Education (CE) by the American Association of Veterinary State Boards (AAVSB) after receiving approval for inclusion of the company’s CE Course on Small Animal Sarcopenia in AAVSB’s Registry of Approved Continuing Education (RACE) (https://www.aavsb.org/ce-services/race/find-a-race-program). The CE Course has been offered since June 2020 and has been well received by veterinarians from across the U.S. and has attracted participants from Canada, Israel, Italy and South Korea.
- MYOS announced a distribution agreement with BodyLogicMD (www.bodylogicmd.com), a leading nationwide network of Anti-Aging Medical Practices with 45 practices in 28 U.S. States to distribute a Fortetropin-based, private label nutrition product, BodyLogicMD Muscle Health Formula.
- MYOS announced a distribution agreement with Victor Medical, the largest privately owned veterinary distributor in the Western U.S. to distribute its MYOS Canine Muscle Formula® products.
- MYOS announced a distribution agreement with GetHealthy.store, a Texas-based e-commerce platform that serves over 1,000 Anti-Aging Medical Practices throughout the U.S. to distribute MYOS Physician Muscle Health Formula®.
- MYOS announced that multiple top-tier pet insurance companies offer partial reimbursement coverage for its MYOS Canine Muscle Formula products. These companies include Nationwide Pet Insurance, Trupanion Pet Insurance, Embrace Pet Insurance, PetPlan Insurance, Hartville Pet Insurance/Petshealth Care Plan, Prudent Pet Insurance, and PetPartners Pet Insurance.
- MYOS recruited Jay Hamill to be Chief of Customer Experience. Mr. Hamill is a seasoned sales & marketing executive with 30+ years of experience in senior roles at General Motors, Volvo Car Group, Marco’s Pizza and Legoland® New York Resort.
- MYOS RENS Technology settled its lawsuit with RENS Technology, Inc. and Ren Ren. This will enable us to focus on further developing our business and leveraging the world-class research that we have done in muscle health, especially following the Merger and our transition to a private company.
- MYOS announced its intention to merge with MedAvail, a Canadian tele-medicine organization. The merger will result in a spin-out of the ‘MYOS’ nutrition business as a private, unaffiliated entity. We expect that the transition of MYOS from a public company listed on the NASDAQ to a private company will enable MYOS to significantly reduce its operating expenses while focusing its resources on continuing to expand its Human Nutrition and Animal Health businesses.