VERUS INTERNATIONAL, INC. REPORTS 116% INCREASE IN QUARTERLY REVENUE AND 135% INCREASE IN ANNUAL REVENUE
VERUS INTL INC (VRUS)
Company Research
Source: GlobeNewswire
Gaithersburg, MD, April 13, 2020 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTCQB: VRUS)) today announced financial results for its fiscal 2019 fourth quarter and fiscal year ended October 31, 2019. In conjunction with this release, the Company is also providing additional details on its strategy for the upcoming fiscal 2020 financial year. For Q4 2019, revenue set an all-time record of $4.7 million, an increase of 116% over the $2.2 million reported in Q4 2018. For fiscal 2019, management is noting the following items of importance: Revenue set an all-time record of $13.6 million, an increase of 135% over the $5.8 million reported in fiscal 2018.Gross profit margin was 15.2%, approximately 230 basis-points higher than the 12.9% reported in fiscal 2018.Operating expenses of $6.2 million were $3.2 million higher than the $0.9 million reported in fiscal 2018 as a result of a $3.1 million increase in stock-based compensation and higher legal fees assoc
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