VERUS INTERNATIONAL, INC. REPORTS 154% INCREASE IN QUARTERLY REVENUE; FORECASTS CONTINUED TRIPLE-DIGIT GROWTH
VERUS INTL INC (VRUS)
Company Research
Source: GlobeNewswire
Gaithersburg, MD, Sept. 10, 2019 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) today announced financial results for its fiscal 2019, third quarter ended July 31, 2019. In conjunction with this release, the Company is also providing additional details on its strategy for the remainder of fiscal 2019. For Q3 2019, management is noting the following items of importance: Revenue set an all-time record of $3.48 million in Q3/19, an increase of 154% over the $1.37 million reported in Q3/18The Company’s gross margin was approximately 14%. Excluding the MLB business, gross margin was 16.4%, consistent with the expected range for the more traditional Gulf Cooperation Council (GCC) product categoriesOperating expenses as a percentage of revenue (backing out non-cash, stock-based compensation) increased to 24.8% of revenue compared to 13.8% in the prior quarter (Q2/19), due to start-up costs associated with the Major League Baseball businessNet loss was $1.36 mill
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