Aytu BioPharma(AYTU) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for Q1 fiscal 2025 was $1.5 million, or $0.24 net income per share basic, compared to a net loss of $8.1 million in Q1 fiscal 2024[16]. - Total net revenue for Q1 fiscal 2025 was $16.6 million, a decrease from $17.8 million in the prior year period, primarily due to changes in payor coverage[12]. - Net revenue for the three months ended September 30, 2024, was $16,574,000, a decrease of 7% from $17,817,000 for the same period in 2023[23]. - The company reported a net income of $1,474,000 for the three months ended September 30, 2024, compared to a net loss of $8,120,000 for the same period in 2023[23]. - Aytu BioPharma reported a net loss of $4,617,000 for the three months ended June 30, 2024, compared to a net loss of $2,887,000 for the previous quarter[27]. - Aytu BioPharma's total net loss for the twelve months ended June 30, 2024, was $15,844,000[27]. Revenue and Market Performance - ADHD Portfolio net revenue increased 1% to $15.3 million in Q1 fiscal 2025, while Pediatric Portfolio net revenue increased 54% sequentially to $1.3 million[2]. - Approximately 99,000 ADHD prescriptions were written in Q1 fiscal 2025, compared to 90,000 in Q1 2023, indicating a recovery in the ADHD market[3]. Expenses and Cost Management - Adjusted EBITDA for Q1 fiscal 2025 was $1.9 million, down from $2.4 million in Q1 fiscal 2024[17]. - Operating expenses, excluding amortization and restructuring costs, were $11.2 million in Q1 fiscal 2025, down from $13.0 million in the prior year period[14]. - Total operating expenses decreased to $12,915,000 from $13,905,000, primarily due to reductions in selling and marketing expenses[23]. - The company implemented an organizational optimization plan expected to reduce operating expenses by at least $2.0 million annually[4]. - The company is focusing on restructuring costs, which amounted to $784,000 for the three months ended September 30, 2024, as part of its strategic initiatives[23]. Cash and Assets - Cash and cash equivalents were $20.1 million at September 30, 2024, compared to $20.0 million at June 30, 2024[17]. - Cash and cash equivalents as of September 30, 2024, were $20,108,000, slightly up from $20,006,000 as of June 30, 2024[24]. - Total assets decreased to $115,831,000 from $118,095,000, indicating a reduction in the company's asset base[24]. - Current liabilities increased to $61,252,000 from $62,228,000, reflecting changes in accounts payable and accrued liabilities[24]. Profitability Metrics - Gross profit percentage was 72% in Q1 fiscal 2025, down from 73% in Q1 fiscal 2024[2]. - Gross profit for the same period was $11,985,000, down from $13,038,000, reflecting a gross margin decrease[23]. - Adjusted EBITDA for the three months ended September 30, 2024, was $1,931,000, down from $2,415,000 in the same period last year[25]. Other Financial Metrics - Interest expense for the quarter was $1,253,000, slightly down from $1,266,000 in the previous quarter[27]. - The company incurred restructuring costs of $1,912,000 during the quarter, indicating ongoing operational adjustments[27]. - Pipeline research and development costs amounted to $599,000, reflecting continued investment in new product development[27]. - Total income tax expense for the quarter was $695,000, up from $245,000 in the previous quarter[27]. - Stock-based compensation expense was $243,000, a decrease from $699,000 in the previous quarter[27]. - The company reported a gain of $1,463,000 from derivative warrant liabilities, a significant improvement from a loss of $1,017,000 in the previous quarter[27]. Strategic Initiatives - The company successfully completed the wind down and divestiture of its Consumer Health business, marking the end of its restructuring efforts[9].