Sonoma Pharmaceuticals(US:SNOA)2023-06-21 20:15Financial Performance - Total revenue for the year ended March 31, 2023, was $13,272,000, a 5% increase from $12,628,000 in 2022[213] - Gross profit for the year ended March 31, 2023, was $4,477,000, representing a 12% increase from $3,993,000 in 2022[217] - Net loss for the year ended March 31, 2023, was $5,151,000, compared to a net loss of $5,086,000 in 2022[226] Revenue Breakdown - Revenue in the United States decreased by $379,000 (10%), while Europe saw a 19% increase, amounting to $4,051,000[213][214] Expenses - Research and development expenses rose by 66% to $207,000, accounting for 2% of total revenue[218] - Selling, general and administrative expenses decreased by 9% to $8,840,000, representing 67% of total revenue[219] Cash Flow and Capital - Cash and cash equivalents decreased to $3,820,000 as of March 31, 2023, down from $7,396,000 in 2022[230] - Net cash used in operating activities was $6,152,000 for the year ended March 31, 2023, primarily due to the net loss[230] - The company expects to raise additional capital to support product development and market penetration, but there are no assurances of success[234][235] Economic Conditions and Risks - The company is monitoring economic conditions, including inflation and potential recession impacts, which may affect financial results[240][241] - The company has made significant estimates and assumptions affecting reported amounts of assets and liabilities, including reserves related to receivables and inventories[243] - There are currently no off-balance sheet arrangements that could materially affect the company's financial condition or results of operations[244] - As a smaller reporting company, the company is electing scaled disclosure reporting obligations and is not required to provide detailed market risk information[245]