Healthcare Earnings Report — 2026-08-06 to 2026-09-20

25 most recent Healthcare earnings

1. Sep 18, 2026, 7:15 AM ET·BLSM·Healthcare

   BlossomHill Therapeutics — Second Quarter 2026 Earnings Summary

   BLOSSOMHILL THERAPEUTICS INC

   Q2 2026 net loss widened to $23.8 million ($8.75/share) from $13.2 million ($5.51/share) in Q2 2025, driven by a 71% increase in R&D expenses to $21.4 million and higher G&A costs of $3.3 million. Cash and cash equivalents stood at $95.4 million as of June 30, 2026; combined with $168.3 million in IPO proceeds from August 2026, management expects funding to sustain operations through Q2 2028. Key clinical milestones include anticipated FDA End-of-Phase 1 meetings for BH-30643 in Q4 2026, an IND submission for BH-501284 in Q1 2027, and updated Phase 1 data for BH-30236 expected in H1 2027. Strategic progress includes FDA Fast Track designation for BH-30643 showing a 45% objective response rate in the SOLARA trial, orphan drug designation for BH-30236 in AML, and the addition of two new directors to the Board.

2. Sep 15, 2026, 5:02 PM ET·HSCS·Healthcare

   HeartSciences — Fiscal First Quarter 2027 Earnings Summary

   HEARTSCIENCES INC

   Reported no meaningful revenue for FQ1 2027, with a net loss of $3.2 million compared to $2.1 million in FQ1 2026, driven by increased legal costs, non-cash share-based compensation, and a $0.3 million inventory reserve. Shareholders' deficit reached $2.0 million as of July 31, 2026, while the company raised approximately $1.0 million from Fortitude and $1.2 million net via an at-the-market facility since period end. The proposed business combination with Fortitude is expected to close in Q4 calendar 2026, subject to shareholder approval, with Fortitude expanding its Zcash mining capacity and facilities. Commercial focus has shifted to the MyoVista Insights platform following positive clinician feedback and new US agreements, while the company does not intend to commit significant resources to the MyoVista wavECG device due to FDA uncertainty and AI algorithm developments. The MyoVista wavECG FDA 510(k) submission remains under review excluding the necessary AI algorithm, and a probable timeline for its commercialization cannot currently be established.

3. Sep 14, 2026, 4:04 PM ET·BNTC·Healthcare

   Benitec Biopharma — Full Year 2026 Earnings Summary

   BENITEC BIOPHARMA INC

   Total expenses rose to $51.2 million in 2026 from $41.8 million in 2025, driven by increased share-based compensation and payroll, resulting in a net loss attributable to shareholders of $45.5 million ($0.98 per share) compared to $37.9 million ($1.05 per share) the prior year. The company's cash position strengthened significantly to $180.0 million as of June 30, 2026, up from $97.7 million in the prior year, supported by interest income of $5.6 million. BB-301 clinical development is on track with Cohort 1 fully completed and Cohort 2 fully enrolled; interim results will be presented at the ESGCT in October 2026, with a Type C FDA meeting scheduled for October 2026 to finalize pivotal study design. Management anticipates initiating the BB-301 pivotal trial in mid-2027, citing consistent and durable clinical benefits in swallowing symptoms and function observed in early-stage patients.

4. Sep 14, 2026, 4:04 PM ET·KMTS·Healthcare

   Kestra Medical Technologies — First Quarter Fiscal 2027 Earnings Summary

   KESTRA MEDICAL TECHNOLOGIES LTD

   Total revenue surged 60% year-over-year to $31.0 million, while gross margin expanded significantly to 56.5% from 45.7% in the prior year period. Full-year fiscal 2027 revenue guidance was raised to $141 million (48% growth), an increase from the previous $137 million forecast. GAAP net loss widened to $44.1 million from $25.8 million, driven by higher operating expenses and a $6.3 million loss on debt extinguishment. The company strengthened its balance sheet with $244.7 million in cash and investments, while long-term debt increased to $72.5 million following $75.0 million in new issuances. Strategic focus remains on commercial expansion, R&D investment, and capturing competitive share gains in the wearable cardioverter defibrillator (WCD) market.

5. Sep 11, 2026, 4:25 PM ET·CYCN·Healthcare

   Korsana Biosciences — Q3 2026 Earnings Summary

   CYCLERION THERAPEUTICS INC

   Completed a $380 million private placement led by Fairmount and Venrock, bringing post-transaction cash and cash equivalents to approximately $475 million to fund operations through 2029. Operations are funded to cover multiple clinical milestones for lead program KRSA-028, with Phase 1 healthy volunteer data expected mid-2027 and interim proof-of-concept data anticipated by year-end 2027 or Q1 2028. Shares will begin trading on the Nasdaq Capital Market on September 9, 2026, under the ticker "KRSA" following the merger with Cyclerion Therapeutics, reverse stock split, and private placement. No specific revenue, earnings, or profit margin figures were disclosed; the company focuses on advancing its THETA technology platform for neurodegenerative diseases with a strong financial foundation.

6. Sep 10, 2026, 4:46 PM ET·CSBR·Healthcare

   Champions Oncology — First Quarter Fiscal 2027 Earnings Summary

   CHAMPIONS ONCOLOGY INC

   Oncology revenue rose 8.8% year-over-year to $15.2 million, while oncology services margin expanded to 51% from 43% and Adjusted EBITDA increased to $671,000 from $59,000. Net loss narrowed to $426,000 compared to $466,000 in the prior-year period, supported by a 5.8% decrease in the cost of oncology revenue despite a 7.7% rise in total operating expenses. Management is investing in commercial expansion and R&D, evidenced by a 66.6% increase in sales and marketing expenses and a 12.6% rise in R&D expenses, with a stated focus on sustainable growth and profitability. The company ended the quarter with $4.4 million in cash, no debt, and deferred revenue increasing to $9.6 million from $8.8 million at the end of the previous quarter.

7. Sep 9, 2026, 4:34 PM ET·COO·Healthcare

   CooperCompanies — Third Quarter 2026 Earnings Summary

   COOPER COMPANIES INC

   Total revenue increased 1% year-over-year to $1.066 billion; GAAP diluted EPS rose to $2.24 from $0.49 due to a $307.2 million discrete tax benefit, while non-GAAP diluted EPS grew 4% to $1.15. Free cash flow surged 66% to $273.0 million, and the Board expanded share repurchase authorization to $3 billion with $1.5 billion remaining available after repurchasing $339.1 million of stock. Fiscal 2026 guidance remains intact with total revenue expected between $4.229 billion and $4.252 billion and non-GAAP EPS between $4.51 and $4.55; Q4 2026 revenue is guided at $1.057–$1.080 billion. CooperVision revenue was flat year-over-year due to proactive U.S. channel inventory reduction, while CooperSurgical revenue grew 3% organically driven by fertility segment strength. Management reaffirmed a long-term free cash flow objective exceeding $2.2 billion for fiscal years 2026 through 2028 following the completion of a strategic review process.

8. Sep 8, 2026, 5:10 PM ET·APMD·Healthcare

   Apnimed — Q2 2026 Earnings Summary

   APNIMED INC

   Net income turned positive at $125.9 million for Q2 2026, reversing a $69.5 million loss in the prior year period, driven by $142.5 million in other income gains including a $57.1 million liability reversal and an $85.4 million equity investment sale. Cash and cash equivalents surged to $172.8 million from $41.9 million at year-end 2025, supported by a $220.8 million IPO and a $150 million senior secured credit facility, while R&D expenses fell 38% to $9.9 million following Phase 3 trial completion. FDA assigned a PDUFA target action date of February 28, 2027, for the Oxnimbi (AD109) NDA, with the company advancing commercial readiness to address an estimated 80 million U.S. OSA patients. Total assets increased to $195.5 million and stockholders' deficit narrowed significantly to $(176.2) million from $(372.8) million, though short-term deferred revenue declined to $19.5 million from $97.8 million. The company is positioned for inclusion in the Russell 2000® Index effective September 21, 2026, while management notes ongoing risks regarding FDA approval certainty and the need for substantial additional funding for commercialization.

9. Sep 8, 2026, 4:11 PM ET·INNV·Healthcare

   InnovAge — Fiscal Year 2026 Earnings Summary

   INNOVAGE HOLDING CORP

   Full-year 2026 revenue grew 15.9% to $989.7 million, while net loss narrowed 98% to $0.7 million (vs. $35.3 million loss in 2025); Adjusted EBITDA surged to $94.6 million with margin expansion to 9.6%. The company issued FY2027 guidance projecting revenue between $1.05 billion and $1.085 billion, Adjusted EBITDA between $105 million and $115 million, and a participant census between 8,625 and 8,850. Operational metrics strengthened with a 48.3% increase in Center-level Contribution Margin to $227.8 million and cash and cash equivalents rising to $97.9 million. Significant non-operational items included $56.966 million in litigation costs within Adjusted EBITDA and $3.54 million in business optimization charges, while no equity securities were repurchased in 2026.

10. Sep 8, 2026, 4:06 PM ET·BRVE·Healthcare

    Braveheart Bio — Q2 2026 Earnings Summary

    BRAVEHEART BIO INC

    Financial Results: Cash and cash equivalents rose to $122.8 million as of June 30, 2026, from $89.2 million in December 2025; total operating expenses increased to $15.9 million from $0.4 million year-over-year, resulting in a net loss of $15.0 million compared to $0.4 million in the prior period. Capital & Strategic Milestones: The company completed its IPO in August 2026 raising approximately $439.9 million and closed a Series A financing in April 2026 for $60.0 million, providing a strong financial foundation to advance global Phase 3 programs. Clinical Progress: BHB-1893 demonstrated statistically significant improvements in Phase 2 nHCM trials with no trial interruptions for LVEF reductions; the company expects to dose the first patient in the LIONHEART-HCM Phase 3 oHCM study in 2026. Future Outlook: Existing cash and IPO proceeds are projected to fund operations and capital expenditures into 2029, with interim analysis for the LIONHEART-HCM trial expected in the second half of 2027 and initiation of the NOBLEHEART-HCM Phase 3 study planned for the first half of 2027.

11. Sep 8, 2026, 7:33 AM ET·ENGN·Healthcare

    enGene Therapeutics Inc. — Third Quarter 2026 Earnings Summary

    ENGENE THERAPEUTICS INC

    Total operating expenses rose 13.7% year-over-year to $34.0 million, driven by $6.6 million in G&A costs from workforce reduction and annualization, resulting in a net loss of $32.5 million ($0.47/share) versus $29.0 million ($0.57/share) in the prior year period. The company's balance sheet strengthened significantly, with cash, cash equivalents, and marketable securities increasing to $266.3 million as of July 31, 2026, up from $202.3 million at the end of fiscal 2025. Strategic milestones for the lead asset, detalimogene, are scheduled for Q4 2026, including the initiation of the BLA submission, a pre-BLA meeting with the FDA, and data updates on key regulatory endpoints from the pivotal LEGEND cohort. Management anticipates a potential FDA approval decision for detalimogene and platform designation in 2027, while a new Cohort 4 trial incorporating a surfactant bladder rinse is currently enrolling to potentially enhance efficacy. No revenue was generated during the quarter as the company remains in the clinical stage, with the CEO emphasizing a focus on disciplined capital allocation to advance the program toward commercial readiness.

12. Sep 2, 2026, 4:17 PM ET·ATTO·Healthcare

    Attovia Therapeutics — Second Quarter 2026 Earnings Summary

    ATTOVIA THERAPEUTICS INC

    Collaboration revenue reached $0.5 million in Q2 2026 versus $0 in Q2 2025, while R&D expenses rose to $18.9 million from $13.6 million, resulting in a net loss of $20.7 million compared to $14.4 million in the prior year quarter. Cash and marketable securities declined to $115.1 million as of June 30, 2026, from $152.3 million at year-end 2025, though the company expects its current cash plus approximately $305.4 million in net proceeds from the August 2026 IPO to fund operations into 2030. The company completed an upsized IPO raising approximately $332.4 million in gross proceeds, with common stock now trading on Nasdaq under the ticker "ATTO." Clinical progress includes expected Phase 1b data for ATTO-1310 in Q4 2026, planned Phase 2 studies in H1 2027, and IND clearance received for a Phase 1b trial of ATTO-1310 in China via an expedited review pathway. Strategic updates include the appointment of John W. Smither to the Board of Directors and the aim to advance ATTO-006 toward development candidate nomination by year-end 2026.

13. Sep 2, 2026, 4:08 PM ET·SCTX·Healthcare

    Scribe Therapeutics — Second Quarter 2026 Earnings Summary

    SCRIBE THERAPEUTICS INC

    Collaboration revenue decreased to $1.9 million in Q2 2026 from $4.9 million in the prior year period, while net loss narrowed to $6.5 million ($2.62/share) from $9.9 million ($4.08/share) in Q2 2025. Cash and marketable securities declined to $43.0 million as of June 30, 2026, from $58.0 million at year-end 2025, though the company projects funding into H1 2029 using existing cash combined with $140.6 million in net proceeds from the July 2026 IPO. Initiated the first-in-human Phase 1 trial for STX-1150 in Australia in mid-2026, with initial single ascending dose data anticipated in H1 2027, alongside targets for clinical entry of STX-1200 and STX-1400 as early as 2027. Completed an upsized IPO and concurrent private placement with Sanofi generating approximately $155.5 million in aggregate gross proceeds, with common stock commencing Nasdaq trading under "SCTX" at $15.00 per share on July 24, 2026.

14. Sep 2, 2026, 4:05 PM ET·PHR·Healthcare

    Phreesia — Second Quarter Fiscal 2027 Earnings Summary

    PHREESIA INC

    Total revenue reached $129.5 million, a 10% year-over-year increase, while net income rose to $1.9 million from $0.7 million and Adjusted EBITDA grew to $32.9 million from $22.1 million. Fiscal 2027 guidance sets revenue expectations between $510 million and $520 million and Adjusted EBITDA between $125 million and $135 million, assuming $37 million in contribution from AccessOne. The company reduced debt principal by over $23 million during the quarter, leaving $61 million in outstanding borrowings, while free cash flow increased to $13.8 million. Strategic growth drivers include the AccessOne acquisition (closed November 2025) and AI investments, with a restructuring plan eliminating 220 positions to achieve meaningful annualized expense savings. Future outlook projects mid-single-digit growth in healthcare services clients and low-single-digit growth in revenue per client, though network solutions revenue forecasting carries increased variability.

15. Sep 1, 2026, 6:50 AM ET·MMED·Healthcare

    MiniMed — Q1 FY27 Earnings Summary

    MINIMED GROUP INC

    Worldwide net sales reached $843 million, up 16.6% year-over-year (15.8% organic), driven by 19.9% growth in CGM and 21.5% growth in Pumps, while operating income improved to $5 million from a $13 million loss in the prior year. Fiscal 2027 organic revenue growth guidance was raised to approximately 10.5% from 10.0%, with adjusted EBITDA margin guidance reaffirmed at approximately 16%. U.S. New Pumps Sold grew over 20% year-over-year following the launch of MiniMed Flex™, which also expanded coverage to Medicare beneficiaries, while the MiniMed Fit™ patch pump was submitted to the FDA for a Summer 2027 launch. International growth of 18.1% was supported by Simplera™ capacity expansion and the launch of the Instinct sensor, while the MiniMed Flex™ received CE Mark ahead of schedule for a November commercial launch.

16. Sep 1, 2026, 6:47 AM ET·MDT·Healthcare

    Medtronic — Q1 FY27 Earnings Summary

    MEDTRONIC PLC

    Worldwide revenue reached $9.756 billion, a 13.7% increase as reported and organic, exceeding the guidance midpoint by roughly 200 basis points; GAAP diluted EPS rose 40.7% year-over-year to $1.14, while non-GAAP diluted EPS increased 15.1% to $1.45. Management raised FY27 organic revenue growth guidance by 50 basis points to a range of 7.25% to 7.75% and increased non-GAAP diluted EPS guidance to $5.94 to $6.00, citing strong operating performance and disciplined financial management. Free cash flow improved to $1.290 billion from $584 million in the prior year quarter, with $921 million paid in dividends and $267 million utilized for share repurchases. Strategic momentum was driven by acquisitions of Scientia Vascular and SPR Therapeutics, a partnership with Cornerstone Robotics for robotic-assisted surgery, and FDA clearance for the Touch Surgery™ Aide platform, alongside continued strong organic growth across Cardiovascular, Neuroscience, and Medical Surgical portfolios.

17. Aug 28, 2026, 8:30 AM ET·IBIO·Healthcare

    iBio — Fiscal Year 2026 Earnings Summary

    IBIO INC

    Revenue declined to $0.1 million from $0.4 million in fiscal 2025, while net loss widened to $33.0 million from $18.4 million due to a $19.6 million increase in R&D expenses and a $5.0 million impairment of IBIO-101 assets. Cash runway extended into fiscal year 2028 following significant capital raises, including a $26 million private placement in January 2026 and a public offering with up to $100 million in potential gross proceeds, raising total cash and investments to $88.0 million. Pipeline advancement includes moving IBIO-600 into multiple ascending dose escalation for Phase 1, advancing IBIO-610 into IND-enabling studies, and selecting IBIO-800 as a development candidate with in-licensed rights to the AstralBio amylin receptor program. Leadership strengthened with the appointment of Molly Carr, M.D., as Chief Medical Officer and Elizabeth Stoner, M.D., to the Board, alongside the establishment of an Open Market Sale Agreement for up to $100 million of common stock.

18. Aug 27, 2026, 8:02 AM ET·HQY·Healthcare

    HealthEquity — Second Quarter Ended July 31, 2026 Earnings Summary

    HEALTHEQUITY INC

    Revenue grew 8% year-over-year to $350.7 million, while net income rose 10% to $65.6 million ($0.78 per share) and non-GAAP net income increased 15% to $103.8 million ($1.24 per share). Management raised fiscal 2027 guidance, projecting full-year revenues of $1.411–$1.421 billion, net income of $242–$248 million, and Adjusted EBITDA of $628–$636 million. Total HSA assets expanded 14% year-over-year to $37.9 billion, with new HSAs from sales up 24% to 202,000 and total accounts reaching a record 10.7 million. The company returned $108.1 million to shareholders via stock repurchases in the quarter, with $948.4 million remaining authorized under the program.

19. Aug 26, 2026, 4:06 PM ET·VEEV·Healthcare

    Veeva Systems — Fiscal 2027 Second Quarter Earnings Summary

    VEEVA SYSTEMS INC

    Total revenue reached $928.0 million, up 18% year-over-year, with net income rising 37% to $273.4 million and non-GAAP net income increasing 16% to $387.4 million. Management raised full-year 2027 guidance, projecting total revenue of $3,682–$3,687 million and non-GAAP net income per share of approximately $9.21, following results that exceeded all prior guidance metrics. The company acquired Copli and repurchased $472.7 million of common stock during the first six months of the fiscal year, while cash and cash equivalents grew to $1,812.0 million. Strategic momentum continues with Vault CRM securing commitments from five additional top 20 biopharmas, Veeva Safety surpassing 100 customers, and Veeva Falcon on track for initial go-lives in 2026.

20. Aug 26, 2026, 4:06 PM ET·A·Healthcare

    Agilent Technologies — Third Quarter Fiscal Year 2026 Earnings Summary

    AGILENT TECHNOLOGIES INC

    Q3 2026 revenue reached $1.88 billion, up 8.1% reported and 7.3% core year-over-year, while GAAP net income rose 8% to $362 million and Non-GAAP net income increased 18% to $459 million. Fiscal 2026 guidance was raised to $7.49 billion–$7.51 billion in revenue and $6.18–$6.21 in Non-GAAP EPS, with Q4 revenue expected between $1.98 billion and $2.0 billion. Operating margins expanded significantly, with GAAP margin at 23.6% (up 290 bps YoY) and Non-GAAP margin at 28.3% (up 320 bps YoY), including an $17 million net benefit from tariff refunds. Nine-month investing cash outflows totaled $1.2 billion, primarily driven by $950 million in payments for business and intangible asset acquisitions, while financing activities included $295 million in stock repurchases and $216 million in dividends.

21. Aug 26, 2026, 6:14 AM ET·ONC·Healthcare

    BeOne Medicines Ltd. — Six Months Ended June 30, 2026 Earnings Summary

    BEONE MEDICINES LTD

    Total R&D expenses increased to $1,153.5 million for the six months ended June 30, 2026, from $1,006.8 million in the prior year period, driven by higher internal and external costs. R&D spending shifted toward new programs, with significant increases allocated to Tacabrutideg ($44.3M vs. $26.9M), BGB-43395 ($22.7M vs. $9.9M), and BGB-B2033 ($6.6M vs. $1.1M), while expenses for BRUKINSA, TEVIMBRA, and BEQALZITM declined. Collaboration project expenses rose to $83.5 million from $47.6 million year-over-year, reflecting increased activity in joint development arrangements. The company filed its 2026 Interim Report with the STAR Market on August 26, 2026, noting material accounting differences between PRC GAAP and U.S. GAAP regarding share-based compensation, lease presentation, and the treatment of upfront cash from royalty transfers.

22. Aug 25, 2026, 4:11 PM ET·ELMD·Healthcare

    Electromed, Inc. — Fiscal 2026 Earnings Summary

    ELECTROMED INC

    Net revenue grew 15.3% year-over-year to $73.8 million for full-year FY 2026, with net income rising 50.7% to $11.3 million ($1.30 diluted EPS) compared to $7.5 million ($0.85 diluted EPS) in FY 2025. Operating income increased 43.7% to $13.9 million for the full year, driven by gross margin expansion to 78.5% and a 370 basis point increase in operating margin over FY 2025. Direct homecare revenue led growth with a 16.3% year-over-year increase to $66.6 million, supported by higher sales representative productivity exceeding the $1.1 million target. The company repurchased $3.9 million of common stock during FY 2026 and reported a strong balance sheet with $20.5 million in cash and no debt as of June 30, 2026. Electromed marked its 15th consecutive quarter of year-over-year revenue and profit growth, with strategic investments focused on sales force expansion and bronchiectasis market development.

23. Aug 25, 2026, 4:05 PM ET·HIND·Healthcare

    Vyome Holdings — Second Quarter 2026 Earnings Summary

    VYOME HOLDINGS INC

    Cash and stockholders' equity increased to $7.9 million and $7.3 million respectively as of June 30, 2026, from $5.0 million and $3.8 million at year-end 2025, while maintaining a debt-free capital structure. Revenues and gross profit declined significantly for the six months ended June 30, 2026, falling to $58,546 and $28,303 compared to $248,535 and $178,654 in the prior period, with net loss widening to $1.7 million from $602,732. VT-1953 Phase 2 data showed statistically significant improvements in malodor and lesion pain with no adverse events, and the company in-licensed two new JAK inhibitor assets from Impetis Biosciences while securing a Chinese patent for the program. Management plans to incorporate FDA feedback received in Q2 2026 regarding the pivotal study strategy for malignant fungating wounds, prioritizing non-dilutive capital methods to advance the pipeline.

24. Aug 25, 2026, 8:31 AM ET·AVXL·Healthcare

    Anavex Life Sciences — Third Fiscal Quarter 2026 Earnings Summary

    ANAVEX LIFE SCIENCES CORP

    Reported net income of $7.8 million ($0.08/share) for Q3 2026, a significant turnaround from a $13.2 million loss in the prior year period, driven primarily by the reversal of $17.4 million in stock-based compensation expenses associated with employee terminations. Cash reserves increased to $118.3 million as of June 30, 2026, with management projecting these funds will support operations through mid-to-late fiscal 2028; the company holds no debt and total liabilities of $7.7 million. Strategic outlook includes filing outstanding 10-Q reports to regain Nasdaq compliance, submitting an IND for Fragile X syndrome in September, and advancing Phase 3 studies for Rett syndrome and Alzheimer's disease following FDA feedback. Management emphasized a methodical, financially disciplined approach to aligning U.S. clinical development strategies with the FDA, while noting ongoing risks related to regulatory compliance, litigation, and capital raising.

25. Aug 20, 2026, 5:11 PM ET·COSM·Healthcare

    Cosmos Health — Q2 2026 Earnings Summary

    COSMOS HEALTH INC

    Q2 2026 revenue reached $18.99 million (up 28.8% YoY) with adjusted revenue of $19.32 million (up 31.0% YoY); adjusted gross margin expanded 165 basis points to 9.54%, while operating expenses grew at roughly half the rate of revenue. Net loss widened to $6.09 million in Q2 2026 compared to $2.83 million in the prior year, primarily driven by $2.65 million in non-cash fair value adjustments on financing arrangements; adjusted EBITDA improved to ($1.13 million) from ($1.31 million). Management projects a second-half seasonality similar to the prior year and targets $75 million in annualized revenue, with the U.S. market expected to become a principal growth engine supported by local manufacturing and new product launches. Strategic capital allocation includes a $5.0 million share repurchase program (authorizing $513,000 in Q2 repurchases), the expiration of 4.87 million Series B warrants eliminating 38% of overhang, and a letter of intent to acquire Doc Pharma S.A. Balance sheet strength improved with total liabilities decreasing 13.3% to $40.79 million and stockholders' equity rising 12.2% to $20.67 million, while inventory decreased 21.8% despite nearly 30% revenue growth.