The leading sports nutrition company TapImmune Inc. (OTCMKTS:TPIV) reported financial results for the previous quarter ended 31 March 2015. It managed to show 26% YOY growth in terms revenues. TapImmune increased 14.48% on Friday and ended the day at $5.85.
A Rare Financially Abundant First Quarter For Taplmmune:
Taplmmune is one of the sought after scientifically driven company that puts the complete focus on sports nutrition. The previous quarter brought a lot of moments for the company to cherish. Net revenues for 1Q2015 were totaled at $41.3 million, up 26% as compared to the revenues earned by the company during the same period in 2014. The currency fluctuation led the company to post below than expected revenue figure.
When it comes to cash flow, the company managed to earn $3.8 million positive cash flow during the previous quarter. It ended the three-month period with $4.8 million in cash. The cash flow increased by $5.8 million, 282% growth on YOY basis.
Sales backlog of the company in the previous quarter was $17.1 million, a YOY increment of $12 million. The gross margin for 1Q2015 increased to 34.8%, 320 basis points higher than previous year’s 1170 basis points.
When it comes to adjusted EBITDA, it managed to post $1.6 million figure during the previous quarter.
Management’s Take On First Quarter:
The entire senior management team of the company was delighted to announce the results. According to Brad Pyatt, CEO & Chairman, TapImmune Inc. (OTCMKTS:TPIV), the previous quarter brought a lot of positive points for the company in the form of excellent revenues, sustainable margin, and positive cash-flow. Even though, the revenues were not as much as the company expected due to Arnold Classic sales event, but still it managed to close the quarter with $17 million in sales backlog.
The company is on track to earn revenues as per the investors’ expectations in the remaining year.