On January 20, Sonoma Pharmaceuticals Inc. (SNOA) announced its partner network expansion for oral and dental products in the U.S. and China. Following the announcement, the stock became bullish in the after-hours session.
The stock was gloomy in regular trading as it lost 2.30% at its closing price of $4.25 on Thursday. Consequent to the news, SNOA reversed to add 8.00% in the after-hours. Hence, it was trading a $4.59 per share at an after-hours volume of 259.52K shares.
Sonoma Pharmaceuticals Inc. has a market capitalization of $13.47 million. Currently, the company has 3.1 million shares outstanding in the market.
SNOA’s Partner Network Expansion
Firstly, the company has expanded its U.S. dental care partner network by adding Salus Medical as a distribution partner. Furthermore, the company has entered into a non-exclusive agreement with Salus Medical for the distribution of Endocyn® root canal irrigant. Additionally, with SNOA’s Microcyn® RX and Regenacyn® Plus products, Salus Medical would widen its dermatology offerings. Salus Medical will have non-exclusive rights for the distribution of Microcyn® products.
Salus Medical is a Phoenix, Arizona-based national wholesale distributor.
Secondly, the company has also entered into a partnership deal with Anlicare International. Thus, Expanding its oral and dental care line to China. On January 18, SNOA and Anlicare agreed for working on the completion of required regulatory work for obtaining Microcyn®-based products distribution licenses in China. As per the agreement, Anlicare will be responsible for the regulatory costs. In return, the company will grant exclusive distribution rights to Anlicare for oral and dental care products in China.
Anlicare International brings and commercializes innovative medical devices and consumables to the Chinese market.
Recent Participation
Recently, the company participated in the H.C. Wainwright BioConnect Virtual Healthcare Conference. The conference took place from January 10 to January 13, 2022. SMOA’s CEO, Amy Trombly, and CFO, Jerry Dvonch presented an overview of the company’s business at the conference.
SMOA’s Q2 FY2022 Financials
On November 15, the company announced its financial results for the second quarter of fiscal 2022, which ended on September 30, 2021.
In the second fiscal quarter of 2022, the revenues were $3,744,000 against $5,769,000 in the year-ago quarter. Hence, showing a decrease of 35% year over year.
Moreover, SMOA suffered a net loss of $95,000 from continuing operations in Q2 of fiscal 2022. Comparatively, the company had a net income of $151,000 in the same period last year.
