In This Story
Synergy CHC Corp. (SNYR) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a revenue of $7,126,333 compared to $10,805,735 in the same quarter the previous year. The decrease in revenue is attributed to a delay in a significant shipment of FOCUSfactor supplements due to a packaging upgrade.
Cost of sales for the quarter was $2,335,901, resulting in a gross profit of $4,790,432, or 67% of revenue, compared to 72% in the same quarter of the previous year.
Selling and marketing expenses decreased to $2,509,440 from $4,302,034, primarily due to improved management of promotions.
General and administrative expenses were $1,196,784, down from $1,326,864 in the previous year, attributed to improved management of operating costs.
Net income for the quarter was $783,593, down from $1,284,187 in the previous year, primarily due to lower revenue.
Cash used in operating activities was $1,377,479 for the nine months ended September 30, 2024, compared to $2,737,849 in the same period the previous year.
The company completed an initial public offering on October 24, 2024, raising approximately $8.4 million after deducting expenses.
Synergy CHC Corp. focuses on developing its current brands and expanding into new markets, with a strategy to grow through additional strategic acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Synergy CHC Corp. quarterly 10-Q report dated December 6, 2024. To report an error, please email earnings@qz.com.