Sonoma Pharmaceuticals, Inc.
For the period ended Dec 31, 2024. Filed Feb 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2024 · Filed Feb 5, 2025
SNOA$1.11+3.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0001683168-24-007708
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-12-31; filed 2025-02-05.
0001683168-25-000736
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 113 previous paragraphs and 119 current paragraphs.
72 unchanged; 33 reworded; 13 added; 6 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 14 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
Recent Developments
Current report
As of the date of this filing, the U.S. has announced a 25% tariff on all goods imported from Mexico and Canada, and an additional 10% tariff on goods imported from China. Canada has announced a 25% tariff on certain U.S. goods, and Mexico has also indicated that it intends to impose tariffs on U.S. goods. We do not know when or if such tariffs will take effect or how long any of these tariffs will last, and we do not know if tariffs will apply to all goods at the same rate, or if healthcare products may be subject to a different rate or be exempted. We continue to monitor statements made and actions taken by the U.S. government regarding tariffs on goods imported into the U.S. from Mexico, Canada, and other countries. We continue to also monitor actions by other countries with which we do business. It is possible other countries may impose tariffs on goods imported into their countries from the U.S.
Current report
We manufacture all of our goods in Mexico. For the nine months ended December 31, 2024, approximately 82% of our revenue was derived from sales outside of the U.S. and 18% of our revenues was derived from the U.S. We ship our goods from Mexico directly to our partners around the world. Thus, if the U.S. imposes tariffs on goods imported into the U.S. from Mexico, the impact on our business will be limited to our business in the U.S. As of the nine months ended December 31, 2024, and in historical periods prior to that, our revenues in Canada have been insignificant. Additionally, we source most of our raw materials in Mexico and do not expect tariffs to materially impact our cost of goods. If a tariff of up to 25% for goods imported to the U.S. from Mexico is imposed on our products, we do not expect the impact on our current business to be material as of the date of this filing. However, if our sales in the U.S. increase in the future, the impact on our business could increase and become material. We have signed contracts with Medline Industries, LP and WellSpring Pharmaceutical Corporation for the sale of our products in the U.S. and expect our U.S. sales to increase in 2025, however we do not yet know the extent of the increase. We assume for purposes of this discussion, but do not know for certain, that tariffs would be based on our cost of goods and not our revenues.
Current report
The economic impact of the tariffs currently announced or that may be announced in the future, will likely impact the U.S. and potentially the global economy. One impact may be the cost of shipping as companies adjust to new tariffs. Increases to shipping costs may adversely impact our business. Additionally, if the tariffs cause a slowdown in the U.S. or other economies, it may impact overall demand for our products. If tariffs negatively impact the U.S. stock market, our ability to raise funds may be adversely affected.
Current report
It is also possible that tariffs between the U.S. and other countries, such as China, may benefit certain aspects of our business. If other countries impose tariffs on U.S. goods imported into their country, we would not expect an impact to our business, because we ship our goods to our international partners from Mexico. Such tariffs may provide us with a competitive advantage over our U.S. competitors, because our U.S. competitors might experience higher costs due to tariffs, while our goods would not be impacted because we ship to our distributors from Mexico. If any countries that we ship to impose tariffs on goods imported from Mexico, there may be an adverse impact on our business. The tariff situation continues to evolve and we monitor it closely.
Current report
The increase in Asia revenue of $57,000 for the three months ended December 31, 2024 was primarily due to timing of customer orders. Revenues from this region tend to be choppy when viewed on a quarterly basis due to customers placing larger, but less frequent, orders to benefit from quantity discounts and reduced shipping costs when ordering larger quantities.
Current report
The decrease in gross profit of $190,000 for the three months ended December 31, 2024 was due to prior period utilization of manufacturing resources to support new regulatory requirements in Europe which were reported within research and development expense. The current year required less utilization of these resources.
Current report
Income Tax (Expense) Benefit
Current report
Comparison of the Nine Months Ended December 31, 2024 and 2023
Current report
The increase in Asia revenue of $102,000 for the nine months ended December 31, 2024 was primarily due to timing of customer orders. Revenues from this region tend to be choppy when viewed on a quarterly basis due to customers placing larger, but less frequent, orders to benefit from quantity discounts and reduced shipping costs when ordering larger quantities.
Current report
The increase in gross profit of $283,000 for the nine months ended December 31, 2024 was primarily due to an increase in revenue. This was offset by prior period utilization of manufacturing resources to support new regulatory requirements in Europe which were reported within research and development expense. The current year required less utilization of these resources.
Current report
Income Tax (Expense) Benefit
Current report
We believe that we have access to additional capital resources through possible public or private equity offerings, debt financings, corporate collaborations or other means; however, we cannot provide any assurance that new financings will be available on commercially acceptable terms, if needed. If the economic climate in the U.S. deteriorates, our ability to raise additional capital could be negatively impacted. If we are unable to secure additional capital, we may be required to take additional measures to reduce costs in order to conserve our cash in amounts sufficient to sustain operations and meet our obligations. These measures could cause significant delays in our continued efforts to commercialize our products, which is critical to the realization of our plan and future operations. This uncertainty along with our history of losses indicates that there is substantial doubt about our ability to continue as a going concern within one year after the date that our financial statements are issued. The accompanying condensed consolidated financial statements do not include any adjustments that may be necessary should we be unable to continue as a going concern.
Removed paragraphs (6)
Previous report
The increase in United States revenue of $85,000 for the three months ended September 30, 2024 was primarily due to increases in eye care and dermatology revenue.
Previous report
The increase in gross profit of $371,000 for the three months ended September 30, 2024 was primarily due to an increase in revenue as compared to the prior period.
Previous report
Income Tax Expense
Previous report
Comparison of the Six Months Ended September 30, 2024 and 2023
Previous report
The increase in gross profit of $473,000 for the six months ended September 30, 2024 was primarily due to an increase in revenue, overall product mix, volume as compared to the prior period and transportation in the prior period.
Previous report
Income Tax Expense
Reworded paragraphs (33)
Previous wording
Forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to the risks described in our Annual Report on Form 10-K including: our ability to become profitable; our dependence on third-party distributors; certain tax impacts of inter-company loans between us and our Mexican subsidiary; the progress and timing of our development programs and regulatory approvals for our products; the benefits and effectiveness of our products; the ability of our products to meet existing or future regulatory standards; the progress and timing of clinical trials and physician studies; our expectations and capabilities relating to the sales and marketing of our current products and our product candidates; our ability to compete with other companies that are developing or selling products that are competitive with our products; the establishment of strategic partnerships for the development or sale of products; the risk our research and development efforts do not lead to new products; the timing of commercializing our products; our ability to penetrate markets through our sales force, distribution network, and strategic business partners to gain a foothold in the market and generate attractive margins; the ability to attain specified revenue goals within a specified time frame, if at all, or to reduce costs; the outcome of discussions with the U.S. Food and Drug Administration, or FDA, and other regulatory agencies; the content and timing of submissions to, and decisions made by, the FDA and other regulatory agencies, including demonstrating to the satisfaction of the FDA the safety and efficacy of our products; our ability to manufacture sufficient amounts of our products for commercialization activities; our ability to protect our intellectual property and operate our business without infringing on the intellectual property of others; our ability to continue to expand our intellectual property portfolio; the risk we may need to indemnify our distributors or other third parties; risks attendant with conducting a significant portion of our business outside the United States; our ability to comply with complex federal and state fraud and abuse laws, including state and federal anti-kickback laws; risks associated with changes to health care laws; our ability to attract and retain qualified directors, officers and employees; our expectations relating to the concentration of our revenue from international sales; our ability to expand to and commercialize products in markets outside the wound care market; our ability to protect our information technology and infrastructure; and the impact of any future changes in accounting regulations or practices in general with respect to public companies. These forward-looking statements speak only as of the date hereof. We expressly disclaim any obligation or undertaking to release publicly…
Excerpt shortened here; the source contains the full paragraph.
Current wording
Forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to the risks described in our Annual Report on Form 10-K and this Quarterly Report on Form 10-Q including: our ability to become profitable; our dependence on third-party distributors; certain tax impacts of inter-company loans between us and our Mexican subsidiary; the progress and timing of our development programs and regulatory approvals for our products; the benefits and effectiveness of our products; the ability of our products to meet existing or future regulatory standards; the progress and timing of clinical trials and physician studies; our expectations and capabilities relating to the sales and marketing of our current products and our product candidates; our ability to compete with other companies that are developing or selling products that are competitive with our products; the establishment of strategic partnerships for the development or sale of products; the risk our research and development efforts do not lead to new products; the timing of commercializing our products; our ability to penetrate markets through our sales force, distribution network, and strategic business partners to gain a foothold in the market and generate attractive margins; the ability to attain specified revenue goals within a specified time frame, if at all, or to reduce costs; the outcome of discussions with the U.S. Food and Drug Administration, or FDA, and other regulatory agencies; the content and timing of submissions to, and decisions made by, the FDA and other regulatory agencies, including demonstrating to the satisfaction of the FDA the safety and efficacy of our products; our ability to successfully transition our European products to the new Medical Device Regulation, or to comply with its ongoing requirements; our ability to manufacture sufficient amounts of our products for commercialization activities; our ability to protect our intellectual property and operate our business without infringing on the intellectual property of others; our ability to continue to expand our intellectual property portfolio; the risk we may need to indemnify our distributors or other third parties; risks attendant with conducting a significant portion of our business outside the United States; fluctuations in foreign currency exchange rates; risks relative to global economic conditions, prospective tariffs or changes to trade policies; our ability to comply with complex federal and state fraud and abuse laws, including state and federal anti-kickback laws; risks associated with changes to health care laws; our ability to attract and retain qualified directors, officers and employees; our expectations relating to the concentration of our revenue from international sales; our ability to expand to and commercialize products in markets outside the wound care market; ou…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
Our core market differentiation is based on being the leading developer and producer of stabilized hypochlorous acid, or HOCl, solutions. We have been in business for over 20 years, and in that time, we have developed significant scientific knowledge of how best to develop and manufacture HOCl products backed by decades of studies and data collection. HOCl is known to be among the safest and most-effective ways to relieve itch, inflammation and burns while stimulating natural healing through increased oxygenation and eliminating persistent microorganisms and biofilms.
Current wording
Our core market differentiation is based on being the leading developer and producer of stabilized hypochlorous acid, or HOCl, solutions. We have been in business for over 20 years, and in that time, we have developed significant scientific knowledge of how best to develop and manufacture HOCl products backed by decades of studies and data collection.
Previous wording
In the United States, we sell our prescription and office dispense dermatology products through a distributor, including Epicyn® Facial Cleanser, Levicyn® Antimicrobial Dermal Spray, Levicyn® Gel, Levicyn® Spray Gel, Celacyn® Scar Management Gel, Lasercyn® Dermal Spray and Lasercyn Gel®.
Current wording
In the United States, we relaunched the direct sale of our prescription and office dispense dermatology products in December 2024, including Epicyn® Facial Cleanser, Levicyn® Antimicrobial Dermal Spray, Levicyn® Gel, Levicyn® Spray Gel, Celacyn® Scar Management Gel. We also relaunched over-the-counter Lasercyn® Dermal Spray and Lasercyn Gel®.
Previous wording
In October 2022, we launched two new over-the-counter dermatology products in the United States, Reliefacyn® Advanced Itch-Burn-Rash-Pain Relief Hydrogel for the alleviation of red bumps, rashes, shallow skin fissures, peeling, and symptoms of eczema/atopic dermatitis, and Rejuvacyn® Advanced Skin Repair Cooling Mist for management of minor skin irritations following cosmetic procedures as well as daily skin health and hydration.
Current wording
Other over-the-counter dermatology products in the United States include Regenacyn® Advanced Scar Gel, which is clinically proven to improve the overall appearance of scars while reducing pain, itch and redness, Reliefacyn® Advanced Itch-Burn-Rash-Pain Relief Hydrogel for the alleviation of red bumps, rashes, shallow skin fissures, peeling, and symptoms of eczema/atopic dermatitis, and Rejuvacyn® Advanced Skin Repair Cooling Mist for management of minor skin irritations following cosmetic procedures as well as daily skin health and hydration. Rejuvacyn is certified as a Natural Personal Care Product by the Natural Products Association, and Reliefacyn received the National Eczema Association Seal of Acceptance TM in 2023.
Previous wording
In September 2021, we launched Ocucyn® Eyelid & Eyelash Cleanser, which is sold directly to consumers on Amazon.com, through our online store, and through third party distributors. Ocucyn Eyelid & Eyelash Cleanser, designed for everyday use, is a safe, gentle, and effective solution for good eyelid and eyelash hygiene.
Current wording
In the United States, we sell Ocucyn® Eyelid & Eyelash Cleanser directly to consumers on Amazon.com, through our online store, and through third party distributors. Ocucyn is designed for everyday use as a safe, gentle, and effective solution for good eyelid and eyelash hygiene.
Previous wording
The decrease in United States revenue of $79,000 for the six months ended September 30, 2024 was primarily the result of fluctuations in timing of orders of over-the-counter animal health care products.
Current wording
The decrease in United States revenue of $254,000 for the three months ended December 31, 2024 was primarily the result of fluctuations in demand for animal health care products.
Previous wording
The increase in Europe revenue for the three months ended September 30, 2024 of $305,000 was the result of a general increase in demand for our products.
Current wording
The increase in Europe revenue for the three months ended December 31, 2024 of $40,000 was the result of a general increase in demand for our products.
Previous wording
The increase in Latin America revenue for the three months ended September 30, 2024 of $205,000 was primarily due to an increase in manufacturing orders.
Current wording
The increase in Latin America revenue for the three months ended December 31, 2024 of $461,000 was primarily due to an increase in manufacturing orders.
Previous wording
The increase in Asia revenue of $430,000 for the three months ended September 30, 2024 was primarily due to timing of customer orders. The decrease in Rest of World revenue for the three months ended September 30, 2024 of $177,000 was primarily due to timing of customer orders. Revenues from these regions tend to be choppy when viewed on a quarterly basis due to customers placing larger, but less frequent, orders to benefit from quantity discounts and reduced shipping costs when ordering larger quantities.
Current wording
The increase in Rest of World revenue for the three months ended December 31, 2024 of $122,000 was primarily due to timing of customer orders. Revenues from these regions tend to be choppy when viewed on a quarterly basis due to customers placing larger, but less frequent, orders to benefit from quantity discounts and reduced shipping costs when ordering larger quantities.
Previous wording
Decreases in research and development expenses for the three months ended September 30, 2024 of $30,000 was primarily due to the timing of product development and regulatory efforts.
Current wording
The decrease in research and development expenses for the three months ended December 31, 2024 of $174,000 was primarily due to the timing of product development and regulatory efforts.
Previous wording
The increase in selling, general and administrative expenses for the three months ended September 30, 2024 of $43,000 was the result of fluctuations in timing of corporate spending.
Current wording
The increase in selling, general and administrative expenses for the three months ended December 31, 2024 of $171,000 was the result of fluctuations in timing of corporate spending.
Previous wording
Other income (expense), net for the three months ended September 30, 2024 was $387,000 compared to other income (expense), net of $(90,000) for the three months ended September 30, 2023. The change in other income (expense), net primarily relates to exchange rate fluctuations.
Current wording
Other income (expense), net for the three months ended December 31, 2024 was $112,000 compared to $(79,000) for the three months ended December 31, 2023. The change in other income (expense), net primarily relates to exchange rate fluctuations.
Previous wording
Income tax expense for the six months ended September 30, 2024 and 2023 was $293,000 and $153,000, respectively. The expense for each period is primarily related to the use of our deferred tax asset in Mexico and, to a lesser extent, our deferred tax asset in Netherlands.
Current wording
Income tax (expense) benefit for the three months ended December 31, 2024 and 2023 was $(9,000) and $57,000, respectively. The expense for the current year is primarily related to the use of our deferred tax asset in Mexico and, to a lesser extent, our deferred tax asset in Netherlands. The benefit for the prior year was related to our Mexico deferred tax asset.
Previous wording
The following table shows our consolidated total revenue and revenue by geographic region for the six months ended September 30, 2024 and 2023:
Current wording
The following table shows our consolidated total revenue and revenue by geographic region for the nine months ended December 31, 2024 and 2023:
Previous wording
The increase in Europe revenue for the six months ended September 30, 2024 of $523,000 was the result of a general increase in demand for our products.
Current wording
The increase in Europe revenue for the nine months ended December 31, 2024 of $455,000 was the result of a general increase in demand for our products.
Previous wording
The increase in Latin America revenue for the six months ended September 30, 2024 of $598,000 was primarily due to an increase in manufacturing orders.
Current wording
The increase in Latin America revenue for the nine months ended December 31, 2024 of $1,009,000 was primarily due to an increase in manufacturing orders.
Previous wording
The increase in Asia revenue of $45,000 for the six months ended September 30, 2024 was primarily due to timing of customer orders. The decrease in Rest of World revenue for the six months ended September 30, 2024 of $275,000 was primarily due to timing of customer orders. Revenues from these regions tend to be choppy when viewed on a quarterly basis due to customers placing larger, but less frequent, orders to benefit from quantity discounts and reduced shipping costs when ordering larger quantities.
Current wording
The decrease in Rest of World revenue for the nine months ended December 31, 2024 of $44,000 was primarily due to timing of customer orders. Revenues from these regions tend to be choppy when viewed on a quarterly basis due to customers placing larger, but less frequent, orders to benefit from quantity discounts and reduced shipping costs when ordering larger quantities.
Previous wording
The cost of revenue and gross profit metrics for the six months ended September 30, 2024 and 2023 are as follows:
Current wording
The cost of revenue and gross profit metrics for the nine months ended December 31, 2024 and 2023 are as follows:
Previous wording
The research and development expense metrics for the six months ended September 30, 2024 and 2023 are as follows:
Current wording
The research and development expense metrics for the nine months ended December 31, 2024 and 2023 are as follows:
Previous wording
Increases in research and development expenses for the six months ended September 30, 2024 of $115,000 was primarily due to increased product development and expanded regulatory efforts in the U.S. and Europe to support new product releases and increases in regulatory demands in Europe.
Current wording
The decrease in research and development expenses for the nine months ended December 31, 2024 of $59,000 was primarily due to increased product development and expanded regulatory efforts in the U.S. and Europe to support new product releases, and increases in regulatory demands in Europe reported in the prior period.
Previous wording
The selling, general and administrative expense metrics for the six months ended September 30, 2024 and 2023 are as follows:
Current wording
The selling, general and administrative expense metrics for the nine months ended December 31, 2024 and 2023 are as follows:
Previous wording
The decline in selling, general and administrative expenses for the six months ended September 30, 2024 of $67,000 was the result of ongoing efforts to contain expenses across all parts of the company.
Current wording
The increase in selling, general and administrative expenses for the nine months ended December 31, 2024 of $104,000 was the result of an increase in corporate expenses.
Previous wording
Other income (expense), net for the six months ended September 30, 2024 was $563,000 compared to other income (expense), net of $(301,000) for the six months ended September 30, 2023. The change in other income (expense), net primarily relates to exchange rate fluctuations.
Current wording
Other income (expense), net for the nine months ended December 31, 2024 was $675,000 compared to $(380,000) for the nine months ended December 31, 2023. The change in other income (expense), net primarily relates to exchange rate fluctuations.
Previous wording
Income tax expense for the three months ended September 30, 2024 and 2023 was $147,000 and $186,000, respectively. The expense for each period is primarily related to the use of our deferred tax asset in Mexico and, to a lesser extent, our deferred tax asset in Netherlands.
Current wording
Income tax (expense) benefit for the nine months ended December 31, 2024 and 2023 was $(302,000) and $(96,000), respectively. The expense for each period is primarily related to the use of our deferred tax asset in Mexico and, to a lesser extent, our deferred tax asset in Netherlands.
Previous wording
We reported a net loss of $610,000 and $1,484,000 for the three months ended September 30, 2024 and 2023, respectively, and $1,753,000 and $2,902,000 for the six months ended September 30, 2024 and 2023, respectively. At September 30, 2024 and March 31, 2024, our accumulated deficit amounted to $196,102,000 and $194,349,000, respectively. At September 30, 2024 and March 31, 2024, we had cash and cash equivalents of $4,078,000 and $3,128,000, respectively. At September 30, 2024 and March 31, 2024, we had working capital of $8,912,000 and $8,829,000, respectively.
Current wording
We reported a net loss of $928,000 and $866,000 for the three months ended December 31, 2024 and 2023, respectively, and $2,681,000 and $3,768,000 for the nine months ended December 31, 2024 and 2023, respectively. At December 31, 2024 and March 31, 2024, our accumulated deficit amounted to $197,030,000 and $194,349,000, respectively. At December 31, 2024 and March 31, 2024, we had cash and cash equivalents of $5,236,000 and $3,128,000, respectively. At December 31, 2024 and March 31, 2024, we had working capital of $8,677,000 and $8,829,000, respectively.
Previous wording
The following table presents a summary of our consolidated cash flows for operating, investing and financing activities for the six months ended September 30, 2024 and 2023 as well balances of cash and cash equivalents and working capital:
Current wording
The following table presents a summary of our consolidated cash flows for operating, investing and financing activities for the nine months ended December 31, 2024 and 2023 as well as balances of cash and cash equivalents and working capital:
Previous wording
Net cash used in operating activities during the six months ended September 30, 2023 was $1,446,000, primarily due to a net loss of $2,902,000, offset by a decrease in accounts receivables of $375,000, a decrease in inventory of $403,000 and stock compensation of $307,000.
Current wording
Net cash provided by operating activities during the nine months ended December 31, 2024 was $7,000, primarily due to a net loss of $2,681,000 offset by a decrease in prepaid expenses of $1,547,000, a decrease in accounts receivable of $219,000 and an increase in accounts payable of $864,000.
Previous wording
Net cash used in operating activities during the six months ended September 30, 2024 was $558,000, primarily due to a net loss of $1,753,000 offset by decrease in prepaid expenses of $1,134,000.
Current wording
Net cash used in operating activities during the nine months ended December 31, 2023 was $2,550,000, primarily due to a net loss of $3,768,000, an increase in accounts receivables of $221,000, and an increase in inventory of $93,000, offset by stock compensation of $447,000 and an increase in prepaid expenses of $546,000.
Previous wording
Net cash used in investing activities was $31,000 for six months ended September 30, 2024, primarily related to the purchase of equipment.
Current wording
Net cash used in investing activities was $33,000 for nine months ended December 31, 2024, primarily related to the purchase of equipment.
Previous wording
Net cash used in investing activities was $19,000 for the six months ended September 30, 2023, primarily related to purchases of equipment.
Current wording
Net cash used in investing activities was $20,000 for the nine months ended December 31, 2023, primarily related to purchases of equipment.
Previous wording
Net cash provided by financing activities was $2,080,000 for the six months ended September 30, 2024, primarily due to net proceeds from the sale of common stock of $2,289,000 offset by $241,000 of principal payments on a short-term loan related to financing of insurance premiums.
Current wording
Net cash provided by financing activities was $2,788,000 for the nine months ended December 31, 2024, primarily due to net proceeds from the sale of common stock of $3,079,000 offset by $323,000 of principal payments on a short-term loan related to financing of insurance premiums.
Previous wording
Net cash used in financing activities was $264,000 for the six months ended September 30, 2023, primarily due to principal payments on short-term debt.
Current wording
Net cash provided by financing activities was $1,054,000 for the nine months ended December 31, 2023, primarily due to the sale of common stock for net proceeds of $1,446,000 offset by principal payments on short-term debt of $387,000.
Previous wording
We also closely monitor overall economic conditions and consumer sentiment and the prospect of a recession in the United States which may impact our financial results.
Current wording
We also closely monitor global economic conditions, including the risk of economic downturn or recession, the prospect of increased tariffs, as well as overall consumer sentiment, any of which may impact our financial results.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The decrease in United States revenue of $284,000 for the nine months ended December 31, 2024 was primarily the result of fluctuations in demand for animal health care products.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
In June 2022, the Natural Products Association certified Rejuvacyn Advanced as a Natural Personal Care Product. Reliefacyn Advanced received the National Eczema Association Seal of Acceptance TM in 2023.
Previous report — wording carried elsewhere
In June 2022, the Natural Products Association certified Microcyn OTC as a Natural Personal Care Product in the United States.