- ETST
reported $227,635 in revenue for the quarter ended June 30, 2019, marking
a greater than 36 percent hike when compared to $166,891 for the same
period in 2018
- The
company’s gross profits spiked by more than 90 percent for the three-month
period to $113,126, up from $59,409 for the same period in 2018
- ETST
grew its revenue while cutting key operating expenses related to R&D,
legal and marketing
Earth Science Tech Inc. (OTCQB: ETST), a diverse biotech
company focused on the nutraceutical and pharmaceutical fields, reported
sharply higher revenue and gross profit for the three months ended June 30,
2019. Notably, the company recorded a higher than 90 percent gain in gross
profit for the 2019 period, alongside increased revenue totals and decreased
operating expenses (http://ibn.fm/WSgql).
For the quarter, ETST reported sales of $227,635 – a total
that is 36.4 percent higher than the $166,891 in revenues for the comparable
period in 2018. Additionally, gross profit jumped to $113,126 in the 2019 quarter,
from $59,409 for the same quarter in 2018. To achieve that higher gross profit
figure, ETST placed emphasis on cutting key operating expenses, including
marketing, legal and R&D.
The ETST report detailed those cuts, including dropping
R&D expenses to $22,113 as compared to $65,245 for the same period in 2018.
The decrease in 2019 is primarily associated with the company moving its
Hygee(TM) medical device out of R&D phase and discontinuing CBD patent
applications, per a corporate update. Hygee is a revolutionary home kit
designed for the detection of sexually transmitted infections, such as
chlamydia, in women. The company sees Hygee as empowering women across the
globe while setting a new standard in women’s health. The product has already
generated excitement among investors. In other efforts to improve its bottom
line, ETST has also been taking a hard look at its marketing expenses. By
eliminating magazine marketing, the company was able to decrease these costs to
$20,623 in the three-month period, down from $29,267 in the comparable period
of 2018.
Those revenue and gross profit gains for the quarter came
after ETST earlier reported that product sales were $770,635 for its fiscal
year ended March 31, 2019, marking a 66.4 percent increase compared to the
$463,108 recorded for the same period in 2018. The company was able to maintain
a gross profit total of $295,013 and a gross margin of 38.2 percent in 2019,
with full-spectrum cannabinoids driving sales. The company also reported that
its core customer base grew as a result of the positive response to its V4
product line (http://ibn.fm/0kclZ).
ETST continues to synergize a passion for health and
wellness with its premium products. In a July 2019 SEC filing, ETST management
explained that its market advantage strategy is “to design and produce
CBD-enhanced nutraceutical products for sale to the general public. (The
company) intends to create high-grade, CBD-rich hemp oil and other
CBD-containing products unique to the current market in the nutraceuticals
industry. (It) believes that (its) formulations will set (ETST) apart from
competing products for promoting health.”
The company markets a complete line of high-grade hemp-CBD
oils, hemp-CBD caps and CBD pet oil products, with its full-spectrum and pure
CBD oils utilizing a super-critical CO2, cold-liquid extraction method.
For more information, visit the company’s website at www.EarthScienceTech.com
NOTE TO INVESTORS: The latest news and updates
relating to ETST are available in the company’s newsroom at http://ibn.fm/ETST
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