United-Guardian Inc (UG, Financial) announced its financial results for the third quarter and first nine months of 2023 on November 6, 2023. The company reported a significant increase in Q3 sales and net income, but a decrease in the nine-month period sales and net income compared to the previous year.
Financial Performance
UG's Q3 sales increased by 26% year-over-year (YoY) from $2,417,022 to $3,057,518, and net income doubled from $345,518 to $626,756. However, sales for the nine-month period ended September 30th decreased from $9,935,557 in 2022 to $8,278,141 in 2023. Similarly, net income for the nine-month period decreased from $1,890,307 in 2022 to $1,843,931 in 2023.
Product Category Performance
UG reported increased sales across all its main product categories in Q3. Cosmetic ingredient sales were up by 42%, pharmaceutical sales increased by 3%, and medical lubricant sales saw a significant rise of 73%.
Future Plans
We are in the process of re-evaluating our current marketing strategy, and plan to implement changes in the first quarter of 2024. We anticipate that these changes will enable us to increase sales in all our product categories, especially sales of our cosmetic ingredients in the regions that are underperforming. We are hopeful that these efforts will result in increased sales moving forward.
Donna Vigilante, President of United-Guardian, expressed optimism about the company's future plans to boost sales, especially in regions where sales of cosmetic ingredients are underperforming.
Summary of Financial Statements
The income statement shows that the company's total costs and expenses for the nine-month period ended September 30th were $6,206,375, down from $6,544,072 in the same period in 2022. Income from operations for the nine-month period was $2,071,766, a decrease from $3,391,485 in 2022. The company also reported a net gain on marketable securities of $65,823, compared to a net loss of $1,154,464 in the same period in 2022.
United-Guardian Inc (UG, Financial) is a manufacturer of cosmetic ingredients, pharmaceuticals, and medical lubricants. More financial information can be found on the company's website at www.u-g.com.
Explore the complete 8-K earnings release (here) from United-Guardian Inc for further details.
