Earth Science Tech, Inc. (UNOV), a holding company predominantly interested in the health and wellness sector, has reported a net loss for the fiscal year ending March 31, 2023, due to increased operating expenses and the loss of net income from last year’s Cromogen Settlement. Despite this, the company is expanding its reach by launching telemedicine subsidiary Peaks Curative, LLC and RxCompoundStore.com, LLC, focusing on men’s health compounds and prescriptions.
Table of Contents
Financial Performance
In the year ended March 31, 2023, Earth Science Tech faced a net loss of $379,266, increasing from a net gain of $3,173,260 recorded in the year ended March 31, 2022. The company attributes the increase mainly to the net income from the Cromogen Settlement in the previous year, which contributed to the higher net gain.
The company reported revenue of $48,537, with a gross profit of $22,060 for the year ended March 31, 2023. This represents a gross margin of 45.45%, compared to a net loss of $8,516 and a gross margin of negative 60.3% in the previous year. The increase in revenue was primarily due to the acquisition of RxCompound and Peaks on November 8, 2022.
RxCompound Pharmacy
RxCompound is a compounding pharmacy licensed to fulfill prescriptions in Florida, New York, New Jersey, Delaware, Colorado, Rhode Island, Pennsylvania, Nevada, and Arizona, with plans to obtain licenses in other states. The pharmacy recently expanded its facilities, obtaining a hazardous room for compounding hormonal creams in December 2022 and planning to have a sterile compounding room operational in early 2023 for sterile products for injection.
Peaks Curative Telemedicine
Peaks Curative, as a telemedicine referral site, can facilitate asynchronous consultations for branded compound medications prepared at RxCompound. The service is available for prescription in all 50 states, though prescriptions can only be fulfilled in the states where RxCompound is licensed. Peaks plans to launch a marketing campaign to increase brand exposure and offer over-the-counter products, supplements, and topicals under its own brand, targeting a global market.
Earth Science Foundation, Inc.
In addition to these subsidiaries, Earth Science Tech has also established a non-profit organization called Earth Science Foundation, Inc. to accept grants and donations to help people in need of assistance with paying for prescriptions.
Note that we may hold securities mentioned in this article. All data is based on recent SEC filings. Even though we have implemented various manual and automatic fact-checking and data acquisition processes, some incorrect information may have slipped through (false positive). Let us know if you find any inconsistencies!