Company's pharmaceutical subsidiary continues to drive impressive growth accounting for nearly 80% of Q3 2024 revenue
SAN DIEGO, May 16, 2024 (GLOBE NEWSWIRE) -- Dalrada Financial Corporation (OTCQB: DFCO, "Dalrada," "the Company"), announced today it had filed a Form 10-Q for the quarter ended March 31, 2024, posting $10.3 million in revenue and highlighting consistent revenue generation, particularly from its specialty pharmacy subsidiary.
"Q3 showed us that the pharmaceutical market is thriving. Driven by our Genefic Specialty Pharmacy subsidiary, our health segment saw $8.6 million in revenue-up $4.2 million from the previous quarter-accounting for the lion's share of the company's overall revenue," according to Dalrada CEO and Chairman, Brian Bonar.
Notably, Dalrada's health segment, Genefic, posted a revenue increase of 80% ($3.8 million) compared to the same quarter of fiscal year 2023, capitalizing on the specialty pharmacy's extended services, growing client base, and improving internal efficiencies through streamlined business operations.
Important highlights from Q3 2024:
- Dalrada overall revenue: $10.3 million
- Genefic revenue:
- $8.6 million
- Up $4.2 million (95.5%) from previous quarter
- Up $3.8 million (80.1% increase from Q3 2023)
- Genefic revenue:
- $13.3 million of affiliate debt converted to Series I preferred shares
"The company continues to make tremendous strides in clearing debt and reducing expenditures while increasing revenue. I'm pleased to report that with this latest filing, Dalrada's net equity is currently $8.8 million and net losses are $2.9 million-their lowest since 2021," added Bonar. "Our health segment will remain strong and I'm confident that our climate technology and home heat pumps will also boost revenue in the coming quarters."
The Dalrada executive team expects ongoing quarter-to-quarter growth during Q4 as well as a year-over-year revenue increase by the end of the fiscal year 2024 (June 30).
About Dalrada Corporation
Dalrada Financial Corporation (OTCQB: DFCO) is a multi-national holding company that develops, manufactures, and sells a robust suite of products and services in the Clean Energy and Health Care sectors. Dalrada's core segments include Dalrada Climate Technology, which offers cutting-edge heat pump technology for industrial and residential applications, and Genefic Specialty Pharmacy, which provides end-to-end prescription services as well as patient advocacy and support.
Dalrada Financial Corporation consistently drives innovation that delivers maximum impact, bringing increased value to its shareholders.
For more information, please visit www.dalrada.com, and follow us on LinkedIn, Facebook, Twitter, and YouTube.
About Genefic
A wholly-owned subsidiary of Dalrada Financial Corporation, Genefic proudly delivers frontline health products and services through redesigned systems and reimagined patient care. Genefic's unique pharmacy solution, Genefic Specialty Pharmacy, offers more than 30 years of dedicated expertise providing patient advocacy through end-to-end prescription services, medical education, and patient advocacy and support.
Forward-Looking Statements
Statements contained in this press release, other than statements of historical fact, particularly statements relating to cost reductions and the anticipated pre-tax savings from the cost reduction program, restructuring costs, footprint rationalization, simplifying and streamlining our operations, reducing complexity, enhancing the speed of decision-making, leveraging our sourcing capabilities and the timing of implementation and completion of the cost reduction program, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management based on information available to us at the time such statements are made. These statements, which are generally identifiable by the use of the words "will," "believe," "expect," "intend," "anticipate," "estimate," "forecast," "project," "plan," and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Forward-looking statements are subject to the occurrence of many events outside the Company's control and actual results and the timing of events may differ materially from those suggested or implied by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the US Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.
Media contact: Michael Eslinger meslinger@dalrada.com
