Last month, Cumberland Pharmaceuticals announced third quarter 2020 financial results and provided a company update.
Net revenues from continuing operations during the quarter were $9.3 million. The company also recordedan additional $750,000 in revenue during the third quarter associated withdivested product rights for two brands it is no longer distributing.
The Company's financial position included $96 million in total assets - with $27 million in cash, $48 million of total liabilities, and $48 million of shareholders' equity at the end of the quarter.
"As we move to the close of 2020, we recognize that it has been a particularly difficult year with the pandemic impacting all our daily lives," said A.J. Kazimi, Chief Executive Officer of Cumberland Pharmaceuticals. "Overall, our third quarter was quite successful, given all the challenges of operating a business in the wake of the pandemic. We were able to generate solid financial performance and advance on important initiatives."