MYOS RENS Technology Announces Net Revenues Increase 39% for the Three Months Ended September 30, 2020

CEDAR KNOLLS, N.J., Nov. 6, 2020 /PRNewswire/ -- MYOS RENS Technology Inc. ("MYOS" or the "Company") (NASDAQ: MYOS), an advanced nutrition company and the owner of Fortetropin^®, a proprietary bioactive composition that helps build lean muscle, announced today its results for the three and nine months ended September 30, 2020. 

"Q3 results have shown that Myos met the challenges of the new and uncertain "normal" with sensitivity, creativity and smarter, more aggressive marketing which helped us build deeper business relationships with our customers. This resulted in a significant increase in revenues while decreasing expenses during the quarter," said Joseph Mannello, CEO of MYOS.  "These challenges have brought out the best in our staff and set the bar for even greater future results."

FINANCIAL HIGHLIGHTS

Three Months Ended September 30, 2020 Compared to September 30, 2019 

Net revenues for the three months ended September 30, 2020 increased by $135 or 39% to $485 compared to net revenues of $350 for the three months ended September 30, 2019. This increase is primarily due to an increase of $243 of Myos Canine Muscle Formula offset by a decrease of $72 in White Label, $36 in Yolked, and $1 for our longevity products.

Cost of revenues for the three months ended September 30, 2020 increased by $74 or 42% to $248 compared to cost of revenues of $174 for the three months ended September 30, 2019. The increase is primarily due to costs related to an increase in our product sales of Canine Muscle Formula.

Gross profit increased $61 or 35% to $237 for the three months ended September 30, 2020 compared to $176 for the three months ended September 30, 2019.

Operating expenses for the three months ended September 30, 2020 decreased by $42 or 4% to $1,045, when compared to operating expenses of $1,087 for the three months ended September 30, 2019. The decrease primarily relates to a 31% decrease in selling, marketing and research expenses of $106 and a 3% decrease in personnel and benefits of $13, offset by an 18% increase in general and administrative of $77 relating primarily to an increase in professional fees of $140 relating to the reverse merger costs offset by a decrease in other business related costs of $63.

Nine Months Ended September 30, 2020 Compared to September 30, 2019

Net revenues for the nine months ended September 30, 2020 increased by $451 or 69% to $1,104 compared to net revenues of $653 for the nine months ended September 30, 2019. This increase is primarily due to an increase of $570 of Myos Canine Muscle Formula offset by a decrease of $72 for White Label, $36 for Yolked and $1 for our longevity products. 

Cost of revenues for the nine months ended September 30, 2020 increased by $262 or 83% to $578 compared to cost of revenues of $316 for the nine months ended September 30, 2019. The increase is primarily due to costs related to our product sales of Myos Canine Muscle Formula. 

Gross profit increased $189 or 56% to $526 for the nine months ended September 30, 2020 compared to $337 for the nine months ended September 30, 2019. 

Operating expenses for the nine months ended September 30, 2020 decreased by $426 or 13% to $2,951, compared to operating expenses of $3,377 for the nine months ended September 30, 2019. The decrease is primarily due to a 30% decrease in selling, marketing and research expenses of $289 and an 11% decrease in general and administrative of $137.

BUSINESS HIGHLIGHTS:                       

"It was a great quarter for Myos," said Mr. Mannello.  "Our team was able to grow revenues in each vertical while decreasing unnecessary expenses.  There is an art to leveraging spend to get the most ROI, and we hit the sweet spot in Q3.  Our momentum continues to build as our foundation gets stronger.

OTHER HIGHLIGHTS:

• Appointed the S3 Agency to implement public relations and social media efforts around the ability of Fortetropin^®, MYOS' proprietary ingredient, to improve muscle health.
• Received approval from the American Association of Veterinary State Boards (AAVSB) to offer a Continuing Education Course to Veterinarians titled, "Nutritional Management of Canine Osteoarthritis" for 1 Credit Hour.

"On the corporate front, our merger with MedAvail is almost complete with the vote taking place on November 16^th.  This will give shareholders ownership in both an exciting public company, MedAvail, and a larger piece of a private company.  Myos, as a private company, will have fewer expenses and a stronger balance sheet.  As a significant shareholder in Myos I am very excited about the merger and what lies ahead for both companies.

"On November 16, 2020 there will be a virtual shareholder meeting for shareholders of record of October 2, 2020, to vote the proposals in the Proxy Statement/Prospectus/Information Statement filed with the U.S. Securities and Exchange Commission by MYOS on October 15, 2020 in connection with the merger with MedAvail.

"I want to thank all of you for your continued support and wish you and your families continued health and safety during these trying times," said Mr. Mannello.

About MYOS RENS Technology Inc.
MYOS RENS Technology Inc. (MYOS), "The Muscle Company^®", is a Cedar Knolls, NJ-based advanced nutrition company that develops and markets products that improve muscle health and performance. MYOS is the owner of Fortetropin^®, a fertilized egg yolk-based product manufactured via a proprietary process to retain and optimize its biological activity. Fortetropin has been clinically shown to increase muscle size, lean body mass and reduce muscle atrophy. MYOS believes Fortetropin has the potential to redefine existing standards of physical health and wellness and produces muscle health support products featuring Fortetropin under the names of Yolked^®, Physician Muscle Health Formula^®, MYOS Canine Muscle Formula^®, (Regular & Vet Strength) and Qurr^®.  For more information, please visit www.myosrens.com. 

Forward-Looking Statements
Any statements in this release that are not historical facts are forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements involve risks and uncertainties, including but not limited to those relating to product and customer demand, market acceptance of our products, the ability to create new products through research and development, the successful results of strategic initiatives, the success of our products, including Yolked^®, Physician Muscle Health Formula^®, MYOS Canine Muscle Formula^®, Qurr^®, and MYOS Enteral Nutrition Formula™, the success of our research and development, the results of the clinical evaluation of Fortetropin^® and its effects, the ability to enter into new partnership opportunities and the success of our existing partnerships, the ability to generate revenue and cash flow from sales of our products, the ability to increase our revenue and gross profit margins, the ability to achieve a sustainable, profitable business, the effect of adverse economic conditions, including as a result of the COVID-19 pandemic, the ability to consummate the Merger Agreement with MedAvail, Inc., the ability to protect our intellectual property rights, competition from other providers and products, the continued listing of our securities on the Nasdaq Stock Market, risks in product development, our ability to raise capital to fund continuing operations, and other factors discussed from time to time in our filings with  the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.

These statements have not been evaluated by the Food and Drug Administration. Our products are not intended to diagnose, treat, cure or prevent any disease.

Investor Relations:
MYOS RENS Technology
Joanne Goodford
Phone:  973-509-0444
Email:  [email protected]

SOURCE MYOS RENS Technology

Related Links

http://www.myosrens.com