Oxnard-based Cure Pharmaceutical saw another spike in revenue in the first quarter of 2021, but net losses also continued to grow.
Cure had $1.5 million in revenue in the quarter ended March 31, up 400% from the first quarter of 2020, according to the company’s earnings report, released May 17.
The bulk of that growth could be attributed to its product sales, which grew from $203,000 in the first quarter of 2020 to $1.3 million in the first quarter of 2021.
Sera Labs, LLC, a CBD company and Cure’s most recent acquisition, was responsible for $1.2 million of those sales.
Cure and Sera Labs also recently launched a new line of Nutri-Strips, a thin-film strip used as an alternative to pills for drug delivery.
“Our wellness subsidiary, Sera Labs, expanded its marketing strategy by launching a national TV, radio and digital marketing campaign in support of accelerating sales for our Sleep A.S.A.P. Nutri-Strips products,” Rob Davidson, Cure’s CEO, said in a news release.
Still, rising losses continue to be an issue for the company. In the first quarter of 2021, Cure reported a net loss of $3.1 million, or 7 cents per share, compared to a net gain of $2 million the year before.
Davidson attributed the net losses to more investment into the sales and marketing side of the business, and said he believes the spending “will result in faster growth in these new product lines.”
Cure, which trades on an over-the-counter marketplace as CURR, closed at 70 cents per share on May 17 and opened at 75 cents per share the next morning.