From GlobeNewswire: 2024-05-10 15:00:00

United-Guardian, Inc. (NASDAQ:UG) reported a strong first quarter in 2024 with sales increasing from $2,570,324 to $3,254,944 compared to 2023. Net income also rose from $756,081 to $925,442. President Donna Vigilante attributed the 27% sales increase to cosmetic ingredients, which saw a 146% surge due to higher purchases from ASI. However, pharmaceutical sales declined by 30%.

The increase in cosmetic ingredient sales was driven by enhanced purchases from the major distributor, ASI. On the other hand, pharmaceutical sales dropped by 30%, primarily due to decreased Renacidin® sales following a production halt. Production of Renacidin has since resumed, allowing fulfillment of customer orders. United-Guardian specializes in cosmetic ingredients, pharmaceuticals, medical lubricants, and sexual wellness ingredients.

In a press release, United-Guardian issued both historical and forward-looking statements regarding financial performance and business prospects. The company’s net sales for the first quarter of 2024 totaled $3,254,944, a significant increase from $2,570,324 in 2023. Costs and expenses for the same period amounted to $2,228,337, resulting in a net income of $925,442 ($0.20 per share).



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