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Sales increase at 22nd Century

08 Mar 2018. Net sales revenue at 22nd Century Group, Inc. for the full year 2017 increased by 35.2 per cent over 2016 and was the highest net sales result in the plant biotechnology company's history, 22nd Century said.

The company recorded its highest ever full-year net sales revenue as well as its highest fourth-quarter net sales revenue in 2017. The company’s net sales revenue for the 12-month period ended 31 December 2017 was USD 16.6 million (EUR 13.37 million), an increase of 35.2 per cent over the the net sales revenue of USD 12.28 million recorded for the comparable period in 2016. The company's net sales revenue for the fourth quarter was USD 5.941 million, an increase of 78.1 per cent, or USD 2.605 million, over fourth-quarter results for 2016.

In November 2017, 22nd Century shipped 2.4 million of its Spectrum research cigarettes for the US National Institute on Drug Abuse as a subcontractor to the federal government, the company said in its press note describing business highlights and financial results for 2017.

The company reported an operating loss of USD 13.3 million for 2017, which was 16.8 per cent higher than the operating loss in 2016. The press note stated that the operating loss increased as a result of a rise in gross loss on product sales, an increase in cash-based operating expenses, and an increase in non-cash operating expenses. A net loss of USD 13.029 million for 2017 was reported.

22nd Century said successful raising of capital in 2017 had generated net cash proceeds of more than USD 50 million and had led the company to hold its strongest ever financial position.