Medicrea reported its full-year 2019 and first-quarter 2020 financial results, posting a $17 million (15.6 million euro) loss on the year.
What you should know:
1. Despite the overall loss, Medicrea grew its sales from $35.2 million (32.3 million euros) in 2018 to $35.7 million (32.7 million euros) in 2019.
2. The company's EBITDA also grew from $654,540 (600,000 euros) in 2018 to $3.4 million (3.1 million euros) in 2019.
3. Medicrea said sales were up 16 percent before the COVID-19 pandemic on a year-over-year basis. In the U.S., sales rose 10 percent year over year.
4. The COVID-19 pandemic has affected Medicrea heavily. The company suffered a 5 percent drop in first-quarter year-over-year sales.
5. To mitigate losses from the pandemic, the company capitalized on a European tax credit, collected 40 percent of the trade receivables on its balance sheet, placed its U.S.-based employees on furlough, and sought financial relief from its main creditor.
6. Medicrea also applied for a $1 million loan through the Paycheck Protection Program.
Note: All monetary conversions were current as of April 13.