United-Guardian Reports First Quarter Financial Results

HAUPPAUGE, N.Y., May 11, 2023 (GLOBE NEWSWIRE) -- United-Guardian, Inc. (NASDAQ:UG) today announced financial results for the first quarter of fiscal year 2023, which ended on March 31, 2023.

Net sales decreased 34% compared to the prior year’s first quarter, decreasing from $3,892,358 to $2,570,324. Net income for the quarter decreased by 17% from $911,465 ($0.20 per share) in 2022 to $756,081 ($0.16 per share) this year.

Beatriz Blanco, President of United-Guardian, stated, “The first quarter results reflect the world’s current stagnating and challenging economic environment. The sales decrease was primarily attributable to a decrease in sales of the Company’s cosmetic ingredients and medical lubricants, which was partially offset by an increase in sales of the Company’s pharmaceutical and industrial products. Our main distributor for the Lubrajel® line of cosmetic ingredients experienced decreased demand in China and in other Asian countries, resulting from COVID-19 policies that were in place for much of 2022, and from significant customer inventory destocking. We are hopeful that demand trends will stabilize throughout the year as China’s re-opening progresses. With this stabilization in demand, we hope to see increases in sales for the remainder of 2023. We remain committed to our growth strategy, and our path of change, reshaping the way we operate to support choices that are sustainable, innovative and deliver business growth.”

United-Guardian is a manufacturer of cosmetic ingredients, medical lubricants, pharmaceuticals, and specialty industrial products.Contact:Beatriz Blanco (631) 273-0900 bblanco@u-g.com