Sequential Medicine Ltd.

GREENWICH, Conn., Nov. 2, 2022 /PRNewswire/ -- Ceruvia Lifesciences, a leading neurotransformational biopharmaceutical company, is pleased to announce the appointment of Stephen Hurst and David Steinberg to its Board of Directors, effective immediately. Stephen Hurst has over thirty-five years' experience in the biopharmaceutical industry, including in senior executive positions at Sequential, Inc. and Inhale Therapeutic Systems, Inc., (now Nektar Therapeutics, Inc.), where he played a pivotal role in raising over $700 million in investment capital. In addition to formerly serving as a consultant to the World Bank and BIO Venture for Global Health, Hurst most recently served as co-CEO of Mind Medicine, a psychedelic pharmaceutical company he co-founded in 2019. From 2011 to 2019, Hurst served as CEO of Savant HWP, which he co-founded and oversaw the development and testing of psychedelic-based treatments to address substance use disorders. "We are thrilled to welcome Steve to Ceruvia's Board of Directors," said Carey Turnbull, Founder and CEO of Ceruvia Lifesciences. "Steve brings a wealth of experience from the biopharmaceutical industry, including the development of psychedelic therapies, that will contribute significantly to our efforts to develop neurotransformational medicines for underserved patient populations. With a shared belief in the life-changing potential of these drugs, we are looking forward to working with Steve to help patients return to living their lives to the fullest." Stephen Hurst said, "I am honored to be joining the Board of Ceruvia Lifesciences. Carey Turnbull has been a leader in advancing psychedelics research and I look forward to working with him, other members of the Board of Directors, and his executive team as we advance Ceruvia's pipeline of drugs through the clinical research and approval process." David Steinberg has over twenty-five years' experience on Wall Street as a top-ranked equity research analyst following the specialty pharmaceuticals industry. Prior to being appointed CFO at a privately held biotechnology company earlier this year, David served as Managing Director at Jefferies LLC and Deutsche Bank. He has regularly been voted by portfolio managers to the Institutional Investor "All America Research Team." Most recently he was ranked #2 in the sector for 2021 and has been recognized as a top stock picker by surveys such as The Wall Street Journal's "Best on the Street." David also has deep capital markets experience and was instrumental in helping launch over 50 successful pharmaceutical and biotechnology IPOs, while also assisting entrepreneurial companies raise over $25 billion in equity and equity linked securities during his career. "We are pleased to welcome David to Ceruvia's Board of Directors," said Carey Turnbull, Founder and CEO of Ceruvia Lifesciences. "David's exceptional record as a top-ranked analyst within the pharmaceuticals industry and his extensive understanding and experience in capital markets will bring a unique and valuable skillset to our organization and our fundraising efforts." David Steinberg said, "I am delighted to be joining Ceruvia's Board of Directors. With a very promising pipeline of drugs under development and a top-notch executive team, Ceruvia has a bright future as a leading player in the burgeoning psychedelic medicines industry. I look forward to contributing to its continued success." About Ceruvia Lifesciences Founded in 2017, Ceruvia Lifesciences is a clinical-stage biopharmaceutical company with a mission to improve the lives of underserved patients suffering from neurological and psychiatric disorders. Founded by Carey Turnbull, Ceruvia is relentlessly focused on the development and commercialization of neurotransformational medicines to deliver meaningful relief to patients suffering from hard-to-treat headache disorders, OCD, and substance abuse disorder. For too long, these communities have been poorly understood and under-served. At Ceruvia, we believe they no longer have to live this way. With leading researchers at Yale University School of Medicine, NYU School of Medicine and Harvard Medical School, Ceruvia is undertaking clinical research in order to help patients return to living their lives to the fullest. For more information, please visit Logo - SOURCE Ceruvia Lifesciences

Nov. 15, 2021 13:00 UTC Revenues hold steady from prior quarter ended June 30, 2021 Net loss of $100,000, or $(0.04) per share for the second quarter compared to a net loss of $1.1 million or $(0.52) per share for the prior quarter ended June 30, 2021 Break-even EBITDAS for the quarter versus EBITDAS loss of $800,000 for the prior quarter ended June 30, 2021 $8.4 million of cash and strengthened balance sheet WOODSTOCK, Ga.--(BUSINESS WIRE)-- Sonoma Pharma (Formerly Known As Oculus Innovative Sciences, Inc.) (Nasdaq: SNOA), a global healthcare leader developing and producing stabilized hypochlorous acid (HOCl) products for a wide range of applications, including wound care, eye care, nasal care, oral care and dermatological conditions today announced financial results for its second fiscal quarter and six months ended September 30, 2021. “This quarter we focused on our new product launches as well as strengthening our results of operations and balance sheet,” said Amy Trombly, CEO of Sonoma Pharmaceuticals. “We are pleased to see the hard work reflected in improving financial results. Although, we continue to transition away from unprofitable revenues generated by an in-house dermatology sales force and our Latin America partner Invekra, we opened up new, higher margin revenue streams with our OTC sales, expanded partnerships and new product introductions. We also raised funds we intend to deploy commercializing new products and entering new markets.” Business Highlights for the Second Fiscal Quarter Sonoma continues to expand the reach of its products through partners and its own commercialization: In August, Sonoma launched two new dental products. OroGenix Oral Hygiene Rinse, developed with its partner Gabriel Science, LLC, is Sonoma’s second dental product in the U.S. In Switzerland, Sonoma and its partner, Medical Systems Solutions launched Microdacyn® Oral Care for both professional and consumer use. On September 28, 2021, Sonoma launched its OTC products, Regenacyn® Advanced Scar Gel and Ocucyn® Eyelid & Eyelash Cleanser, on Amazon.com in the U.S., and MucoClyns™ on Amazon sites in Europe. All three products are based on Sonoma’s patented Microcyn® technology and are immediately available for customer orders. Also on September 28, 2021, Sonoma launched Regenacyn® Plus, a prescription-strength scar gel which is available as an office-dispense product through physician offices. Together with its partner, Manna Pro, Sonoma now offers three new indications in animal health specifically for cats. The MicrocynAH® Cat Opthalmic Gel, MicrocynAH® Cat Eye & Ear Wash, and MicrocynAH® Cat Wound and Skin Care are now available at PetSmart. On October 15, 2021, Sonoma and its partner, the MicroSafe Group, announced that the Australian Therapeutic Goods Administration (TGA) approved extended claims for Nanocyn® Disinfectant and Sanitizer, which is manufactured by Sonoma for its partner MicroSafe using Sonoma’s patented Microcyn® Technology with a 15 second kill time against common viruses, including SARS-CoV-2, Norovirus (Gastro), and influenza, and a 30-second kill contact time against common bacteria, such as Staphylococcus aureus (MRSA), E. coli, Pseudomonas aeruginosa, fungi and mold - including Candida Albicans. Results for the Second Quarter Ended September 30, 2021 Revenue of $3,744,000 for the second quarter ended September 30, 2021, decreased by $2,025,000, or 35%, from $5,769,000 for the same period last year. Revenue increased by $60,000, or 2%, from $3,684,000 for the previous quarter ended June 30, 2021. The year-over-year decrease was primarily the result of decreases in revenue in Latin America of $1,506,000 and a decrease of $637,000 in United States revenue from the EMC deal, offset by an increase in revenue in Europe and the Rest of World of $118,000. The decrease in revenue in Latin America is the result of the low margin contract ending with Invekra in October 2020. Since then Invekra has begun to produce their own product and Sonoma is manufacturing backup orders at a reduced scale at full cost rather than reduced prices. For the quarter ended September 30, 2021, Sonoma reported revenues of $3,744,000 and cost of revenues of $2,503,000, resulting in gross profit of $1,241,000 or 33% of revenues, compared to a gross profit of $2,502,000 or 43% of revenues, for the same period in the prior year, and compared to a gross profit of $1,453,000 or 39% of revenues, for the for the June quarter. For the quarter ended September 30, 2021, gross margins decreased by 10% when compared to the same period last year as a result of the EMC transition of Sonoma’s dermatological prescription products. EMC is now managing sales and distribution for those products. As a result, Sonoma sells products to EMC for a lower cost than it realized from its own direct sales, however, it also eliminated the overhead of direct sales. Total operating expenses during the second quarter of fiscal year 2021 were $2,205,000, down $128,000, or 5%, when compared to $2,333,000 during the same period in the prior year. Total operating expenses were down $152,000, or 6%, when compared to $2,357,000 during the June quarter. The decrease in total operating expenses over both periods was primarily related to a reduction in headcount in direct sales, partially offset by increased insurance costs. Net loss from continuing operations for the quarter ended September 30, 2021, was $(95,000), compared to a net income of $151,000 for the quarter ended September 30, 2020. EBITDAS income for the quarter ended September 30, 2021 of $11,000, was down $354,000, compared to an EBITDAS income of $365,000 for the same period last year. Net loss from continuing operations for the quarter ended September 30, 2021, was down $1,003,000, or 91%, compared to a net loss of $1,098,000 for the quarter ended June 30, 2021. EBITDAS income for the quarter ended September 30, 2021 was down $808,000, or 101%, compared to an EBITDAS loss of $797,000 for the previous quarter. Results for the Six Months Ended September 30, 2021 Revenue of $7,428,000 for the six months ended September 30, 2021, decreased by $4,108,000, or 36%, from $11,536,000 for the same period last year. This decrease was primarily the result of decreases in revenue in Latin America of $3,267,000, Europe and Rest of World of $175,000, and the United States of $666,000, respectively. The decrease in revenue in Latin America resulted from the contract termination with Invekra in October 2020. Since then Invekra has begun to produce their own product and Sonoma is manufacturing backup orders at a reduced scale at full cost rather than reduced prices. For the six months ended September 30, 2021, Sonoma reported revenues of $7,428,000 and cost of revenues of $4,734,000, resulting in gross profit of $2,694,000, or 36% of revenues, compared to a gross profit of $4,757,000 or 41% or revenues. For the six month ended September 30, 2021, gross margins decreased by 5% when compared to the same periods last year as a result of the EMC transition of Sonoma’s dermatological prescription products. EMC is now managing sales and distribution for those products. As a result, Sonoma sells products to EMC for a lower cost than it realized from its own direct sales, however it also eliminated the overhead of direct sales. Total operating expenses during the six months ended September 30, 2021 of $4,563,000 decreased by $690,000, or 13%, compared to $5,253,000 during the same period last year. The decrease in total operating expenses was primarily related to a reduction in headcount as a result of the EMC deal, partially offset by increased insurance costs. Net loss from continuing operations for the six months ended September 30, 2020, was $(1,193,000), compared to a net loss of $(557,000) for the same period in prior year. EBITDAS loss for the six months ended September 30, 2021 of $(979,000), was up $752,000, compared to an EBITDAS loss of $(227,000) for the same period last year. As of September 30, 2021, Sonoma had cash and cash equivalents of $8,392,000. During the quarter ended September 30, 2021, Sonoma sold 855,500 shares of common stock through its At The Market Offering Agreement with HC Wainwright & Co., LLC at average sales prices of $8.42 per share for gross proceeds of $7,202,000 and net proceeds of $6,902,000 after deducting commissions and other offering expenses. Since September 30, 2021, Sonoma sold 94,600 shares of common stock at an average sales price of $7.39 per share for gross proceeds of $700,000 and net proceeds of $678,000 after deducting commissions and other offering expenses. About Sonoma Pharmaceuticals, Inc. Sonoma Pharmaceuticals is a global healthcare leader for developing and producing stabilized hypochlorous acid (HOCl) products for a wide range of applications, including wound care, animal health care, eye care, nasal care, oral care, and dermatological conditions. The company’s products reduce infections, itch, pain, scarring and harmful inflammatory responses in a safe and effective manner. In-vitro and clinical studies of hypochlorous acid (HOCl) show it to have impressive antipruritic, antimicrobial, antiviral and anti-inflammatory properties. Sonoma’s stabilized HOCl immediately relieves itch and pain, kills pathogens and breaks down biofilm, does not sting or irritate skin and oxygenates the cells in the area treated assisting the body in its natural healing process. The company’s products are sold either directly or via partners in 54 countries worldwide and the company actively seeks new distribution partners. The company’s principal office is in Woodstock, Georgia, with manufacturing operations in Latin America. European marketing and sales are headquartered in Roermond, Netherlands. More information can be found at . For partnership opportunities, please contact busdev@sonomapharma.com. Forward-Looking Statements Except for historical information herein, matters set forth in this press release are forward-looking within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements about the commercial and technology progress and future financial performance of Sonoma Pharmaceuticals, Inc. and its subsidiaries (the “company”). These forward-looking statements are identified by the use of words such as “continue,” “reduce,” “develop” and “expand,” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the company’s business that could cause actual results to vary, including such risks that regulatory clinical and guideline developments may change, scientific data may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or approvals, clinical results may not be replicated in actual patient settings, protection offered by the company’s patents and patent applications may be challenged, invalidated or circumvented by its competitors, the available market for the company’s products will not be as large as expected, the company’s products will not be able to penetrate one or more targeted markets, revenues will not be sufficient to meet the company’s cash needs, fund further development, as well as uncertainties relative to the COVID-19 pandemic and economic development, varying product formulations and a multitude of diverse regulatory and marketing requirements in different countries and municipalities, and other risks detailed from time to time in the company’s filings with the Securities and Exchange Commission. The company disclaims any obligation to update these forward-looking statements, except as required by law. Sonoma Pharmaceuticals™, Microcyn®, MicrocynAH®, Microdacyn®, Regenacyn®, Ocucyn®, MucoClyns™ are trademarks or registered trademark of Sonoma Pharmaceuticals, Inc. All other trademarks and service marks are the property of their respective owners. SONOMA PHARMACEUTICALS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share and per share amounts) (Unaudited) September 30, March 31, 2021 2021 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 8,392 $ 4,220 Accounts receivable, net 3,416 2,806 Inventories, net 2,482 2,530 Prepaid expenses and other current assets 3,519 3,218 Current portion of deferred consideration, net of discount 212 209 Total current assets 18,021 12,983 Operating lease right-of-use assets 700 769 Property and equipment, net 337 360 Deferred consideration, net of discount, less current portion 694 763 Other assets 76 112 Total assets $ 19,828 $ 14,987 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1,876 $ 1,769 Accrued expenses and other current liabilities 987 1,154 Deferred revenue 100 267 Deferred revenue Invekra 53 52 Operating lease liabilities 276 240 Current portion of debt - PPP 587 - Current portion of long-term debt 199 596 Total current liabilities 4,078 4,078 Operating lease liabilities-non-current 424 529 Long-term deferred revenue Invekra 205 229 Long-term debt, less current portion - PPP - 1,310 Withholding tax payable 3,661 3,478 Total liabilities 8,368 9,624 Commitments and Contingencies Stockholders’ Equity Series C Convertible preferred stock, $0.0001 par value; 714,286 shares authorized at September 30, 2021 and March 31, 2021, 0 shares issued and outstanding at September 30, 2021 and March 31, 2021 – – Common stock, $0.0001 par value; 24,000,000 shares authorized at September 30, 2021 and March 31, 2021, 3,004,741 and 2,092,909 shares issued and outstanding at September 30, 2021 and March 31, 2021, respectively 3 2 Additional paid-in capital 196,438 189,217 Accumulated deficit (180,475 ) (179,277 ) Accumulated other comprehensive loss (4,506) (4,579 ) Total stockholders’ equity 11,460 5,363 Total liabilities and stockholders’ equity $ 19,828 $ 14,987 SONOMA PHARMACEUTICALS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Loss (In thousands, except per share amounts) (Unaudited) Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Revenues $ 3,744 $ 5,769 $ 7,428 $ 11,536 Cost of revenues 2,503 3,267 4,734 6,779 Gross profit 1,241 2,502 2,694 4,757 Operating expenses Research and development 10 (85 ) 95 391 Selling, general and administrative 2,195 2,418 4,468 4,862 Total operating expenses 2,205 2,333 4,563 5,253 Income (loss) from operations (964 ) 169 (1,869 ) (496 ) Interest (expense) income, net (4 ) 4 (5 ) 4 Other (expense) income, net 723 (77 ) 531 (197 ) Gain on sale of assets 150 55 150 132 Income (loss) from continuing operations (95 ) 151 (1,193 ) (557 ) Income tax expense (5 ) - (5 ) - Income (loss) from discontinued operations (Note 4) - (31 ) - 917 Net income (loss) $ (100 ) $ 120 $ (1,198 ) $ 360 Net income (loss) per share: basic Continuing operations $ (0.04 ) $ 0.08 $ (0.54 ) $ (0.29 ) Discontinued operations - (0.02 ) - 0.48 $ (0.04 ) $ 0.06 $ (0.54 ) $ 0.19 Net income (loss) per share: diluted Continuing operations $ (0.04 ) $ 0.07 $ (0.54 ) $ (0.26 ) Discontinued operations - (0.01 ) - 0.43 $ (0.04 ) $ 0.06 $ (0.54 ) $ 0.17 Weighted-average number of shares used in per common share calculations: basic 2,344 2,008 2,219 1,924 Weighted-average number of shares used in per common share calculations: diluted 2,344 2,159 2,219 2,118 Other comprehensive income (loss) Net income (loss) $ (100 ) $ 120 $ (1,198 ) $ 360 Foreign currency translation adjustments (234 ) 188 73 355 Comprehensive income (loss) $ (334 ) $ 308 $ (1,125 ) $ 715 SONOMA PHARMACEUTICALS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Loss Sequential Comparison (In thousands, except per share amounts) (Unaudited) Three Months Ended September 30, Three Months Ended June 30, 2021 2020 2021 2020 Revenues $ 3,744 $ 5,769 $ 3,684 $ 5,767 Cost of revenues 2,503 3,267 2,231 3,512 Gross profit 1,241 2,502 1,453 2,255 Operating expenses Research and development 10 (85 ) 84 476 Selling, general and administrative 2,195 2,418 2,273 2,444 Total operating expenses 2,205 2,333 2,357 2,920 Income (loss) from operations (964 ) 169 (904 ) (665 ) Interest (expense) income, net (4 ) 4 (1 ) - Other (expense) income, net 723 (77 ) (193 ) (121 ) Gain on sale of assets 150 55 - 77 Income (loss) from continuing operations (95 ) 151 (1,098 ) (709 ) Income tax expense (5 ) - - - Income (loss) from discontinued operations (Note 4) - (31 ) - 949 Net income (loss) $ (100 ) $ 120 $ (1,098 ) $ 240 Net income (loss) per share: basic Continuing operations $ (0.04 ) $ 0.08 $ (0.52 ) $ (0.39 ) Discontinued operations - (0.02 ) - 0.52 $ (0.04 ) $ 0.06 $ (0.52 ) $ 0.13 Net income (loss) per share: diluted Continuing operations $ (0.04 ) $ 0.07 $ (0.52 ) $ (0.38 ) Discontinued operations - (0.01 ) - 0.51 $ (0.04 ) $ 0.06 $ (0.52 ) $ 0.13 Weighted-average number of shares used in per common share calculations: basic 2,344 2,008 2,093 1,839 Weighted-average number of shares used in per common share calculations: diluted 2,344 2,159 2,093 1,843 Other comprehensive income (loss) Net income (loss) $ (100 ) $ 120 $ (1,098 ) $ 240 Foreign currency translation adjustments (234 ) 188 307 167 Comprehensive income (loss) $ (334 ) $ 308 $ (791 ) $ 407 SONOMA PHARMACEUTICALS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES (In thousands) (Unaudited) Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 (1) Loss from operations minus non-cash expenses EBITDAS loss: GAAP income (loss) from continuing operations as reported $ (95 ) $ 151 $ (1,193 ) $ (557 ) Non-cash adjustments: Stock-based compensation 55 160 114 223 Depreciation and amortization 51 54 100 107 Non-GAAP income (loss) from operations minus non-cash expenses EBITDAS income (loss) $ 11 $ 365 $ (979 ) $ (227 ) (2) Net loss minus non-cash expenses: GAAP net income (loss) as reported $ (100 ) $ 120 $ (1,198 ) $ 360 Non-cash adjustments: Stock-based compensation 55 160 114 223 Depreciation and amortization 51 54 100 107 Non-GAAP net income (loss) minus non-cash expenses $ 6 $ 334 $ (984 ) $ 690 (3) Operating expenses minus non-cash expenses GAAP operating expenses as reported $ 2,205 $ 2,333 $ 4,563 $ 5,253 Non-cash adjustments: Stock-based compensation (55 ) (160 ) (114 ) (223 ) Depreciation and amortization (51 ) (54 ) (100 ) (107 ) Non-GAAP operating expenses minus non-cash expenses $ 2,099 $ 2,119 $ 4,349 $ 4,923 (1) Income (loss) from continuing operations minus non-cash expenses (EBITDAS) is a non-GAAP financial measure. The company defines operating income (loss) minus non-cash expenses as GAAP reported operating income (loss) minus operating depreciation and amortization, and operating stock-based compensation. The company uses this measure for the purpose of modifying the operating loss to reflect direct cash related transactions during the measurement period. (2) Net income (loss) minus non-cash expenses is a non-GAAP financial measure. The company defines net income (loss) minus non-cash expenses as GAAP reported net income (loss) minus depreciation and amortization, stock-based compensation, and non-cash foreign exchange transaction losses. The company uses this measure for the purpose of modifying the net loss to reflect only those expenses to reflect direct cash transactions during the measurement period. (3) Operating expenses minus non-cash expenses is a non-GAAP financial measure. The company defines operating expenses minus non-cash expenses as GAAP reported operating expenses minus operating depreciation and amortization, and operating stock-based compensation. The company uses this measure for the purpose of identifying total operating expenses involving cash transactions during the measurement period. SONOMA PHARMACEUTICALS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES SEQUENTIAL COMPARISON (In thousands) (Unaudited) Three Months Ended September 30, Three Months Ended June 30, 2021 2020 2021 2020 (1) Loss from operations minus non-cash expenses EBITDAS loss: GAAP income (loss) from continuing operations as reported $ (95 ) $ 151 $ (904 ) $ (665 ) Non-cash adjustments: Stock-based compensation 55 160 59 63 Depreciation and amortization 51 54 49 53 Non-GAAP income (loss) from operations minus non-cash expenses EBITDAS income (loss) $ 11 $ 365 $ (797 ) $ (549 ) (2) Net loss minus non-cash expenses: GAAP net income (loss) as reported $ (100 ) $ 120 $ (1,098 ) $ 240 Non-cash adjustments: Stock-based compensation 55 160 59 63 Depreciation and amortization 51 54 48 53 Non-GAAP net income (loss) minus non-cash expenses $ 6 $ 334 $ (991 ) $ 356 (3) Operating expenses minus non-cash expenses GAAP operating expenses as reported $ 2,205 $ 2,333 $ 2,357 $ 2,920 Non-cash adjustments: Stock-based compensation (55 ) (160 ) (59 ) (63 ) Depreciation and amortization (51 ) (54 ) (48 ) (53 ) Non-GAAP operating expenses minus non-cash expenses $ 2,099 $ 2,119 $ 2,250 $ 2,804 (1) Income (loss) from continuing operations minus non-cash expenses (EBITDAS) is a non-GAAP financial measure. The company defines operating income (loss) minus non-cash expenses as GAAP reported operating income (loss) minus operating depreciation and amortization, and operating stock-based compensation. The company uses this measure for the purpose of modifying the operating loss to reflect direct cash related transactions during the measurement period. (2) Net income (loss) minus non-cash expenses is a non-GAAP financial measure. The company defines net income (loss) minus non-cash expenses as GAAP reported net income (loss) minus depreciation and amortization, stock-based compensation, and non-cash foreign exchange transaction losses. The company uses this measure for the purpose of modifying the net loss to reflect only those expenses to reflect direct cash transactions during the measurement period. (3) Operating expenses minus non-cash expenses is a non-GAAP financial measure. The company defines operating expenses minus non-cash expenses as GAAP reported operating expenses minus operating depreciation and amortization, and operating stock-based compensation. The company uses this measure for the purpose of identifying total operating expenses involving cash transactions during the measurement period. SONOMA PHARMACEUTICALS, INC. AND SUBSIDIARIES PRODUCT RELATED REVENUE SCHEDULES (In thousands) (Unaudited) The following table presents the company’s disaggregated product revenues by geographic region: Three Months Ended September 30, (In thousands) 2021 2020 $ Change % Change United States $ 1,347 $ 1,984 $ (637 ) (32 %) Latin America 518 2,024 (1,506 ) (74 %) Europe and Rest of the World 1,879 1,761 118 7 % Total $ 3,744 $ 5,769 $ (2,025 ) (35 %) Six Months Ended September 30, (In thousands) 2021 2020 $ Change % Change United States $ 2,939 $ 3,605 $ (666 ) (18 %) Latin America 1,083 4,350 (3,267 ) (75 %) Europe and Rest of the World 3,406 3,581 (175 ) (5 %) Total $ 7,428 $ 11,536 $ (4,108 ) (36 %) Three Months Ended June 30, (In thousands) 2021 2020 $ Change % Change United States $ 1,592 $ 1,620 $ (28 ) (2 %) Latin America 565 2,327 (1,762 ) (76 %) Europe and Rest of the World 1,527 1,820 (293 ) (16 %) Total $ 3,684 $ 5,767 $ (2,083 ) (36 %)