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Guardion Health Sciences Reports Results of Operations for Quarter Ended June 30, 2020

SAN DIEGO, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Guardion Health Sciences, Inc.A (a??Guardiona?? or the a??Companya??) (NASDAQ: GHSI), ), a specialty health sciences company that develops medical foods and medical devices in the ocular health space and nutraceutical products that the Company believes provide supportive health benefits to consumers, reported financial results for the three months and six months ended June 30, 2020.
Fiscal 2020 Financial Highlights (Unaudited) (all dollar amounts rounded to the nearest a??000)Three Months Ended June 30, 2020

Total revenue was $1,191,000 for the three months ended June 30, 2020, as compared to total revenue of $261,000 for the three months ended June 30, 2019, an increase of 356%, due to shipment of a large nutraceutical initial test order to Malaysian distributor



Completed shipment and cash collection of $890,000 for nutraceutical initial test order to Malaysian distributor



Medical foods sales up 26% year over year



Medical devices sales were down 75% year over year, primarily as a result of medical facility closures due to COVID-19 a??Stay at Homea?? orders



Review and rationalization of product lines, resulting in the decision to wind-down the Trans-Cranial Doppler business unit at June 30, 2020



Net loss for the three months ended June 30, 2020 was ($707,000) or ($0.01) per share, as compared to a net loss of ($3,048,000) or ($0.14) per share for the three months ended June 30, 2019



Warrant exercises netted $999,000 in cash during the three months ended June 30, 2020



Ending cash balance at June 30, 2020 was $11,600,000



Recently published research shows an absorption rate three to four times higher, and thus similarly increased bioavailability, of Lumega-Z versus AREDS2 gel caps

Six Months Ended June 30, 2020

Total revenue was $1,437,000 for the six months ended June 30, 2020, as compared to total revenue of $504,000 for the six months ended June 30, 2019, an increase of 185%, due to shipment of a large nutraceutical initial test order to Malaysian distributor



Medical foods sales were up 33% year over year



Medical devices sales were down 57% as a result of medical facility closures due to COVID-19 a??Stay at Homea?? orders



Net loss for the six months ended June 30, 2020 was ($3,054,000) or ($0.04) per share, as compared to a net loss of ($4,437,000) or ($0.21) per share for the six months ended June 30, 2019



Warrant exercises netted $4,549,000 in cash during the six months ended June 30, 2020A  A  A A 

Management Commentary
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