HealthWarehouse.com Reports Full Year 2023 Results
12% increase in revenues, and positive cash flow following software launch
The Company reported a net loss of
“With our upgrades in technology and infrastructure substantially completed, our efforts in 2024 are focused on improving the effectiveness of our operations, to grow our customer base and improve the customer experience we provide. Going into the new year, we are proud to announce record breaking processing times for our prescription customers,” added Peters.
Accolades continue to roll in for the company’s superior service.
The Company also announced that it will hold its Annual Meeting of Shareholders virtually on
2023 Annual Overview
Gross Profit: Gross profit for the year ended
Operating Expenses: Selling, general and administrative expenses totaled
Net Income and Adjusted EBITDA: The Company reported a net loss of
2023 Fourth Quarter Overview
Gross Profit: Gross profit for the fourth quarter of 2023 was
Operating Expenses: Operating expenses were
Net Income and (non-GAAP) Adjusted EBITDA: The Company reported a net loss of
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CONSOLIDATED STATEMENTS OF OPERATIONS (Audited) |
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For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||
|
|
||||||||||||||
2023 |
2022 |
2023 |
2022 |
||||||||||||
Dollars in thousands | |||||||||||||||
Net sales |
$ |
4,912 |
|
$ |
4,947 |
|
$ |
20,283 |
|
$ |
18,143 |
|
|||
Cost of sales |
|
1,961 |
|
|
1,912 |
|
|
8,109 |
|
|
6,201 |
|
|||
Gross profit |
|
2,951 |
|
|
3,035 |
|
|
12,174 |
|
|
11,942 |
|
|||
Selling, general and administrative expenses |
|
3,567 |
|
|
3,211 |
|
|
13,796 |
|
|
12,726 |
|
|||
Net loss from operations |
|
(616 |
) |
|
(176 |
) |
|
(1,622 |
) |
|
(784 |
) |
|||
Interest expense |
|
(33 |
) |
|
(39 |
) |
|
(152 |
) |
|
(164 |
) |
|||
Loss before taxes |
|
(649 |
) |
|
(215 |
) |
|
(1,774 |
) |
|
(948 |
) |
|||
Income tax expense |
|
- |
|
|
(4 |
) |
|
- |
|
|
(4 |
) |
|||
Net loss |
|
(649 |
) |
|
(219 |
) |
|
(1,774 |
) |
|
(952 |
) |
|||
. | |||||||||||||||
Preferred stock: | |||||||||||||||
Series B convertible contractual dividends |
|
(86 |
) |
|
(86 |
) |
|
(342 |
) |
|
(342 |
) |
|||
Net loss attributable to common stockholders |
$ |
(735 |
) |
$ |
(305 |
) |
$ |
(2,116 |
) |
$ |
(1,294 |
) |
|||
Per share data: | |||||||||||||||
Net loss - basic and diluted |
$ |
(0.01 |
) |
$ |
(0.00 |
) |
$ |
(0.03 |
) |
$ |
(0.01 |
) |
|||
Series B convertible contractual dividends |
$ |
(0.00 |
) |
$ |
(0.00 |
) |
$ |
(0.01 |
) |
$ |
(0.01 |
) |
|||
Net loss attributable to common stockholders - basic and diluted |
$ |
(0.01 |
) |
$ |
(0.00 |
) |
$ |
(0.04 |
) |
$ |
(0.02 |
) |
|||
Weighted average common shares outstanding - basic and diluted (In thousands) |
|
54,664 |
|
|
54,040 |
|
|
54,397 |
|
|
53,207 |
|
Use of Non-GAAP Financial Measures
Adjusted EBITDA should not be considered as an alternative to net income, net loss or to net cash provided by or used in operating activities as a measure of operating results or of liquidity. It may not be comparable to similarly titled measures used by other companies, and it excludes financial information that some may consider important in evaluating the Company's performance.
Reconciliation of Net Loss (GAAP) to Adjusted EBITDA (Non-GAAP)
Three Months Ended |
Twelve Months Ended | ||||||||||||||
|
|
||||||||||||||
2023 |
|
2022 |
|
2023 |
|
2022 |
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Dollars in thousands |
|||||||||||||||
Net income (loss) |
$ |
(649 |
) |
$ |
(219 |
) |
$ |
(1,774 |
) |
$ |
(952 |
) |
|||
Interest expense |
33 |
|
|
39 |
|
|
152 |
|
|
164 |
|
||||
Depreciation and amortization |
79 |
|
|
38 |
|
|
254 |
|
|
139 |
|
||||
EBITDA (non-GAAP) |
(537 |
) |
|
(142 |
) |
|
(1,368 |
) |
|
(649 |
) |
||||
Adjustments to EBITDA: | |||||||||||||||
Stock-based compensation |
230 |
|
|
198 |
|
|
924 |
|
|
796 |
|
||||
Bad debt expense |
428 |
|
|
- |
|
|
428 |
|
|
- |
|
||||
Adjusted EBITDA |
$ |
121 |
|
$ |
56 |
|
$ |
(16 |
) |
$ |
147 |
|
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About
Forward-Looking Statements
This announcement and the information incorporated by reference herein contain “forward-looking statements” as defined in federal securities laws, including but not limited to Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995, which statements are based on our current expectations, estimates, forecasts and projections. Statements that are not historical facts, including statements about the beliefs, expectations and future plans and strategies of the Company, are forward-looking statements. Actual results may differ materially from those expressed in forward looking statements or in management's expectations. Important factors which could cause or contribute to actual results being materially and adversely different from those described or implied by forward looking statements include, among others, risks related to competition, management of growth, access to sufficient capital to fund our business and our growth, new products, services and technologies, potential fluctuations in operating results, international expansion, outcomes of legal proceedings and claims, fulfillment center optimization, seasonality, commercial agreements, acquisitions and strategic transactions, foreign exchange rates, system interruption, cyber-attacks, access to sufficient inventory, government regulation and taxation and fraud. More information about factors that potentially could affect
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