Earth Science Tech, Inc., Reports its March 31, 2024, Annual Results, Recording Over $11.9M in Revenue
Earth Science Tech, Inc. (OTC: ETST) announced its annual financial results for the fiscal year ending March 31, 2024, showcasing significant growth. The company reported $11.95 million in revenue, a remarkable 24,527.88% increase year-over-year (YOY), and a net profit of $812,139 compared to a loss of $365,405 the previous year, marking a 322.26% improvement. The total assets grew by 42.28% to $3.88 million, and cash reserves surged by 1,851.34% to $697,721. The gross profit also saw a substantial rise to $7.83 million, an increase of 35,387.28% YOY. Key operational highlights include the repurchase of 5,200,002 shares, the expansion of office and storage spaces, and enhancement of the Board of Directors with new members and the establishment of an audit committee. Additionally, the company expanded its workforce to 39 employees and 8 independent contractors. RxCompoundStore.com and Peaks Curative, , two of the company's subsidiaries, continue to expand their services and market presence in the health and wellness industry.
- $11.95M in revenue, up 24,527.88% YOY.
- Net profit of $812,139, a 322.26% improvement YOY.
- $7.83M in gross profit, increasing 35,387.28% YOY.
- Cash reserves increased by 1,851.34% to $697,721.
- Total assets grew by 42.28% to $3.88M.
- Repurchased 5,200,002 shares for $178,000.08.
- Expanded office and storage spaces by 200%.
- 39 employees plus 8 independent contractors.
- None.
Miami, FL, June 28, 2024 (GLOBE NEWSWIRE) -- Earth Science Tech, Inc. (OTC: ETST) (“ETST” or “Company”), a holding entity currently focused on the health and wellness industry, today shares its financial results and highlights from its year ended March 31, 2024.
Financial Results:
$697,721 in Cash, versus$35,756 in the year ended March 31, 2023, a$661,965 increase. Resulting in a 1,851.34% improvement YOY.$3,881,336 in Total Assets, versus$2,727,971 in the year ended March 31, 2023, a$1,153,365 increase. Resulting in a42.28% improvement YOY.$11,953,635 in Revenue, versus$48,537 in the year ended March 31, 2023, a$11,905,098 increase. Resulting in a 24,527.88% improvement YOY.$7,828,496 in Gross Profit, versus$22,060 in the year ended March 31, 2023, a$7,806,435 increase. Resulting in a 35,387.28% improvement YOY.$812,139 in Net Profit, versus a loss of$365,405 in the year ended March 31, 2023, a$1,177,544 increase. Resulting in a322.26% improvement YOY.
Annual Highlights:
- The Company has repurchased 5,200,002 shares of its common stock, for an aggregate
$178,000.08 out of the announced$5,000,000 common stock repurchase program. - The Company has expanded its executive/administrative space on the 22nd floor of the Town One Center property, where RxCompoundStore.com, LLC. (“RxCompound”), is located on the ground floor, to include roughly an additional 2,500 square feet and access to conference/meeting rooms. The Company has also expanded its off-site storage space by roughly 1,500 square feet. Increasing the Company footprint from roughly 2,000 square feet a year ago to roughly 6,000 square feet today, a
200% expansion. - The company has an impressive Board of Directors consisting of 5 members, including 2 independent members.
- The Company’s Board of Directors has created an audit committee of 3 members, with 2 independent directors serving on the committee.
- The Company hired a new CFO, Ernesto L. Flores.
- The Company hired a Chief Technology Officer (CTO), Chris Rose, who is transforming the Company’s technology and digital compliance across the entire organization.
- The Company has 39 official employees with an additional 8 independent/temporary contractors.
- RxCompound is licensed in 22 States with multiple States pending.
- RxCompound continues to refine and develop DocProtocol.com to provide prescribers access to unique protocols that assist them in using RxCompound formulas to enhance their patients’ health and wellness.
- Peaks Curative, LLC. (“Peaks”), has been activated, revamped its properties listed below and is generating sales across all segments of business.
- Peaks currently has 5 prescribers (licensed in most states as RxCompound) on its platform and is expected to add more as sales volumes increase with its marketing efforts.
About Earth Science Tech, Inc.
Earth Science Tech, Inc. is a holding entity currently in compounding pharmaceuticals and telemedicine through its wholly owned subsidiaries RxCompoundStore.com, LLC., Peaks Curative, LLC. and Earth Science Foundation, Inc.
To learn more, please visit: www.EarthScienceTech.com
RxCompoundStore.com, LLC.
RxCompound is a complete compounding pharmacy. RxCompound is currently licensed to fulfill prescriptions in the states of Delaware, Florida, Pennsylvania, New York, Arizona, New Jersey, Wisconsin, Minnesota, Rhode Island, Utah, Georgia, Nevada, Massachusetts, Missouri, Iowa, Maryland, Ohio, Colorado, North Carolina, Maine, Indiana and Illinois. RxCompound is in the application process to obtain licenses in the remaining states in which it is not yet approved to ship prescriptions.
To learn more please visit: www.RxCompoundStore.com
About Peaks Curative, LLC.
Peaks is the telemedicine referral site facilitating asynchronous consultations for branded compound medications prepared at RxCompound. Peaks is currently positioned to prescribe to all 50 states utilizing third-party consultation services, but only able to fulfill prescriptions within RxCompound’s licensed states. Peaks will be able to fulfill more states as RxCompound becomes licensed in additional states.
To learn more please visit: www.PeaksCurative.com
About Earth Science Foundation, Inc.
Earth Science Foundation Inc. is a favored entity of the Company, effectively being a non-profit organization that was incorporated on February 11, 2019, and is structured to accept grants and donations to help those in need of assistance in paying for prescriptions.
SAFE HARBOR ACT: Forward-looking statements are included within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company’s expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations or listing on an exchange — including words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will” and other similar expressions — are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond the Company’s control and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. There are no assurances that the Company will complete additional acquisitions or will be successful in being approved for a NASDAQ listing. No information in this press release should be construed in any manner whatsoever as an indication of the future performance of the Company’s revenues, financial condition or stock price.
Company Contact:
Giorgio R. Saumat
CEO and Chairman of the Board
(305) 724-5684
grsaumat@earthsciencetech.com
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