HealthWarehouse.com Reports Full Year 2022 Results
Relative to the industry, Peters added “With the tightening of the capital markets, 2022 proved to be a tough year for business models that resulted in significant cash burn rates and the never-ending reliance on fundraising. In contrast, we continued to invest in our technology and capabilities while generating positive cash flow. In addition, we remain vigilant on compliance with the national and state pharmacy laws and regulations, which is in the vital interest of our national patient base.”
“In 2023, we will feature the launch of our proprietary e-commerce platform and new pharmacy technology, expanded healthcare partner offerings, new application programming interfaces to customize our platform, and more resources to grow and support our partner services business, all in an effort to support our continued growth. Our goal is to extend our position as a technological leader in the industry, providing transparent and affordable healthcare solutions while maintaining world-class service levels,” added Peters.
2022 Annual Overview
Gross Profit: Gross profit for the year ended
Operating Expenses: Selling, general and administrative expenses were
Net Income and Adjusted EBITDA: The Company reported a net loss of
2022 Fourth Quarter Overview
Gross Profit: Gross profit for the fourth quarter of 2022 was
Operating Expenses: Operating expenses were
Net Income and (non-GAAP) Adjusted EBITDA: The Company reported a net loss of
For the fourth quarter, earnings before interest, taxes, depreciation and amortization (“EBITDA”), as adjusted for stock-based compensation and certain non-recurring charges (“Adjusted EBITDA”), was
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CONSOLIDATED STATEMENTS OF OPERATIONS (Audited) |
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For the Three Months |
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For the Twelve Months |
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Ended |
Ended |
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2022 |
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2021 |
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2022 |
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2021 |
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| Net sales | $ |
4,946,520 |
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$ |
4,158,602 |
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$ |
18,142,633 |
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$ |
16,143,906 |
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| Cost of sales |
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1,911,601 |
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1,282,356 |
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6,201,282 |
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5,010,814 |
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| Gross profit |
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3,034,919 |
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2,876,246 |
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11,941,351 |
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11,133,092 |
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| Selling, general and administrative expenses |
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3,211,387 |
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2,872,552 |
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12,725,433 |
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11,492,710 |
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| Net income (loss) from operations |
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(176,468 |
) |
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3,694 |
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(784,082 |
) |
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(359,618 |
) |
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| Interest expense |
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(38,604 |
) |
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(43,832 |
) |
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(164,115 |
) |
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(174,386 |
) |
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| Loss before taxes |
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(215,072 |
) |
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(40,138 |
) |
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(948,197 |
) |
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(534,004 |
) |
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| Income tax expense |
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(3,832 |
) |
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(38,498 |
) |
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(3,832 |
) |
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(38,498 |
) |
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| Net loss |
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(218,904 |
) |
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(78,636 |
) |
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(952,029 |
) |
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(572,502 |
) |
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| Preferred stock: | ||||||||||||||||||||
Series B convertible contractual dividends |
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(85,558 |
) |
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(85,558 |
) |
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(342,233 |
) |
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(342,233 |
) |
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| Net loss attributable to common stockholders | $ |
(304,462 |
) |
$ |
(164,194 |
) |
$ |
(1,294,262 |
) |
$ |
(914,735 |
) |
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| Per share data: | ||||||||||||||||||||
| Net loss - basic and diluted | $ |
(0.00 |
) |
$ |
(0.00 |
) |
$ |
(0.01 |
) |
$ |
(0.01 |
) |
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| Series B convertible contractual dividends | $ |
(0.00 |
) |
$ |
(0.00 |
) |
$ |
(0.01 |
) |
$ |
(0.01 |
) |
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| Net income (loss) attributable to common stockholders - basic and diluted | $ |
(0.00 |
) |
$ |
(0.00 |
) |
$ |
(0.02 |
) |
$ |
(0.02 |
) |
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| Weighted average common shares outstanding - basic and diluted |
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54,040,291 |
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52,012,533 |
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53,207,093 |
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51,817,243 |
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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) |
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Three Months Ended |
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Twelve Months Ended |
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2022 |
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2021 |
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2022 |
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2021 |
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| Net income (loss) | $ |
(218,904 |
) |
$ |
(78,636 |
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$ |
(952,029 |
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$ |
(572,502 |
) |
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| Interest expense |
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38,604 |
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43,832 |
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164,115 |
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174,386 |
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| Depreciation and amortization |
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38,065 |
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32,806 |
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138,624 |
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133,576 |
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| EBITDA (non-GAAP) |
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(142,235 |
) |
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(1,998 |
) |
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(649,290 |
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(264,540 |
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| Adjustments to EBITDA: | ||||||||||||||||
| Stock-based compensation |
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198,132 |
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180,289 |
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796,077 |
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744,379 |
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| Gain on extinguishment of accounts payable |
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- |
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(20,631 |
) |
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- |
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(20,631 |
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| Adjusted EBITDA | $ |
55,897 |
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$ |
157,660 |
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$ |
146,787 |
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$ |
459,208 |
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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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