HealthWarehouse.com Reports Full Year 2023 Results
- 12% revenue growth to $20.3 million in 2023 compared to 2022.
- Positive cash flow of $175,000 in the second half of 2023.
- Net loss of $1.8 million for the year.
- Investments in proprietary technology for healthcare advancements.
- Recognition as a top online pharmacy by Forbes Health.
- Upcoming virtual Annual Meeting of Shareholders on May 16, 2024.
- Negative cash flow of $16,000 in 2023.
- Decline in over-the-counter product sales.
- Gross margin decrease to 60.0% in 2023 from 65.8% in 2022.
- Increase in operating expenses by 8.4% in 2023.
- Net loss increase from $952,000 in 2022 to $1.8 million in 2023.
The Company reported a net loss of
HealthWarehouse.com, a technology company with a focus on healthcare e-commerce, sells and delivers prescription and over-the-counter medications to all 50 states as an Approved Digital Pharmacy through the National Association of Boards of Pharmacy (NABP). HealthWarehouse.com provides a platform focused on increasing access to and reducing costs of healthcare products for consumers and business partners nationwide.
Joseph Peters, President and CEO, commented, “We are happy to report an increase in overall revenue as a result of growth in our prescription business units. Thanks to our wonderful team and their dedication to providing world-class service, we have successfully transitioned to our new pharmacy software in June, and in the fourth quarter returned to our standard of generating positive cash flow. We now have a scalable pharmacy platform to service more customers each year.”
HealthWarehouse.com continues to invest in proprietary technology to remain at the forefront of new developments and offerings in the world of healthcare, focusing on patient experience, operational efficiency, and scalability.
“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. HealthWarehouse.com was named a top online pharmacy and featured partner by Forbes Health, placing first in the Forbes study among online pharmacies for its skill at filling multiple prescriptions in a single order.
The Company also announced that it will hold its Annual Meeting of Shareholders virtually on May 16, 2024. Shareholders of record as of April 8, 2024, will receive notice of the meeting and instructions for attending in the proxy materials to be distributed soon after the record date.
2023 Annual Overview
Net Sales: Net sales increased from
Gross Profit: Gross profit for the year ended December 31, 2023, was
Operating Expenses: Selling, general and administrative expenses totaled
Net Income and Adjusted EBITDA: The Company reported a net loss of
2023 Fourth Quarter Overview
Net Sales: Total net sales were
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
HEALTHWAREHOUSE.COM, INC. AND SUBSIDIARIES |
|||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (Audited) |
|||||||||||||||
|
|||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
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
HealthWarehouse.com, Inc. (the "Company") prepares its consolidated financial statements in accordance with
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 | ||||||||||||||
December 31, |
December 31, | ||||||||||||||
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||||||
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 |
|
|||
About HealthWarehouse.com
HealthWarehouse.com, Inc. (OTCQB: HEWA), a technology company with a focus on healthcare e-commerce, sells and delivers prescription and over-the-counter medications to all 50 states as an Approved Digital Pharmacy through the National Association of Boards of Pharmacy (“NABP”). HealthWarehouse.com provides a platform focused on increasing access and reducing costs of healthcare products for consumers and business partners nationwide. Based in
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 HealthWarehouse.com's financial results is included in HealthWarehouse.com's audited Annual Reports and Quarterly Reports available at otcmarkets.com and prior filings with the Securities and Exchange Commission.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240324674287/en/
Dan Seliga, Chief Financial Officer, (800) 748-7001
Source: HealthWarehouse.com, Inc.
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