HealthWarehouse.com Reports Results for Second Quarter 2023
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Reports
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 and reducing costs of healthcare products for consumers and business partners nationwide.
Joseph Peters, President and CEO, commented, “We continued to report strong revenue growth during the second quarter, resulting from growth in our partner services and direct-to-consumer (B2C) businesses. HealthWarehouse.com remains a leader in the industry, providing essential products and world-class service to our own customers and those of our healthcare partners. Our recent recognition as a top five online pharmacy by Forbes magazine, and as an affordable online option by a leading consumer magazine, are a testament to our incredible team and their dedication to our mission.”
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.
“We recently launched our new pharmacy software and are making our final preparations to launch our proprietary e-commerce platform during the third quarter. Additional launch-related expenses we incurred during the second quarter will improve future efficiencies, expand our healthcare partner offerings, allow for new application programming interfaces to customize our platform, and provide the necessary resources to grow and support our partner services and direct-to-consumer businesses. We remain committed to offering transparent and affordable healthcare solutions and providing world-class service levels while extending our position as a technology leader in the industry,” added Peters.
Overview of Results for Three and Six Months Ended June 30, 2023:
Net Sales: Total net sales for the three and six months ended June 30, 2023, were
Prescription sales were
Sales of over-the-counter products were
Gross Profit: Gross profit for the three and six months ended June 30, 2023, was
Operating Expenses: Selling, general and administrative expenses were
Net Income and Adjusted EBITDA: The Company reported net losses of
Earnings before interest, taxes, depreciation and amortization (“EBITDA”), as adjusted for stock-based compensation and certain non-recurring charges (“Adjusted EBITDA”), were
| HEALTHWAREHOUSE.COM, INC. AND SUBSIDIARIES | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | |||||||||||||||
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
2023 |
2022 |
2023 |
2022 |
||||||||||||
In thousands |
|||||||||||||||
| Net sales | $ |
5,327 |
|
$ |
4,200 |
|
$ |
10,604 |
|
$ |
8,515 |
|
|||
| Cost of sales |
|
2,172 |
|
|
1,306 |
|
|
4,313 |
|
|
2,771 |
|
|||
| Gross profit |
|
3,155 |
|
|
2,894 |
|
|
6,291 |
|
|
5,744 |
|
|||
| Selling, general and administrative expenses |
|
3,594 |
|
|
3,145 |
|
|
7,034 |
|
|
6,167 |
|
|||
| Net income (loss) from operations |
|
(439 |
) |
|
(251 |
) |
|
(743 |
) |
|
(423 |
) |
|||
| Interest expense |
|
(38 |
) |
|
(42 |
) |
|
(82 |
) |
|
(85 |
) |
|||
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||
| Net loss |
|
(477 |
) |
|
(293 |
) |
|
(825 |
) |
|
(508 |
) |
|||
| Preferred stock: | |||||||||||||||
| Series B convertible contractual dividends |
|
(86 |
) |
|
(86 |
) |
|
(171 |
) |
|
(171 |
) |
|||
| Net loss attributable to common stockholders | $ |
(563 |
) |
$ |
(379 |
) |
$ |
(996 |
) |
$ |
(679 |
) |
|||
| Per share data: | |||||||||||||||
| Net loss - basic and diluted | $ |
(0.01 |
) |
$ |
(0.01 |
) |
$ |
(0.01 |
) |
$ |
(0.01 |
) |
|||
| Series B convertible contractual dividends | $ |
(0.00 |
) |
$ |
(0.00 |
) |
$ |
(0.00 |
) |
$ |
(0.00 |
) |
|||
| Net loss attributable to common stockholders - basic | |||||||||||||||
| and diluted | $ |
(0.01 |
) |
$ |
(0.01 |
) |
$ |
(0.01 |
) |
$ |
(0.01 |
) |
|||
| Weighted average common shares outstanding - basic and diluted |
|
54,316 |
|
|
52,705 |
|
|
54,229 |
|
|
52,429 |
|
|||
Use of Non-GAAP Financial Measures
HealthWarehouse.com, Inc. (the "Company") prepares its consolidated financial statements in accordance with the United States’ Generally Accepted Accounting Principles (GAAP). In addition to disclosing financial results prepared in accordance with GAAP, the Company discloses information regarding EBITDA and Adjusted EBITDA, which are commonly used. In addition to adjusting net income or net loss to exclude interest, taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA also excludes stock-based compensation, and certain nonrecurring charges. EBITDA and Adjusted EBITDA are not measures of performance defined in accordance with GAAP. However, Adjusted EBITDA is used internally in planning and evaluating the Company`s performance. Accordingly, management believes that disclosure of this metric offers lenders and other shareholders an additional view of the Company`s operations that, when coupled with GAAP results, provides a more complete understanding of the Company’s financial results.
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 Income (Loss) (GAAP) to Adjusted EBITDA (Non-GAAP)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| (Unaudited) | 2023 |
2022 |
2023 |
2022 |
||||||||||||
In thousands |
||||||||||||||||
| Net loss | $ |
(477 |
) |
$ |
(293 |
) |
$ |
(825 |
) |
$ |
(508 |
) |
||||
| Interest expense |
|
38 |
|
|
42 |
|
|
82 |
|
|
85 |
|
||||
| Depreciation and amortization |
|
52 |
|
|
33 |
|
|
95 |
|
|
66 |
|
||||
| EBITDA (non-GAAP) |
|
(387 |
) |
|
(218 |
) |
|
(648 |
) |
|
(357 |
) |
||||
| Adjustments to EBITDA: | ||||||||||||||||
| Stock-based compensation |
|
235 |
|
|
197 |
|
|
458 |
|
|
400 |
|
||||
| Adjusted EBITDA | $ |
(152 |
) |
$ |
(21 |
) |
$ |
(190 |
) |
$ |
43 |
|
||||
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 in prior filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20230810010594/en/
Dan Seliga, Chief Financial Officer, (800) 748-7001
Source: HealthWarehouse.com, Inc.
FAQ
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