HealthWarehouse.com Reports Results for Second Quarter 2024
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 to and reducing costs of healthcare products for consumers and business partners nationwide.
Joseph Peters, President and CEO, commented, “We reported strong revenue growth during the second quarter, benefiting from growth in sales of GLP-1 weight loss medications in both our partner services and direct-to-consumer (B2C) businesses. GLP-1s have proven effective for several weight-related health concerns. Nationwide, people are seeking out GLP-1s as an option not only for weight loss, but also for diabetes management and potential cardiovascular health benefits. We continue to expand our HealthWarehouse.com catalog, and the branded weight loss medications have been in great demand since we added them.”
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 continue to add new customers in our partner services business, which will contribute to significant future revenue growth. Our incredible team has ensured that we have the infrastructure and processes in place to service whatever challenges our customers throw at us. We have added infrastructure and capacity to our cold chain operations, allowing us to better serve our injectable GLP-1 customers. We wouldn’t be able to accomplish this without the efforts of our dedicated employees, who continue to focus on providing world-class service to our customers,” added Peters.
Overview of Results for Three and Six Months Ended June 30, 2024
Net Sales: Total net sales for the three and six months ended June 30, 2024, were
Prescription sales were
Sales of over-the-counter products were
Gross Profit: Gross profit for the three and six months ended June 30, 2024, 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 breakeven for the three months and
| 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, | ||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
| In thousands | |||||||||||||||
| Net sales | $ |
5,779 |
|
$ |
5,327 |
|
$ |
10,900 |
|
$ |
10,604 |
|
|||
| Cost of sales |
|
2,816 |
|
|
2,172 |
|
|
4,978 |
|
|
4,313 |
|
|||
| Gross profit |
|
2,963 |
|
|
3,155 |
|
|
5,922 |
|
|
6,291 |
|
|||
| Selling, general and administrative expenses |
|
3,232 |
|
|
3,594 |
|
|
6,369 |
|
|
7,034 |
|
|||
| Net income (loss) from operations |
|
(269 |
) |
|
(439 |
) |
|
(447 |
) |
|
(743 |
) |
|||
| Interest expense |
|
(75 |
) |
|
(38 |
) |
|
(149 |
) |
|
(82 |
) |
|||
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||
| Net loss |
|
(344 |
) |
|
(477 |
) |
|
(596 |
) |
|
(825 |
) |
|||
| Preferred stock: | |||||||||||||||
| Series B convertible contractual dividends |
|
(85 |
) |
|
(86 |
) |
|
(171 |
) |
|
(171 |
) |
|||
| Net loss attributable to common stockholders | $ |
(429 |
) |
$ |
(563 |
) |
$ |
(767 |
) |
$ |
(996 |
) |
|||
| 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 |
|
55,077 |
|
|
54,316 |
|
|
54,957 |
|
|
54,229 |
|
|||
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 Income (Loss) (GAAP) to Adjusted EBITDA (Non-GAAP)
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| (Unaudited) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||
| In thousands | |||||||||||||||||
| Net loss | $ |
(344 |
) |
$ |
(477 |
) |
$ |
(596 |
) |
$ |
(825 |
) |
|||||
| Interest expense |
|
75 |
|
|
38 |
|
|
150 |
|
|
82 |
|
|||||
| Depreciation and amortization |
|
81 |
|
|
52 |
|
|
161 |
|
|
95 |
|
|||||
| EBITDA (non-GAAP) |
|
(188 |
) |
|
(387 |
) |
|
(285 |
) |
|
(648 |
) |
|||||
| Adjustments to EBITDA: | |||||||||||||||||
| Stock-based compensation |
|
188 |
|
|
235 |
|
|
376 |
|
|
458 |
|
|||||
| Adjusted EBITDA | $ |
- |
|
$ |
(152 |
) |
$ |
91 |
|
$ |
(190 |
) |
|||||
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 may 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/20240812250463/en/
Dan Seliga, Chief Financial Officer, (800) 748-7001
Source: HealthWarehouse.com, Inc.
