Helo Corp Announces Annual 2022 Results
Helo Corp (OTC PINK:HLOC) reported significant declines in its 2022 annual results. The company’s revenue fell to $31.2M, down 52% from $64.7M in 2021. Despite a slight improvement in gross margin to 32%, the company incurred an operating loss of $4.3M, compared to a profit of $11.7M the previous year, leading to a notable net loss of $3.8M. Key factors cited for the downturn included the impact of COVID-19 on international travel and sales engagement. Helo has initiated strategic restructuring to optimize spending and expand its product portfolio. The company ended the year with $8.8M in cash and no debt, positioning itself for potential growth in 2023.
- Gross margin improved to 32%, up from 31% in 2021.
- SG&A expenses reduced by 23%, from $32.8M to $25.3M.
- Ended 2022 with $8.8M in cash and no debt.
- Revenue decreased by 52%, from $64.7M in 2021 to $31.2M in 2022.
- Operating income declined to ($4.3M) compared to $11.7M in 2021.
- Net income fell sharply to ($3.8M) from $10.2M the previous year.
- EPS dropped from $0.12 to ($0.04), a decrease of 133%.
DUBLIN, IRELAND / ACCESSWIRE / April 21, 2023 / Helo Corp. (OTC PINK:HLOC) ("Helo" or the "Company"), a leading data-driven wellness technology company, announces its annual 2022 results.
Helo Corp Annual Results | |||
| 2022 | 2021 | Change |
Revenue: | (52)% | ||
Gross Margin: | |||
Products: | (49)% | ||
SG&A: | (23)% | ||
Operating Income: | ( | (137)% | |
Operating Margin: | (14)% | (32)% | |
Net Income: | ( | (138)% | |
EPS: | ( | (133)% | |
"Revenue in 2022 was down sharply, compared to a very strong prior year," said Sean McVeigh, Chief Executive Officer. "The decline was due largely to the negative impact of COVID-19 and other difficult market conditions, which limited international travel and local in-person meetings that were particularly important to our sales process. Unfortunately, this restricted engagement with our global management team and sales force in our key markets significantly eroded our 2021 momentum."
"In response, we reviewed all aspects of our business model and organization for opportunities to drive new revenue growth and prioritize technology development, while optimizing our spending," continued McVeigh. "In the fourth quarter of 2022, we initiated several strategic restructuring initiatives to significantly reduce our cost structure, expand our portfolio of Helo devices and services, and position the company for profitability and growth. During this period of restructuring, which includes our recently completed first quarter of 2023, sales have continued to be very soft. We currently anticipate completion of these strategic restructuring initiatives and delivery of new products available for sale worldwide later this year. We ended the year with
About Helo Corp.
Helo Corp. (OTC: HLOC) is a data-driven wellness technology company. Helo wearables and other devices are built on Helo's Life Sensing TechnologyTM, which uses state-of-the-art sensors, enhanced signal processing, and algorithms to collect and process specific bio-parameters.
For further information Helo, please click on the following link: http://www.helocorp.com
The Helo's disclosure statements and unaudited financial statements are available at https://www.otcmarkets.com/stock/HLOC/disclosure.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as may, "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," potential and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the OTC Markets and the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.
Investors Contact:
investors@helocorp.com
650-646-2193
SOURCE: Helo Corp.
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