Helo Corp Announces Third Quarter Results

Rhea-AI Summary

Helo Corp. (OTC PINK:HLOC) announced its third quarter 2022 results, reporting revenues of $3.8 million, an 85% decline year-over-year. Despite this downturn, CEO Sean McVeigh expressed optimism for stronger fourth quarter revenues, driven by the recent launch of the BioSense Health Band. Gross margin improved by 1400 basis points to 82%, while net loss narrowed to $35,795. The company ended the quarter with $8.1 million in net assets and no debt, signaling a stable financial position amidst restructuring efforts.

Positive

• Gross margin increased by 1400 basis points to 82% due to favorable product mix.
• The company ended the quarter with total net assets of $8.1 million and no debt.

Negative

• Revenue decreased by 85% compared to the prior year.
• Net loss of $35,795 primarily linked to decreased revenue.

SAN FRANCISCO, CA / ACCESSWIRE / November 16, 2022 / Helo Corp. (OTC PINK:HLOC) ("Helo" or the "Company"), a leading developer of wearable devices at the forefront of data-driven wellness and a supporter of the Digital Health Sharing Economy, announces its third quarter 2022 results.

"Although third quarter sales continued to be soft, we are encouraged by stronger revenues in the fourth quarter," said Sean McVeigh, Chief Executive Officer. "However, we continue to face significant challenges as we navigate a business model transition. We are also progressing on our strategic restructuring initiatives to significantly reduce our cost structure and position the Company for a return to profitability and future growth. We also anticipate strong demand for our new BioSense Health Band^TM, which was launched in Okinawa, Japan at the end of October and has started to ship worldwide."

"Our third quarter 2022 revenue was $3.8 million, a decrease of 85% over the prior-year period," added Ryan Wood, Chief Financial Officer. "Gross margin increased by 1400 basis points to 82%, due primarily to product mix. Selling expenses decreased to 25% of revenue, reflecting the decrease in revenue for the last two quarters. General and administrative costs decreased to $3.2M, primarily due to the Company's cost-cutting initiatives. Overall profitability resulted in a loss of $35,795 for the quarter, primarily related to the lack of revenue. Earnings came in at $0.00 per share, compared to a $0.02 per share in the prior-year period. We ended the third quarter with total net assets of $8.1 million and no debt."

About Helo Corp.

Helo Corp. (OTC: HLOC) is a data-driven wellness technology company at the forefront of data driven wellness and a supporter of the Digital Health Sharing Economy. Helo uses its life watches and other personal devices and its proprietary bio-metrics data platform to encourage wellness-centered lifestyles and consumer data empowerment under its Helo^TM brand and to power the self-funding, Digital Health Sharing Economy. Our Life Sensing Technology^TM uses state-of-the-art sensors, enhanced signal processing, and algorithms to collect and process specific bio-parameters for the user and Healthtech market. Our platform also presents Big Data opportunities for technology development, medical research and diagnostics.

For further information on Helo, please see http://www.helocorp.com.

The Company'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.

View source version on accesswire.com:
https://www.accesswire.com/726135/Helo-Corp-Announces-Third-Quarter-Results

FAQ

What were Helo Corp's third quarter 2022 revenues?

Helo Corp reported revenues of $3.8 million for the third quarter of 2022.

How much did Helo Corp's revenue decline in Q3 2022?

Revenue declined by 85% compared to the same quarter in the prior year.

What is the gross margin for Helo Corp in Q3 2022?

Helo Corp's gross margin increased to 82%, an improvement of 1400 basis points.

What is Helo Corp's net loss for Q3 2022?

Helo Corp reported a net loss of $35,795 for the third quarter of 2022.

What future outlook did Helo Corp provide in their Q3 2022 results?

Helo Corp anticipates stronger revenues in Q4 2022, driven by the demand for the new BioSense Health Band.