USA Equities Corp. Announces Third Quarter 2021 Financial Results And Conversion of Secured Convertible Promissory Note
USA Equities Corp. (OTCQB: USAQ) reported a significant increase in revenue, surpassing $1 million for the first nine months of 2021, compared to zero in the same period of 2020. The gross margin improved to 46% year-to-date and reached 48% in Q3. Notably, the company reduced its debt by converting $50,000 of a promissory note into 76,923 shares of stock. CEO Troy Grogan highlighted growth driven by digital platforms and allergy diagnostics, despite challenges from the COVID-19 pandemic affecting sales. The company anticipates regaining sales momentum as medical staffing improves.
- Revenue increased to $1,084,436 for the nine months ended September 30, 2021, compared to $0 in 2020.
- Gross margin improved to 48% in Q3 2021, a 290 basis points increase from Q2 2021.
- Debt reduction of $50,000 by issuing 76,923 shares demonstrates market confidence.
- Q3 revenues were impacted by seasonal decline and reduced patient visits due to COVID-19.
- Shortage of medical assistants hindered test performance during the quarter.
| ● | Revenue Surpassed | |
| ● | Gross Margin of | |
| ● | Issuance of 76,923 Shares reduces Principal Amount of Promissory Note by |
West Palm Beach, FL, Nov. 16, 2021 (GLOBE NEWSWIRE) -- USA Equities Corp. (OTCQB: USAQ), a company focused on value-based healthcare solutions and physician-directed digital medicine, today announced financial results for the three and nine month periods ended September 30, 2021.
Troy Grogan, Chief Executive Officer of USA Equities Corp, stated, “We are pleased with our growth for the first nine months of the year having generated in excess of
“I want to emphasize our view of the Company’s importance to the communities where we have a presence and of our ongoing focus on keeping our employees safe while supporting customers and their patients during the pandemic,” continued Mr. Grogan. Third quarter revenues were impacted by a combination of a seasonal decline due to summer vacations, the increased demand for our physician clients to perform physical examinations on students returning to school, decreased patient visits due to the onset of the delta variant of Covid-19 during the third quarter, as well as a shortage of medical assistants necessary to perform tests using our products, we expect to regain our sales growth in subsequent months as medical office staffing and patients return to their primary care offices,” concludes Grogan.
2021 Financial Results
• Total revenues for the nine months ended September 30, 2021 was
• The Company generated gross profit of
• Total revenues for the three months ended September 30, 2021 was
• The Company generated gross profit of
Subsequent to the end of the third quarter prior to the filing of our Report on Form 10-Q, Mercer Street Global Opportunity Fund, LLC, converted
About USA Equities Corp.
USA Equities Corp. (OTCQB: USAQ) is a medical device company providing digital medicine solutions and point of care diagnostic tests to primary care physicians. Digital medicine allows doctors to quickly and effectively assess their patients’ response to healthcare screening using advanced artificial intelligence algorithms. Digital medicine can also remotely monitor patients’ vital signs and evaluate the effects of newly prescribed medicines and treatments on their patients’ health through real time data that is transferred from patient to doctor. USAQ also markets and sells point of care, rapid response diagnostic tests which are used in the primary care practice. USAQ’s products and services are designed to help physicians improve patient monitoring and medical care while also improving the service revenues of their practice.
For additional information, visit the Company’s website at www.USAQCorp.com
Forward-Looking Statements
Certain matters discussed in this press release are ‘forward-looking statements’ intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace, future revenues, future products and potential future results and acquisitions, are examples of such forward-looking statements. Forward-looking statements are generally identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’, or ‘intends’ and other similar words that express risks and uncertainties. These statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of the introduction of new products and the acceptance of these products, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company’s control. The factors discussed herein and expressed from time to time in the Company’s filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
| Investor & Media Contact: | |
| Olivia Giamanco | |
| USA Equities Corp | |
| (929) 379-6503 | |
| IR@USAQCORP.COM |
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