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Conversion Labs has launched the Veritas MD telehealth platform, enhancing access to telemedicine and wellness services. This platform integrates patient records with a 50-state physician network and an online pharmacy. The company reported a record revenue run-rate of $50 million, up from $12.5 million last year, with gross margins exceeding 75%. Annual recurring revenue has reached $22.1 million, a 514% increase. Veritas MD supports the upcoming Nava MD teledermatology brand, tapping into a projected $45 billion market by 2027, demonstrating significant growth potential.
Conversion Labs (OTCQB: CVLB) announced a 1-for-5 reverse stock split effective October 14, 2020. This move is aimed at meeting NASDAQ listing requirements, necessitating a minimum share price of $4.00. Post-split, the stock will trade under the symbol 'CVLBD' for 20 business days before reverting back to 'CVLB.' The reverse split reduces outstanding shares from approximately 78.7 million to around 15.7 million. The company reported an annualized revenue run rate of $46.8 million, significantly up from $12.5 million in 2019, indicating strong growth in its telemedicine services.
Conversion Labs, Inc. (OTCQB: CVLB) reported preliminary unaudited results for Q3 2020, revealing revenues of approximately $11.2 million, a remarkable 23% increase from the previous quarter and 254% year-over-year growth. ARR rose by 13% to $19.3 million, marking a 458% increase compared to September 2019. The results reflect strong performance from telehealth brands like Rex MD and Shapiro MD. The company anticipates a revenue run rate of $46.8 million for 2020, up from $12.5 million in 2019, fueled by strategic investments in its telemedicine offerings.
Conversion Labs, Inc. (OTCQB:CVLB) has been invited to present at the LD Micro 500 virtual investor conference from September 1-4, 2020. CEO Justin Schreiber will present on September 1 at 9:40 a.m. Eastern time, discussing strong second-quarter results, with a revenue increase of 237% to $9.1 million. The company has raised its revenue outlook for 2020 from $36 million to over $40 million. Additionally, Conversion Labs will showcase its new telemedicine platform, Veritas MD, designed for enhanced patient access to medical care.