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Healthier Choices Management Corp (OTC Pink: HCMC) reported strong financial results for Q2 2024. Net sales reached $15.6 million, a 15% increase year-over-year. Gross margin grew to $5.9 million, up 16% from 2023. For the first half of 2024, net sales hit a record $31.5 million, a 16% increase, while gross margin rose 20% to $12.0 million.
The company's Adjusted EBITDA loss improved by 44% in Q2 and by $1 million for the six-month period. CEO Jeffrey Holman expressed satisfaction with the results, stating that the long-term sales growth strategy is showing positive outcomes. Despite the improvements, HCMC still reported a net loss from continuing operations of $2.5 million for Q2 and $5.4 million for the first half of 2024.
Healthier Choices Management Corp (OTC Pink: HCMC) has acquired GreenAcres Market, an organic and natural health food chain with five stores in Kansas and Oklahoma. This acquisition marks HCMC's expansion into the Midwest US market. GreenAcres offers organic produce, natural groceries, dietary supplements, and freshly prepared food from national and local brands.
HCMC's CEO, Jeffrey Holman, views this as a strategic move towards the company's growth goals, anticipating that the acquisition will boost annual top-line revenue to approximately $75 million. The acquisition aligns with HCMC's commitment to sustainable growth in the organic supermarket industry and its long-term objectives.
Healthier Choices Management Corp. (HCMC) reported strong financial results for the first quarter of 2024, with record sales of $15.9 million, up 17% from Q1 2023, and a record gross profit of $6.1 million, up 23% from the same period last year. Despite a net loss increase, adjusted EBITDA improved by 17%. The CEO highlighted the revenue growth and gross margin improvement, emphasizing the company's expansion strategy and commitment to bottom line profitability.
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