HealthWarehouse.com Reports Full Year 2021 Results
Prescription sales growth and positive cashflow for fifth consecutive year
Cash flow, as reflected by the Company’s non-GAAP internal measure of Adjusted EBITDA, was positive for the fifth consecutive year at
“Our efforts last year have set the stage for 2022 to be an exciting and productive year. We anticipate the launch of a proprietary e-commerce platform and pharmacy technology in early 2022, which will enhance the customer experience, and improve customer acquisition and retention in our direct-to-consumer business. In addition, the new technology will facilitate and expand the services provided to our healthcare partner customers to support our growth initiatives. We are well positioned to be a technological leader in the industry, providing transparent and affordable healthcare solutions to our patients while maintaining world-class service levels,” added Peters.
2021 Annual Overview:
Net sales decreased from
Gross Profit: Gross profit for the year ended
Operating Expenses: Operating expenses were
Net Income and Adjusted EBITDA: The Company reported a net loss of
2021 Fourth Quarter Overview:
Gross Profit: Gross profit for the fourth quarter was
Operating Expenses: Operating expenses were
Net Income and (non-GAAP) Adjusted EBITDA: The Company reported a net loss of
CONSOLIDATED STATEMENTS OF OPERATIONS (Audited) | ||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
Net sales | $ |
4,158,602 |
|
$ |
4,089,741 |
|
$ |
16,143,906 |
|
$ |
17,178,985 |
|
||||
Cost of sales |
|
1,282,356 |
|
|
1,375,685 |
|
|
5,010,814 |
|
|
5,831,003 |
|
||||
Gross profit |
|
2,876,246 |
|
|
2,714,056 |
|
|
11,133,092 |
|
|
11,347,982 |
|
||||
Selling, general and administrative expenses |
|
2,872,552 |
|
|
2,745,761 |
|
|
11,492,710 |
|
|
11,397,106 |
|
||||
Net income (loss) from operations |
|
3,694 |
|
|
(31,705 |
) |
|
(359,618 |
) |
|
(49,124 |
) |
||||
Other income (expense) | ||||||||||||||||
Gain on debt forgiveness |
|
- |
|
|
890,000 |
|
|
- |
|
|
890,000 |
|
||||
Interest expense |
|
(43,832 |
) |
|
(39,549 |
) |
|
(174,386 |
) |
|
(199,550 |
) |
||||
Total other income (expense) |
|
(43,832 |
) |
|
850,451 |
|
|
(174,386 |
) |
|
690,450 |
|
||||
Income (loss) before taxes |
|
(40,138 |
) |
|
818,746 |
|
|
(534,004 |
) |
|
641,326 |
|
||||
Income tax expense |
|
(38,498 |
) |
|
- |
|
|
(38,498 |
) |
|
- |
|
||||
Net income (loss) |
|
(78,636 |
) |
|
818,746 |
|
|
(572,502 |
) |
|
641,326 |
|
||||
Preferred stock: | ||||||||||||||||
Series B convertible contractual dividends |
|
(85,558 |
) |
|
(85,558 |
) |
|
(342,233 |
) |
|
(342,233 |
) |
||||
Net income (loss) attributable to common stockholders | $ |
(164,194 |
) |
$ |
733,188 |
|
$ |
(914,735 |
) |
$ |
299,093 |
|
||||
Per share data: | ||||||||||||||||
Net income (loss) - basic | $ |
(0.00 |
) |
$ |
0.01 |
|
$ |
(0.01 |
) |
$ |
0.01 |
|
||||
Net income (loss) - diluted | $ |
(0.00 |
) |
$ |
0.01 |
|
$ |
(0.01 |
) |
$ |
0.01 |
|
||||
Series B convertible contractual dividends | $ |
(0.00 |
) |
$ |
(0.01 |
) |
$ |
(0.01 |
) |
$ |
(0.01 |
) |
||||
Net income (loss) attributable to common stockholders - basic | $ |
(0.00 |
) |
$ |
0.01 |
|
$ |
(0.02 |
) |
$ |
0.01 |
|
||||
Net income (loss) attributable to common stockholders - diluted | $ |
(0.00 |
) |
$ |
0.01 |
|
$ |
(0.02 |
) |
$ |
0.00 |
|
||||
Weighted average common shares outstanding - basic |
|
52,012,533 |
|
|
51,313,063 |
|
|
51,817,243 |
|
|
50,900,267 |
|
||||
Weighted average common shares outstanding - diluted |
|
52,012,533 |
|
|
72,845,648 |
|
|
51,817,243 |
|
|
69,449,318 |
|
Use of Non-GAAP Financial Measures
Adjusted EBITDA should not be considered as an alternative to net income, net loss or to net cash provided by or used in operating activities as a measure of operating results or of liquidity. It may not be comparable to similarly titled measures used by other companies, and it excludes financial information that some may consider important in evaluating the Company's performance.
Reconciliation of Net Income (Loss) (GAAP) to Adjusted EBITDA (Non-GAAP)
Three Months Ended | Twelve Months Ended | |||||||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
Net income (loss) | $ |
(78,636 |
) |
$ |
818,746 |
|
$ |
(572,502 |
) |
$ |
641,326 |
|
||||
Interest expense |
|
43,832 |
|
|
39,549 |
|
|
174,386 |
|
|
199,550 |
|
||||
Depreciation and amortization |
|
32,806 |
|
|
33,294 |
|
|
133,576 |
|
|
133,576 |
|
||||
EBITDA (non-GAAP) |
|
(1,998 |
) |
|
891,589 |
|
|
(264,540 |
) |
|
974,452 |
|
||||
Adjustments to EBITDA: | ||||||||||||||||
Stock-based compensation |
|
180,289 |
|
|
141,475 |
|
|
744,379 |
|
|
509,292 |
|
||||
Gain on extinguishment of accounts payable |
|
(20,631 |
) |
|
- |
|
|
(20,631 |
) |
|
- |
|
||||
Gain on debt forgiveness |
|
- |
|
|
(890,000 |
) |
|
- |
|
|
(890,000 |
) |
||||
Adjusted EBITDA | $ |
157,660 |
|
$ |
143,064 |
|
$ |
459,208 |
|
$ |
593,744 |
|
About
Forward-Looking Statements
This announcement and the information incorporated by reference herein contain “forward looking statements” as defined in federal securities laws, including but not limited to Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995, which statements are based on our current expectations, estimates, forecasts and projections. Statements that are not historical facts, including statements about the beliefs, expectations and future plans and strategies of the Company, are forward-looking statements. Actual results may differ materially from those expressed in forward looking statements or in management's expectations. Important factors which could cause or contribute to actual results being materially and adversely different from those described or implied by forward looking statements include, among others, risks related to competition, management of growth, access to sufficient capital to fund our business and our growth, new products, services and technologies, potential fluctuations in operating results, international expansion, outcomes of legal proceedings and claims, fulfillment center optimization, seasonality, commercial agreements, acquisitions and strategic transactions, foreign exchange rates, system interruption, cyber-attacks, access to sufficient inventory, government regulation and taxation, payments, and fraud. More information about factors that potentially could affect
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