QHSLab Inc. Reports Strong Second Quarter and Six-Month 2024 Results
In This Article:
Significant Improvement in Profitability and Cash Flow Management
WEST PALM BEACH, FL, Aug. 14, 2024 (GLOBE NEWSWIRE) -- QHSLab Inc. ("the Company") (OTCQB: USAQ), a leader in digital healthcare and point-of-care technologies designed to empower clinicians with proactive value-based healthcare solutions, today announced detailed financial results for the second quarter and six months ended June 30, 2024. The Company’s Integrated Service Program (ISP) has driven robust revenue growth and improved gross margins, while the Company focused on effective cost management and enhanced cash flow management.
Financial Highlights:
Three Months Ended June 30, 2024 vs. 2023:
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Revenue: Increased to $473,073 in Q2 2024 from $404,769 in Q2 2023, reflecting a 17% rise driven by a significant increase in ISP revenues.
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Gross Profit: Improved to $294,445 from $226,828, with gross margins increasing from 56.0% to 62.2%.
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Operating Expenses: Slightly increased to $264,478 from $262,584.
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Sales and Marketing Expenses: Increased to $134,183 from $128,084.
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General and Administrative Expenses: Decreased to $47,455 from $55,950.
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Research and Development Expenses: Increased to $64,812 from $60,522.
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Net Operating Income: Turned positive at $29,967 from a loss of $(35,756).
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Net Loss: Reduced significantly to $(2,890) from $(106,727).
Six Months Ended June 30, 2024 vs. 2023:
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Revenue: Increased to $961,660 from $757,568, a 27% rise attributed to growth in ISP services and Allergy Diagnostic Kits sales.
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Gross Profit: Improved to $580,603 from $414,170, with gross margins increasing to 60.4% from 54.7%.
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Operating Expenses: Decreased to $537,032 from $570,684.
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Sales and Marketing Expenses: Slightly increased to $256,129 from $252,036.
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General and Administrative Expenses: Decreased to $137,397 from $158,522.
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Research and Development Expenses: Decreased to $107,450 from $124,070.
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Net Operating Income: Improved to $43,571 from a loss of $(156,514).
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Net Loss: Reduced significantly to $(21,415) from $(299,282).
Cash Flow Management:
Six Months Ended June 30, 2024 vs. 2023:
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Net Cash from Operating Activities: Improved to $143,961 from a cash outflow of $(37,531) in 2023. This improvement is mainly due to better working capital management, particularly in accounts receivable and payable.
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Net Change in Cash: Increased to $52,618 from a decrease of $(69,847) in 2023.
Executive Commentary: Troy Grogan, President and CEO of QHSLab Inc., commented, "Our performance in the first half of 2024 demonstrates our capability to drive revenue growth while enhancing operational efficiency. The significant increase in ISP revenues and improved gross margins reflect our strategic focus on high-margin services. Our ongoing efforts to manage costs effectively are evident in the reduction of general and administrative expenses. As we continue to expand our product offerings and market reach, we remain committed to delivering sustainable growth and future value to our shareholders."