Business
GSRX Industries Inc. Reports Fourth Quarter Revenues Up 135% to $1.66 Million
GSRX Industries Inc. Reports Fourth Quarter Revenues Up 135% to $1.66 Million.
About this update from Gsrx Industries Inc
[{"type":"text","content":"\nDORADO, Puerto Rico, April 18, 2019 (GLOBE NEWSWIRE) -- GSRX Industries Inc. (OTCQB: GSRX) (“GSRX” or the “Company”) today announced financial results for the fourth quarter and fiscal year ended December 31, 2018.  \n Fourth Quarter 2018 Highlights Total revenues generated were $1,661,504, an increase of $955,076, or 135%, from the quarter ended September 30, 2018.  Gross profit was $733,585, an increase of 188% from the prior quarter.  This growth was primarily attributable to increased sales and the commencement of operations at additional Green Spirit RX dispensary locations in Puerto Rico, as well as sales from its newly-launched Pure And Natural subsidiary, and increased sales at The Green Room in California. Puerto Rico operations posted an increase of 185% over prior quarter sales.  Gross margin increased from 44.13% to 45.60% quarter-over-quarter. California dispensary operations posted an increase of 12% over prior quarter sales.  Gross margin increased from 35.45% to 45.87% quarter-over-quarter. Operating expenses increased 61% to $3,538,929 compared to $2,198,056 for the quarter ended September 30, 2018.  Excluding stock based compensation, operating expenses for the fourth quarter increased 12% to $2,212,769 from $1,975,209 the prior quarter.   The net loss from operations attributable to GSRX increased for the quarter ended December 31, 2018 to approximately $2,591,640 or $0.05 per share, compared to a loss of approximately $1,655,745 or $0.04 per share for the quarter ended September 30, 2018.  Net loss from operations, excluding stock based compensation, was $1,479,184 for the fourth quarter, compared with a loss of $1,720,157 for the prior quarter, an improvement of 14%. Full Year 2018 Highlights Total revenues generated were $2,681,530 for the Company’s first full year of operations.  Gross profit was $1,143,085, or 43% of revenues. Puerto Rico operations posted total revenues of $2,165,295 for the year.  Gross profit was $974,360, or 45% of revenues. California dispensary operations posted total revenues of $380,917 for the year.  Gross profit was $143,297, or 38% of revenues. Operating expenses for the year decreased 31% to $18,056,379 compared to $26,082,960 for the year ended D...