Business
GSRX Industries Inc. Reports Third Quarter 2018 Results
GSRX Industries Inc. Reports Third Quarter 2018 Results.
About this update from Gsrx Industries Inc
[{"type":"text","content":"\nDORADO, Puerto Rico, Oct. 31, 2018 (GLOBE NEWSWIRE) -- GSRX Industries Inc. (OTCQB: GSRX) (“GSRX” or the “Company”) today announced financial results for the third quarter ended September 30, 2018.  \n Third Quarter 2018 Highlights Total revenues generated were $706,428, an increase of 100% from the quarter ended June 30, 2018.  Gross profit was $255,052, an increase of 66.6% from the prior quarter.   This growth was due to the revenue generated by the Company’s Green Spirit RX dispensaries in Puerto Rico and The Green Room in California.Puerto Rico operations posted an increase of 298% over prior quarter sales.  Gross margin increased by 2% quarter-to-quarter, from to 41.71% to 43.79%.California operations posted an increase of 2% over prior quarter sales.  Gross margin increased 4.55% quarter-to-quarter, from 53.42% to 57.97%.Operating expenses decreased 42% to $2,198,056 compared to $3,809,311 for the quarter ended June 30, 2018. The net loss from operations attributable to GSRX decreased for the quarter ended September 30, 2018 to approximately $1,555,745 or $0.04 per share, compared to a loss of approximately $3,483,701 or $0.08 per share for the quarter ended June 30, 2018. “GSRX had an outstanding third quarter, and we’re just getting started,” said Les Ball, Chief Executive Officer.  “Based on early results, we are looking forward to a very strong fourth quarter as well.” Looking forward, the Company is anticipating 85-100% revenue growth in the fourth quarter, with average gross margin across all operations increasing as well. About GSRX Industries Inc.                                                                                                                 GSRX Industr...