Business
KITS Eyecare Reports Preliminary Second Quarter 2023 Results
KITS Eyecare Reports Preliminary Second Quarter 2023 Results Canada NewsWire ...
About this update from Kits Eyecare Ltd.
[{"type":"text","content":"\n \n \n \n KITS Eyecare Reports Preliminary Second Quarter 2023 Results\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Q2 Revenue Grew 38% YOY to Approximately\n \n $30 Million\n \n \n \n \n Cash Balance Remained Healthy at\n \n $19.8 Million\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n July 17, 2023\n \n \n /CNW/ -\n \n Kits Eyecare Ltd\n \n . (TSX: KITS) (\"KITS\" or the \"Company\"), a leading vertically integrated eyecare provider, is providing selected preliminary unaudited results for its second quarter ended\n \n June 30, 2023\n \n .\n \n \n \n Select Preliminary Second Quarter 2023 Financial and Operational Highlights\n \n \n \n \n Q2 2023 revenue grew to approximately\n \n $30 million\n \n , representing a 38% year-over-year increase and an 8% increase sequentially.\n \n \n Finished the quarter with a healthy cash balance of\n \n $19.8 million\n \n .\n \n \n Repeat customers again contributed approximately 60% of revenue.\n \n \n \n \"Our spectacular, organic growth continued through Q2 as we report another record quarter of top-line growth, while maintaining a healthy and growing balance sheet,\" said\n \n Roger Hardy\n \n , co-founder and CEO of KITS. \"Growth continues to be fueled by word-of-mouth, and the best retention rates in the category. We continue to see a secular trend of vision corrected customers moving online for all vision related products, and demand for our KITS glasses and contact lenses remains strong.\"\n \n \n The Company looks forward to reporting its full second quarter 2023 results in August 2023.\n \n \n \n About KITS\n \n \n \n KITS makes eyecare easy. KITS is a leading vertically integrated digital eyecare brand providing eyewear for eyes everywhere. We offer customers access to a vast selection of contact lenses and eyeglasses, including our own exclusive KITS designed products, as well as a robust suite of online vision tools. Our efficient digital platform, backed by our industry-leading manufacturing and designs, removes intermediaries, and ena...