Business
GTX Corp Third Quarter 2018 Summary
GTX Corp Third Quarter 2018 Summary.
About this update from Metalert Inc
[{"type":"text","content":"\nRevenue increased 12%, Product Sales increased 43%, Subscribers increased 62%\n LOS ANGELES CALIFORNIA, Nov. 27, 2018 (GLOBE NEWSWIRE) -- GTX Corp (OTCQB: GTXO) (“the Company”), an Internet of Things (IoT) solutions provider in the GPS wearable location and wandering assistive technology business announced today a summary for the third quarter ended September 30, 2018. Third Quarter Financial Highlights Overall Revenue increased 12% over 2017 comparable period.Product Sales increased 43% over 2017 comparable period.International Subscribers increased 120% over 2017 comparable period.Domestic Subscribers increased 33% over 2017 comparable period.COGS decreased 31% from 2017.Gross Margin, excluding IP, increased 34% from 2017.Wages & Benefits decreased 3% from 2017.Other expenses decreased 87% from 2017. Nine Month Financial Highlights Overall Revenue increased 31% over 2017 comparable period.Product Sales increased 73% over 2017 comparable period.Subscriber Revenue increased 20% over 2017 comparable period.Total Subscribers increased 73% over 2017 comparable period.COGS decreased 17% from 2017.Gross Margin, excluding IP, increased from 57% to 73% from 2017. Professional Fees decreased 6% from 2017.Loss from Operations decreased 15% from 2017. Management commentary: Patrick Bertagna, GTX Corp CEO. As highlighted above, we had incremental improvements with single or double-digit increases or decreases in the major metrics we measure – revenues were up, subscribers were up, margins were up, while our cost of operations, cash used in operations, professional services, G&A and net losses decreased. On the operations side we were awarded a new military contract and successfully completed and delivered 100% of the order three weeks ahead of schedule. In addition to supporting our existing military contracts, we are also in discussion with other military installations both in the U.S. and overseas, and based on our ongoing efforts to further penetrate into military and law enforcement channels we added Kathleen Kiernan, a 29-year federal law enforcement veteran, to our advisory board and in order to garner more business in these verticals we signed a collaboration agreement with KGH, which manages partnerships with organizations in law enforcement, military, intelligence, academic and the private sec...