Business
NextPlat Announces Record Full Year 2022 Revenue as Sales Increase Over 51%
Company Makes Strategic Investment into High-Growth Healthcare Markets Supported by Expanded Management Team and Technology InfrastructureCOCONUT GROVE, FL /
About this update from Nextplat Corp
[{"type":"text","content":"Company Makes Strategic Investment into High-Growth Healthcare Markets Supported by Expanded Management Team and Technology InfrastructureCOCONUT GROVE, FL / ACCESSWIRE / March 31, 2023 / NextPlat Corp (NASDAQ:NXPL, NXPLW) (\"NextPlat\" or the \"Company\"), a global e-commerce provider, today announced financial results for the full year ended December 31, 2022.\"We are pleased to have ended 2022 with continued record top-line performance. 2022 was also a year of strategic change at NextPlat, one embodied by the change of our corporate name and expansion of our focus beyond our connectivity and communications offerings towards the delivery of technology solutions and services for healthcare through our investment into Progressive Care. Supported by our expanded global e-commerce capabilities and partnerships in the communications and connectivity markets, we intend to participate in the ongoing digital transformation of healthcare which is reshaping the entire industry, presenting exciting new opportunities for all stakeholders including providers and patients,\" said Charles M. Fernandez, Executive Chairman and CEO of NextPlat.Financial highlights of the year ended December 31, 2022 included:Revenues for the full year increased to approximately $11.7 million or approximately 51.3% over results reported for the full year ended December 31, 2021. Revenues in the fourth quarter of 2022 increased approximately 26.9% to approximately $2.6 million vs. the year-ago quarter. Driving the increase in annual sales was continued strong demand for satellite-based connectivity solutions especially in Europe in the first half of the year in response to the situation in Ukraine.Annual sales at GTC, the Company's European operation, grew approximately 77.9% for the year ended December 31, 2022 (excluding the negative impact of foreign currency exchange rates). Sales at OSC, the Company's North American operation, increased more than 34.2%. The Company believes that North America remains a significant untapped market and intends to further increase its sales in the region through potential acquisitions and the launch of additional e-commerce programs and products during 2023. Collectively in 2022, the Company served more than 4,500 customers in over 120 countries.Gross margins were 21.2%, a decrease from margins of 24.0% reported for the year en...