Business
NextPlat Reports 474% Increase in Consolidated Q2 Revenues to $17 Million and Record 34.2% Quarterly Margins; $70 Million in 2024 Annual Revenues Expected
Additional Healthcare Services Contracts and E-Commerce Expansion Expected to Drive Continued Growth Supported by Approximately $24.9 Million in Cash COCONUT
About this update from Nextplat Corp
[{"type":"text","content":"Additional Healthcare Services Contracts and E-Commerce Expansion Expected to Drive Continued Growth Supported by Approximately $24.9 Million in Cash\nCOCONUT GROVE, Fla., Aug. 14, 2024 /PRNewswire/ -- NextPlat Corp (NASDAQ: NXPL, NXPLW) (\"NextPlat\" or the \"Company\"), a global e-Commerce provider, today announced record financial results for its second fiscal quarter ended June 30, 2024 which includes the consolidation of the operations of its e-commerce business with the results of its healthcare operations, Progressive Care Inc. (OTCQB: RXMD) (\"Progressive Care\").\n\n \n \n \n \n \n \n\n \n\"We are pleased with our second quarter performance as our healthcare and global e-commerce technology operations continue to produce strong top-line growth and greatly improved margin performance, driven by new 340B services contracts, increased prescription volumes as well as contributions from our recently acquired Outfitter Satellite operations,\" said Charles M. Fernandez, Executive Chairman and CEO of NextPlat Corp. \"Through the strategic combination with Progressive Care and the further expansion of e-commerce sales in North America and China this year, supported by a solid balance sheet, we believe we created a valuable and sustainable growth platform capable of delivering improved operational and financial results for our shareholders in the months ahead.\"\nSecond Quarter 2024 Financial Highlights:\nConsolidated revenues for the quarter ended June 30, 2024 were approximately $17.0 million, an increase of over 474% versus revenue of approximately $3.0 million for the quarter ended June 30, 2023. Results for the second quarter of 2024 reflect e-commerce revenue of approximately $3.5 million, including the contribution of Outfitter Satellite (\"Outfitter\") acquired in April 2024, and approximately $13.5 million in revenue contributed from the Company's healthcare operations. Results for the second quarter of 2023 reflect e-commerce revenue only because the business combination with Progressive Care occurred on July 1, 2023. Based upon current expectations, available product inventory and the number of new and existing healthcare services contracts, the Company anticipates full-year revenue of approximately $70 million.Gross margins for the quarter ended June 30, 2024, increased significantly to a record 34.2%, up from 28.5% r...