Business
Optec International’s Wholly-Owned Subsidiary, Weshield Posts Q1 and Q2 Revenues of $40 Million With EBITDA of $6.7 Million
Optec International’s Wholly-Owned Subsidiary, Weshield Posts Q1 and Q2 Revenues of $40 Million With EBITDA of $6.7 Million.
About this update from Optec International, Inc.
[{"type":"text","content":"CARLSBAD, CA / ACCESSWIRE / July 27, 2021 / WeShield, a wholly-owned subsidiary of OPTEC International, Inc. (OTC PINK:OPTI), posted YTD revenues of $40 million with EBIDTA of $6.7 million, or 17% of revenue. Q2 revenues for WeShield finished at $19.2 million with EBIDTA of $3.5 million or 19% of revenue.2020 audited financials for WeShield were recently released showing the company generated $59 million in revenue with an EBIDTA of $5.6 million or about 10%. The Company reports growth in both the PPE and medical supply sector with additional long-term contracts signed and expects an impact from the DELTA variant to be realized later this year. Further profits from economies of scale, like warehousing and logistics, consolidating the marketing, sales, accounting, and legal departments will also be realized in late 2021.In addition, the Company expects further long term growth from the following initiatives:The launch of the “WeShield Together” group purchasing divisionIncrease in long term distribution agreements with health care organizations and Fortune 500 companiesMedical and non-medical staffingGrowth into the health care sector, including contracts for mobile COVID testing and vaccinationsFull integration of OPTEC suite of products into WeShield's marketing and sales divisionAdditional strategic board members and advisors will be added to WeShield's current boardExpected mergers, acquisitions, and joint ventures over the next 18-24 monthsOPTEC CEO, Roger Pawson, commented “We are extremely excited about WeShield's growth and with what they will bring to OPTEC, and we look forward to seeing them expand in years to come.”WeShield CEO Michael Sinensky commented, "The big takeaway here is growth. As expected, we are not only growing, but we are also operating more efficiently in our second year of WeShield. Our numbers show that we have profited more in just two quarters of 2021 than all of the previous year. Our profit percentage was also 50% higher these two quarters. Last year we were new to this space following a successful pivot from the hospitality industry destroyed by the pandemic, but now we are no longer green, yet our numbers appear to be getting greener."About WeShieldWeShield is deeply ingrained in the wholesale medical industry, supplying PPE safety products to cu...