Business
TRxADE HEALTH Reports 16% Revenue Growth and Year End 2022 Financial Results
Continues Nationwide Expansion of Breakthrough Digital Healthcare Services IT PlatformTAMPA, FL / ACCESSWIRE / March 27, 2023 / TRxADE HEALTH, INC.
About this update from Scienture Holdings, Inc.
[{"type":"text","content":"Continues Nationwide Expansion of Breakthrough Digital Healthcare Services IT PlatformTAMPA, FL / ACCESSWIRE / March 27, 2023 / TRxADE HEALTH, INC. (NASDAQ:MEDS) (\"TRxADE\" or the \"Company\"), a health services IT company focused on digitalizing the retail pharmacy experience by optimizing drug procurement, the prescription journey and patient engagement in the U.S., today announced its financial results for the year ended December 31, 2022.2022 and Subsequent Operational HighlightsTRxADE continued to expand the TRxADE drug procurement marketplace nationwide, adding 1,212 new registered members during fiscal 2022, bringing the total registered members to approximately 14,400+ at December 31, 2022.Management CommentaryMr. Ajjarapu commented, \"2022 was an exciting and challenging time for TRxADE. We continue to focus the Company's strategic plans and partnerships, working towards creating sustainable value for our stockholders. I am pleased with the growth we have experienced in our TRxADE platform. We continue to achieve key milestones in our internal roadmap with a focus on innovation and development through our various complementary growth opportunities.\"2022 Annual Financial SummaryConsolidated revenues for the fiscal year of 2022 compared to the fiscal year of 2021 increased 16% to $11.4 million, compared to $9.9 million, respectively. The increase in consolidated revenue was driven by improved revenue attributed to our TRxADE Platform and Trxade Prime subsidiaries. The revenues generated by the TRxADE Platform in the fiscal year 2022 compared to 2021 increased 10% and Trxade Prime year over year revenue improved 46% in 2022 compared to 2021. The subsidiary company Community Specialty Pharmacy experienced a 29% decrease in revenue for the fiscal year 2022 compared to 2021.Gross profit analysis of comparable fiscal periods of 2022 and 2021 reflect an increase in gross profits of $0.7 million for the fiscal year of 2022 compared to 2021. As a percent of revenue, consolidated gross profit remained consistent at 48% for the comparable annual periods of 2022 and 2021.Operating expenses for the fiscal year of 2022 were $9.9 million, compared to $10 million in the fiscal year 2021.Net loss for the year ended December 31, 2022, was ($3.9) million, or ($0.41) per basic and diluted share outstanding, compared to a net loss of ($5.3...