Business
TRxADE HEALTH Reports First Quarter Gross Margin of 69% and Q1 2023 Financial Results
Continues Nationwide Expansion of Breakthrough Digital Healthcare Services IT PlatformTAMPA, FL / ACCESSWIRE / May 15, 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 / May 15, 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 quarter ended March 31, 2023.2023 and Subsequent Operational HighlightsTRxADE continued to expand the TRxADE drug procurement marketplace nationwide, increasing new members approximately 1,100 for the first quarter of 2023 compared to the first quarter of 2022, bringing the total registered members to approximately 14,500+ at March 31, 2023Management CommentaryMr. Ajjarapu commented, \"The first three months of 2023 have been 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.\"First Quarter 2023 Financial SummaryConsolidated revenues for the first quarter of 2023 compared to the first quarter of 2022 decreased 31% to $2.2 million, compared to $3.2 million, respectively. The decrease in consolidated revenue was driven by decreased revenue attributed to our Trxade Prime subsidiary. The revenues generated by the TRxADE Platform in the first quarter of 2023 compared to 2022 increased 4% and Trxade Prime year over year revenue declined 70% in 2023 compared to 2022. The subsidiary company Community Specialty Pharmacy experienced a 16% increase in revenue for the first quarter 2023 compared to 2022.Gross profit analysis of comparable fiscal periods of 2023 and 2022 reflect an increase in gross profits of $221,000 for the first quarter of 2023 compared to 2022. As a percent of revenue, consolidated gross profit increased to 69% for the comparable quarter periods of 2023 and 2022.Operating expenses for the first quarter of 2023 were $1.9 million, compared to $2.3 million for the first quarter of 2022.Net loss for the quarter ended March 31, 2023, was ($0.7) million, or ($0.0...