Business
TRxADE HEALTH Reports Year End 2021 Financial Results
Continues Nationwide Expansion of Breakthrough Digital Healthcare Services IT PlatformTAMPA, FL / ACCESSWIRE / March 28, 2022 / 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 28, 2022 / TRxADE HEALTH, INC. (NASDAQ:MEDS)(\"TRxADE\", \"TRxADE HEALTH\" 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 fourth quarter (Q4) and year ended (FY) December 31, 2021.Fourth Quarter 2021 Financial Summary and Operational HighlightsTRxADE continued to expand the TRxADE drug procurement marketplace nationwide, adding 175 new registered members in Q4 2021, bringing the total registered members to approximately 13,100+ at the end of 2021.Revenues for the fourth quarter of 2021 increased 19.7% to $2.4 million, compared to revenue of $2.0 million in the same quarter last year. The increase in revenue was primarily due to revenue generated by the TRxADE Platform and TRxADE Prime, the Company's business to business web-based marketplace.Gross profit in the fourth quarter of 2021 increased 831% to $1.24 million or 51.9% of revenues, compared to $0.1 million, or 6.5% of revenues, in the same quarter last year. The increase in gross profit was primarily attributable to revenue generated by TRxADE Platform, which has a lower cost of sales.Operating expenses in the fourth quarter of 2021 were $2.0 million compared to $2.4 million in the same quarter last year. This decrease was due primarily to a loss on impairment of goodwill recognized in the same quarter last year, which was a one-time charge.Net Loss in the fourth quarter of 2021 was ($0.8) million or ($0.10) per basic and diluted share outstanding, compared to ($2.3) million, or ($0.29) per basic and diluted share outstanding, as a result of a $726,000 loss on impairment of goodwill and a one-time $1,081,000 inventory write down, compared to the same quarter last year.Adjusted EBITDA, a non-GAAP financial measure, decreased to negative $0.8 million in the fourth quarter of 2021, compared to negative $1.4 million in the same quarter last year. See \"Use of Non-GAAP Financial Information\" below, and the reconciliation of Adjusted EBITDA to GAAP set forth at the end of this release.Fiscal Year Ended December 31, 2021 SummaryRevenues for the 2021 year decreased 42.2% t...