Business
The Healing Company Reports Record Revenue and Provides Business Update for the Fiscal Third Quarter of 2023
The Healing Company Reports Record Revenue and Provides Business Update for the Fiscal Third Quarter of 2023.
About this update from The Healing Company Inc.
[{"type":"text","content":"\n Achieves revenue of $3.2 million for the third quarter of 2023, a 34.2% sequential increase over the second quarter of 2023 Completes acquisition of the Chopra Global wellbeing experiences businesses NEW YORK, June 07, 2023 (GLOBE NEWSWIRE) -- The Healing Company (OTC: HLCO) today provided a business update and reported financial results for the fiscal third quarter ended March 31, 2023.   Simon Belsham, CEO and Co-founder of The Healing Company, commented, “I am pleased to report we are making rapid progress on our strategy to establish The Healing Company as a leading global provider of integrated healing products, with a focus on the wellness, supplement, and nutraceutical markets. During the third quarter, we achieved record revenue of $3.2 million. Sequentially, our revenue increased 34% from the second quarter 2022. At the same time, we achieved positive adjusted EBITDA in each of our segments, excluding one-time, non-recurring expenses. We also continue to reduce our customer acquisition costs (CAC), which we believe places us on a solid path to long-term and sustainable profitability.” “We are successfully executing our buy and build strategy. For instance, Your Super, our first acquisition, demonstrated profitable growth with a second consecutive quarter of positive adjusted EBITDA, further validating our business model. Building on this success, we completed the acquisition of the Chopra Global wellbeing experiences business, which includes Chopra’s physical product line, the Chopra meditation & wellbeing app, as well as licensed experiences including The Chopra Health Retreat at CIVANA Wellness Resort & Spa and the Chopra Mind-Body Zone and Spa at the Lake Nona Performance Club. Importantly, we are already seeing strong performance from the Chopra business. Looking ahead, we have a robust pipeline of additional acquisition targets that we believe would be both synergistic and accretive.” “In addition to our acquisition strategy, we are also focused on organic growth and achieved a number of key operational milestones this quarter. We are gaining strong brand momentum with Your Super, which has been featured in top media outlets and on more than 30 podcasts. Engagement through social media was up 55% to 1.4 million on the back of a robust...