Business
Helo Corp Announces First Quarter Results of 39% Revenue Growth and Investment in New Markets
Helo Corp Announces First Quarter Results of 39% Revenue Growth and Investment in New Markets.
About this update from Helo Corp.
[{"type":"text","content":"SAN FRANCISCO, CA / ACCESSWIRE / May 16, 2022 / Helo Corp. (OTC PINK:HLOC) ("Helo" or the "Company"), a leading developer of wearable devices at the forefront of digital health sharing and data-driven wellness, is pleased to announce its first quarter 2022 results."We continued to see a healthy market for our VyvoTM products and services being sold to wellness consumers worldwide," said Sean McVeigh Chief Executive Officer. "I am pleased with the start we had to 2022. We continue to navigate challenges related to COVID-19, including restrictions on in-person meetings, international travel and supply chain delays and we expect to experience these challenges for the foreseeable future. However, with the strong product pipeline that we already have in development, our robust business model and resources together with the hiring of senior management and planned expansion into sizable new markets, I believe we are well positioned to address these challenges in the short term and take advantage of growth opportunities as they emerge.""Our first quarter 2022 revenue was $10.7 million, an increase of 39% over the prior-year period" added Ryan Wood, Chief Financial Officer. "Gross margin decreased by 430 basis points to 67.7%, due in part to the concentration of sales of LifeWatch Generation 2 and the increase in cost of materials. Selling expense increased to 35.0% of revenue, reflecting an increase in temporary incentives during the quarter. General and administrative costs increased to 27.7% of revenue and overall profitability decreased to 4.5%, primarily related to our investment in overhead in new markets. Earnings per share decreased four cents, compared to the prior-year period. We ended the quarter with a strong balance sheet, total assets of $25.9 million and no debt."About Helo Corp.Helo Corp. (OTC PINK:HLOC) is a data-driven wellness technology company at the forefront of the Digital Health Sharing Economy. Helo uses its life watches and other personal devices and its proprietary bio-metrics data platform to encourage wellness-centered lifestyles and consumer data empowerment under its Vyvo TM brand and to power the self-funding, Digital Health Sharing Economy. Our Life Sensing TechnologyTM uses state-of-the-art sensors, enhanced signal processing, and algorithms to ...